XML 23 R16.htm IDEA: XBRL DOCUMENT v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Jul. 31, 2025
REVENUE RECOGNITION  
REVENUE RECOGNITION

6. REVENUE RECOGNITION

Immersion

Disaggregated Revenue

The following table presents the disaggregation of Immersion’s revenue for the three months ended July 31, 2025 and 2024 (in thousands):

 

 

Three Months Ended

 

 

July 31,
2025

 

 

July 31,
2024

 

Fixed fee license revenue

 

$

736

 

 

$

45,326

 

Per-unit royalty revenue

 

 

3,136

 

 

 

3,099

 

Total royalty and license revenue

 

$

3,872

 

 

$

48,425

 

 

Contract Assets

As of July 31, 2025, we had contract assets of $8.1 million included within Prepaid expenses and other current assets and $20.5 million within Other assets – noncurrent on the Condensed Consolidated Balance Sheet. As of April 30, 2025, we had contract assets of $7.8 million included within Prepaid expenses and other current assets and $27.4 million within Other assets - noncurrent on the Condensed Consolidated Balance Sheet.

Deferred Revenue

The following table presents changes in deferred revenue associated with our contract liabilities (in thousands):

 

 

July 31,
2025

 

 

April 30,
2025

 

Deferred revenue beginning of the period

 

$

8,728

 

 

$

20,472

 

Additions to deferred revenue during the period

 

 

-

 

 

 

882

 

Reductions to deferred revenue for revenue recognized during the period

 

 

(736

)

 

 

(12,626

)

Deferred revenue balance end of the period

 

$

7,992

 

 

$

8,728

 

 

Based on contracts signed and payments received as of July 31, 2025, we expect to recognize $8.0 million in revenue under our fixed fee license agreements, which are satisfied over time, including $7.5 million over one to three years and $0.5 million over more than three years.

Barnes & Noble Education

Disaggregated Revenue

The following table presents disaggregated the revenue associated with Barnes & Noble Education’s major products and service offerings (in thousands):

 

 

Three Months Ended July 31, 2025

 

From June 10, 2024 to July 31, 2024

 

Course material product sales

 

$

157,598

 

$

68,153

 

General merchandise product sales (a)

 

 

97,710

 

 

50,838

 

Services and other revenue (b)

 

 

18,871

 

 

11,127

 

Total product and other revenue

 

 

274,179

 

 

130,118

 

Course material rental income

 

 

13,981

 

 

4,946

 

Total revenue

 

$

288,160

 

$

135,064

 
a)
Logo general merchandise sales are recognized on a net basis as commission revenue in the condensed consolidated financial statements.
b)
Service and other revenue primarily relates to brand partnership marketing and other service revenues.

Deferred Revenue

Contract Assets and Contract Liabilities

Contract assets represent the sale of goods or services to a customer before Barnes & Noble Education has the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.3 million and $0.6 million for July 31, 2025 and April 30, 2025, respectively, on the Condensed Consolidated Balance Sheets.

Contract liabilities represent an obligation to transfer goods or services to a customer for which Barnes & Noble Education has received consideration and consists of its deferred revenue liability (deferred revenue). Deferred revenue consists of the following:

•
advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period;
•
unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to Barnes & Noble Education’s partnership marketing customers; and
•
unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids.

The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):

 

July 31,
2025

 

 

April 30,
2025

 

Deferred revenue as of the beginning of the period

 

$

13,566

 

 

$

11,044

 

Additions to deferred revenue during the period

 

 

20,720

 

 

 

173,969

 

Reductions to deferred revenue for revenue recognized during the period

 

 

(18,824

)

 

 

(171,447

)

Deferred revenue balance at the end of period

 

$

15,462

 

 

$

13,566