REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

12 Months Ended

Mar. 31, 2026

REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

2. REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

We identified misstatements in our previously issued consolidated financial statements for the fiscal years 2025 and 2024 that related to an overstatement of revenue from our Product segment that resulted from a miscalculation of accrued revenue. We also identified misstatements related to inventory cost and other expenses in prior periods. We assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material, either individually or in the aggregate, to our previously issued consolidated financial statements. Notwithstanding the results of the assessment, we are revising our previously issued consolidated financial statements to correct these misstatements. Accordingly, all consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the corrections. Previously reported financial information will be corrected in future filings, as applicable.

The following table details the impact of the misstatements and provides revisions to the impacted financial statement line items in the previously-issued consolidated balance sheets for the period presented (in thousands):

		March 31, 2025
		As reported		Adjusted			As revised
Accounts receivable—trade, net	$	516,925	$	(8,653	)	$	508,272
Other current assets		28,500		2,937			31,437
Accounts payable		324,580		(690	)		323,890
Salaries and commissions payable		42,219		503			42,722
Deferred revenue		152,631		1,436			154,067
Additional paid-in capital		193,698		777			194,475
Retained earnings		850,956		(7,742	)		843,214

The following table details the impact of the misstatements and provides revisions to the impacted financial statement line items in the previously-issued consolidated statements of operations and consolidated statements of comprehensive income for the periods presented (in thousands, except per share data):

		Year ended March 31, 2025							Year ended March 31, 2024
		As reported		Adjusted			As revised		As reported		Adjusted			As revised
Net sales- product	$	1,609,190	$	(9,399	)	$	1,599,791	$	1,884,438	$	1,734		$	1,886,172
Net sales		2,009,567		(9,399	)		2,000,168		2,176,515		1,734			2,178,249
Cost of sales- product		1,235,490		(5,995	)		1,229,495		1,486,604		(1,313	)		1,485,291
Cost of sales		1,494,043		(5,995	)		1,488,048		1,667,820		(1,313	)		1,666,507
Gross profit		515,524		(3,404	)		512,120		508,695		3,047			511,742
Selling, general, and administrative		385,401		1,280			386,681		355,556		-			355,556
Operating expenses		411,154		1,280			412,434		377,936		-			377,936
Operating income		104,370		(4,684	)		99,686		130,759		3,047			133,806
Earnings from continuing operations before tax		110,808		(4,684	)		106,124		132,191		3,047			135,238
Provision for income taxes		30,967		(1,282	)		29,685		37,070		841			37,911
Net earnings from continuing operations		79,841		(3,402	)		76,439		95,121		2,206			97,327
Net earnings		107,978		(3,402	)		104,576		115,776		2,206			117,982
Total comprehensive income		109,139		(3,402	)		105,737		116,488		2,206			118,694
Basic EPS, continuing operations		3.01		(0.13	)		2.88		3.57		0.09			3.66
Diluted EPS, continuing operations		2.99		(0.12	)		2.87		3.56		0.08			3.64

The following table details the impact of the misstatements and provides revisions to the impacted financial statement line items in the previously-issued consolidated statements of cash flows for the periods presented (in thousands):

	Year ended March 31, 2025									Year ended March 31, 2024
		As reported			Adjusted			As revised			As reported			Adjusted			As revised
Cash flows from operating activities:
Net earnings	$	107,978		$	(3,402	)	$	104,576		$	115,776		$	2,206		$	117,982
Net earnings from continuing operations		79,841			(3,402	)		76,439			95,121			2,206			97,327
Share-based compensation expense		9,725			777			10,502			9,471			-			9,471
Accounts receivable		185,910			8,653			194,563			(117,469	)		-			(117,469	)
Inventories		29,364			(5,995	)		23,369			104,781			(3,047	)		101,734
Deferred costs and other assets		(30,289	)		(1,282	)		(31,571	)		(24,814	)		841			(23,973	)
Accounts payable		6,703			(690	)		6,013			106,967			-			106,967
Salaries and commissions payable, deferred revenue, and other liabilities		10,053			1,939			11,992			51,600			-			51,600

The following table details the impact of the misstatements and provides revisions to the impacted financial statement line items in the previously-issued consolidated statements of stockholders’ equity for the periods presented (in thousands):

		Year ended March 31, 2025							Year ended March 31, 2024
		As reported		Adjusted			As revised		As reported		Adjusted			As revised
Additional paid-in capital
Balance, beginning	$	180,058	$	-		$	180,058	$	167,303	$	-		$	167,303
Share-based compensation		10,007		777			10,784		9,738		-			9,738
Balance, ending		193,698		777			194,475		180,058		-			180,058
Retained earnings
Balance, beginning		742,978		(4,340	)		738,638		627,202		(6,546	)		620,656
Net earnings		107,978		(3,402	)		104,576		115,776		2,206			117,982
Balance, ending		850,956		(7,742	)		843,214		742,978		(4,340	)		738,638
Total
Balance, beginning		901,779		(4,340	)		897,439		782,265		(6,546	)		775,719
Share-based compensation		10,007		777			10,784		9,738		-			9,738
Net earnings		107,978		(3,402	)		104,576		115,776		2,206			117,982
Balance, ending		977,623		(6,965	)		970,658		901,779		(4,340	)		897,439