v3.25.4
Segment Reporting
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
9. Segment Reporting

The Company manages and reports its businesses in the following segments based on the end markets we serve:

•K-12: The Company provides end-to-end core, supplemental and intervention curricula to support the needs of U.S. K-12 schools. The Company sells blended digital and print learning solutions directly to school districts across the U.S.

•Higher Education: The Company provides students, instructors and institutions with adaptive digital learning solutions and content, and instructional materials. The primary users of the Company's solutions are students enrolled in two-and four-year non-profit colleges and universities, and to a lesser extent, for-profit institutions. The Company sells its Higher Education solutions to well-known online retailers and distribution partners, who subsequently sell to students. The Company also sells direct to student via its proprietary e-commerce platform.

•Global Professional: The Company provides students, institutions and professionals with comprehensive medical and engineering learning solutions. Our learning solutions include digital solutions and print materials easily accessible through a broad range of mediums for learners and customers.

•International: The Company is a provider of comprehensive digital and print solutions in more than 100 countries and 80 languages outside of the United States. Through our expansive global distribution network, we serve the needs of learners and educators throughout the world with our K-12 and Higher Education solutions that primarily originate or are adapted from our U.S.-based solutions.
•Other: Includes in-transit product sales and certain transactions or adjustments that are not attributable to the segments that the chief operating decision maker (“CODM”) considers to be unusual and/or nonoperational.

    The CODM is our Chief Executive Officer. The CODM reviews the segments' separate financial information to assess performance and to allocate resources. The CODM measures and evaluates the reportable segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) from continuing operations plus interest expense (income), net, income tax provision (benefit), depreciation and amortization, restructuring and cost savings implementation charges, the effects of the application of purchase accounting, advisory fees paid to Platinum Equity Advisors, LLC, an entity affiliated with Platinum, pursuant to a Corporate Advisory Services Agreement between the Company and Platinum Advisors (the “Advisory Agreement”) which was terminated on July 25, 2025 in connection with the consummation of our initial public offering, impairment charges, transaction and integration costs, stock-based compensation, (gain) loss on extinguishment of debt and the impact of earnings or charges resulting from matters that the CODM does not consider when assessing the performance of, and allocated resources to, the segments. The CODM uses Adjusted EBITDA to allocate resources to our segments in our annual budgeting and forecasting process and to assess the performance of our segments, primarily by comparing current period results to both prior period and budget on a quarterly basis. The CODM reviews consolidated expense information to manage operations. In addition, our reportable segments are not evaluated using asset information.

For all our reportable segments, other segment items, which is calculated as the difference between segment revenue and segment adjusted EBITDA, primarily consist of cost of sales (excluding depreciation and amortization) and operating and administrative expenses.

    During the quarter ended December 31, 2024, the CODM changed the calculation of segment Adjusted EBITDA to no longer include the change in deferred revenue, royalties and commissions. Accordingly, the Company has updated its segment Adjusted EBITDA to align with the measure used by the CODM to allocate resources to, and assess the performance of, the Company’s segments.

The following table sets forth Adjusted EBITDA by segment:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Adjusted EBITDA:
K-12$10,462 $25,941 $278,808 $302,915 
Higher Education107,780 80,847 274,567 232,815 
Global Professional11,024 10,172 33,794 33,282 
International4,082 6,436 18,671 30,557 
Other2,519 2,812 7,849 (4,430)
Total Adjusted EBITDA $135,867 $126,208 $613,689 $595,139 
The following table provides a reconciliation of total Adjusted EBITDA to Net income (loss):

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Total Adjusted EBITDA$135,867 $126,208 $613,689 $595,139 
Interest (expense) income, net(47,358)(68,877)(162,072)(229,899)
Income tax benefit (provision)4,950 (8,210)(10,939)24,611 
Depreciation, amortization and product development amortization(95,671)(89,787)(276,347)(275,843)
Restructuring and cost savings implementation charges(3,894)(3,688)(8,774)(17,010)
Advisory fees— (2,500)(3,125)(7,500)
Transaction and integration costs(548)(656)(818)(2,520)
Stock-based compensation(661)— (31,737)— 
Gain (loss) on extinguishment of debt(8,183)— (24,544)(2,719)
Other(4,701)(5,418)(9,746)(13,231)
Net income (loss) $(20,199)$(52,928)$85,587 $71,028 

The following tables summarizes revenue and long-lived assets by geographic region:

Revenue (1)
Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
United States$389,133 $371,215 $1,490,267 $1,468,594 
International45,029 45,278 148,792 159,443 
Total $434,162 $416,493 $1,639,059 $1,628,037 
________________
(1)
Revenues are attributed to a geographic region based on the location of customer.

Long-Lived Assets (2)
As of
December 31, 2025March 31, 2025
United States$685,453 $646,104 
International33,484 31,773 
Total $718,937 $677,877 
__________________
(2)
Reflects total assets less current assets, goodwill, intangible assets, investments, deferred financing costs and non-current deferred tax assets.