v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Operating activities      
Net income (loss) $ 35,320 $ (85,839) $ (193,019)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of inventory purchase accounting adjustments 0 0 18,101
Depreciation (including amortization of technology costs) 81,985 66,688 52,985
Amortization of intangibles 223,627 239,014 254,937
Amortization of product development costs 56,306 56,655 58,459
Stock-based compensation 33,723 0 0
Credit losses on accounts receivable 2,309 2,768 10,566
Unrealized (gain) loss on interest rate cap 0 235 2,582
Inventory obsolescence 9,186 13,013 17,711
Deferred income taxes (1,055) (1,470) (30,444)
Amortization of debt discount 13,000 20,722 15,492
Amortization of deferred financing costs 4,943 10,495 5,503
(Gain) loss on extinguishment of debt 25,766 2,719 (3,415)
Gain on disposition 0 0 (1,893)
Impairment charge 39,000 0 49,500
Changes in operating assets and liabilities:      
Accounts receivable (22,902) (12,490) (42,755)
Inventories (29,467) 26,299 (784)
Prepaid and other current assets (127,979) (99,627) (87,504)
Accounts payable and accrued expenses (21,265) 85,541 (46,834)
Deferred revenue (6,174) 166,550 61,428
Other current liabilities (84,192) 46,854 (23,033)
Other changes in operating assets and liabilities, net 407 13,146 29,225
Cash provided by (used for) operating activities 331,173 646,284 236,156
Investing activities      
Product development expenditures (119,001) (90,000) (74,656)
Capital expenditures (84,862) (71,062) (81,953)
Proceeds from disposition 0 0 20,500
Acquisition of EssayPop 0 (6,000) 0
Cash provided by (used for) investing activities (203,863) (167,062) (136,109)
Financing activities      
Borrowings on 2024 Secured Notes 0 650,000 0
Borrowings on ABL Revolving Credit Facility 0 0 30,000
Payment of ABL Revolving Credit Facility 0 0 (30,000)
Repurchase of 2022 Unsecured Notes (39,895) 0 (44,497)
Payment of deferred financing costs 0 (24,027) 0
Payment of finance lease obligations (6,722) (9,193) (11,496)
Proceeds from issuance of Common Stock in Initial Public Offering, net of underwriting discounts 392,862 0 0
Deferred Initial Public Offering costs (7,037) 0 0
Issuance of Common Stock 1,500 0 0
Cash provided by (used for) financing activities (264,867) (294,680) (77,243)
Effect of exchange rate changes on cash 1,246 1,670 (659)
Net change in cash and cash equivalents (136,311) 186,212 22,145
Cash and cash equivalents, at the beginning of the period 389,830 203,618 181,473
Cash and cash equivalents, at the end of the period 253,519 389,830 203,618
Supplemental disclosures      
Cash paid for interest expense 207,932 274,730 333,373
Cash paid for income taxes 76,582 46,920 43,781
A&E Term Loan Facility      
Financing activities      
Payment of term loan facility and Secured Notes (605,575) (156,585) 0
Term Loan Facility      
Financing activities      
Payment of term loan facility and Secured Notes 0 (754,875) (21,250)
Deferred Royalties      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of capitalized contract costs 76,186 75,919 75,330
Deferred Commission Costs      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of capitalized contract costs $ 22,449 $ 19,092 $ 14,018