v3.26.3
Revenue Recognition and Business Concentrations
 6 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition and Business Concentrations Revenue Recognition and Business Concentrations
Disaggregated Revenue. Refer to Note 12, “Reportable Operating Segments,” for further information on the
Company’s disaggregation of net sales by reportable operating segments.
Channel Concentration. Net sales by channel were as follows:
 
Three Months Ended September 30,
Six Months Ended September 30,
2026
2025
2026
2025
Wholesale
$1,093,012
$1,036,229
$1,759,726
$1,688,593
Direct-to-Consumer
387,542
394,611
740,359
706,785
Total
$1,480,554
$1,430,840
$2,500,085
$2,395,378
Geographic Concentration. Net sales by geography were as follows:
 
Three Months Ended September 30,
Six Months Ended September 30,
2026
2025
2026
2025
Domestic
$835,842
$839,530
$1,353,270
$1,340,788
International
644,712
591,310
1,146,815
1,054,590
Total
$1,480,554
$1,430,840
$2,500,085
$2,395,378
Sales Return Asset and Liability. Sales returns are a refund asset for the right to recover the inventory and a
refund liability for the stand-ready right of return. The refund asset for the right to recover the inventory is recorded
in other current assets and the related refund liability is recorded in other accrued expenses in the condensed
consolidated balance sheets.
The following tables summarize changes in the estimated sales returns for the periods presented:
Sales Return
Asset
Sales Return
Liability
Balance, March 31, 2026
$27,729
$(80,055)
Net additions to sales return liability (1)
29,062
(115,118)
Actual returns
(32,386)
120,497
Balance, September 30, 2026
$24,405
$(74,676)
Sales Return
Asset
Sales Return
Liability
Balance, March 31, 2025
$21,120
$(63,462)
Net additions to sales return liability (1)
30,162
(123,393)
Actual returns
(27,784)
115,183
Balance, September 30, 2025
$23,498
$(71,672)
(1) Net additions to the sales return liability include a provision for anticipated sales returns, which consists of both contractual
return rights and discretionary authorized returns.
Contract Liabilities. Contract liabilities are recorded in other accrued expenses in the condensed consolidated
balance sheets and include loyalty programs and other deferred revenue.
Loyalty Programs. Activity related to loyalty programs was as follows:
Six Months Ended September 30,
2026
2025
Beginning balance
$(21,000)
$(18,566)
Redemptions and expirations for loyalty certificates and points recognized in net
sales
12,911
11,958
Deferred revenue for loyalty points and certificates issued
(14,811)
(12,813)
Ending balance
$(22,900)
$(19,421)
Deferred Revenue. Activity related to deferred revenue was as follows:
Six Months Ended September 30,
2026
2025
Beginning balance
$(30,139)
$(27,305)
Additions of customer cash payments
(61,278)
(48,707)
Revenue recognized
58,215
54,273
Ending balance
$(33,202)
$(21,739)