v3.26.1
Segment Reporting
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
9. Segment Reporting

The Company manages and reports its businesses in the following segments based on the end markets we serve:

•K-12: The Company provides end-to-end core, supplemental and intervention curricula to support the needs of U.S. K-12 schools. The Company sells blended digital and print learning solutions directly to school districts across the United States.

•Higher Education: The Company provides students, instructors and institutions with adaptive digital learning solutions and content, and instructional materials. The primary users of the Company's solutions are students enrolled in two- and four-year non-profit colleges and universities, and to a lesser extent, for-profit institutions. The Company sells its Higher Education solutions to well-known online retailers and distribution partners, who subsequently sell to students. The Company also sells direct to student via its proprietary e-commerce platform.

•Global Professional: The Company provides students, institutions and professionals with comprehensive medical and engineering learning solutions. The Company sells digital learning solutions and print materials which are easily accessible through a broad range of mediums.

•International: The Company is a provider of comprehensive digital and print solutions in more than 100 countries and 80 languages outside of the United States. Through our expansive global distribution network, we serve the needs of learners and educators throughout the world with our K-12 and Higher Education solutions that primarily originate or are adapted from our U.S.-based solutions.

•Other: Includes in-transit product sales and certain transactions or adjustments that are not attributable to the segments that the chief operating decision maker (“CODM”) considers to be unusual and/or nonoperational.

The CODM is our CEO. The CODM reviews the segments' separate financial information to assess performance and to allocate resources. The CODM measures and evaluates the reportable segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) from continuing operations plus interest expense (income), net, income tax provision (benefit), depreciation and amortization, restructuring and cost savings implementation charges, the effects of the application of purchase accounting, advisory fees paid to Platinum Equity Advisors, LLC (“Platinum Advisors”), an entity affiliated with Platinum, pursuant to a Corporate Advisory Services Agreement between the Company and Platinum Advisors (the “Advisory Agreement”) (which was terminated on July 25, 2025 in connection with the consummation of our initial public offering), impairment charges, transaction and integration costs, stock-based compensation, (gain) loss on extinguishment of debt and the impact of earnings or charges resulting from matters that the CODM does not consider when assessing the performance of, and allocated resources to, the segments. The CODM uses Adjusted EBITDA to allocate resources to our
segments in our annual budgeting and forecasting process and to assess the performance of our segments, primarily by comparing current period results to both prior period and budget on a quarterly basis. The CODM reviews consolidated expense information to manage operations. In addition, our reportable segments are not evaluated using asset information.

For all our reportable segments, other segment items, which is calculated as the difference between segment revenue and segment adjusted EBITDA, primarily consists of cost of sales (excluding depreciation and amortization) and operating and administrative expenses.

The following table sets forth Adjusted EBITDA by segment:

Three Months Ended June 30,
20262025
Adjusted EBITDA:
K-12$114,498 $96,393 
Higher Education87,034 77,759 
Global Professional8,691 11,266 
International3,252 7,208 
Other(6,429)(1,210)
Total Adjusted EBITDA $207,046 $191,416 

The following table provides a reconciliation of total Adjusted EBITDA to Net income (loss):

Three Months Ended June 30,
20262025
Total Adjusted EBITDA$207,046 $191,416 
Interest (expense) income, net(45,770)(58,774)
Income tax benefit (provision)(10,652)(36,949)
Depreciation, amortization and product development amortization(83,476)(87,854)
Restructuring and cost savings implementation charges(3,746)(3,106)
Advisory fees— (2,500)
Transaction and Integration costs— (100)
Stock-based compensation(3,884)— 
Other(1,658)(1,631)
Net income (loss) $57,860 $502 

The following tables summarize revenue and long-lived assets by geographic region:

Revenue (1)
Three Months Ended June 30,
20262025
United States$504,693 $484,389 
International45,210 51,321 
Total $549,903 $535,710 
________________
(1)
Revenues are attributed to a geographic region based on the location of customer.
Long-Lived Assets (2)
As of
June 30, 2026March 31, 2026
United States$747,673 $714,551 
International32,990 33,504 
Total $780,663 $748,055 
__________________
(2)
Reflects total assets less current assets, goodwill, intangible assets, investments, deferred financing costs and non-current deferred tax assets.