
	Year Ended March 31,
	2026		2025		2024
Operating and administrative expenses	$	—	$	—	$	—
Equity in income (loss) of subsidiaries	35,320		(85,839)		(193,019)
Net income (loss)	$	35,320	$	(85,839)	$	(193,019)
Other comprehensive income (loss)	(89)		(2,671)		3,643
Comprehensive income (loss)	$	35,231	$	(88,510)	$	(189,376)


	March 31,
	2026		2025
Assets
Cash and cash equivalents	$	—	$	359
Investment in subsidiaries	726,218		279,885
Total assets	$	726,218	$	280,244

Liabilities and stockholders' equity (deficit)
Stockholders' equity (deficit)
Class A voting common stock, par value $0.01 per share; 186,471,212 shares authorized, 165,160,216 shares issued and outstanding as of March 31, 2025	$	—	$	1,652
Class B non-voting common stock, par value $0.01 per share; 14,384,922 shares authorized, 1,451,303 shares issued and outstanding as of March 31, 2025	—		14
Common Stock, par value $0.01 per share; 2,000,000,000 shares authorized, 191,146,027 shares issued and outstanding as of March 31, 2026; and no shares authorized, issued and outstanding as of March 31, 2025	1,911		—
Additional paid-in capital	1,972,702		1,562,204
Accumulated deficit	(1,245,880)		(1,281,200)
Accumulated other comprehensive income (loss)	(2,515)		(2,426)
Total stockholders' equity (deficit)	726,218		280,244
Total liabilities and stockholders' equity (deficit)	$	726,218	$	280,244


	Year Ended March 31,
	2026		2025		2024
Operating activities
Cash provided by (used for) operating activities	$	—	$	—	$	—

Investing activities
Investment in subsidiaries	(394,721)		—		(1,000)
Cash provided by (used for) investing activities	(394,721)		—		(1,000)

Financing activities
Proceeds from issuance of Common Stock in Initial Public Offering, net of underwriting discounts	392,862		—		—
Issuance of Common Stock	1,500		—		—
Cash provided by (used for) financing activities	394,362		—		—
Net change in cash and cash equivalents	(359)		—		(1,000)
Cash and cash equivalents, at the beginning of the period	359		359		1,359
Cash and cash equivalents, at the end of the period	$	—	$	359	$	359

These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in Note 1, “Description of Business, Basis of Preparation and Summary of Significant Accounting Policies,” to our consolidated financial statements, with the only exception being that the parent company accounts for its investment in subsidiaries using the equity method. These parent company-only financial statements should be read in conjunction with the Company's consolidated financial statements.