Revenue

6 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and six months ended September 30, 2024 and 2023 (in thousands):

	Three months ended September 30,				Six months ended September 30,
	2024		2023		2024		2023
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	182	$	152	$	338	$	304
Evergy	385		274		771		548
Xcel Energy (1)	802		444		1,603		444
Narrowband Spectrum Revenue
Motorola	182		182		364		364
Total spectrum revenue (2)	$	1,551	$	1,052	$	3,076	$	1,660

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband leases to Xcel Energy in September 2023.

2.Revenue recognized during the three and six months ended September 30, 2024 and 2023 was included in deferred revenue at the beginning of the respective periods.

Spectrum Revenue Agreements

Refer to the Company’s 2024 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2024.

Capitalized Contract Costs

The Company capitalizes incremental costs associated with obtaining a spectrum revenue agreement with a customer, which generally includes sales commissions. The Company’s capitalized contract costs consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands):

	Three months ended September 30,				Six months ended September 30,
	2024		2023		2024		2023
Balance at the beginning of the period	$	1,023	$	888	$	1,027	$	870
Additions	90		5		116		33
Amortization	(11)		(9)		(41)		(19)
Balance at the end of the period	1,102		884		1,102		884
Less amount classified as current assets (1)	(676)		(423)		(676)		(423)
Noncurrent assets (1)	$	426	$	461	$	426	$	461

1.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.

Contract Liabilities

Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity during the three and six months ended September 30, 2024 and 2023 (in thousands):

	Three months ended September 30,				Six months ended September 30,
	2024		2023		2024		2023
Balance at the beginning of the period	$	120,687	$	60,151	$	122,212	$	60,759
Net additions (1)	7,491		21,166		7,491		21,166
Revenue recognized	(1,551)		(1,052)		(3,076)		(1,660)
Balance at the end of the period	126,627		80,265		126,627		80,265
Less amount classified as current liabilities (2)	(5,915)		(5,281)		(5,915)		(5,281)
Noncurrent liabilities (2)	$	120,712	$	74,984	$	120,712	$	74,984

1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations of the Company’s contracts represent contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $184.3 million as of September 30, 2024, which will be recognized over the remaining contract terms up to 30 years.