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v3.26.1

REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Mar. 31, 2026
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract] |
Schedule of Correction on Previously Issued Financial Statements | 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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