Basis of Presentation and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Allowances of Credit Losses |
A summary of the movements of our allowances for credit losses as of March 31, 2026 and March 31, 2025 (in thousands):
|
|
|
|
|
Allowance for credit losses at the beginning of the year |
|
$ |
307 |
|
Increase in estimated provision |
|
|
335 |
|
Write-off |
|
|
(20 |
) |
Allowance for credit losses as at March 31, 2026 |
|
$ |
622 |
|
|
|
|
|
|
Allowance for credit losses at the beginning of the year |
|
$ |
269 |
|
Increase in estimated provision |
|
|
38 |
|
Allowance for credit losses as at March 31, 2025 |
|
$ |
307 |
|
|
| Schedule of estimated useful lives of property and equipment, net |
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation expense is recorded using the straight-line method over the estimated useful lives of the respective assets, with useful life ranges by major asset class as follows:
|
|
|
Computer equipment and software |
|
3 - 5 years |
Internal use software |
|
3 - 5 years |
Machinery and equipment |
|
3 - 10 years |
Furniture and fixtures |
|
2 - 7 years |
|
| Schedule of amortization expense |
Amortization expense is recorded using the straight-line method over the estimated useful lives of the respective assets as follows:
|
|
|
Content Library |
|
3 – 20 years |
Tradenames, Trademarks and Patents |
|
2 – 15 years |
Customer Relationships |
` |
5 – 13 years |
Advertiser Relationships and Channel |
|
2 – 13 years |
Preferred Partner Medallions |
|
10 – 12 years |
Software |
|
3 - 10 years |
Capitalized Content |
|
3 years |
|
| Schedule of intangible assets |
The Company’s intangible assets include the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
|
|
Cost Basis |
|
|
Accumulated
Amortization |
|
|
Net |
|
Content Library |
|
$ |
27,592 |
|
|
$ |
(22,512 |
) |
|
$ |
5,080 |
|
Advertiser Relationships and Channel |
|
|
12,844 |
|
|
|
(5,839 |
) |
|
|
7,005 |
|
Customer Relationships |
|
|
17,990 |
|
|
|
(8,677 |
) |
|
|
9,313 |
|
Software |
|
|
12,700 |
|
|
|
(1,837 |
) |
|
|
10,863 |
|
Capitalized Content |
|
|
7,405 |
|
|
|
(3,101 |
) |
|
|
4,304 |
|
Preferred Partner Medallions |
|
|
4,100 |
|
|
|
(103 |
) |
|
|
3,997 |
|
Tradenames, Trademarks and Patents |
|
|
7,086 |
|
|
|
(3,534 |
) |
|
|
3,552 |
|
Total Intangible Assets |
|
$ |
89,717 |
|
|
$ |
(45,603 |
) |
|
$ |
44,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2025 |
|
|
|
Cost Basis |
|
|
Accumulated
Amortization |
|
|
Net |
|
Content Library |
|
$ |
24,251 |
|
|
$ |
(21,724 |
) |
|
$ |
2,527 |
|
Advertiser Relationships and Channel |
|
|
12,832 |
|
|
|
(4,211 |
) |
|
|
8,621 |
|
Customer Relationships |
|
|
8,690 |
|
|
|
(8,145 |
) |
|
|
545 |
|
Software |
|
|
3,200 |
|
|
|
(1,200 |
) |
|
|
2,000 |
|
Tradenames, Trademarks and Patents |
|
|
3,961 |
|
|
|
(3,203 |
) |
|
|
758 |
|
Capitalized Content |
|
|
4,816 |
|
|
|
(1,099 |
) |
|
|
3,717 |
|
Total Intangible Assets |
|
$ |
57,750 |
|
|
$ |
(39,582 |
) |
|
$ |
18,168 |
|
|
| Schedule of amortization expense for intangible assets |
As of March 31, 2026, amortization expense for each of the successive five years is expected to be (in thousands):
|
|
|
|
|
|
|
Total |
|
In-process intangible assets |
|
$ |
545 |
|
2027 |
|
|
5,321 |
|
2028 |
|
|
4,056 |
|
2029 |
|
|
2,361 |
|
2030 |
|
|
1,419 |
|
2031 |
|
|
1,372 |
|
Thereafter |
|
|
29,040 |
|
Total |
|
$ |
44,114 |
|
|
| Schedule of gross amounts of goodwill and accumulated impairment charges |
Gross amounts of goodwill and accumulated impairment charges that we have recorded are as follows:
|
|
|
|
|
(In thousands) |
|
|
|
Goodwill at March 31, 2025 |
|
$ |
6,799 |
|
Goodwill from business combinations (Note 10) |
|
|
14,419 |
|
Goodwill at March 31, 2026 |
|
$ |
21,218 |
|
|
| Schedule of fair value measurements of our financial assets and liabilities |
The table below summarizes the levels of fair value measurements of the Company’s financial assets and liabilities as of March 31, 2026 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred consideration |
|
|
— |
|
|
|
— |
|
|
|
12,200 |
|
|
|
12,200 |
|
Earnout consideration |
|
|
— |
|
|
|
— |
|
|
|
11,250 |
|
|
|
11,250 |
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
23,450 |
|
|
$ |
23,450 |
|
|
| Schedule of accounts payable and accrued expenses |
Accounts payable and accrued expenses consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
|
2026 |
|
|
2025 |
|
Accrued acquisition related liabilities |
|
$ |
14,912 |
|
|
$ |
— |
|
Accounts payable |
|
|
7,324 |
|
|
|
7,298 |
|
Amounts due to producers |
|
|
9,328 |
|
|
|
16,488 |
|
Accrued compensation and benefits |
|
|
1,781 |
|
|
|
1,398 |
|
Accrued other expenses |
|
|
6,006 |
|
|
|
5,925 |
|
Total Accounts Payable and Accrued Expenses |
|
$ |
39,351 |
|
|
$ |
31,109 |
|
|
| Schedule of revenue disaggregation |
The following table presents the Company’s revenue by source (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended
March 31, |
|
|
2026 |
|
|
2025 |
|
Streaming and digital |
$ |
40,186 |
|
|
$ |
44,408 |
|
Base distribution |
|
9,534 |
|
|
|
28,614 |
|
Advertising technology and services |
|
7,922 |
|
|
|
— |
|
Podcast and other |
|
4,388 |
|
|
|
4,946 |
|
Media services |
|
3,685 |
|
|
|
— |
|
Other non-recurring |
|
18 |
|
|
|
213 |
|
Total Revenue |
$ |
65,733 |
|
|
$ |
78,181 |
|
|