v3.26.1
Revenue from Contracts with Customers
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2. Revenue from Contracts with Customers
Disaggregation of Revenue
The following tables summarize the Company's revenue from contracts with its customers disaggregated by segment and product type for the fiscal years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
20262025
Digital
Print (1)
TotalDigital
Print (1)
Total
Revenue by Segment:
K-12$429,644 $454,836 $884,480 $430,546 $539,938 $970,484 
Higher Education799,898 79,056 878,954 723,066 59,544 782,610 
Global Professional107,120 42,956 150,076 102,996 46,592 149,588 
International96,986 89,699 186,685 102,719 98,683 201,402 
Other (2)
— 2,586 2,586 — (2,785)(2,785)
Total Revenue
$1,433,648 $669,133 $2,102,781 $1,359,327 $741,972 $2,101,299 
_______________
(1)Print revenue contains print and multi-year print products.
(2)Includes in-transit product sales and intersegment revenue adjustments that are not included with segment revenues reviewed by the Company's CODM.
Year Ended March 31, 2024
Digital
Print (1)
Total
Revenue by Segment:
K-12$425,786 $479,069 $904,855 
Higher Education633,762 68,425 702,187 
Global Professional97,202 55,877 153,079 
International98,585 101,879 200,464 
Other (2)
— (107)(107)
Total Revenue
$1,255,335 $705,143 $1,960,478 
_______________
(1)Print revenue contains print and multi-year print products.
(2)Includes in-transit product sales and intersegment revenue adjustments that are not included with segment revenues reviewed by the Company's CODM.
In addition, the Company has included a further disclosure of revenue from contracts with its customers disaggregated by segment and by Re-occurring Revenue and Transactional Revenue, for the fiscal years ended March 31, 2026, 2025 and 2024.
Re-occurring Revenue represents revenue from offerings that are generally sold as digital subscriptions and multi-year print products. Revenue from digital subscriptions, is recognized ratably over the term of the subscription period as the performance obligation is satisfied and revenue from multi-year print products (e.g., workbooks) is recognized at a point in time, upon shipment of the print product to the customer, in each academic year within the contract term. Transactional Revenue includes revenue from both print and digital offerings that are recognized at a point in time upon shipment of the print product or delivery of the digital offerings. In addition, Transactional Revenue includes revenue for amounts billed to customers in a sales transaction for shipping and handling.
Year Ended March 31,
20262025
Re-occurring
Revenue
Transactional
Revenue
Total
Re-occurring
Revenue
Transactional
Revenue
Total
K-12
$619,725 $264,755 $884,480 $602,040 $368,444 $970,484 
Higher Education
734,353 144,601 878,954 666,748 115,862 782,610 
Global Professional98,746 51,330 150,076 95,094 54,494 149,588 
International88,143 98,542 186,685 92,959 108,443 201,402 
Other— 2,586 2,586 — (2,785)(2,785)
Total Revenue
$1,540,967 $561,814 $2,102,781 $1,456,841 $644,458 $2,101,299 
Year Ended March 31,
2024
Re-occurring
Revenue
Transactional
Revenue
Total
K-12
$553,856 $350,999 $904,855 
Higher Education
584,837 117,350 702,187 
Global Professional
87,938 65,141 153,079 
International
87,918 112,546 200,464 
Other
— (107)(107)
Total Revenue
$1,314,549 $645,929 $1,960,478 
Deferred Commission Costs
The Company's incremental direct costs of obtaining a contract, which consist of sales commissions, are deferred and amortized over the expected period of benefit or the related contractual renewal period, depending on whether the contract is an initial or renewal contract, respectively. The Company classifies deferred commission costs as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred commission costs are included in Prepaid and other current assets, and Other non-current assets, respectively, in the consolidated balance sheets. The Company expenses commission costs when incurred related to customer contracts that have a duration of less than one year. The Company recognizes these costs within Operating and administrative expenses in the consolidated statements of operations.
Deferred commission costs consisted of the following:
March 31,
20262025
Current$19,325 $22,449 
Non-current19,765 18,794 
Total Deferred Commission Costs
$39,090 $41,243 
Amortization expense related to deferred commission costs was $22,449, $19,092 and $14,018 for the fiscal years ended March 31, 2026, 2025 and 2024, respectively.
Deferred Royalties
The Company's direct costs of fulfilling a contract, which consist of royalties, are deferred and amortized over the expected period of benefit or the related contractual renewal period, depending on whether the contract is an initial or renewal contract, respectively. The Company classifies deferred royalties as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred royalties are included in Prepaid and other
current assets, and Other non-current assets, respectively, in the Company's consolidated balance sheets. The Company recognizes these costs within Cost of sales (excluding depreciation and amortization) in the consolidated statements of operations.
Deferred royalties consisted of the following:
March 31,
20262025
Current$75,696 $76,186 
Non-current51,774 61,495 
Total Deferred Royalties
$127,470 $137,681 
Amortization expense related to deferred royalties was $76,186, $75,919 and $75,330 for the fiscal years ended March 31, 2026, 2025 and 2024, respectively.
Contract Assets and Contract Liabilities
The Company's contract assets consist of unbilled receivables that are recorded for contracts with performance obligations that have been satisfied but have not yet been billed. Contract assets are included in Accounts receivable, net, on the consolidated balance sheets.
The Company's contract liabilities consist of revenues from its digital subscription products and multi-year print products that are deferred at the time of sale. The Company classifies contract liabilities as current or non-current deferred revenue on the consolidated balance sheets based on the timing of when the Company expects to recognize revenue.
Contract assets and contract liabilities consisted of the following:
March 31,
20262025
Contract assets$23,570 $29,032 
Contract liabilities (deferred revenue):
Current835,357 794,031 
Non-current836,001 882,156 
Total Contract Liabilities
$1,671,358 $1,676,187 
Total contract liabilities by segment consisted of the following:
March 31,
20262025
Total Contract Liabilities by Segment:
K-12$1,249,373 $1,279,585 
Higher Education321,999 297,316 
Global Professional65,977 62,348 
International33,064 33,407 
Other (1)
945 3,531 
Total Contract Liabilities
$1,671,358 $1,676,187 
_______________
(1)Includes contract liabilities for in-transit product sales that are not included in segment contract liabilities.
Revenue recognized during the fiscal year ended March 31, 2026 from amounts included within deferred revenue as of March 31, 2025 was approximately $790,800. Revenue recognized during the fiscal year ended March 31, 2025 from amounts included within deferred revenue as of March 31, 2024, was approximately $727,263.
Estimated revenue expected to be recognized in future fiscal years ended March 31, related to amounts included within deferred revenue as of March 31, 2026, was as follows:
2027$835,357 
2028363,758 
2029235,498 
2030128,194 
203166,775 
Thereafter41,776 
$1,671,358