Segment Information

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 11 — Segment Information

The Company reports its results in two separate segments consisting of communications services and defense and advanced technologies. The Company's segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. Due to the resegmentation that was implemented commencing with the first quarter of fiscal year 2025, prior period segment amounts have been recast to conform to the current segment presentation.

The Company’s reportable segments (communication services and defense and advanced technologies) have been determined based upon their market and economic characteristics while also giving consideration to the structure and management of various business lines. The reportable segments are primarily determined based upon industry categories and core competencies relating to product or service end market distribution, operations, and servicing and distinguished by the type of customer and, to a lesser extent, the related contractual requirements.

The Company’s communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for fixed and residential broadband customers. In addition, this segment includes the development and sale of a wide array of advanced satellite and wireless products, and networks and terminal solutions that support or enable the provision of fixed and mobile broadband and narrowband services.

The Company’s defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging the Company’s technical competencies in encryption, cyber security, tactical gateway, modems and waveforms. The more regulated government environment for defense , encryption and other products is subject to unique contractual requirements and possesses economic characteristics that differ from the communication services segment.

Segment revenues and operating profits (losses) for the three months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended
	June 30, 2024			June 30, 2023
	(In thousands)
Revenues:
Communication services
Aviation services	$	257,155		$	151,112
Government satcom services		183,873			82,624
Maritime services		123,947			45,345
Fixed services and other services		201,636			214,692
Total services		766,611			493,773
Total products		60,176			66,487
Total communication services revenues		826,787			560,260
Defense and advanced technologies
Total services		54,110			49,646
Information security and cyber defense products		55,507			56,676
Space and mission systems products		73,306			72,387
Tactical networking products		71,410			37,384
Advanced technologies and other products		45,340			3,438
Total products		245,563			169,885
Total defense and advanced technologies revenues		299,673			219,531
Elimination of intersegment revenues		—			—
Total revenues	$	1,126,460		$	779,791
Operating profits (losses):
Communication services	$	41,939		$	(9,943	)
Defense and advanced technologies		84,011			(3,762	)
Elimination of intersegment operating    profits (losses)		—			—
Segment operating profit (loss) before corporate    and amortization of acquired intangible    assets		125,950			(13,705	)
Corporate		—			—
Amortization of acquired intangible    assets		(66,215	)		(27,811	)
Income (loss) from operations	$	59,735		$	(41,516	)

Assets identifiable to segments include accounts receivable, unbilled accounts receivable, inventory, acquired intangible assets and goodwill, which identification is consistent with the information provided to the Company's chief operating decision maker for purposes of evaluating segment performance or allocating resources. Segment assets as of June 30, 2024 and March 31, 2024 were as follows:

	As of  June 30, 2024		As of  March 31, 2024
	(In thousands)
Segment assets:
Communication services	$	4,752,423	$	4,819,535
Defense and advanced technologies		367,759		341,450
Total segment assets		5,120,182		5,160,985
Corporate assets		10,967,687		11,168,379
Total assets	$	16,087,869	$	16,329,364

Other acquired intangible assets, net and goodwill included in segment assets as of June 30, 2024 and March 31, 2024 were as follows:

	Other Acquired Intangible Assets, Net				Goodwill
	As of  June 30, 2024		As of  March 31, 2024		As of  June 30, 2024		As of  March 31, 2024
	(In thousands)
Communication services	$	2,475,492	$	2,544,315	$	1,581,631	$	1,581,937
Defense and advanced technologies		—		152		39,842		39,826
Total	$	2,475,492	$	2,544,467	$	1,621,473	$	1,621,763

Depreciation and amortization of intangible assets allocated to segments for the three months ended June 30, 2024 and 2023 was as follows:

	Three Months Ended
	June 30, 2024		June 30, 2023
	(In thousands)
Communication services	$	249,133	$	134,783
Defense and advanced technologies		15,856		11,985
Corporate (1)		66,215		27,811
Total depreciation and amortization of    intangible assets	$	331,204	$	174,579

(1)Corporate amounts include the amortization of acquired intangible assets as they are not considered part of management’s evaluation of segment performance.

Revenues by geographic area for the three months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended
	June 30, 2024		June 30, 2023
	(In thousands)
U.S. customers	$	776,495	$	593,162
Non-U.S. customers (each country individually insignificant)		349,965		186,629
Total revenues	$	1,126,460	$	779,791

The Company distinguishes revenues from external customers by geographic area based on customer location.