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REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Mar. 31, 2026
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract] |
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS | 2. REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS We identified misstatements in our previously issued consolidated financial statements for the fiscal years 2025 and 2024 that related to an overstatement of revenue from our Product segment that resulted from a miscalculation of accrued revenue. We also identified misstatements related to inventory cost and other expenses in prior periods. 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 balance sheets for the period presented (in thousands):
|  |  | March 31, 2025 |
|  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |
Accounts receivable—trade, net |  | $ | 516,925 |  |  | $ | (8,653 | ) |  | $ | 508,272 |
Other current assets |  |  | 28,500 |  |  |  | 2,937 |  |  |  | 31,437 |
Accounts payable |  |  | 324,580 |  |  |  | (690 | ) |  |  | 323,890 |
Salaries and commissions payable |  |  | 42,219 |  |  |  | 503 |  |  |  | 42,722 |
Deferred revenue |  |  | 152,631 |  |  |  | 1,436 |  |  |  | 154,067 |
Additional paid-in capital |  |  | 193,698 |  |  |  | 777 |  |  |  | 194,475 |
Retained earnings |  |  | 850,956 |  |  |  | (7,742 | ) |  |  | 843,214 |
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):
|  |  | Year ended March 31, 2025 |  |  |  | Year ended March 31, 2024 |
|  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |  |  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |
Net sales- product |  | $ | 1,609,190 |  |  | $ | (9,399 | ) |  | $ | 1,599,791 |  |  | $ | 1,884,438 |  |  | $ | 1,734 |  |  | $ | 1,886,172 |
Net sales |  |  | 2,009,567 |  |  |  | (9,399 | ) |  |  | 2,000,168 |  |  |  | 2,176,515 |  |  |  | 1,734 |  |  |  | 2,178,249 |
Cost of sales- product |  |  | 1,235,490 |  |  |  | (5,995 | ) |  |  | 1,229,495 |  |  |  | 1,486,604 |  |  |  | (1,313 | ) |  |  | 1,485,291 |
Cost of sales |  |  | 1,494,043 |  |  |  | (5,995 | ) |  |  | 1,488,048 |  |  |  | 1,667,820 |  |  |  | (1,313 | ) |  |  | 1,666,507 |
Gross profit |  |  | 515,524 |  |  |  | (3,404 | ) |  |  | 512,120 |  |  |  | 508,695 |  |  |  | 3,047 |  |  |  | 511,742 |
Selling, general, and administrative |  |  | 385,401 |  |  |  | 1,280 |  |  |  | 386,681 |  |  |  | 355,556 |  |  |  | - |  |  |  | 355,556 |
Operating expenses |  |  | 411,154 |  |  |  | 1,280 |  |  |  | 412,434 |  |  |  | 377,936 |  |  |  | - |  |  |  | 377,936 |
Operating income |  |  | 104,370 |  |  |  | (4,684 | ) |  |  | 99,686 |  |  |  | 130,759 |  |  |  | 3,047 |  |  |  | 133,806 |
Earnings from continuing operations before tax |  |  | 110,808 |  |  |  | (4,684 | ) |  |  | 106,124 |  |  |  | 132,191 |  |  |  | 3,047 |  |  |  | 135,238 |
Provision for income taxes |  |  | 30,967 |  |  |  | (1,282 | ) |  |  | 29,685 |  |  |  | 37,070 |  |  |  | 841 |  |  |  | 37,911 |
Net earnings from continuing operations |  |  | 79,841 |  |  |  | (3,402 | ) |  |  | 76,439 |  |  |  | 95,121 |  |  |  | 2,206 |  |  |  | 97,327 |
Net earnings |  |  | 107,978 |  |  |  | (3,402 | ) |  |  | 104,576 |  |  |  | 115,776 |  |  |  | 2,206 |  |  |  | 117,982 |
Total comprehensive income |  |  | 109,139 |  |  |  | (3,402 | ) |  |  | 105,737 |  |  |  | 116,488 |  |  |  | 2,206 |  |  |  | 118,694 |
Basic EPS, continuing operations |  |  | 3.01 |  |  |  | (0.13 | ) |  |  | 2.88 |  |  |  | 3.57 |  |  |  | 0.09 |  |  |  | 3.66 |
Diluted EPS, continuing operations |  |  | 2.99 |  |  |  | (0.12 | ) |  |  | 2.87 |  |  |  | 3.56 |  |  |  | 0.08 |  |  |  | 3.64 |
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):
|  | Year ended March 31, 2025 |  |  | Year ended March 31, 2024 |
|  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |  |  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 107,978 |  |  | $ | (3,402 | ) |  | $ | 104,576 |  |  | $ | 115,776 |  |  | $ | 2,206 |  |  | $ | 117,982 |
Net earnings from continuing operations |  |  | 79,841 |  |  |  | (3,402 | ) |  |  | 76,439 |  |  |  | 95,121 |  |  |  | 2,206 |  |  |  | 97,327 |
Share-based compensation expense |  |  | 9,725 |  |  |  | 777 |  |  |  | 10,502 |  |  |  | 9,471 |  |  |  | - |  |  |  | 9,471 |
Accounts receivable |  |  | 185,910 |  |  |  | 8,653 |  |  |  | 194,563 |  |  |  | (117,469 | ) |  |  | - |  |  |  | (117,469 | )
Inventories |  |  | 29,364 |  |  |  | (5,995 | ) |  |  | 23,369 |  |  |  | 104,781 |  |  |  | (3,047 | ) |  |  | 101,734 |
Deferred costs and other assets |  |  | (30,289 | ) |  |  | (1,282 | ) |  |  | (31,571 | ) |  |  | (24,814 | ) |  |  | 841 |  |  |  | (23,973 | )
Accounts payable |  |  | 6,703 |  |  |  | (690 | ) |  |  | 6,013 |  |  |  | 106,967 |  |  |  | - |  |  |  | 106,967 |
Salaries and commissions payable, deferred revenue, and other liabilities |  |  | 10,053 |  |  |  | 1,939 |  |  |  | 11,992 |  |  |  | 51,600 |  |  |  | - |  |  |  | 51,600 |
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):
|  |  | Year ended March 31, 2025 |  |  |  | Year ended March 31, 2024 |
|  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |  |  |  | As reported |  |  |  | Adjusted |  |  |  | As revised |
Additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning |  | $ | 180,058 |  |  | $ | - |  |  | $ | 180,058 |  |  | $ | 167,303 |  |  | $ | - |  |  | $ | 167,303 |
Share-based compensation |  |  | 10,007 |  |  |  | 777 |  |  |  | 10,784 |  |  |  | 9,738 |  |  |  | - |  |  |  | 9,738 |
Balance, ending |  |  | 193,698 |  |  |  | 777 |  |  |  | 194,475 |  |  |  | 180,058 |  |  |  | - |  |  |  | 180,058 |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning |  |  | 742,978 |  |  |  | (4,340 | ) |  |  | 738,638 |  |  |  | 627,202 |  |  |  | (6,546 | ) |  |  | 620,656 |
Net earnings |  |  | 107,978 |  |  |  | (3,402 | ) |  |  | 104,576 |  |  |  | 115,776 |  |  |  | 2,206 |  |  |  | 117,982 |
Balance, ending |  |  | 850,956 |  |  |  | (7,742 | ) |  |  | 843,214 |  |  |  | 742,978 |  |  |  | (4,340 | ) |  |  | 738,638 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning |  |  | 901,779 |  |  |  | (4,340 | ) |  |  | 897,439 |  |  |  | 782,265 |  |  |  | (6,546 | ) |  |  | 775,719 |
Share-based compensation |  |  | 10,007 |  |  |  | 777 |  |  |  | 10,784 |  |  |  | 9,738 |  |  |  | - |  |  |  | 9,738 |
Net earnings |  |  | 107,978 |  |  |  | (3,402 | ) |  |  | 104,576 |  |  |  | 115,776 |  |  |  | 2,206 |  |  |  | 117,982 |
Balance, ending |  |  | 977,623 |  |  |  | (6,965 | ) |  |  | 970,658 |  |  |  | 901,779 |  |  |  | (4,340 | ) |  |  | 897,439 |

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