| SEGMENT REPORTING |
NOTE 5. SEGMENT REPORTING The Company operates as two operating and reportable segments, Immersion and Barnes & Noble Education. Our Chief Executive Officer, as the Company’s Chief Operating Decision Maker, uses Operating Income (Loss) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment. Summarized financial information for our reportable segments is reported below (in thousands):
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Three Months Ended January 31, |
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Nine Months Ended January 31, |
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(in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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As Restated |
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As Restated |
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REVENUES |
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Immersion |
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$ |
3,396 |
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$ |
8,437 |
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$ |
13,028 |
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$ |
70,989 |
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Barnes & Noble Education |
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|
515,092 |
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|
462,825 |
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|
1,447,666 |
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|
1,200,011 |
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Total revenues |
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|
518,488 |
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|
471,262 |
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|
1,460,694 |
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|
1,271,000 |
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COST OF SALES (excludes depreciation and amortization expense) |
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Barnes & Noble Education |
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425,579 |
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354,496 |
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1,174,275 |
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|
923,884 |
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OPERATING EXPENSES |
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Immersion |
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Selling and administrative expenses |
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2,585 |
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|
5,010 |
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|
9,229 |
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|
22,586 |
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Barnes & Noble Education |
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Selling and administrative expenses |
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72,546 |
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|
71,498 |
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|
217,633 |
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|
180,544 |
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Depreciation and amortization expense |
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|
10,676 |
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|
9,951 |
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|
31,560 |
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|
24,627 |
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Impairment loss |
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|
1,018 |
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|
1,247 |
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|
1,018 |
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|
1,247 |
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Other (income) expense |
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|
1,099 |
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(6,178 |
) |
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|
8,291 |
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(1,114 |
) |
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85,339 |
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|
76,518 |
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|
258,502 |
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|
205,304 |
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Total operating expenses |
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87,924 |
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81,528 |
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|
267,731 |
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|
227,890 |
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Operating Income (Loss) |
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Immersion |
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|
811 |
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|
3,427 |
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|
3,799 |
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|
48,403 |
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Barnes & Noble Education |
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4,174 |
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|
31,811 |
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|
14,889 |
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|
70,823 |
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Operating Income (Loss) |
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$ |
4,985 |
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$ |
35,238 |
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$ |
18,688 |
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$ |
119,226 |
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The reconciliation between segment Operating Income (Loss) and Income (Loss) Before Income Taxes is included within our Condensed Consolidated Statements of Operations.
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