REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

3 Months Ended

Jun. 30, 2026

REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]

REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

2. REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In the fourth quarter of our fiscal year ended March 31, 2026, we identified misstatements in our previously issued consolidated financial statements for the fiscal years 2025 and 2024 that related to a misstatement of revenue from our Product segment that resulted from a miscalculation of accrued revenue. 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 statements of operations and consolidated statements of comprehensive income for the periods presented (in thousands, except per share data):



	Three months ended June 30, 2025
	As reported		Adjusted			As revised
Net sales - product	$	521,006	$	5,460		$	526,466
Net sales		637,315		5,460			642,775
Gross profit		148,216		5,460			153,676
Selling, general, and administrative		104,947		(1,280	)		103,667
Operating expenses		112,016		(1,280	)		110,736
Operating income		36,200		6,740			42,940
Earnings from continuing operations before tax		36,812		6,740			43,552
Provision for income taxes		9,684		1,854			11,538
Net earnings from continuing operations		27,128		4,886			32,014
Net earnings		37,697		4,886			42,583
Total comprehensive income		40,855		4,886			45,741
Basic earnings per common share, continuing operations		1.03		0.19			1.22
Earnings per common share—basic		1.43		0.19			1.62
Diluted earnings per common share, continuing operations		1.03		0.18			1.21
Earnings per common share—diluted		1.43		0.18			1.61

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):



	Three months ended June 30, 2025
	As reported			Adjusted			As revised
Cash flows from operating activities:
Net earnings	$	37,697		$	4,886		$	42,583
Net earnings from continuing operations		27,128			4,886			32,014
Share-based compensation expense		3,440			(777	)		2,663
Accounts receivable		(181,382	)		(4,714	)		(186,096	)
Other assets		8,958			1,854			10,812
Accounts payable		(4,844	)		690			(4,154	)
Other liabilities		12,842			(1,939	)		10,903

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):



	Three months ended June 30, 2025
	As reported		Adjusted			As revised
Additional paid-in capital
Balance, beginning	$	193,698	$	777		$	194,475
Share-based compensation		3,500		(777	)		2,723
Retained earnings
Balance, beginning		850,956		(7,742	)		843,214
Net earnings		37,697		4,886			42,583
Balance, ending		888,653		(2,856	)		885,797
Total
Balance, beginning		977,623		(6,965	)		970,658
Share-based compensation		3,500		(777	)		2,723
Net earnings		37,697		4,886			42,583
Balance, ending		1,020,431		(2,856	)		1,017,575