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REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS | 6 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS | REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS Disaggregated Revenue. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s disaggregation of revenue by reportable operating segment. Channel Concentration. Net sales by channel was as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Wholesale | $ | 1,036,229 |  |  | $ | 913,653 |  |  | $ | 1,688,593 |  |  | $ | 1,428,435 |
Direct-to-Consumer | 394,611 |  |  | 397,667 |  |  | 706,785 |  |  | 708,232 |
Total | $ | 1,430,840 |  |  | $ | 1,311,320 |  |  | $ | 2,395,378 |  |  | $ | 2,136,667 |
Geographic Concentration. Net sales by geography was as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Domestic | $ | 839,530 |  |  | $ | 853,910 |  |  | $ | 1,340,788 |  |  | $ | 1,369,766 |
International | 591,310 |  |  | 457,410 |  |  | 1,054,590 |  |  | 766,901 |
Total | $ | 1,430,840 |  |  | $ | 1,311,320 |  |  | $ | 2,395,378 |  |  | $ | 2,136,667 |
For the three and six months ended September 30, 2025, and 2024, no single foreign country comprised 10.0% or more of the Company’s total net sales. Customer Concentration. For the three and six months ended September 30, 2025, and 2024, no single global customer comprised 10.0% or more of the Company’s total net sales. As of September 30, 2025, the Company has one customer that represents 10.6% of trade accounts receivable, net, compared to one customer that represents 13.6% of trade accounts receivable, net, as of March 31, 2025. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations. 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, 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) |
| Sales Return Asset |  | Sales Return Liability
Balance, March 31, 2024 | $ | 13,866 |  |  | $ | (55,327) |
Net additions to sales return liability (1) | 32,846 |  |  | (123,196) |
Actual returns | (26,056) |  |  | 114,513 |
Balance, September 30, 2024 | $ | 20,656 |  |  | $ | (64,010) |
(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,
| 2025 |  | 2024
Beginning balance | $ | (18,566) |  |  | $ | (17,586) |
Redemptions and expirations for loyalty certificates and points recognized in net sales | 11,958 |  |  | 11,103 |
Deferred revenue for loyalty points and certificates issued | (12,813) |  |  | (13,536) |
Ending balance | $ | (19,421) |  |  | $ | (20,019) |
Deferred Revenue. Activity related to deferred revenue was as follows:
| Six Months Ended September 30,
| 2025 |  | 2024
Beginning balance | $ | (27,305) |  |  | $ | (9,591) |
Additions of customer cash payments | (48,707) |  |  | (50,829) |
Revenue recognized | 54,273 |  |  | 36,332 |
Ending balance | $ | (21,739) |  |  | $ | (24,088) |
Refer to Note 2, “Revenue Recognition,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s variable consideration accounting policies, including sales return asset and liability, as well as contract liabilities.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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