| Schedule of Disaggregation of Revenue |
The following tables summarize the Company's revenue from contracts with its customers disaggregated by segment and product type for the three months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | 2025 | | Digital | | Print (1) | | Total | | Digital | | Print (1) | | Total | | Revenue by Segment: | | | | | | | | | | | | | K-12 | $ | 113,919 | | | $ | 160,485 | | | $ | 274,404 | | | $ | 108,597 | | | $ | 162,334 | | | $ | 270,931 | | | Higher Education | 190,146 | | | 9,690 | | | 199,836 | | | 168,826 | | | 13,553 | | | 182,379 | | | Global Professional | 26,713 | | | 8,102 | | | 34,815 | | | 25,272 | | | 9,887 | | | 35,159 | | | International | 22,755 | | | 22,475 | | | 45,230 | | | 22,353 | | | 29,111 | | | 51,464 | | | Other (2) | — | | | (4,382) | | | (4,382) | | | — | | | (4,223) | | | (4,223) | | | Total Revenue | $ | 353,533 | | | $ | 196,370 | | | $ | 549,903 | | | $ | 325,048 | | | $ | 210,662 | | | $ | 535,710 | | ___________________ | | | | | | | (1) | Print revenue contains print and multi-year print products. | | (2) | Includes in-transit product sales and intersegment revenue adjustments that are not included within segment revenues reviewed by the Company's CODM. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | 2025 |
| Re-occurring Revenue | | Transactional Revenue | | Total | | Re-occurring Revenue | | Transactional Revenue | | Total | K-12 | $ | 196,595 | | | $ | 77,809 | | | $ | 274,404 | | | $ | 183,641 | | | $ | 87,290 | | | $ | 270,931 | | Higher Education | 182,102 | | | 17,734 | | | 199,836 | | | 159,552 | | | 22,827 | | | 182,379 | | Global Professional | 25,140 | | | 9,675 | | | 34,815 | | | 23,657 | | | 11,502 | | | 35,159 | | International | 21,727 | | | 23,503 | | | 45,230 | | | 20,764 | | | 30,700 | | | 51,464 | | Other | — | | | (4,382) | | | (4,382) | | | — | | | (4,223) | | | (4,223) | | Total Revenue | $ | 425,564 | | | $ | 124,339 | | | $ | 549,903 | | | $ | 387,614 | | | $ | 148,096 | | | $ | 535,710 | |
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| Schedule of Deferred Commission Costs and Deferred Royalties |
Deferred commission costs consisted of the following:
| | | | | | | | | | | | | June 30, 2026 | | March 31, 2026 | | Current | $ | 16,427 | | | $ | 19,325 | | | Non-current | 19,675 | | | 19,765 | | | Total Deferred Commission Costs | $ | 36,102 | | | $ | 39,090 | |
Deferred royalties consisted of the following:
| | | | | | | | | | | | | June 30, 2026 | | March 31, 2026 | | Current | $ | 61,331 | | | $ | 75,696 | | | Non-current | 49,617 | | | 51,774 | | | Total Deferred Royalties | $ | 110,948 | | | $ | 127,470 | |
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| Schedule of Contract Assets and Liabilities |
Contract assets and contract liabilities consisted of the following:
| | | | | | | | | | | | | June 30, 2026 | | March 31, 2026 | | Contract assets | $ | 39,454 | | | $ | 23,570 | | | Contract liabilities (deferred revenue): | | | | | Current | 732,926 | | | 835,357 | | | Non-current | 789,230 | | | 836,001 | | | Total Contract Liabilities | $ | 1,522,156 | | | $ | 1,671,358 | |
Total contract liabilities by segment consisted of the following:
| | | | | | | | | | | | | June 30, 2026 | | March 31, 2026 | | Total Contract Liabilities by Segment: | | | | | K-12 | $ | 1,210,646 | | | $ | 1,249,373 | | | Higher Education | 216,935 | | | 321,999 | | | Global Professional | 68,677 | | | 65,977 | | | International | 22,892 | | | 33,064 | | Other (1) | 3,006 | | | 945 | | Total Contract Liabilities | $ | 1,522,156 | | | $ | 1,671,358 | |
_______________ (1)Includes contract liabilities for in-transit product sales that are not included in segment contract liabilities.
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| Schedule of Estimated Revenue to be Recognized |
Estimated revenue expected to be recognized in future fiscal years ended March 31, related to amounts included within deferred revenue as of June 30, 2026 was as follows: | | | | | | | | 2027 (remaining nine months) | $ | 565,691 | | | 2028 | 416,238 | | | 2029 | 256,331 | | | 2030 | 147,325 | | | 2031 | 79,605 | | | Thereafter | 56,966 | | | $ | 1,522,156 | |
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