MCGRAW HILL, INC., 10-Q filed on 2/11/2026
Quarterly Report
v3.25.4
COVER - shares
 9 Months Ended
Dec. 31, 2025
Feb. 09, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-42764  
Registrant Name MCGRAW HILL, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 87-1259704  
Entity Address, Address Line One 8787 Orion Place  
Entity Address, City or Town Columbus  
Entity Address, State or Province OH  
Entity Address, Postal Zip Code 43240  
City Area Code 614  
Local Phone Number 430-4000  
Title of 12(b) Security Common stock, par value $0.01  
Trading Symbol MH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   191,001,519
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --03-31  
Central Index Key 0001951070  
Amendment Flag false  
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Revenue $ 434,162 $ 416,493 $ 1,639,059 $ 1,628,037
Cost of sales (excluding depreciation and amortization) 63,844 65,253 326,305 343,901
Gross profit 370,318 351,240 1,312,754 1,284,136
Operating expenses        
Operating and administrative expenses 257,201 250,095 798,227 773,961
Depreciation 27,308 17,707 62,218 50,448
Amortization of intangibles 55,417 59,279 169,167 180,692
Total operating expenses 339,926 327,081 1,029,612 1,005,101
Operating income (loss) 30,392 24,159 283,142 279,035
Interest expense (income), net 47,358 68,877 162,072 229,899
(Gain) loss on extinguishment of debt 8,183 0 24,544 2,719
Income (loss) from operations before taxes (25,149) (44,718) 96,526 46,417
Income tax provision (benefit) (4,950) 8,210 10,939 (24,611)
Net income (loss) $ (20,199) $ (52,928) $ 85,587 $ 71,028
Basic earnings (loss) per share (in dollars per share) $ (0.11) $ (0.32) $ 0.47 $ 0.43
Diluted earnings (loss) per share (in dollars per share) $ (0.11) $ (0.32) $ 0.47 $ 0.43
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (20,199) $ (52,928) $ 85,587 $ 71,028
Other comprehensive income (loss):        
Foreign currency translation adjustment, net of tax 288 (3,054) 2,254 (3,312)
Total other comprehensive income (loss) 288 (3,054) 2,254 (3,312)
Comprehensive income (loss) $ (19,911) $ (55,982) $ 87,841 $ 67,716
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Current assets    
Cash and cash equivalents $ 514,392 $ 389,830
Accounts receivable, net of allowance for credit losses of $9,569 and $13,521 as of December 31, 2025 and March 31, 2025, respectively 242,331 338,426
Inventories, net 169,667 174,018
Prepaid and other current assets 142,517 150,357
Total current assets 1,068,907 1,052,631
Product development costs, net 255,137 222,182
Property, plant and equipment, net 90,408 95,197
Goodwill 2,557,595 2,557,595
Other intangible assets, net 1,285,551 1,454,185
Deferred income taxes 7,138 7,983
Operating lease right-of-use assets 47,853 49,661
Other non-current assets 331,458 318,326
Total assets 5,644,047 5,757,760
Current liabilities    
Accounts payable 113,127 146,742
Accrued royalties 110,911 71,457
Accrued compensation 89,059 124,954
Deferred revenue 813,153 794,031
Current portion of long-term debt 13,170 13,170
Operating lease liabilities 8,652 8,042
Other current liabilities 133,999 172,023
Total current liabilities 1,282,071 1,330,419
Long-term debt 2,605,642 3,164,551
Deferred income taxes 16,399 15,656
Long-term deferred revenue 883,663 882,156
Operating lease liabilities 60,491 64,737
Other non-current liabilities 20,439 19,997
Total liabilities 4,868,705 5,477,516
Commitments and contingencies (Note 16)
Stockholders' equity (deficit)    
Common stock 1,910  
Additional paid-in capital 1,969,217 1,562,204
Accumulated deficit (1,195,613) (1,281,200)
Accumulated other comprehensive income (loss) (172) (2,426)
Total stockholders' equity (deficit) 775,342 280,244
Total liabilities and stockholders' equity (deficit) $ 5,644,047 5,757,760
Class A    
Stockholders' equity (deficit)    
Common stock   1,652
Class B    
Stockholders' equity (deficit)    
Common stock   $ 14
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Allowance for credit losses $ 9,569 $ 13,521
Common stock, par value (in dollars per share) $ 0.01  
Common stock, shares authorized (in shares) 2,000,000,000 0
Common stock, shares issued (in shares) 191,001,519 0
Common stock, shares outstanding (in shares) 191,001,519 0
Class A    
Common stock, par value (in dollars per share)   $ 0.01
Common stock, shares authorized (in shares)   186,471,212
Common stock, shares issued (in shares)   165,160,216
Common stock, shares outstanding (in shares)   165,160,216
Class B    
Common stock, par value (in dollars per share)   $ 0.01
Common stock, shares authorized (in shares)   14,384,922
Common stock, shares issued (in shares)   1,451,303
Common stock, shares outstanding (in shares)   1,451,303
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Operating activities        
Net income (loss) $ (20,199) $ (52,928) $ 85,587 $ 71,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities        
Depreciation (including amortization of technology costs) 27,308 17,707 62,218 50,448
Amortization of intangibles 55,417 59,279 169,167 180,692
Amortization of product development costs 12,946 12,801 44,962 44,703
Stock-based compensation     31,737 0
Credit losses on accounts receivable     (529) (2,556)
Unrealized (gain) loss on interest rate cap     0 235
Inventory obsolescence 140 1,218 8,300 9,784
Deferred income taxes     845 (1,184)
Amortization of debt discount     9,947 14,989
Amortization of deferred financing costs     3,744 8,782
(Gain) loss on extinguishment of debt 8,183 0 24,544 2,719
Changes in operating assets and liabilities:        
Accounts receivable     100,633 (433)
Inventories     (3,132) 51,996
Prepaid and other current assets     (92,827) (127,245)
Accounts payable and accrued expenses     (25,268) 40,152
Deferred revenue     18,964 238,561
Other current liabilities     (42,123) 30,653
Other changes in operating assets and liabilities, net     (3,109) (3,870)
Cash provided by (used for) operating activities     477,297 687,469
Investing activities        
Product development expenditures     (76,680) (60,476)
Capital expenditures     (61,039) (42,621)
Cash provided by (used for) investing activities     (137,719) (103,097)
Financing activities        
Borrowings on 2024 Secured Notes     0 650,000
Payment of finance lease obligations     (5,912) (7,708)
Payment of deferred financing costs     0 (24,027)
Proceeds from issuance of common stock in Initial Public Offering, net of underwriting discounts     392,862 0
Deferred Initial Public Offering costs     (7,037) 0
Cash provided by (used for) financing activities     (215,662) (239,902)
Effect of exchange rate changes on cash     646 896
Net change in cash and cash equivalents     124,562 345,366
Cash and cash equivalents, at the beginning of the period     389,830 203,618
Cash and cash equivalents, at the end of the period 514,392 548,984 514,392 548,984
Supplemental disclosures        
Cash paid for interest expense     124,679 173,392
Cash paid for income taxes     73,832 33,401
A&E Term Loan Facility        
Financing activities        
Payment of Term Loan Facility     (595,575) (103,292)
Term Loan Facility        
Financing activities        
Payment of Term Loan Facility     0 (754,875)
Deferred Royalties        
Adjustments to reconcile net income (loss) to net cash provided by operating activities        
Amortization of capitalized contract costs 9,397 10,091 67,654 65,280
Deferred Commission Costs        
Adjustments to reconcile net income (loss) to net cash provided by operating activities        
Amortization of capitalized contract costs $ 3,350 $ 2,903 $ 15,983 $ 12,735
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Common Class A
Common Class A
Common Stock
Common Class B
Common Class B
Common Stock
Beginning balance (in shares) at Mar. 31, 2024             165,160,216   1,451,303
Beginning balance at Mar. 31, 2024 $ 368,754   $ 1,562,204 $ (1,195,361) $ 245   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (9,447)     (9,447)          
Other comprehensive income (loss), net of tax (1,205)       (1,205)        
Ending balance (in shares) at Jun. 30, 2024             165,160,216   1,451,303
Ending balance at Jun. 30, 2024 358,102   1,562,204 (1,204,808) (960)   $ 1,652   $ 14
Beginning balance (in shares) at Mar. 31, 2024             165,160,216   1,451,303
Beginning balance at Mar. 31, 2024 368,754   1,562,204 (1,195,361) 245   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 71,028                
Other comprehensive income (loss), net of tax (3,312)                
Ending balance (in shares) at Dec. 31, 2024             165,160,216   1,451,303
Ending balance at Dec. 31, 2024 436,470   1,562,204 (1,124,333) (3,067)   $ 1,652   $ 14
Beginning balance (in shares) at Jun. 30, 2024             165,160,216   1,451,303
Beginning balance at Jun. 30, 2024 358,102   1,562,204 (1,204,808) (960)   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 133,403     133,403          
Other comprehensive income (loss), net of tax 947       947        
Ending balance (in shares) at Sep. 30, 2024             165,160,216   1,451,303
Ending balance at Sep. 30, 2024 492,452   1,562,204 (1,071,405) (13)   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (52,928)     (52,928)          
Other comprehensive income (loss), net of tax (3,054)       (3,054)        
Ending balance (in shares) at Dec. 31, 2024             165,160,216   1,451,303
Ending balance at Dec. 31, 2024 $ 436,470   1,562,204 (1,124,333) (3,067)   $ 1,652   $ 14
Beginning balance (in shares) at Mar. 31, 2025 0         165,160,216 165,160,216 1,451,303 1,451,303
Beginning balance at Mar. 31, 2025 $ 280,244   1,562,204 (1,281,200) (2,426)   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 502     502          
Other comprehensive income (loss), net of tax 2,515       2,515        
Ending balance (in shares) at Jun. 30, 2025             165,160,216   1,451,303
Ending balance at Jun. 30, 2025 $ 283,261   1,562,204 (1,280,698) 89   $ 1,652   $ 14
Beginning balance (in shares) at Mar. 31, 2025 0         165,160,216 165,160,216 1,451,303 1,451,303
Beginning balance at Mar. 31, 2025 $ 280,244   1,562,204 (1,281,200) (2,426)   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 85,587                
Other comprehensive income (loss), net of tax $ 2,254                
Ending balance (in shares) at Dec. 31, 2025 191,001,519 191,001,519              
Ending balance at Dec. 31, 2025 $ 775,342 $ 1,910 1,969,217 (1,195,613) (172)        
Beginning balance (in shares) at Jun. 30, 2025             165,160,216   1,451,303
Beginning balance at Jun. 30, 2025 283,261   1,562,204 (1,280,698) 89   $ 1,652   $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 105,284     105,284          
Other comprehensive income (loss), net of tax (549)       (549)        
Conversion of Class A and Class B Common Stock to Common Stock (in shares)   166,611,519         (165,160,216)   (1,451,303)
Conversion of Class A and Class B Common Stock to Common Stock 0 $ 1,666         $ (1,652)   $ (14)
Issuance of Common Stock in Initial Public Offering, net of offering costs (in shares)   24,390,000              
Issuance of Common Stock in Initial Public Offering, net of offering costs 375,520 $ 244 375,276            
Stock-based compensation expense 31,076   31,076            
Ending balance (in shares) at Sep. 30, 2025   191,001,519              
Ending balance at Sep. 30, 2025 794,592 $ 1,910 1,968,556 (1,175,414) (460)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (20,199)     (20,199)          
Other comprehensive income (loss), net of tax 288       288        
Stock-based compensation expense $ 661   661            
Ending balance (in shares) at Dec. 31, 2025 191,001,519 191,001,519              
Ending balance at Dec. 31, 2025 $ 775,342 $ 1,910 $ 1,969,217 $ (1,195,613) $ (172)        
v3.25.4
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies
1. Description of Business, Basis of Preparation and Summary of Significant Accounting Policies

Description of Business

McGraw Hill, Inc. conducts its operations through its subsidiaries, including its indirect subsidiary McGraw-Hill Education, Inc., a Delaware corporation and operating company that is doing business as and that we refer to as “McGraw Hill.” As used in the accompanying unaudited consolidated financial statements, unless the context otherwise indicates, any reference to “our Company,” “the Company,” “us,” “we,” and “our,” refers to McGraw Hill, Inc., together with its consolidated subsidiaries. The use of the term “Platinum” means Platinum Equity, LLC together with its affiliated investment vehicles.

Platinum formed McGraw Hill, Inc. (formerly known as Mav Holding Corporation) on June 8, 2021. On July 31, 2021, Mav Acquisition Corporation, an investment vehicle of certain private investment funds sponsored and ultimately controlled by Platinum, acquired 100% of the equity interests in McGraw-Hill Education, Inc. Immediately following the consummation of the acquisition, Mav Acquisition Corporation merged with and into McGraw-Hill Education, Inc. with McGraw-Hill Education, Inc. being the surviving entity and McGraw-Hill Education, Inc. being indirectly owned by McGraw Hill, Inc.

McGraw Hill, Inc. is a leading global provider of information solutions for education across K-12 to higher education and through professional learning. The business is comprised of the following four reportable segments:

•K-12: The Company provides end-to-end core, supplemental and intervention curricula to support the needs of U.S. K-12 schools. The Company sells blended digital and print learning solutions directly to school districts across the U.S.

•Higher Education: The Company provides students, instructors and institutions with adaptive digital learning solutions and content, and instructional materials. The primary users of the Company's solutions are students enrolled in two-and four-year non-profit colleges and universities, and to a lesser extent, for-profit institutions. The Company sells its Higher Education solutions to well-known online retailers and distribution partners, who subsequently sell to students. The Company also sells direct to student via its proprietary e-commerce platform.

•Global Professional: The Company provides students, institutions and professionals with comprehensive medical and engineering learning solutions. The Company sells digital learning solutions and print materials which are easily accessible through a broad range of mediums.

•International: The Company is a provider of comprehensive digital and print solutions in more than 100 countries and 80 languages outside of the U.S. Through our expansive global distribution network, we serve the needs of learners and educators throughout the world with our K-12 and Higher Education solutions that primarily originate or are adapted from our U.S.-based solutions.

Basis of Preparation

Principles of Consolidation

    These unaudited interim consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP are not required in these interim financial statements and have been condensed or omitted. In management's opinion, the Company has made all adjustments of a normal recurring nature necessary
for fair financial statement presentation. Accordingly, these unaudited interim consolidated financial statements and related notes should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto for the fiscal year ended March 31, 2025 included in the Company's final prospectus filed with the Securities and Exchange Commission (the “SEC”) on July 24, 2025 (the “Prospectus”). Our interim period operating results are not necessarily indicative of the results that may be expected for any other interim period or for the full fiscal year.

All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.

Fiscal Year

Our fiscal year is a 52-week period ended on March 31.

Use of Estimates

    The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

    On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, allowance for estimated credit losses and sales returns, valuation of inventories, product development costs, impairment of long-lived assets (including other intangible assets), valuation of right-of-use assets, impairment of goodwill and indefinite-lived intangible assets, purchase price allocation of acquired businesses, stock-based compensation, income taxes and contingencies.

Seasonality and Comparability

    The Company's revenues, operating profit and operating cash flows are affected by the inherent seasonality of the academic calendar. Changes in the Company's customers’ ordering patterns may affect the comparison of its results in a quarter with the same quarter of the previous year, or in a fiscal year with the prior fiscal year, where customers may shift the timing of material orders for any number of reasons, including, but not limited to, changes in academic semester start dates or changes to their inventory management practices.

Summary of Significant Accounting Policies

Cash and Cash Equivalents

    Cash and cash equivalents include bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of interest-bearing demand deposits with daily liquidity, money market and time deposits. The balance also includes cash that is held by the Company outside of the U.S. to fund international operations or to be reinvested outside of the U.S. The investments and bank deposits are stated at cost, which approximates market value. These investments are not subject to significant market risk.
    
Accounts Receivable

Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recognized net of an allowance for estimated credit losses.
Allowance for Estimated Credit Losses

    The Company estimates credit losses for its accounts receivable using the current expected credit loss model under ASC 326, Financial Instruments - Credit Losses. In determining the allowance for estimated credit losses, the Company considers forecasts of future economic conditions in addition to information about past events and current conditions.

The Company measures expected credit losses on a pool basis for those account receivables that have similar risk characteristics. Risk characteristics relevant to the Company’s accounts receivable include the financial condition of the customer and the customer’s credit risk category. When estimating credit losses, the Company also considers historical write-off experience and aging of accounts receivable.

Receivables are written off against the allowance for estimated credit losses when the receivable is determined to be uncollectible. The change in the allowance for estimated credit losses is reflected as part of Operating and administrative expenses in the consolidated statements of operations.

Sales Returns

The allowance for sales returns is an estimate, which is based on historical rates of return, timing of returns and market conditions. The provision for sales returns is reflected as a reduction to Revenues in the consolidated statements of operations for sales recognized as revenue and as a reduction to Deferred revenue in the consolidated balance sheets for sales which have not been recognized yet. Sales returns are charged against the reserve as products are returned to inventory.

Concentration of Credit Risk

    As of December 31, 2025, the Company had two customers that accounted for 23% of the gross accounts receivable balance. As of March 31, 2025, three customers comprised 38% of the gross accounts receivable balance, which is reflective of both customer concentration and the seasonal nature of the Company's industry. For all periods presented, the Company had no single customer that accounted for 10% or more of its gross revenue. The loss of, or any reduction in sales from a significant customer or deterioration in their ability to pay could harm the Company's business and financial results.

Inventories, Net

    Inventories, consisting principally of books, are stated at the lower of cost or net realizable value and are valued using the first in first out method. The majority of inventories relate to finished goods. An estimate, the reserve for inventory obsolescence, is reflected in Inventories, net within the consolidated balance sheets. In determining this reserve, the Company considers management’s current assessment of the marketplace, industry trends and projected product demand as compared to the number of units currently on hand.

Product Development Costs, Net

    Product development costs include both the pre-publication cost of developing educational content and the development of assessment solution products. Costs incurred prior to the publication date of a title or release date of a product represent activities associated with product development. These may be performed internally or outsourced to subject matter specialists and include, but are not limited to, editorial review and fact verification, graphic art design and layout and the process of conversion from print to digital media or within various formats of digital media. These costs are capitalized when the costs are directly attributable to a project or title and the title is expected to generate probable future economic benefits. Capitalized costs are amortized upon publication of the title over its estimated useful life with a higher proportion of the amortization typically taken in the earlier years. Amortization expenses for product
development costs are charged as a component of operating and administrative expenses. In evaluating recoverability, the Company considers management’s current assessment of the marketplace, industry trends and the projected success of the program.

Property, Plant and Equipment, Net

    Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation and amortization are recorded on a straight-line basis, over the assets’ estimated useful lives. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances warrant revised estimates of useful lives.

Deferred Technology Costs

    The Company capitalizes certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the period the software is ready for its intended use over its estimated useful life, generally three years, using the straight-line method and are included within depreciation in the consolidated statements of operations. Periodically, the Company evaluates the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in Other non-current assets in the consolidated balance sheets and are presented net of accumulated amortization.

Gross deferred technology costs were $298,102 and $239,427 as of December 31, 2025 and March 31, 2025, respectively. Accumulated amortization of deferred technology costs was $110,189 and $76,838 as of December 31, 2025 and March 31, 2025, respectively. Amortization of deferred technology costs was $12,294 and $9,962 for the three months ended December 31, 2025 and 2024, respectively, and $33,351 and $29,345 for the nine months ended December 31, 2025 and 2024, respectively.
Cloud Computing Arrangements

The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract in accordance with Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software. Capitalized costs include external direct costs for materials and services. Software maintenance and training costs are expensed in the period in which they are incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years and are included within depreciation in the consolidated statements of operations, beginning when the module or component of the hosting arrangement is ready for its intended use. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Capitalized costs for internal use software are included in Other non-current assets in the consolidated balance sheets and are presented net of accumulated amortization.

Capitalized implementation costs for cloud computing arrangements accounted for as service contracts was $35,072 and $35,072 as of December 31, 2025 and March 31, 2025, respectively. Accumulated amortization of cloud computing costs was $25,031 and $16,263 as of December 31, 2025 and March 31, 2025, respectively. Amortization of cloud computing costs was $2,923 and $3,573 for the three months ended December 31, 2025 and 2024, respectively, and $8,768 and $8,534 for the nine months ended December 31, 2025 and 2024, respectively.
Goodwill and Indefinite-Lived Intangible Assets

    Goodwill represents the excess of purchase price and related costs over the fair value of identifiable assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets consist of the Company's acquired brands. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not the asset is impaired. The Company has historically performed its annual testing for goodwill and indefinite-lived intangible asset impairment as of March 31. The Company has four reporting units, K-12, Higher Education, Global Professional and International, with goodwill and indefinite-lived intangible assets that are evaluated for impairment.

    The Company initially performs a qualitative analysis to evaluate whether there are events or circumstances that provide evidence that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their carrying amount. If, based on this evaluation the Company does not believe that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their carrying amount, no quantitative impairment test is performed. Conversely, if the results of the Company's qualitative assessment determine that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their respective carrying amounts, the Company performs a quantitative impairment test. If the results of the Company's quantitative assessment determine that the carrying value exceeds the fair value of the reporting unit or indefinite-lived intangible assets, then the Company recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit or indefinite-lived assets fair value.

To perform the quantitative impairment test, the Company uses the discounted cash flow method and a market-based valuation model to estimate the fair value of the reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating profit margins and cash flows, the terminal growth rate, and the discount rate. The Company projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five year period. In estimating the terminal growth rates, the Company considers its historical and projected results, as well as the economic environment in which its reporting units operate. The discount rates utilized for each reporting unit reflect the Company's assumptions of marketplace participants' cost of capital and risk assumptions, both specific to the reporting unit and overall in the economy. The market-based approach incorporates the use of revenue and earnings multiples based on market data as well as the consideration of transactions involving acquisitions of control in similar entities to determine a value for a particular business. Fair values of indefinite-lived intangible assets are estimated using relief-from-royalty discounted cash flow analyses. Significant judgments inherent in the relief-from-royalty method include the selection of appropriate royalty and discount rates and estimating the amount and timing of expected future cash flows. The discount rates used in the discounted cash flow analyses reflect the risks inherent in the expected future cash flows generated by the respective intangible assets. The royalty rates used in the discounted cash flow analyses are based upon an estimate of the royalty rates that a market participant would pay to license the Company's trade names and trademarks.

Accounting for the Impairment of Long-Lived Assets (Including Other Intangible Assets)

    The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined based on market observable inputs, discounted cash flows or appraised values, depending upon the nature of the assets.
Fair Value Measurements

In accordance with authoritative guidance for fair value measurements, certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is defined as the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalents, prepaid and other current assets, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments.

Financial Assets and Liabilities

On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The accounting standard for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty and its credit risk in its assessment of fair value.

The following table presents the carrying amounts, not including debt discount or deferred financing costs, and estimated fair market values of the Company's debt as of December 31, 2025 and March 31, 2025:

December 31, 2025March 31, 2025
Carrying AmountEstimated Fair Value (Level 2)Carrying AmountEstimated Fair Value (Level 2)
Liabilities:
A&E Term Loan Facility$564,840 $569,782 $1,160,415 $1,156,063 
2022 Secured Notes828,466 828,466 828,466 799,470 
2022 Unsecured Notes639,034 644,626 639,034 627,851 
2024 Secured Notes650,000 682,500 650,000 651,625 
$2,682,340 $2,725,374 $3,277,915 $3,235,009 

The fair value of debt is deemed to be the amount at which the instrument could be exchanged in an orderly transaction between market participants at the measurement date. The fair market values of the 2024 Secured Notes, 2022 Secured Notes and 2022 Unsecured Notes were determined based on quoted market prices on a private exchange and are classified as Level 2 within the fair value hierarchy as of December 31, 2025 and March 31, 2025, respectively, due to limited trading activity. The fair market
value of the A&E Term Loan Facility was determined using pricing sources and models utilizing market observable inputs to determine fair value and is classified as Level 2 within the fair value hierarchy as of December 31, 2025 and March 31, 2025, respectively. The factors used to estimate these values may not be valid on any subsequent date. Accordingly, the fair market values of the debt presented may not be indicative of their future values.

Non-Financial Assets and Liabilities

Non-financial assets and liabilities for which the Company employs fair value measures on a nonrecurring basis include goodwill, other intangible assets, property, plant, and equipment and operating lease assets. These assets are evaluated for impairment when specific trigger events occur, or when an annual quantitative impairment test is required.

Foreign Currency

    The Company has operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the U.S. operations or where a majority of revenue and/or expenses is U.S. dollar denominated, the U.S. dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end-of-period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Differences arising from the exchange rate changes are recorded within foreign currency translation adjustments, a component of Other comprehensive income (loss). Foreign currency transaction gains/losses are recorded in operating and administrative expenses in the consolidated statements of operations.

Stock-Based Compensation

    The Company issues stock-based awards to eligible employees, directors and consultants and accounts for these stock-based awards under the provisions of ASC Topic 718, Compensation-Stock Compensation ("ASC 718"). For stock-based awards accounted for as equity awards, total compensation cost is based on the grant date fair value of the awards. For stock-based awards accounted for as liability awards, total compensation cost is based on the fair value of the awards on the date the award is granted and is remeasured at each reporting date until settlement. For stock-based awards subject to a performance and a market condition, the Company recognizes stock-based compensation expense over the greater of the derived service period and the implicit or explicit service period, once the performance condition is considered probable of being achieved. The market condition is reflected in the grant date fair value of the stock-based award, and the stock-based compensation expense is recognized regardless of whether the market condition is achieved. For stock-based awards subject to a service condition and a performance condition, the Company recognizes stock-based compensation expense over the requisite service period, using the accelerated attribution method, once the performance condition is considered probable of being achieved. Forfeitures are accounted for as they occur. Stock-based compensation is recorded in operating and administrative expenses in the consolidated statements of operations.

Revenue Recognition

    Revenue is recognized when the control of goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company's performance obligation for print products is typically satisfied at the time of shipment to the customer, which is when control transfers to the customer. For print products, such as workbooks, that are multi-year contracts, each academic year represents a distinct performance obligation which is satisfied when each academic year’s delivery to the customer takes place.

The Company's digital products are generally sold as subscriptions, which are paid for at the time of sale or shortly thereafter, and the performance obligation is satisfied ratably over the life of the digital products’ subscription period.

     The Company's contracts with customers often include multiple performance obligations which generally include print and digital textbooks/content and instructional materials. One or more of these contractual performance obligations may be provided for no additional consideration i.e., gratis performance obligations. These performance obligations are considered distinct as the customer can benefit from each of the promised products under the contract on its own and the transfer of these promised products are separately identifiable and are not dependent on other promised products within the contract. For contracts that contain multiple performance obligations, the Company allocates the transaction price based on the relative standalone selling price ("SSP") method, inclusive of gratis performance obligations, pursuant to which the transaction price is allocated to each performance obligation based on the proportion of the SSP of each performance obligation to the sum of the SSPs of all of the performance obligations in the contract. The Company determines the SSP based on its historical pricing for the distinct performance obligation when sold separately.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) includes expenses directly attributable to the production of the Company's products. Costs associated with printed products include variable costs such as paper, printing and binding, content related royalty expenses, directly related hosting costs and gratis costs (products provided at no additional consideration as part of the sales transaction), certain transportation and freight costs and inventory obsolescence. Gratis costs are predominately incurred in the K-12 business and vary based upon the level of state sales during a given period. Cost of sales also includes royalty expense where author developed content is used, primarily in the Higher Education and Global Professional segments.

Leases

For operating lease arrangements with an initial lease term of more than 12 months, the Company records a lease liability and right-of-use asset on the consolidated balance sheets at the lease commencement date. The Company measures lease liabilities based on the present value of the total lease payments not yet paid. As most of the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate at the lease commencement date to determine the present value of the total lease payments. The Company measures right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs the Company incurs and (iii) tenant incentives under the lease. Certain lease arrangements contain escalation clauses covering increased costs for various defined real estate taxes and operating services which are factored into the determination of lease payments, however, the Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options, and the Company accounts for arrangements with lease and non-lease components as a single lease component.
For leases with an initial lease term of 12 months or less, the Company does not record right-of-use assets and lease liabilities. For such leases, the Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term.

Shipping and Handling Costs
    
    All amounts billed to customers in a sales transaction for shipping and handling are classified as revenue. Shipping and handling costs incurred by the Company are a component of Cost of sales (excluding depreciation and amortization). The Company recognized shipping and handling revenue of $901 and $1,417 for the three months ended December 31, 2025 and 2024, respectively, and $18,446 and $22,590 for the nine months ended December 31, 2025 and 2024, respectively.

Income Taxes

    The Company’s operations are subject to U.S. federal, state and local, and foreign income taxes.

    The Company determines the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities.

    Valuation allowances are established when management determines that it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. Management evaluates the weight of both positive and negative evidence in determining whether a deferred tax asset will be realized. Management will look to a history of losses, future reversal of existing taxable temporary differences, taxable income in carryback years, feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can also be affected by changes in tax laws and changes to statutory tax rates.

    The Company prepares and files tax returns based on management’s interpretation of tax laws and regulations. As with all businesses, the Company's tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax assessments based on differences in interpretation of tax laws and regulations. The Company adjusts its estimated uncertain tax positions reserves based on current audits and recent settlements with various taxing authorities as well as changes in tax laws, regulations, and interpretations. The Company recognizes accrued interest and penalties related to uncertain tax positions in Income tax provision (benefit) within the consolidated statements of operations.

Contingencies

    The Company accrues for loss contingencies when both (i) information available prior to issuance of the financial statements indicates that it is probable that a loss had been incurred at the date of the financial statements and (ii) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the best estimate within the range is recorded. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. Neither an accrual nor disclosure is required for losses that are deemed remote.

Earnings (Loss) per Share

The Company computes net income (loss) per share in accordance with ASC Topic 260, Earnings per Share ("ASC 260"), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Dilutive earnings (loss) per share amounts are based on the weighted-
average number of common shares outstanding, including the effect of all dilutive potential common shares that were outstanding during the period using the treasury stock method. Dilutive earnings (loss) per share excludes all potentially dilutive shares if their effect is anti-dilutive.

Stock Conversion and Stock Split

In connection with the Company's initial public offering (“IPO”), on July 23, 2025, the Company converted all of its outstanding Class A voting common stock and Class B non-voting common stock into a single class of common stock on a 1-for-1 basis (the “Stock Conversion”) and effected a 1.06555-for-1 stock split (the “Stock Split”) of the Company's common stock, including the shares of common stock underlying outstanding stock options. The par value of the Company’s common stock was not adjusted and 166,611,519 shares of common stock with a par value of $0.01 per share (“Common Stock”) were outstanding as a result of the Stock Split. All share and per share data has been presented on the basis of this Stock Split for all the periods presented within these unaudited consolidated financial statements.

Initial Public Offering

On July 25, 2025, the Company completed an IPO in which the Company issued and sold 24,390,000 shares of its Common Stock at a public offering price of $17.00 per share. The Company received $385,698 in net proceeds, after deducting $21,768 of underwriting discounts and commissions and approximately $7,164 in offering expenses. Upon the closing of the IPO, the Company used the net proceeds from the offering to repay $385,698 of debt outstanding under its A&E Term Loan Facility. The underwriters were granted a 30-day option to purchase up to an additional 3,658,500 shares of Common Stock from Platinum (the “Selling Stockholder”) solely to cover over-allotments, which was not exercised.

Prior to the IPO, deferred offering costs, which consist primarily of legal, accounting, and consulting fees directly related to the Company’s IPO, were capitalized within prepaid expenses and other current assets in the consolidated balance sheets. Upon the consummation of the IPO, deferred offering costs of $17,342, inclusive of the $7,164 offering expense noted above, were reclassified into additional paid-in capital, as a reduction of the IPO proceeds.

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include additional information in the effective tax rate reconciliation and additional disaggregation of income taxes paid. The ASU also removes disclosures related to certain unrecognized tax benefits and deferred taxes. The new requirements are effective for fiscal years beginning after December 15, 2024, or the Company's fiscal year ended March 31, 2026. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to provide disaggregated disclosures of certain expense captions presented on the face of the income statement into specific expense categories within the notes to the consolidated financial statements, including inventory purchases, employee compensation, and costs related to depreciation and amortization. In January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date, which clarifies that ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, or the Company's fiscal year ended March 31, 2028, and interim periods within fiscal years beginning after December 15, 2027, or the Company's fiscal year ended March 31, 2029, with early adoption permitted. The guidance may be applied on a prospective or retrospective
basis. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This ASU provides a practical expedient to assume that conditions as of the balance sheet date will remain unchanged over the life of the asset when developing reasonable and supportable forecasts for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, or the Company’s fiscal year ended March 31, 2027, with early adoption permitted. The guidance should be applied prospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU amends the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and provides new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, or the Company’s fiscal year ended March 31, 2029, with early adoption permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow Scope Improvements". This ASU is intended to improve the navigability of guidance in Topic 270 and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, or the Company's fiscal year ended March 31, 2029. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements". This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors or make other improvements to a variety of topics that are intended to make it easier to understand and apply. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, or the Company's fiscal year ended March 31, 2028, with early adoption permitted. The guidance may be applied prospectively or retrospectively, except for amendments to ASC 260, which is required to be applied retrospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.
v3.25.4
Revenue from Contracts with Customers
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2. Revenue from Contracts with Customers

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 and nine months ended December 31, 2025 and 2024:

Three Months Ended December 31,
20252024
DigitalPrint (1)TotalDigitalPrint (1)Total
Revenue by Segment:
K-12$103,513 $24,676 $128,189 $107,976 $42,206 $150,182 
Higher Education203,104 22,259 225,363 162,717 19,043 181,760 
Global Professional28,249 7,990 36,239 26,398 9,133 35,531 
International28,819 15,242 44,061 30,561 14,328 44,889 
Other (2)— 310 310 — 4,131 4,131 
Total Revenue $363,685 $70,477 $434,162 $327,652 $88,841 $416,493 
___________________
(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.
    

Nine Months Ended December 31,
20252024
DigitalPrint (1)TotalDigitalPrint (1)Total
Revenue by Segment:
K-12$330,746 $427,521 $758,267 $328,516 $501,138 $829,654 
Higher Education558,099 62,605 620,704 473,966 54,530 528,496 
Global Professional79,543 31,663 111,206 76,742 34,490 111,232 
International72,544 73,326 145,870 79,095 79,282 158,377 
Other (2)— 3,012 3,012 — 278 278 
Total Revenue $1,040,932 $598,127 $1,639,059 $958,319 $669,718 $1,628,037 
___________________
(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.

In addition, the Company has included a further disclosure of revenue from contracts with its customers disaggregated by segment and by Re-occurring Revenue and Transactional Revenue, for the three and nine months ended December 31, 2025 and 2024.

Re-occurring Revenue represents revenue from offerings that are generally sold as digital subscriptions and multi-year print products. Revenue from digital subscriptions, is recognized ratably over the term of the subscription period as the performance obligation is satisfied and revenue from multi-year print products (e.g., workbooks) is recognized at a point in time, upon shipment of the print product to the customer, in each academic year within the contract term. Transactional Revenue includes revenue from both print and digital offerings that are recognized at a point in time upon shipment of the print product or delivery of the digital offerings. In addition, Transactional Revenue includes revenue for amounts billed to customers in a sales transaction for shipping and handling.
Three Months Ended December 31,
20252024

Re-occurring
Revenue		Transactional
Revenue		TotalRe-occurring
Revenue		Transactional
Revenue		Total
K-12
$110,706 $17,483 $128,189 $112,537 $37,645 $150,182 
Higher Education
196,016 29,347 225,363 146,854 34,906 181,760 
Global Professional
25,293 10,946 36,239 24,438 11,093 35,531 
International
25,445 18,616 44,061 27,550 17,339 44,889 
Other
— 310 310 — 4,131 4,131 
Total Revenue
$357,460 $76,702 $434,162 $311,379 $105,114 $416,493 

Nine Months Ended December 31,
20252024

Re-occurring
Revenue		Transactional
Revenue		TotalRe-occurring
Revenue		Transactional
Revenue		Total
K-12
$510,583 $247,684 $758,267 $489,656 $339,998 $829,654 
Higher Education
517,247 103,457 620,704 438,441 90,055 528,496 
Global Professional
73,605 37,601 111,206 70,614 40,618 111,232 
International
66,033 79,837 145,870 71,120 87,257 158,377 
Other
— 3,012 3,012 — 278 278 
Total Revenue
$1,167,468 $471,591 $1,639,059 $1,069,831 $558,206 $1,628,037 

Deferred Commission Costs

    The Company's incremental direct costs of obtaining a contract, which consist of sales commissions, are deferred and amortized over the expected period of benefit or the related contractual renewal period, depending on whether the contract is an initial or renewal contract, respectively. The Company classifies deferred commission costs as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred commission costs are included in Prepaid and other current assets, and Other non-current assets, respectively, in the consolidated balance sheets. The Company expenses commission costs when incurred related to customer contracts that have a duration of less than one year. The Company recognizes these costs within Operating and administrative expenses in the consolidated statements of operations.

Deferred commission costs consisted of the following:

December 31, 2025March 31, 2025
Current$18,267 $22,449 
Non-current22,593 18,794 
Total Deferred Commission Costs $40,860 $41,243 

    Amortization expense related to deferred commission costs was $3,350 and $2,903 for the three months ended December 31, 2025 and 2024, respectively, and $15,983 and $12,735 for the nine months ended December 31, 2025 and 2024, respectively.
Deferred Royalties

The Company's direct costs of fulfilling a contract, which consist of royalties, are deferred and amortized over the expected period of benefit or the related contractual renewal period, depending on whether the contract is an initial or renewal contract, respectively. The Company classifies deferred royalties as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred royalties are included in Prepaid and other current assets, and Other non-current assets, respectively, in the Company's consolidated balance sheets. The Company recognizes these costs within Cost of sales (excluding depreciation and amortization) in the consolidated statements of operations.

Deferred royalties consisted of the following:

December 31, 2025March 31, 2025
Current$70,034 $76,186 
Non-current55,475 61,495 
Total Deferred Royalties $125,509 $137,681 

Amortization expense related to deferred royalties was $9,397 and $10,091 for the three months ended December 31, 2025 and 2024, respectively, and $67,654 and $65,280 for the nine months ended December 31, 2025 and 2024, respectively.

Contract Assets and Contract Liabilities

The Company's contract assets consist of unbilled receivables that are recorded for contracts with performance obligations that have been satisfied but have not yet been billed. Contract assets are included in Accounts receivable, net, on the consolidated balance sheets.

The Company's contract liabilities consist of revenues from its digital subscription products and multi-year print products that are deferred at the time of sale. The Company classifies contract liabilities as current or non-current deferred revenue on the consolidated balance sheets based on the timing of when the Company expects to recognize revenue.

Contract assets and contract liabilities consisted of the following:

December 31, 2025March 31, 2025
Contract assets$8,974 $29,032 
Contract liabilities (deferred revenue):
Current813,153 794,031 
Non-current883,663 882,156 
Total Contract Liabilities $1,696,816 $1,676,187 
Total contract liabilities by segment consisted of the following:

December 31, 2025March 31, 2025
Total Contract Liabilities by Segment:
K-12$1,334,884 $1,279,585 
Higher Education253,693 297,316 
Global Professional72,252 62,348 
International35,467 33,407 
Other (1)
520 3,531 
Total Contract Liabilities
$1,696,816 $1,676,187 
_______________
(1)
Includes contract liabilities for in-transit product sales that are not included in segment contract liabilities.
Revenue recognized during the three and nine months ended December 31, 2025 from amounts included within deferred revenue as of March 31, 2025 was $98,776 and $695,410, respectively. Revenue recognized during the three and nine months ended December 31, 2024 from amounts included within deferred revenue as of March 31, 2024 was $96,970 and $635,394, respectively.

Estimated revenue expected to be recognized in future fiscal years ended March 31, related to amounts included within deferred revenue as of December 31, 2025 was as follows:
2026 (remaining three months)
$264,146 
2027628,628 
2028350,916 
2029225,740 
2030122,643 
Thereafter104,743 
$1,696,816 
v3.25.4
Operating and Administrative Expenses
 9 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Operating and Administrative Expenses
3. Operating and Administrative Expenses

Operating and administrative expenses consisted of the following:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Selling and marketing
$89,793 $85,840 $277,154 $275,824 
General and administrative
86,947 81,322 273,487 256,360 
Research and development
67,515 70,132 202,624 197,074 
Amortization of product development costs
12,946 12,801 44,962 44,703 
Operating and administrative expenses
$257,201 $250,095 $798,227 $773,961 
v3.25.4
Inventories, Net
 9 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories, Net
4. Inventories, Net

As of December 31, 2025 and March 31, 2025, the majority of inventories reported on the consolidated balance sheets consisted of finished goods.

Inventory obsolescence was $140 and $1,218 for the three months ended December 31, 2025 and 2024, respectively, and $8,300 and $9,784 for the nine months ended December 31, 2025 and 2024,
respectively. This is included within Cost of sales (excluding depreciation and amortization) in the consolidated statements of operations.
v3.25.4
Goodwill and Other Intangible Assets
 9 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
5. Goodwill and Other Intangible Assets

Goodwill

There were no changes in the carrying amount of goodwill of $2,557,595 for the three and nine months ended December 31, 2025 and 2024.

Other Intangible Assets

    The following information details the carrying amounts and accumulated amortization of the Company's intangible assets:

December 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(685,985)$— $536,415 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (14,064)— 7,686 
Customers
1 - 14 years
225,600 (137,829)— 87,771 
Technology
7 years
427,000 (266,321)— 160,679 
Total$2,472,750 $(1,104,199)$(83,000)$1,285,551 

March 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(589,247)$— $633,153 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (12,014)— 9,736 
Customers
1 - 14 years
225,600 (114,269)— 111,331 
Technology
7 years
427,000 (220,035)— 206,965 
Total$2,472,750 $(935,565)$(83,000)$1,454,185 

The Company's expected aggregate annual amortization expense for existing intangible assets subject to amortization for each of the fiscal years is as follows:

Expected Amortization Expense
2026 (remaining three months)
$54,298 
2027207,625 
2028172,109 
2029115,034 
203079,572 
Thereafter163,913 
$792,551 
The fair values of the definite-lived acquired intangible assets are amortized over their useful lives, which is consistent with the estimated useful life of considerations used in determining their fair values. Customer and Technology intangibles are amortized on a straight-line basis while Content and definite-lived Trademark intangibles are amortized using the sum-of-the-years' digits method. The weighted-average remaining amortization period is 7.2 years. Amortization expense was $55,255 and $59,081 for the three months ended December 31, 2025 and 2024, respectively, and $168,634 and $180,115 for the nine months ended December 31, 2025 and 2024, respectively.
v3.25.4
Prepaid and Other Current Assets
 9 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid and Other Current Assets
6. Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following:

December 31, 2025March 31, 2025
Deferred royalties$70,034 $76,186 
Deferred sales commission18,267 22,449 
Prepaid insurance7,201 6,049 
Prepaid tax14,165 3,006 
Other32,850 42,667 
Prepaid and other current assets$142,517 $150,357 
v3.25.4
Other Current Liabilities
 9 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities
7. Other Current Liabilities

    Other current liabilities consisted of the following:

December 31, 2025March 31, 2025
Allowance for sales returns$28,739 $39,657 
Accrued interest57,177 20,455 
Accrued tax4,685 59,797 
Finance lease obligations5,340 4,631 
Restructuring3,277 5,212 
Other34,781 42,271 
Other current liabilities $133,999 $172,023 
v3.25.4
Debt
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
8. Debt

Long-term debt consisted of the following:

MaturityDecember 31, 2025March 31, 2025
A&E Term Loan FacilityAugust 2031$564,840 $1,160,415 
2022 Secured NotesAugust 2028828,466 828,466 
2022 Unsecured NotesAugust 2029639,034 639,034 
2024 Secured NotesSeptember 2031650,000 650,000 
Total debt outstanding2,682,340 3,277,915 
Less: unamortized debt discount(52,227)(82,782)
Less: unamortized deferred financing costs(11,301)(17,412)
Less: current portion of long-term debt(13,170)(13,170)
Long-term debt$2,605,642 $3,164,551 

A&E Cash Flow Credit Facilities

On August 6, 2024, the Company amended its credit agreement (the “Cash Flow Credit Agreement”) which amendment (i) modified certain provisions therein, (ii) refinanced in full the outstanding term loans thereunder with new term loans having an extended maturity to August 2031 (the “A&E Term Loan Facility”) and (iii) except for $38,750 of the revolving credit facility outstanding immediately prior to August 6, 2024 (which remains due on July 30, 2026 and hereinafter referred to as the “Non-Extended Cash Flow Revolver Facility”), extended the maturity of $111,250 of the revolving credit facility thereunder to August 6, 2029 for lenders who consented to such amendment (the “A&E Cash Flow Revolving Facility”). The A&E Term Loan Facility, the Non-Extended Cash Flow Revolver Facility and the A&E Cash Flow Revolving Facility, collectively, is the "A&E Cash Flow Credit Facilities”.

On July 25, 2025, upon closing of the IPO, the Company used the net proceeds from the offering to repay $385,698 of debt outstanding under its A&E Term Loan Facility. In connection with the repayment, the Company recorded accelerated amortization of debt discount and deferred financing costs related to the A&E Term Loan Facility of $16,361.

On September 8, 2025, McGraw-Hill Education, Inc. and certain subsidiaries (the “Borrower”) entered into an amendment to the Cash Flow Credit Agreement, which amendment (i) (x) reduces the applicable margin by 50 basis points, such that the A&E Term Loan Facility will bear interest, at the Borrower's option, either at a rate based on (a) the base rate plus an applicable margin of 1.75% or (b) Term SOFR plus an applicable margin of 2.75%; and thereafter (y) further reduces the applicable margin if, and for so long as, the Borrower is rated by each of S&P and Moody’s with a rating from each of at least B+ (with stable or better outlook) and at least B1 (with stable or better outlook), respectively, by another 25 basis points, such that the A&E Term Loan Facility will bear interest, at the Borrower's option, either at a rate based on (a) the base rate plus an applicable margin of 1.50% or (b) Term SOFR plus an applicable margin of 2.50%; and (ii) resets the period during which a prepayment premium would be required to be paid on a prepayment made in connection with a Repricing Transaction (as defined in the Cash Flow Credit Agreement) to six months after the effective date of the amendment. There are no other material changes to the Cash Flow Credit Agreement. As of December 31, 2025, the interest rate for the A&E Term Loan Facility was 6.466% per annum.

On October 16, 2025 and December 10, 2025, McGraw-Hill Education, Inc. paid down $150,000 and $50,000, respectively, of debt outstanding under its A&E Term Loan Facility. As a result, the Company recorded accelerated amortization of debt discount and deferred financing costs related to the A&E Term
Loan Facility of $8,183. As of December 31, 2025, the remaining unamortized debt discount and deferred financing costs were $18,919 and $3,613, respectively.

As of December 31, 2025, the amount available under the A&E Cash Flow Revolving Facility and the Non-Extended Cash Flow Revolver Facility was $111,250 and $38,750, respectively, and there were no outstanding borrowings under either facility.

A&E ABL Revolving Credit Facilities

    On August 6, 2024, the Company amended its ABL revolving credit agreement (the “ABL Revolving Credit Agreement”) which amendment (i) modified certain provisions therein, (ii) extended the maturity to August 2029 and (iii) increased the aggregate principal amount of available commitments thereunder from $200,000 to $300,000, consisting of a $265,000 U.S. facility (the “A&E U.S. ABL Revolving Credit Facility”) and a $35,000 Rest of the World subfacility (the “A&E RoW ABL Revolving Credit Facility” and together with the A&E U.S. ABL Revolving Credit Facility, the “A&E ABL Revolving Credit Facilities”).

As of December 31, 2025, the amount available under the A&E ABL Revolving Credit Facilities was $300,000, subject to borrowing base capacity pursuant to the terms of the ABL Revolving Credit Agreement. Availability under the A&E ABL Revolving Credit Facilities excludes amounts outstanding for letters of credit in the amount of $4,030.

Covenant Compliance
As of December 31, 2025, the Company was in compliance with all covenants or other requirements in all of our debt arrangements.
v3.25.4
Segment Reporting
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
9. Segment Reporting

The Company manages and reports its businesses in the following segments based on the end markets we serve:

•K-12: The Company provides end-to-end core, supplemental and intervention curricula to support the needs of U.S. K-12 schools. The Company sells blended digital and print learning solutions directly to school districts across the U.S.

•Higher Education: The Company provides students, instructors and institutions with adaptive digital learning solutions and content, and instructional materials. The primary users of the Company's solutions are students enrolled in two-and four-year non-profit colleges and universities, and to a lesser extent, for-profit institutions. The Company sells its Higher Education solutions to well-known online retailers and distribution partners, who subsequently sell to students. The Company also sells direct to student via its proprietary e-commerce platform.

•Global Professional: The Company provides students, institutions and professionals with comprehensive medical and engineering learning solutions. Our learning solutions include digital solutions and print materials easily accessible through a broad range of mediums for learners and customers.

•International: The Company is a provider of comprehensive digital and print solutions in more than 100 countries and 80 languages outside of the United States. Through our expansive global distribution network, we serve the needs of learners and educators throughout the world with our K-12 and Higher Education solutions that primarily originate or are adapted from our U.S.-based solutions.
•Other: Includes in-transit product sales and certain transactions or adjustments that are not attributable to the segments that the chief operating decision maker (“CODM”) considers to be unusual and/or nonoperational.

    The CODM is our Chief Executive Officer. The CODM reviews the segments' separate financial information to assess performance and to allocate resources. The CODM measures and evaluates the reportable segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) from continuing operations plus interest expense (income), net, income tax provision (benefit), depreciation and amortization, restructuring and cost savings implementation charges, the effects of the application of purchase accounting, advisory fees paid to Platinum Equity Advisors, LLC, an entity affiliated with Platinum, pursuant to a Corporate Advisory Services Agreement between the Company and Platinum Advisors (the “Advisory Agreement”) which was terminated on July 25, 2025 in connection with the consummation of our initial public offering, impairment charges, transaction and integration costs, stock-based compensation, (gain) loss on extinguishment of debt and the impact of earnings or charges resulting from matters that the CODM does not consider when assessing the performance of, and allocated resources to, the segments. The CODM uses Adjusted EBITDA to allocate resources to our segments in our annual budgeting and forecasting process and to assess the performance of our segments, primarily by comparing current period results to both prior period and budget on a quarterly basis. The CODM reviews consolidated expense information to manage operations. In addition, our reportable segments are not evaluated using asset information.

For all our reportable segments, other segment items, which is calculated as the difference between segment revenue and segment adjusted EBITDA, primarily consist of cost of sales (excluding depreciation and amortization) and operating and administrative expenses.

    During the quarter ended December 31, 2024, the CODM changed the calculation of segment Adjusted EBITDA to no longer include the change in deferred revenue, royalties and commissions. Accordingly, the Company has updated its segment Adjusted EBITDA to align with the measure used by the CODM to allocate resources to, and assess the performance of, the Company’s segments.

The following table sets forth Adjusted EBITDA by segment:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Adjusted EBITDA:
K-12$10,462 $25,941 $278,808 $302,915 
Higher Education107,780 80,847 274,567 232,815 
Global Professional11,024 10,172 33,794 33,282 
International4,082 6,436 18,671 30,557 
Other2,519 2,812 7,849 (4,430)
Total Adjusted EBITDA $135,867 $126,208 $613,689 $595,139 
The following table provides a reconciliation of total Adjusted EBITDA to Net income (loss):

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Total Adjusted EBITDA$135,867 $126,208 $613,689 $595,139 
Interest (expense) income, net(47,358)(68,877)(162,072)(229,899)
Income tax benefit (provision)4,950 (8,210)(10,939)24,611 
Depreciation, amortization and product development amortization(95,671)(89,787)(276,347)(275,843)
Restructuring and cost savings implementation charges(3,894)(3,688)(8,774)(17,010)
Advisory fees— (2,500)(3,125)(7,500)
Transaction and integration costs(548)(656)(818)(2,520)
Stock-based compensation(661)— (31,737)— 
Gain (loss) on extinguishment of debt(8,183)— (24,544)(2,719)
Other(4,701)(5,418)(9,746)(13,231)
Net income (loss) $(20,199)$(52,928)$85,587 $71,028 

The following tables summarizes revenue and long-lived assets by geographic region:

Revenue (1)
Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
United States$389,133 $371,215 $1,490,267 $1,468,594 
International45,029 45,278 148,792 159,443 
Total $434,162 $416,493 $1,639,059 $1,628,037 
________________
(1)
Revenues are attributed to a geographic region based on the location of customer.

Long-Lived Assets (2)
As of
December 31, 2025March 31, 2025
United States$685,453 $646,104 
International33,484 31,773 
Total $718,937 $677,877 
__________________
(2)
Reflects total assets less current assets, goodwill, intangible assets, investments, deferred financing costs and non-current deferred tax assets.
v3.25.4
Taxes on Income (Loss)
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Taxes on Income (Loss)
10. Taxes on Income (Loss)

The following table presents the Company's income tax provision (benefit) and effective tax rate:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Effective tax rate19.7 %(18.4)%11.3 %(53.0)%
Income tax provision (benefit)$(4,950)$8,210 $10,939 $(24,611)

At the end of each interim period, the Company estimates the annual effective tax rate and applies that rate to its ordinary pretax income (loss). The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect that are individually computed, are recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

For the three and nine months ended December 31, 2025 and 2024, the Company's estimated annual effective tax rate reflects that the reversal of existing temporary differences and carryforwards is forecasted to be insufficient to support the realizability of the net domestic deferred tax asset position at fiscal year end, primarily driven by disallowed interest expense under Section 163(j). As a result, the Company's estimated annual tax rate reflects a valuation allowance on net domestic deferred tax assets.
For the three and nine months ended December 31, 2025 and 2024, a valuation allowance was recorded for certain foreign deferred tax assets due to negative evidence of cumulative book losses.

On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA made changes to the U.S. tax code, including, but not limited to (i) allowing taxpayers to fully deduct domestic research and software development expenditures, providing a catch-up relief provision for taxpayers to accelerate deductions for unamortized domestic research expenditures, (ii) restoring Adjusted Taxable Income by adding back amortization and depreciation to calculate the limitation on interest deductions (effectively returning to EBITDA), and (iii) providing a permanent provision for 100% bonus depreciation deductions for most tangible personal property.

The Company has evaluated the new tax law and reflected the tax effects in the period of enactment. The acceleration of deductibility of software development, interest, and tangible personal property expenditures is expected to significantly reduce our domestic income tax payable and deferred tax assets for fiscal year ending March 31, 2026. The income tax benefit for the reduction in valuation allowance against the deferred tax assets is considered in the estimated annual effective tax rate resulting for the three and nine months ended December 31, 2025.

On May 16, 2025, the Company purchased Internal Revenue Code Section 48 federal tax credits with a notional value of $52,900 from a third party for cash consideration of $50,299. The Company used substantially all the purchased tax credits to offset a portion of its federal income tax liability for the fiscal year ended March 31, 2025. The full amount of the cash consideration paid has been included within “Cash paid for income taxes” in the supplemental disclosures to the consolidated statements of cash flows. The difference between the notional value of the tax credits purchased and the cash consideration paid has been reflected as a component of the Company’s income tax provision (benefit) in the consolidated statements of operations.
v3.25.4
Stockholder's Equity (Deficit)
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholder's Equity (Deficit)
11. Stockholders' Equity (Deficit)

Following our IPO, Stock Conversion and Stock Split, our second amended and restated certificate of incorporation dated July 23, 2025, authorizes us to issue 2,100,000,000 shares consisting of (a) 100,000,000 shares of preferred stock with a par value of $0.01 per share (“Preferred Stock”) and (b) 2,000,000,000 shares of Common Stock with a par value of $0.01 per share.
As of December 31, 2025, we had no shares of Preferred Stock issued or outstanding and 191,001,519 shares of our Common Stock issued and outstanding.
v3.25.4
Stock-Based Compensation
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
12. Stock-Based Compensation

2021 Stock Incentive Plan

In 2021, the Company adopted the Management Stock Incentive Plan (the “2021 Plan”), under which stock options were granted to employees, directors and consultants of the Company and its subsidiaries. These stock options consist of (i) awards subject to a service condition, which vest in five equal annual installments beginning on the first anniversary of the vesting commencement date, and subject to a performance condition, defined as the occurrence of a qualifying event (i.e., an IPO or change in control), and (ii) awards subject to a service condition, and a performance condition, defined as the occurrence of a qualifying event (i.e., an IPO or change in control) and a market condition (defined as Platinum realizing a multiple of at least 2.0 times its invested capital in the Company). All stock options under the 2021 Plan are exercisable only if vested and following the occurrence of a qualifying event (i.e., an IPO or change in control). Consistent with ASC 718, no stock-based compensation expense was recognized in periods prior to the IPO, as the performance condition for the awards was not considered probable of achievement until the IPO was consummated. Upon the completion of the IPO, this condition was satisfied and the Company recognized cumulative stock-based compensation expense for these stock options using the accelerated attribution method.

For the three and nine months ended December 31, 2025, the Company recognized $818 and $30,851, respectively, of stock-based compensation expense related to these stock options. As of December 31, 2025, the total unrecognized compensation cost was $4,259, which is expected to be recognized over a weighted-average period of 0.6 years.

2025 Stock Incentive Plan

On July 14, 2025, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2025 Stock Incentive Plan (the “2025 Plan”), which became effective upon the consummation of the IPO and succeeded the 2021 Plan. The 2025 Plan authorizes the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based awards or other stock-based awards, to employees, directors or consultants of the Company and its subsidiaries to acquire shares of the Company’s Common Stock. As of December 31, 2025, the board of directors has authorized up to 15,500,000 shares for issuance under the 2025 Plan. In addition, the shares reserved for issuance under the 2025 Plan include shares of Common Stock that are undelivered pursuant to awards outstanding under the 2021 Plan (under which no further awards will be granted upon the adoption of the 2025 Plan) that are canceled, forfeited, or otherwise terminated without delivery to the holder of the full number of shares underlying such awards.

Stock Options

In connection with the IPO, the Company’s board of directors approved the grant of 400,960 stock options. These stock options consist of (i) awards subject to a service condition, which vest in five equal annual installments beginning on the first anniversary of the vesting commencement date, and (ii) awards subject to a service condition, and a performance condition, defined as the occurrence of a qualifying
event (i.e., a change in control or investor disposition), and a market condition (defined as Platinum realizing a multiple of at least 2.0 times its invested capital in the Company). The stock options terminate on the tenth anniversary of the grant date if they have not been exercised on or prior to that date. The exercise price of these stock options is $17.00 per share.

For the stock options subject only to a service condition, the Company estimated the grant date fair value using a Black-Scholes option pricing model. The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2025, and the weighted-average assumptions used are as follows:
December 31,
2025
Weighted-average grant date fair value$7.56 
Weighted-average assumptions:
Expected dividend yield— %
Expected stock price volatility (a)40.00 %
Risk-free interest rate (b)4.04 %
Expected option term (years) (c)5.8
__________________
(a)
The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.
(b)
The risk-free interest rate for periods within the expected term of the award is based on the U.S. Government Bond yield with a term equal to the awards' expected term on the date of grant.
(c)
The expected option term represents the midpoint of time until expiration and average vesting period.

For stock options subject to a service condition and a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model. The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2025, and the weighted-average assumptions used are as follows:

December 31,
2025
Weighted-average grant date fair value$4.41 
Weighted-average assumptions:
Expected dividend yield— %
Expected stock price volatility (a)40.00 %
Risk-free interest rate (b)4.40 %
___________________
(a)
The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.
(b)
The risk-free interest rate for periods within the expected term of the award is based on the U.S. Constant Maturity Treasury rate with a term equal to the awards' expected term on the date of grant.

For the three and nine months ended December 31, 2025, the Company recognized $(296) and $644, respectively, of stock-based compensation expense related to these stock options. As of December 31, 2025, the total unrecognized compensation cost related to these stock options was $1,756, which is expected to be recognized over a weighted-average period of 3.4 years.

Restricted Stock Units

The Company’s board of directors approved the grant of 32,646 Restricted Stock Units (“RSUs”) under the 2025 Plan to certain non-employee members of the board of directors. These RSUs will vest on
the one-year anniversary of the effectiveness of the IPO registration statement, contingent upon the grantee’s continued service through such date. The aggregate grant date fair value of the RSUs was $555, based on the grant date price of $17.00 per share.
For the three and nine months ended December 31, 2025, the Company recognized $139 and $242, respectively, of stock-based compensation expense related to these RSUs. As of December 31, 2025, the total unrecognized compensation cost related to these RSUs was $313, which is expected to be recognized over the remaining service period of 0.6 years.
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
13. Accumulated Other Comprehensive Income (Loss)

The following tables summarize the activity in accumulated other comprehensive income (loss), by component for the periods indicated:

Foreign currency translation adjustment, net of taxTotal
Balance at March 31, 2024$245 $245 
Other comprehensive income (loss) before reclassifications(1,205)(1,205)
Balance at June 30, 2024$(960)$(960)
Other comprehensive income (loss) before reclassifications947947
Balance at September 30, 2024$(13)$(13)
Other comprehensive income (loss) before reclassifications(3,054)(3,054)
Balance at December 31, 2024$(3,067)$(3,067)

Foreign currency translation adjustment, net of taxTotal
Balance at March 31, 2025$(2,426)$(2,426)
Other comprehensive income (loss) before reclassifications2,515 2,515 
Balance at June 30, 2025$89 $89 
Other comprehensive income (loss) before reclassifications(549)(549)
Balance at September 30, 2025$(460)$(460)
Other comprehensive income (loss) before reclassifications288 288 
Balance at December 31, 2025$(172)$(172)
v3.25.4
Earnings (Loss) per Share
 9 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) per Share
14. Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share adjusted to give effect to the Stock Split is as follows:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Numerator:
Net income (loss) attributable to common stockholders$(20,199)$(52,928)$85,587 $71,028 
Denominator:
Basic weighted-average number of shares outstanding191,001,519 166,611,519 180,979,446 166,611,519 
Effect of dilutive potential common shares— — 257,250 — 
Dilutive weighted-average number of shares outstanding191,001,519 166,611,519 181,236,696 166,611,519 
Earnings (loss) per share attributable to common stockholders:
Basic earnings (loss) per share$(0.11)$(0.32)$0.47 $0.43 
Diluted earnings (loss) per share$(0.11)$(0.32)$0.47 $0.43 

Diluted earnings (loss) per share for the three and nine months ended December 31, 2025 excludes 1,172,797 and 686,498, respectively, of potential common shares because the effect would be anti-dilutive.

The following table summarizes the Company's outstanding common stock equivalents that were excluded from the computation of diluted earnings (loss) per share on the basis that they represent contingently issuable shares that were not issuable as of the end of the reporting period:

December 31,
20252024
Stock options4,277,304 9,582,868 
v3.25.4
Management Fee
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Management Fee
15. Management Fee

Platinum Advisors Fee Agreement

The Company received certain corporate and advisory services from Platinum Equity Advisors, LLC (“Platinum Advisors”), an entity affiliated with Platinum pursuant to a Corporate Advisory Services Agreement between McGraw Hill and Platinum Advisors (the “Advisory Agreement”). The Company agreed to pay Platinum Advisors a non-refundable annual management fee of $10,000 and to reimburse Platinum Advisors for its out-of-pocket costs and expenses incurred in connection with its services under the Advisory Agreement. Upon completion of the IPO on July 25, 2025, the Advisory Agreement was terminated.

For the three and nine months ended December 31, 2025, the Company paid Platinum Advisors fees of nil and $3,125, respectively, and expense reimbursements of $25 and $300, respectively, related to such services. These amounts are included within Operating and administrative expenses in the consolidated statements of operations.
v3.25.4
Commitment and Contingencies
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
16. Commitments and Contingencies

Legal Matters

In June 2022, the Attorney General for the State of Florida issued a subpoena to McGraw-Hill Education, Inc. as part of an investigation into alleged overcharges on instructional materials for use by public K-12 schools under the Florida False Claims Act. McGraw-Hill completed its production of documents and information in response to the subpoena in December 2022 and engaged in several meetings with the Attorney General’s office to articulate multiple factual and legal defenses to any prospective legal action by the Florida Attorney General. In January 2024, McGraw-Hill Education, Inc.’s former Florida sales representative was deposed by the Attorney General and provided testimony supporting McGraw-Hill Education Inc.’s position. On August 12, 2025, the State of Florida filed a complaint in the Circuit Court for the Second Judicial Circuit in Leon County, Florida against McGraw Hill, LLC and Savvas Learning Company, LLC, alleging that defendants violated the Florida False Claims Act by purportedly charging certain Florida school districts the full published price for instructional materials while offering the same instructional materials at lower prices and/or for free to others and not extending those pricing advantages to all purchasing Florida school districts during the adoption period (the “Florida Complaint”). The Florida Complaint further alleges that by purportedly disregarding Florida’s most-favored-nation pricing and mandatory free materials requirements, the defendants overcharged certain Florida school districts and withheld price reductions they were legally required to provide. On August 11, 2025, the Circuit Court for the Second Judicial Circuit in Leon County, Florida unsealed a qui tam complaint (the “Florida Qui Tam Complaint”), which had remained under seal pursuant to Florida law from its filing in May 2022 until the State of Florida intervened in the Florida Qui Tam suit. Prior to August 12, 2025, the Company had no knowledge of the Florida Qui Tam Complaint. The Florida Qui Tam Complaint alleges similar claims against McGraw Hill, LLC and Savvas Learning Company, LLC as those advanced in the Florida Complaint. The Florida Complaint and the Florida Qui Tam Complaint seek treble damages arising from each alleged violation, civil penalties, and attorneys’ fees and costs. The Relator in the Florida Qui Tam Complaint is solely entitled to a portion of any recovery made by the State of Florida in the litigation, in addition to reasonable attorneys' fees, expenses and costs. McGraw Hill believes the Florida Complaint and the Florida Qui Tam Complaint are subject to legal challenge on multiple factual and legal grounds and on October 13, 2025, with Savvas Learning, filed a joint Motion to Dismiss the Florida Complaint. The Company and the State of Florida have submitted to the Court Memoranda of Law in support of their positions. Oral argument on the Motion to Dismiss is currently scheduled to occur in Tallahassee in mid-February 2026. The Company is currently not able to predict the outcome of this matter or reasonably estimate the amount of any loss that may result and will continue to assess these conclusions as the matter progresses.

On December 3, 2025, the Circuit Court of Cook County, Illinois unsealed a qui tam complaint (the “Illinois Qui Tam Complaint”), which had remained under seal pursuant to Illinois law from its filing in July 2025. Prior to December 3, 2025, the Company had no knowledge of the Illinois Qui Tam Complaint. The Relator is the same Relator who filed the Florida Qui Tam Complaint. The Illinois Qui Tam Complaint alleges similar claims against McGraw Hill, LLC, Savvas Learning Company, LLC, Pearson Education, Inc. and HMH Education Company as those advanced in the Florida Complaint. The State of Illinois has elected not to intervene in the matter. The Illinois Qui Tam Complaint seeks treble damages arising from each alleged violation, civil penalties, and attorneys’ fees and costs. McGraw Hill believes the Illinois Qui Tam Complaint is subject to legal challenge on multiple factual and legal grounds and currently intends with its co-defendants to file a joint Motion to Dismiss the Illinois Qui Tam Complaint. Given that other states have most favored nations pricing and mandatory free materials requirements for instructional materials, the Company believes it is possible that the Relator has filed under seal similar qui tam complaints in additional states. The Company is not currently aware of any such additional qui tam complaints. The Company is currently not able to predict the outcome of this matter (or other potential matters) or reasonably estimate the amount of any loss that may result and will continue to assess these conclusions as the matters progress.
In January 2021, and February 2021, two purported class actions were filed against McGraw-Hill Education, Inc. in the Southern District of New York, alleging that our refined methodology for calculating royalties breaches the terms of our author agreements and breaches McGraw-Hill Education, Inc.’s implied covenant of good faith and fair dealing. The plaintiffs subsequently consolidated their claims in a single complaint. In May 2021, McGraw-Hill Education, Inc. filed a motion to dismiss the complaint in its entirety. In January 2022, the Court granted the motion to dismiss the plaintiffs’ breach of contract claim but denied McGraw-Hill Education, Inc.’s motion to dismiss the breach of implied covenant claim. In September 2022, the plaintiffs voluntarily dismissed their breach of implied covenant claim and in October 2022, filed an appeal on the Court’s granting of McGraw-Hill Education, Inc.’s motion to dismiss their breach of contract claim with the U.S. Court of Appeals for the Second Circuit. In November 2024, the Second Circuit remanded the case to the District Court for further adjudication on one element of the breach of contract claim. The issue of class certification remains open. Discovery in the District Court proceeding has concluded. The parties participated in mediation in early November 2025 to discuss the possibility of a mutually agreed settlement and did not reach a settlement. The Company filed a Motion for Summary Judgment with the District Court on January 22, 2026. The Company is currently unable to predict the outcome of this litigation or reasonably estimate the amount of any loss that may result from the litigation and will continue to assess these conclusions as the litigation progresses.

In July 2020, Achieve3000 filed a complaint against Beable Education Inc. (“Beable”) and its founder, Saki Dodelson, in the United States District Court for the District of New Jersey (the “Federal Action”) alleging, among other things, intellectual property/patent infringement, fraudulent inducement, unfair competition, theft of trade secret, tortious interference and breach of contract. Ms. Dodelson is the former CEO of Achieve3000. In October 2020, Beable and Dodelson filed a motion to dismiss the complaint, which the Court denied in its entirety in May 2021. In July 2021, Beable and Dodelson filed a counterclaim asserting breach of an earlier settlement agreement with Achieve3000 and seeking declarations of invalidity and non-infringement of the patent. Discovery in the Federal Action commenced. Beable and Dodelson subsequently filed for inter partes review before the Patent Trial and Appeal Board (“PTAB”) of the U.S. Patent and Trademark Office, challenging the validity of the patent. In January 2023, the PTAB ruled the patent is invalid. Achieve3000 appealed the ruling to the United States Court of Appeals for the Federal Circuit which affirmed the PTAB’s ruling in July 2024. Achieve3000 does not plan further appeals but filed an application in November 2023 to reissue the Patent, correcting errors to narrow and refine the claims to address the prior art that formed the basis of the PTAB’s ruling. In March 2025, after the extension of discovery deadlines in the Federal Action due to ongoing disputes, discovery resumed. The Company is currently unable to predict the outcome of the defendants' counter-claims or reasonably estimate the amount of any loss that may result from the counter-claims and will continue to assess these conclusions as the litigation progresses.

In the normal course of business both in the United States and abroad, the Company is a defendant in various lawsuits and legal proceedings which may result in adverse judgments, damages, fines or penalties and is subject to inquiries and investigations by various governmental and regulatory agencies concerning compliance with applicable laws and regulations. In view of the inherent difficulty of predicting the outcome of legal matters, the Company cannot state with confidence what the timing, eventual outcome, or eventual judgment, damages, fines, penalties or other impact of these pending matters will be. The Company will accrue a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. The Company believes, based on its current knowledge, that the outcome of the legal actions, proceedings and investigations currently pending should not have a material adverse effect on the Company’s financial condition or results of operations.
v3.25.4
Subsequent Events
 9 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
17. Subsequent Events

On December 30, 2025, Simon Allen notified the Board of Directors (the "Board") of his intention to retire from his position as the Company's President and Chief Executive Officer ("CEO"), effective on February 9, 2026 (the "Transition Date"). As a result, on January 2, 2026, the Board appointed Philip
Moyer to succeed Mr. Allen as the Company's President and CEO and also appointed Mr. Moyer to the Board, effective as of the Transition Date. Mr. Allen will cease serving as President and CEO on the Transition Date and will continue to serve as Chair of the Board.
In connection with his appointment, Mr. Moyer is entitled to receive restricted stock unit (“RSUs”) awards with an aggregate grant date fair value of $8,000 under the Company's 2025 Stock Incentive Plan. In addition, Mr. Moyer will be eligible to purchase shares of the Company's Common Stock with a fair market value of up to $1,500 under the 2025 Stock Incentive Plan, with a corresponding equal number of RSUs granted to him.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation
Principles of Consolidation

    These unaudited interim consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP are not required in these interim financial statements and have been condensed or omitted. In management's opinion, the Company has made all adjustments of a normal recurring nature necessary
for fair financial statement presentation. Accordingly, these unaudited interim consolidated financial statements and related notes should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto for the fiscal year ended March 31, 2025 included in the Company's final prospectus filed with the Securities and Exchange Commission (the “SEC”) on July 24, 2025 (the “Prospectus”). Our interim period operating results are not necessarily indicative of the results that may be expected for any other interim period or for the full fiscal year.

All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.
Fiscal Year
Fiscal Year
Our fiscal year is a 52-week period ended on March 31.
Use of Estimates
Use of Estimates

    The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

    On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, allowance for estimated credit losses and sales returns, valuation of inventories, product development costs, impairment of long-lived assets (including other intangible assets), valuation of right-of-use assets, impairment of goodwill and indefinite-lived intangible assets, purchase price allocation of acquired businesses, stock-based compensation, income taxes and contingencies.
Seasonality and Comparability
Seasonality and Comparability

    The Company's revenues, operating profit and operating cash flows are affected by the inherent seasonality of the academic calendar. Changes in the Company's customers’ ordering patterns may affect the comparison of its results in a quarter with the same quarter of the previous year, or in a fiscal year with the prior fiscal year, where customers may shift the timing of material orders for any number of reasons, including, but not limited to, changes in academic semester start dates or changes to their inventory management practices.
Cash and Cash Equivalents
Cash and Cash Equivalents

    Cash and cash equivalents include bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of interest-bearing demand deposits with daily liquidity, money market and time deposits. The balance also includes cash that is held by the Company outside of the U.S. to fund international operations or to be reinvested outside of the U.S. The investments and bank deposits are stated at cost, which approximates market value. These investments are not subject to significant market risk.
Accounts Receivable
Accounts Receivable

Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recognized net of an allowance for estimated credit losses.
Allowance for Estimated Credit Losses
Allowance for Estimated Credit Losses

    The Company estimates credit losses for its accounts receivable using the current expected credit loss model under ASC 326, Financial Instruments - Credit Losses. In determining the allowance for estimated credit losses, the Company considers forecasts of future economic conditions in addition to information about past events and current conditions.

The Company measures expected credit losses on a pool basis for those account receivables that have similar risk characteristics. Risk characteristics relevant to the Company’s accounts receivable include the financial condition of the customer and the customer’s credit risk category. When estimating credit losses, the Company also considers historical write-off experience and aging of accounts receivable.

Receivables are written off against the allowance for estimated credit losses when the receivable is determined to be uncollectible. The change in the allowance for estimated credit losses is reflected as part of Operating and administrative expenses in the consolidated statements of operations.
Sales Returns, Revenue Recognition and Shipping and Handling Costs
Sales Returns

The allowance for sales returns is an estimate, which is based on historical rates of return, timing of returns and market conditions. The provision for sales returns is reflected as a reduction to Revenues in the consolidated statements of operations for sales recognized as revenue and as a reduction to Deferred revenue in the consolidated balance sheets for sales which have not been recognized yet. Sales returns are charged against the reserve as products are returned to inventory.
Revenue Recognition

    Revenue is recognized when the control of goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company's performance obligation for print products is typically satisfied at the time of shipment to the customer, which is when control transfers to the customer. For print products, such as workbooks, that are multi-year contracts, each academic year represents a distinct performance obligation which is satisfied when each academic year’s delivery to the customer takes place.

The Company's digital products are generally sold as subscriptions, which are paid for at the time of sale or shortly thereafter, and the performance obligation is satisfied ratably over the life of the digital products’ subscription period.

     The Company's contracts with customers often include multiple performance obligations which generally include print and digital textbooks/content and instructional materials. One or more of these contractual performance obligations may be provided for no additional consideration i.e., gratis performance obligations. These performance obligations are considered distinct as the customer can benefit from each of the promised products under the contract on its own and the transfer of these promised products are separately identifiable and are not dependent on other promised products within the contract. For contracts that contain multiple performance obligations, the Company allocates the transaction price based on the relative standalone selling price ("SSP") method, inclusive of gratis performance obligations, pursuant to which the transaction price is allocated to each performance obligation based on the proportion of the SSP of each performance obligation to the sum of the SSPs of all of the performance obligations in the contract. The Company determines the SSP based on its historical pricing for the distinct performance obligation when sold separately.
Shipping and Handling Costs
    
    All amounts billed to customers in a sales transaction for shipping and handling are classified as revenue. Shipping and handling costs incurred by the Company are a component of Cost of sales (excluding depreciation and amortization).
Concentration of Credit Risk
Concentration of Credit Risk

    As of December 31, 2025, the Company had two customers that accounted for 23% of the gross accounts receivable balance. As of March 31, 2025, three customers comprised 38% of the gross accounts receivable balance, which is reflective of both customer concentration and the seasonal nature of the Company's industry. For all periods presented, the Company had no single customer that accounted for 10% or more of its gross revenue. The loss of, or any reduction in sales from a significant customer or deterioration in their ability to pay could harm the Company's business and financial results.
Inventories, Net
Inventories, Net
    Inventories, consisting principally of books, are stated at the lower of cost or net realizable value and are valued using the first in first out method. The majority of inventories relate to finished goods. An estimate, the reserve for inventory obsolescence, is reflected in Inventories, net within the consolidated balance sheets. In determining this reserve, the Company considers management’s current assessment of the marketplace, industry trends and projected product demand as compared to the number of units currently on hand.
Product Development Costs, Net
Product Development Costs, Net

    Product development costs include both the pre-publication cost of developing educational content and the development of assessment solution products. Costs incurred prior to the publication date of a title or release date of a product represent activities associated with product development. These may be performed internally or outsourced to subject matter specialists and include, but are not limited to, editorial review and fact verification, graphic art design and layout and the process of conversion from print to digital media or within various formats of digital media. These costs are capitalized when the costs are directly attributable to a project or title and the title is expected to generate probable future economic benefits. Capitalized costs are amortized upon publication of the title over its estimated useful life with a higher proportion of the amortization typically taken in the earlier years. Amortization expenses for product
development costs are charged as a component of operating and administrative expenses. In evaluating recoverability, the Company considers management’s current assessment of the marketplace, industry trends and the projected success of the program.
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net

    Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation and amortization are recorded on a straight-line basis, over the assets’ estimated useful lives. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances warrant revised estimates of useful lives.
Deferred Technology Costs
Deferred Technology Costs
    The Company capitalizes certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the period the software is ready for its intended use over its estimated useful life, generally three years, using the straight-line method and are included within depreciation in the consolidated statements of operations. Periodically, the Company evaluates the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in Other non-current assets in the consolidated balance sheets and are presented net of accumulated amortization.
Deferred Technology Costs
Deferred Technology Costs
    The Company capitalizes certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the period the software is ready for its intended use over its estimated useful life, generally three years, using the straight-line method and are included within depreciation in the consolidated statements of operations. Periodically, the Company evaluates the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in Other non-current assets in the consolidated balance sheets and are presented net of accumulated amortization.
Cloud Computing Arrangements
Cloud Computing Arrangements
The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract in accordance with Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software. Capitalized costs include external direct costs for materials and services. Software maintenance and training costs are expensed in the period in which they are incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years and are included within depreciation in the consolidated statements of operations, beginning when the module or component of the hosting arrangement is ready for its intended use. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Capitalized costs for internal use software are included in Other non-current assets in the consolidated balance sheets and are presented net of accumulated amortization.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill and Indefinite-Lived Intangible Assets

    Goodwill represents the excess of purchase price and related costs over the fair value of identifiable assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets consist of the Company's acquired brands. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not the asset is impaired. The Company has historically performed its annual testing for goodwill and indefinite-lived intangible asset impairment as of March 31. The Company has four reporting units, K-12, Higher Education, Global Professional and International, with goodwill and indefinite-lived intangible assets that are evaluated for impairment.

    The Company initially performs a qualitative analysis to evaluate whether there are events or circumstances that provide evidence that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their carrying amount. If, based on this evaluation the Company does not believe that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their carrying amount, no quantitative impairment test is performed. Conversely, if the results of the Company's qualitative assessment determine that it is more likely than not that the fair value of any of its reporting units or indefinite-lived intangible assets are less than their respective carrying amounts, the Company performs a quantitative impairment test. If the results of the Company's quantitative assessment determine that the carrying value exceeds the fair value of the reporting unit or indefinite-lived intangible assets, then the Company recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit or indefinite-lived assets fair value.

To perform the quantitative impairment test, the Company uses the discounted cash flow method and a market-based valuation model to estimate the fair value of the reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating profit margins and cash flows, the terminal growth rate, and the discount rate. The Company projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five year period. In estimating the terminal growth rates, the Company considers its historical and projected results, as well as the economic environment in which its reporting units operate. The discount rates utilized for each reporting unit reflect the Company's assumptions of marketplace participants' cost of capital and risk assumptions, both specific to the reporting unit and overall in the economy. The market-based approach incorporates the use of revenue and earnings multiples based on market data as well as the consideration of transactions involving acquisitions of control in similar entities to determine a value for a particular business. Fair values of indefinite-lived intangible assets are estimated using relief-from-royalty discounted cash flow analyses. Significant judgments inherent in the relief-from-royalty method include the selection of appropriate royalty and discount rates and estimating the amount and timing of expected future cash flows. The discount rates used in the discounted cash flow analyses reflect the risks inherent in the expected future cash flows generated by the respective intangible assets. The royalty rates used in the discounted cash flow analyses are based upon an estimate of the royalty rates that a market participant would pay to license the Company's trade names and trademarks.
Accounting for the Impairment of Long-Lived Assets (Including Other Intangible Assets)
Accounting for the Impairment of Long-Lived Assets (Including Other Intangible Assets)
    The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined based on market observable inputs, discounted cash flows or appraised values, depending upon the nature of the assets.
Fair Value Measurements and Non-Financial Assets and Liabilities
Fair Value Measurements

In accordance with authoritative guidance for fair value measurements, certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is defined as the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalents, prepaid and other current assets, accounts payable and accrued expenses approximate their fair value due to the short maturity of those instruments.
Non-Financial Assets and Liabilities
Non-financial assets and liabilities for which the Company employs fair value measures on a nonrecurring basis include goodwill, other intangible assets, property, plant, and equipment and operating lease assets. These assets are evaluated for impairment when specific trigger events occur, or when an annual quantitative impairment test is required.
Financial Assets and Liabilities
Financial Assets and Liabilities

On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The accounting standard for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty and its credit risk in its assessment of fair value.
The fair value of debt is deemed to be the amount at which the instrument could be exchanged in an orderly transaction between market participants at the measurement date. The fair market values of the 2024 Secured Notes, 2022 Secured Notes and 2022 Unsecured Notes were determined based on quoted market prices on a private exchange and are classified as Level 2 within the fair value hierarchy as of December 31, 2025 and March 31, 2025, respectively, due to limited trading activity. The fair market
value of the A&E Term Loan Facility was determined using pricing sources and models utilizing market observable inputs to determine fair value and is classified as Level 2 within the fair value hierarchy as of December 31, 2025 and March 31, 2025, respectively. The factors used to estimate these values may not be valid on any subsequent date. Accordingly, the fair market values of the debt presented may not be indicative of their future values.
Foreign Currency
Foreign Currency

    The Company has operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the U.S. operations or where a majority of revenue and/or expenses is U.S. dollar denominated, the U.S. dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end-of-period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Differences arising from the exchange rate changes are recorded within foreign currency translation adjustments, a component of Other comprehensive income (loss). Foreign currency transaction gains/losses are recorded in operating and administrative expenses in the consolidated statements of operations.
Stock-Based Compensation
Stock-Based Compensation

    The Company issues stock-based awards to eligible employees, directors and consultants and accounts for these stock-based awards under the provisions of ASC Topic 718, Compensation-Stock Compensation ("ASC 718"). For stock-based awards accounted for as equity awards, total compensation cost is based on the grant date fair value of the awards. For stock-based awards accounted for as liability awards, total compensation cost is based on the fair value of the awards on the date the award is granted and is remeasured at each reporting date until settlement. For stock-based awards subject to a performance and a market condition, the Company recognizes stock-based compensation expense over the greater of the derived service period and the implicit or explicit service period, once the performance condition is considered probable of being achieved. The market condition is reflected in the grant date fair value of the stock-based award, and the stock-based compensation expense is recognized regardless of whether the market condition is achieved. For stock-based awards subject to a service condition and a performance condition, the Company recognizes stock-based compensation expense over the requisite service period, using the accelerated attribution method, once the performance condition is considered probable of being achieved. Forfeitures are accounted for as they occur. Stock-based compensation is recorded in operating and administrative expenses in the consolidated statements of operations.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) includes expenses directly attributable to the production of the Company's products. Costs associated with printed products include variable costs such as paper, printing and binding, content related royalty expenses, directly related hosting costs and gratis costs (products provided at no additional consideration as part of the sales transaction), certain transportation and freight costs and inventory obsolescence. Gratis costs are predominately incurred in the K-12 business and vary based upon the level of state sales during a given period. Cost of sales also includes royalty expense where author developed content is used, primarily in the Higher Education and Global Professional segments.
Leases
Leases

For operating lease arrangements with an initial lease term of more than 12 months, the Company records a lease liability and right-of-use asset on the consolidated balance sheets at the lease commencement date. The Company measures lease liabilities based on the present value of the total lease payments not yet paid. As most of the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate at the lease commencement date to determine the present value of the total lease payments. The Company measures right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs the Company incurs and (iii) tenant incentives under the lease. Certain lease arrangements contain escalation clauses covering increased costs for various defined real estate taxes and operating services which are factored into the determination of lease payments, however, the Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options, and the Company accounts for arrangements with lease and non-lease components as a single lease component.
For leases with an initial lease term of 12 months or less, the Company does not record right-of-use assets and lease liabilities. For such leases, the Company recognizes lease expense in the consolidated statements of operations on a straight-line basis over the lease term.
Income Taxes
Income Taxes

    The Company’s operations are subject to U.S. federal, state and local, and foreign income taxes.

    The Company determines the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities.

    Valuation allowances are established when management determines that it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. Management evaluates the weight of both positive and negative evidence in determining whether a deferred tax asset will be realized. Management will look to a history of losses, future reversal of existing taxable temporary differences, taxable income in carryback years, feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can also be affected by changes in tax laws and changes to statutory tax rates.
    The Company prepares and files tax returns based on management’s interpretation of tax laws and regulations. As with all businesses, the Company's tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax assessments based on differences in interpretation of tax laws and regulations. The Company adjusts its estimated uncertain tax positions reserves based on current audits and recent settlements with various taxing authorities as well as changes in tax laws, regulations, and interpretations. The Company recognizes accrued interest and penalties related to uncertain tax positions in Income tax provision (benefit) within the consolidated statements of operations.
Contingencies
Contingencies

    The Company accrues for loss contingencies when both (i) information available prior to issuance of the financial statements indicates that it is probable that a loss had been incurred at the date of the financial statements and (ii) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the best estimate within the range is recorded. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. Neither an accrual nor disclosure is required for losses that are deemed remote.
Earnings (Loss) per Share
Earnings (Loss) per Share

The Company computes net income (loss) per share in accordance with ASC Topic 260, Earnings per Share ("ASC 260"), which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Dilutive earnings (loss) per share amounts are based on the weighted-
average number of common shares outstanding, including the effect of all dilutive potential common shares that were outstanding during the period using the treasury stock method. Dilutive earnings (loss) per share excludes all potentially dilutive shares if their effect is anti-dilutive.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include additional information in the effective tax rate reconciliation and additional disaggregation of income taxes paid. The ASU also removes disclosures related to certain unrecognized tax benefits and deferred taxes. The new requirements are effective for fiscal years beginning after December 15, 2024, or the Company's fiscal year ended March 31, 2026. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public entities to provide disaggregated disclosures of certain expense captions presented on the face of the income statement into specific expense categories within the notes to the consolidated financial statements, including inventory purchases, employee compensation, and costs related to depreciation and amortization. In January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date, which clarifies that ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, or the Company's fiscal year ended March 31, 2028, and interim periods within fiscal years beginning after December 15, 2027, or the Company's fiscal year ended March 31, 2029, with early adoption permitted. The guidance may be applied on a prospective or retrospective
basis. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This ASU provides a practical expedient to assume that conditions as of the balance sheet date will remain unchanged over the life of the asset when developing reasonable and supportable forecasts for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, or the Company’s fiscal year ended March 31, 2027, with early adoption permitted. The guidance should be applied prospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU amends the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and provides new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, or the Company’s fiscal year ended March 31, 2029, with early adoption permitted. The transition method may be prospective, modified, or retrospective. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow Scope Improvements". This ASU is intended to improve the navigability of guidance in Topic 270 and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, or the Company's fiscal year ended March 31, 2029. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements". This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors or make other improvements to a variety of topics that are intended to make it easier to understand and apply. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, or the Company's fiscal year ended March 31, 2028, with early adoption permitted. The guidance may be applied prospectively or retrospectively, except for amendments to ASC 260, which is required to be applied retrospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.
v3.25.4
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Market Values of Debt
The following table presents the carrying amounts, not including debt discount or deferred financing costs, and estimated fair market values of the Company's debt as of December 31, 2025 and March 31, 2025:

December 31, 2025March 31, 2025
Carrying AmountEstimated Fair Value (Level 2)Carrying AmountEstimated Fair Value (Level 2)
Liabilities:
A&E Term Loan Facility$564,840 $569,782 $1,160,415 $1,156,063 
2022 Secured Notes828,466 828,466 828,466 799,470 
2022 Unsecured Notes639,034 644,626 639,034 627,851 
2024 Secured Notes650,000 682,500 650,000 651,625 
$2,682,340 $2,725,374 $3,277,915 $3,235,009 
v3.25.4
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
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 and nine months ended December 31, 2025 and 2024:

Three Months Ended December 31,
20252024
DigitalPrint (1)TotalDigitalPrint (1)Total
Revenue by Segment:
K-12$103,513 $24,676 $128,189 $107,976 $42,206 $150,182 
Higher Education203,104 22,259 225,363 162,717 19,043 181,760 
Global Professional28,249 7,990 36,239 26,398 9,133 35,531 
International28,819 15,242 44,061 30,561 14,328 44,889 
Other (2)— 310 310 — 4,131 4,131 
Total Revenue $363,685 $70,477 $434,162 $327,652 $88,841 $416,493 
___________________
(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.
    

Nine Months Ended December 31,
20252024
DigitalPrint (1)TotalDigitalPrint (1)Total
Revenue by Segment:
K-12$330,746 $427,521 $758,267 $328,516 $501,138 $829,654 
Higher Education558,099 62,605 620,704 473,966 54,530 528,496 
Global Professional79,543 31,663 111,206 76,742 34,490 111,232 
International72,544 73,326 145,870 79,095 79,282 158,377 
Other (2)— 3,012 3,012 — 278 278 
Total Revenue $1,040,932 $598,127 $1,639,059 $958,319 $669,718 $1,628,037 
___________________
(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 December 31,
20252024

Re-occurring
Revenue		Transactional
Revenue		TotalRe-occurring
Revenue		Transactional
Revenue		Total
K-12
$110,706 $17,483 $128,189 $112,537 $37,645 $150,182 
Higher Education
196,016 29,347 225,363 146,854 34,906 181,760 
Global Professional
25,293 10,946 36,239 24,438 11,093 35,531 
International
25,445 18,616 44,061 27,550 17,339 44,889 
Other
— 310 310 — 4,131 4,131 
Total Revenue
$357,460 $76,702 $434,162 $311,379 $105,114 $416,493 

Nine Months Ended December 31,
20252024

Re-occurring
Revenue		Transactional
Revenue		TotalRe-occurring
Revenue		Transactional
Revenue		Total
K-12
$510,583 $247,684 $758,267 $489,656 $339,998 $829,654 
Higher Education
517,247 103,457 620,704 438,441 90,055 528,496 
Global Professional
73,605 37,601 111,206 70,614 40,618 111,232 
International
66,033 79,837 145,870 71,120 87,257 158,377 
Other
— 3,012 3,012 — 278 278 
Total Revenue
$1,167,468 $471,591 $1,639,059 $1,069,831 $558,206 $1,628,037 
Schedule of Deferred Commission Costs and Deferred Royalties
Deferred commission costs consisted of the following:

December 31, 2025March 31, 2025
Current$18,267 $22,449 
Non-current22,593 18,794 
Total Deferred Commission Costs $40,860 $41,243 
Deferred royalties consisted of the following:

December 31, 2025March 31, 2025
Current$70,034 $76,186 
Non-current55,475 61,495 
Total Deferred Royalties $125,509 $137,681 
Schedule of Contract Assets and Liabilities
Contract assets and contract liabilities consisted of the following:

December 31, 2025March 31, 2025
Contract assets$8,974 $29,032 
Contract liabilities (deferred revenue):
Current813,153 794,031 
Non-current883,663 882,156 
Total Contract Liabilities $1,696,816 $1,676,187 
Total contract liabilities by segment consisted of the following:

December 31, 2025March 31, 2025
Total Contract Liabilities by Segment:
K-12$1,334,884 $1,279,585 
Higher Education253,693 297,316 
Global Professional72,252 62,348 
International35,467 33,407 
Other (1)
520 3,531 
Total Contract Liabilities
$1,696,816 $1,676,187 
_______________
(1)
Includes contract liabilities for in-transit product sales that are not included in segment contract liabilities.
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 December 31, 2025 was as follows:
2026 (remaining three months)
$264,146 
2027628,628 
2028350,916 
2029225,740 
2030122,643 
Thereafter104,743 
$1,696,816 
v3.25.4
Operating and Administrative Expenses (Tables)
 9 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Operating and Administrative Expenses
Operating and administrative expenses consisted of the following:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Selling and marketing
$89,793 $85,840 $277,154 $275,824 
General and administrative
86,947 81,322 273,487 256,360 
Research and development
67,515 70,132 202,624 197,074 
Amortization of product development costs
12,946 12,801 44,962 44,703 
Operating and administrative expenses
$257,201 $250,095 $798,227 $773,961 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets The following information details the carrying amounts and accumulated amortization of the Company's intangible assets:
December 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(685,985)$— $536,415 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (14,064)— 7,686 
Customers
1 - 14 years
225,600 (137,829)— 87,771 
Technology
7 years
427,000 (266,321)— 160,679 
Total$2,472,750 $(1,104,199)$(83,000)$1,285,551 

March 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(589,247)$— $633,153 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (12,014)— 9,736 
Customers
1 - 14 years
225,600 (114,269)— 111,331 
Technology
7 years
427,000 (220,035)— 206,965 
Total$2,472,750 $(935,565)$(83,000)$1,454,185 
Schedule of Finite-Lived Intangible Assets The following information details the carrying amounts and accumulated amortization of the Company's intangible assets:
December 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(685,985)$— $536,415 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (14,064)— 7,686 
Customers
1 - 14 years
225,600 (137,829)— 87,771 
Technology
7 years
427,000 (266,321)— 160,679 
Total$2,472,750 $(1,104,199)$(83,000)$1,285,551 

March 31, 2025
Useful LifeGross AmountAccumulated AmortizationAccumulated ImpairmentNet Amount
Content
10 - 15 years
$1,222,400 $(589,247)$— $633,153 
TrademarksIndefinite576,000 — (83,000)493,000 
Trademarks
10 years
21,750 (12,014)— 9,736 
Customers
1 - 14 years
225,600 (114,269)— 111,331 
Technology
7 years
427,000 (220,035)— 206,965 
Total$2,472,750 $(935,565)$(83,000)$1,454,185 
Schedule of Expected Aggregate Annual Amortization Expense
The Company's expected aggregate annual amortization expense for existing intangible assets subject to amortization for each of the fiscal years is as follows:

Expected Amortization Expense
2026 (remaining three months)
$54,298 
2027207,625 
2028172,109 
2029115,034 
203079,572 
Thereafter163,913 
$792,551 
v3.25.4
Prepaid and Other Current Assets (Tables)
 9 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid and Other Current Assets
Prepaid and other current assets consisted of the following:

December 31, 2025March 31, 2025
Deferred royalties$70,034 $76,186 
Deferred sales commission18,267 22,449 
Prepaid insurance7,201 6,049 
Prepaid tax14,165 3,006 
Other32,850 42,667 
Prepaid and other current assets$142,517 $150,357 
v3.25.4
Other Current Liabilities (Tables)
 9 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities Other current liabilities consisted of the following:
December 31, 2025March 31, 2025
Allowance for sales returns$28,739 $39,657 
Accrued interest57,177 20,455 
Accrued tax4,685 59,797 
Finance lease obligations5,340 4,631 
Restructuring3,277 5,212 
Other34,781 42,271 
Other current liabilities $133,999 $172,023 
v3.25.4
Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consisted of the following:

MaturityDecember 31, 2025March 31, 2025
A&E Term Loan FacilityAugust 2031$564,840 $1,160,415 
2022 Secured NotesAugust 2028828,466 828,466 
2022 Unsecured NotesAugust 2029639,034 639,034 
2024 Secured NotesSeptember 2031650,000 650,000 
Total debt outstanding2,682,340 3,277,915 
Less: unamortized debt discount(52,227)(82,782)
Less: unamortized deferred financing costs(11,301)(17,412)
Less: current portion of long-term debt(13,170)(13,170)
Long-term debt$2,605,642 $3,164,551 
v3.25.4
Segment Reporting (Tables)
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Adjusted EBITDA by Segment
The following table sets forth Adjusted EBITDA by segment:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Adjusted EBITDA:
K-12$10,462 $25,941 $278,808 $302,915 
Higher Education107,780 80,847 274,567 232,815 
Global Professional11,024 10,172 33,794 33,282 
International4,082 6,436 18,671 30,557 
Other2,519 2,812 7,849 (4,430)
Total Adjusted EBITDA $135,867 $126,208 $613,689 $595,139 
Schedule of Reconciliation of Adjusted EBITDA to Net Income (Loss)
The following table provides a reconciliation of total Adjusted EBITDA to Net income (loss):

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Total Adjusted EBITDA$135,867 $126,208 $613,689 $595,139 
Interest (expense) income, net(47,358)(68,877)(162,072)(229,899)
Income tax benefit (provision)4,950 (8,210)(10,939)24,611 
Depreciation, amortization and product development amortization(95,671)(89,787)(276,347)(275,843)
Restructuring and cost savings implementation charges(3,894)(3,688)(8,774)(17,010)
Advisory fees— (2,500)(3,125)(7,500)
Transaction and integration costs(548)(656)(818)(2,520)
Stock-based compensation(661)— (31,737)— 
Gain (loss) on extinguishment of debt(8,183)— (24,544)(2,719)
Other(4,701)(5,418)(9,746)(13,231)
Net income (loss) $(20,199)$(52,928)$85,587 $71,028 
Schedule of Revenue and Long-lived Assets by Geographic Region
The following tables summarizes revenue and long-lived assets by geographic region:

Revenue (1)
Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
United States$389,133 $371,215 $1,490,267 $1,468,594 
International45,029 45,278 148,792 159,443 
Total $434,162 $416,493 $1,639,059 $1,628,037 
________________
(1)
Revenues are attributed to a geographic region based on the location of customer.

Long-Lived Assets (2)
As of
December 31, 2025March 31, 2025
United States$685,453 $646,104 
International33,484 31,773 
Total $718,937 $677,877 
__________________
(2)
Reflects total assets less current assets, goodwill, intangible assets, investments, deferred financing costs and non-current deferred tax assets.
v3.25.4
Taxes on Income (Loss) (Tables)
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit) and Effective Tax Rate
The following table presents the Company's income tax provision (benefit) and effective tax rate:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Effective tax rate19.7 %(18.4)%11.3 %(53.0)%
Income tax provision (benefit)$(4,950)$8,210 $10,939 $(24,611)
v3.25.4
Stock-Based Compensation (Tables)
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions for Stock Options The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2025, and the weighted-average assumptions used are as follows:
December 31,
2025
Weighted-average grant date fair value$7.56 
Weighted-average assumptions:
Expected dividend yield— %
Expected stock price volatility (a)40.00 %
Risk-free interest rate (b)4.04 %
Expected option term (years) (c)5.8
__________________
(a)
The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.
(b)
The risk-free interest rate for periods within the expected term of the award is based on the U.S. Government Bond yield with a term equal to the awards' expected term on the date of grant.
(c)
The expected option term represents the midpoint of time until expiration and average vesting period.
The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2025, and the weighted-average assumptions used are as follows:
December 31,
2025
Weighted-average grant date fair value$4.41 
Weighted-average assumptions:
Expected dividend yield— %
Expected stock price volatility (a)40.00 %
Risk-free interest rate (b)4.40 %
___________________
(a)
The Company bases its expected volatility on a group of companies believed to be a representative peer group, selected based on industry and market capitalization.
(b)
The risk-free interest rate for periods within the expected term of the award is based on the U.S. Constant Maturity Treasury rate with a term equal to the awards' expected term on the date of grant.
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Activity in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the activity in accumulated other comprehensive income (loss), by component for the periods indicated:

Foreign currency translation adjustment, net of taxTotal
Balance at March 31, 2024$245 $245 
Other comprehensive income (loss) before reclassifications(1,205)(1,205)
Balance at June 30, 2024$(960)$(960)
Other comprehensive income (loss) before reclassifications947947
Balance at September 30, 2024$(13)$(13)
Other comprehensive income (loss) before reclassifications(3,054)(3,054)
Balance at December 31, 2024$(3,067)$(3,067)

Foreign currency translation adjustment, net of taxTotal
Balance at March 31, 2025$(2,426)$(2,426)
Other comprehensive income (loss) before reclassifications2,515 2,515 
Balance at June 30, 2025$89 $89 
Other comprehensive income (loss) before reclassifications(549)(549)
Balance at September 30, 2025$(460)$(460)
Other comprehensive income (loss) before reclassifications288 288 
Balance at December 31, 2025$(172)$(172)
v3.25.4
Earnings (Loss) per Share (Tables)
 9 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings (Loss) per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share adjusted to give effect to the Stock Split is as follows:

Three Months Ended 
December 31,		Nine Months Ended 
December 31,
2025202420252024
Numerator:
Net income (loss) attributable to common stockholders$(20,199)$(52,928)$85,587 $71,028 
Denominator:
Basic weighted-average number of shares outstanding191,001,519 166,611,519 180,979,446 166,611,519 
Effect of dilutive potential common shares— — 257,250 — 
Dilutive weighted-average number of shares outstanding191,001,519 166,611,519 181,236,696 166,611,519 
Earnings (loss) per share attributable to common stockholders:
Basic earnings (loss) per share$(0.11)$(0.32)$0.47 $0.43 
Diluted earnings (loss) per share$(0.11)$(0.32)$0.47 $0.43 
Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) per Share
The following table summarizes the Company's outstanding common stock equivalents that were excluded from the computation of diluted earnings (loss) per share on the basis that they represent contingently issuable shares that were not issuable as of the end of the reporting period:

December 31,
20252024
Stock options4,277,304 9,582,868 
v3.25.4
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 10, 2025
USD ($)
Oct. 16, 2025
USD ($)
Jul. 25, 2025
USD ($)
$ / shares
shares
Jul. 23, 2025
$ / shares
shares
Dec. 31, 2025
USD ($)
country
language
$ / shares
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
country
unit
segment
language
$ / shares
shares
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
shares
Jul. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Number of reportable segments | segment             4      
Amortization of intangible assets         $ 55,417 $ 59,279 $ 169,167 $ 180,692    
Useful life for cloud computing costs         3 years   3 years      
Gross capitalized cloud computing costs         $ 35,072   $ 35,072   $ 35,072  
Accumulated amortization of cloud computing costs         25,031   25,031   $ 16,263  
Amortization of cloud computing costs         2,923 3,573 $ 8,768 8,534    
Number of reporting units | unit             4      
Forecast period used for intangible assets impairment evaluation             5 years      
Revenue         $ 434,162 416,493 $ 1,639,059 1,628,037    
Common stock conversion ratio       1            
Stock split conversion ratio       1.06555            
Common stock, shares outstanding (in shares) | shares       166,611,519 191,001,519   191,001,519   0  
Common stock, par value (in dollars per share) | $ / shares       $ 0.01 $ 0.01   $ 0.01      
Payments of offering expenses             $ 7,037 0    
Unamortized deferred financing costs     $ 17,342              
A&E Term Loan Facility                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Payment of term loan facility             595,575 103,292    
Secured Debt | A&E Term Loan Facility | Line of Credit                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Payment of term loan facility $ 50,000 $ 150,000 $ 385,698              
IPO                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Shares issued (in shares) | shares     24,390,000              
Price of shares issued (in dollars per share) | $ / shares     $ 17.00              
Proceeds received for shares issued     $ 385,698              
Payment of underwriting discounts and commissions     21,768              
Payments of offering expenses     $ 7,164              
Over-Allotment Option                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Option period     30 days              
Maximum shares to be issued under option (in shares) | shares     3,658,500              
Shipping and Handling                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Revenue         $ 901 1,417 $ 18,446 22,590    
Deferred Technology Costs                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Useful life of finite-lived intangible assets         3 years   3 years      
Gross finite-lived intangible assets         $ 298,102   $ 298,102   $ 239,427  
Accumulated amortization of finite-lived intangible assets         110,189   110,189   $ 76,838  
Amortization of intangible assets         $ 12,294 $ 9,962 $ 33,351 $ 29,345    
Two Customer | Customer Concentration Risk | Accounts Receivable                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Concentration risk percentage             23.00%      
Three Customers | Customer Concentration Risk | Accounts Receivable                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Concentration risk percentage                 38.00%  
International                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Number of countries where the company provides digital and print solutions (more than) | country         100   100      
Number of languages where the company provides digital and print solutions (more than) | language         80   80      
Mav Acquisition Corporation | McGraw-Hill Education, Inc.                    
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Percentage of equity interests acquired                   100.00%
v3.25.4
Description of Business, Basis of Preparation and Summary of Significant Accounting Policies - Carrying Amounts and Estimated Fair Market Values of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Carrying Amount    
Liabilities:    
Long-term debt $ 2,682,340 $ 3,277,915
Estimated Fair Value | Level 2    
Liabilities:    
Long-term debt 2,725,374 3,235,009
A&E Term Loan Facility | Carrying Amount    
Liabilities:    
Long-term debt 564,840 1,160,415
A&E Term Loan Facility | Estimated Fair Value | Level 2    
Liabilities:    
Long-term debt 569,782 1,156,063
2022 Secured Notes | Carrying Amount    
Liabilities:    
Long-term debt 828,466 828,466
2022 Secured Notes | Estimated Fair Value | Level 2    
Liabilities:    
Long-term debt 828,466 799,470
2022 Unsecured Notes | Carrying Amount    
Liabilities:    
Long-term debt 639,034 639,034
2022 Unsecured Notes | Estimated Fair Value | Level 2    
Liabilities:    
Long-term debt 644,626 627,851
2024 Secured Notes | Carrying Amount    
Liabilities:    
Long-term debt 650,000 650,000
2024 Secured Notes | Estimated Fair Value | Level 2    
Liabilities:    
Long-term debt $ 682,500 $ 651,625
v3.25.4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 434,162 $ 416,493 $ 1,639,059 $ 1,628,037
Digital        
Disaggregation of Revenue [Line Items]        
Revenue 363,685 327,652 1,040,932 958,319
Print        
Disaggregation of Revenue [Line Items]        
Revenue 70,477 88,841 598,127 669,718
Re-occurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 357,460 311,379 1,167,468 1,069,831
Transactional Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 76,702 105,114 471,591 558,206
Operating Segments | K-12        
Disaggregation of Revenue [Line Items]        
Revenue 128,189 150,182 758,267 829,654
Operating Segments | Higher Education        
Disaggregation of Revenue [Line Items]        
Revenue 225,363 181,760 620,704 528,496
Operating Segments | Global Professional        
Disaggregation of Revenue [Line Items]        
Revenue 36,239 35,531 111,206 111,232
Operating Segments | International        
Disaggregation of Revenue [Line Items]        
Revenue 44,061 44,889 145,870 158,377
Operating Segments | Digital | K-12        
Disaggregation of Revenue [Line Items]        
Revenue 103,513 107,976 330,746 328,516
Operating Segments | Digital | Higher Education        
Disaggregation of Revenue [Line Items]        
Revenue 203,104 162,717 558,099 473,966
Operating Segments | Digital | Global Professional        
Disaggregation of Revenue [Line Items]        
Revenue 28,249 26,398 79,543 76,742
Operating Segments | Digital | International        
Disaggregation of Revenue [Line Items]        
Revenue 28,819 30,561 72,544 79,095
Operating Segments | Print | K-12        
Disaggregation of Revenue [Line Items]        
Revenue 24,676 42,206 427,521 501,138
Operating Segments | Print | Higher Education        
Disaggregation of Revenue [Line Items]        
Revenue 22,259 19,043 62,605 54,530
Operating Segments | Print | Global Professional        
Disaggregation of Revenue [Line Items]        
Revenue 7,990 9,133 31,663 34,490
Operating Segments | Print | International        
Disaggregation of Revenue [Line Items]        
Revenue 15,242 14,328 73,326 79,282
Operating Segments | Re-occurring Revenue | K-12        
Disaggregation of Revenue [Line Items]        
Revenue 110,706 112,537 510,583 489,656
Operating Segments | Re-occurring Revenue | Higher Education        
Disaggregation of Revenue [Line Items]        
Revenue 196,016 146,854 517,247 438,441
Operating Segments | Re-occurring Revenue | Global Professional        
Disaggregation of Revenue [Line Items]        
Revenue 25,293 24,438 73,605 70,614
Operating Segments | Re-occurring Revenue | International        
Disaggregation of Revenue [Line Items]        
Revenue 25,445 27,550 66,033 71,120
Operating Segments | Transactional Revenue | K-12        
Disaggregation of Revenue [Line Items]        
Revenue 17,483 37,645 247,684 339,998
Operating Segments | Transactional Revenue | Higher Education        
Disaggregation of Revenue [Line Items]        
Revenue 29,347 34,906 103,457 90,055
Operating Segments | Transactional Revenue | Global Professional        
Disaggregation of Revenue [Line Items]        
Revenue 10,946 11,093 37,601 40,618
Operating Segments | Transactional Revenue | International        
Disaggregation of Revenue [Line Items]        
Revenue 18,616 17,339 79,837 87,257
Other        
Disaggregation of Revenue [Line Items]        
Revenue 310 4,131 3,012 278
Other | Digital        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Other | Print        
Disaggregation of Revenue [Line Items]        
Revenue 310 4,131 3,012 278
Other | Re-occurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Other | Transactional Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 310 $ 4,131 $ 3,012 $ 278
v3.25.4
Revenue from Contracts with Customers - Deferred Commission Costs and Deferred Royalties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Deferred Commission Costs    
Capitalized Contract Cost [Line Items]    
Current $ 18,267 $ 22,449
Non-current 22,593 18,794
Total 40,860 41,243
Deferred Royalties    
Capitalized Contract Cost [Line Items]    
Current 70,034 76,186
Non-current 55,475 61,495
Total $ 125,509 $ 137,681
v3.25.4
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Capitalized Contract Cost [Line Items]        
Revenue recognized that was included within deferred revenue $ 98,776 $ 96,970 $ 695,410 $ 635,394
Deferred Commission Costs        
Capitalized Contract Cost [Line Items]        
Amortization of capitalized contract costs 3,350 2,903 15,983 12,735
Deferred Royalties        
Capitalized Contract Cost [Line Items]        
Amortization of capitalized contract costs $ 9,397 $ 10,091 $ 67,654 $ 65,280
v3.25.4
Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract assets $ 8,974 $ 29,032
Contract liabilities (deferred revenue):    
Current 813,153 794,031
Non-current 883,663 882,156
Total Contract Liabilities $ 1,696,816 $ 1,676,187
v3.25.4
Revenue from Contracts with Customers - Contract Liabilities by Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities $ 1,696,816 $ 1,676,187
Operating Segments | K-12    
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities 1,334,884 1,279,585
Operating Segments | Higher Education    
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities 253,693 297,316
Operating Segments | Global Professional    
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities 72,252 62,348
Operating Segments | International    
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities 35,467 33,407
Other    
Disaggregation of Revenue [Line Items]    
Total Contract Liabilities $ 520 $ 3,531
v3.25.4
Revenue from Contracts with Customers - Estimated Revenue Expected to be Recognized (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,696,816
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 264,146
Revenue, remaining performance obligation, period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 628,628
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 350,916
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 225,740
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 122,643
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 104,743
Revenue, remaining performance obligation, period
v3.25.4
Operating and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Other Income and Expenses [Abstract]        
Selling and marketing $ 89,793 $ 85,840 $ 277,154 $ 275,824
General and administrative 86,947 81,322 273,487 256,360
Research and development 67,515 70,132 202,624 197,074
Amortization of product development costs 12,946 12,801 44,962 44,703
Operating and administrative expenses $ 257,201 $ 250,095 $ 798,227 $ 773,961
v3.25.4
Inventories, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]        
Inventory obsolescence $ 140 $ 1,218 $ 8,300 $ 9,784
v3.25.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]          
Goodwill $ 2,557,595 $ 2,557,595 $ 2,557,595 $ 2,557,595 $ 2,557,595
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Remaining amortization period 7 years 2 months 12 days   7 years 2 months 12 days    
Amortization of intangibles $ 55,417 59,279 $ 169,167 180,692  
Acquired Intangible Assets          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Amortization of intangibles $ 55,255 $ 59,081 $ 168,634 $ 180,115  
v3.25.4
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Trademarks    
Indefinite-Lived Intangible Assets    
Gross Amount $ 576,000 $ 576,000
Accumulated Impairment (83,000) (83,000)
Indefinite-lived intangible assets, net amount 493,000 493,000
Total Other Intangible Assets    
Accumulated Impairment (83,000) (83,000)
Acquired Intangible Assets    
Finite-Lived Intangible Assets    
Accumulated Amortization (1,104,199) (935,565)
Indefinite-Lived Intangible Assets    
Accumulated Impairment (83,000) (83,000)
Total Other Intangible Assets    
Intangible assets, gross (excluding goodwill) 2,472,750 2,472,750
Accumulated Amortization (1,104,199) (935,565)
Accumulated Impairment (83,000) (83,000)
Net Amount 1,285,551 1,454,185
Content    
Finite-Lived Intangible Assets    
Gross Amount 1,222,400 1,222,400
Accumulated Amortization (685,985) (589,247)
Finite-lived intangible assets, net amount 536,415 633,153
Total Other Intangible Assets    
Accumulated Amortization $ (685,985) $ (589,247)
Content | Minimum    
Finite-Lived Intangible Assets    
Useful Life 10 years 10 years
Content | Maximum    
Finite-Lived Intangible Assets    
Useful Life 15 years 15 years
Trademarks    
Finite-Lived Intangible Assets    
Useful Life 10 years 10 years
Gross Amount $ 21,750 $ 21,750
Accumulated Amortization (14,064) (12,014)
Finite-lived intangible assets, net amount 7,686 9,736
Total Other Intangible Assets    
Accumulated Amortization (14,064) (12,014)
Customers    
Finite-Lived Intangible Assets    
Gross Amount 225,600 225,600
Accumulated Amortization (137,829) (114,269)
Finite-lived intangible assets, net amount 87,771 111,331
Total Other Intangible Assets    
Accumulated Amortization $ (137,829) $ (114,269)
Customers | Minimum    
Finite-Lived Intangible Assets    
Useful Life 1 year 1 year
Customers | Maximum    
Finite-Lived Intangible Assets    
Useful Life 14 years 14 years
Technology    
Finite-Lived Intangible Assets    
Useful Life 7 years 7 years
Gross Amount $ 427,000 $ 427,000
Accumulated Amortization (266,321) (220,035)
Finite-lived intangible assets, net amount 160,679 206,965
Total Other Intangible Assets    
Accumulated Amortization $ (266,321) $ (220,035)
v3.25.4
Goodwill and Other Intangible Assets - Expected Aggregate Annual Amortization Expense (Details) - Acquired Intangible Assets
$ in Thousands
Dec. 31, 2025
USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]  
2026 (remaining three months) $ 54,298
2027 207,625
2028 172,109
2029 115,034
2030 79,572
Thereafter 163,913
Finite-lived intangible assets, net amount $ 792,551
v3.25.4
Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Capitalized Contract Cost [Line Items]    
Prepaid insurance $ 7,201 $ 6,049
Prepaid tax 14,165 3,006
Other 32,850 42,667
Prepaid and other current assets 142,517 150,357
Deferred Royalties    
Capitalized Contract Cost [Line Items]    
Capitalized contract costs 70,034 76,186
Deferred Commission Costs    
Capitalized Contract Cost [Line Items]    
Capitalized contract costs $ 18,267 $ 22,449
v3.25.4
Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]    
Allowance for sales returns $ 28,739 $ 39,657
Accrued interest 57,177 20,455
Accrued tax 4,685 59,797
Finance lease obligations 5,340 4,631
Restructuring 3,277 5,212
Other 34,781 42,271
Other current liabilities $ 133,999 $ 172,023
v3.25.4
Debt - Summary of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Debt Instrument [Line Items]    
Total debt outstanding $ 2,682,340 $ 3,277,915
Less: unamortized debt discount (52,227) (82,782)
Less: unamortized deferred financing costs (11,301) (17,412)
Less: current portion of long-term debt (13,170) (13,170)
Long-term debt 2,605,642 3,164,551
Line of Credit | A&E Term Loan Facility | Secured Debt    
Debt Instrument [Line Items]    
Total debt outstanding 564,840 1,160,415
Less: unamortized debt discount (18,919)  
Less: unamortized deferred financing costs (3,613)  
Secured Debt | 2022 Secured Notes    
Debt Instrument [Line Items]    
Total debt outstanding 828,466 828,466
Secured Debt | 2024 Secured Notes    
Debt Instrument [Line Items]    
Total debt outstanding 650,000 650,000
Unsecured Debt | 2022 Unsecured Notes    
Debt Instrument [Line Items]    
Total debt outstanding $ 639,034 $ 639,034
v3.25.4
Debt - A&E Cash Flow Credit Facilities (Details) - USD ($)
 2 Months Ended 9 Months Ended
Dec. 10, 2025
Oct. 16, 2025
Sep. 08, 2025
Jul. 25, 2025
Dec. 10, 2025
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Aug. 05, 2024
Line of Credit Facility [Line Items]                  
Unamortized discount           $ 52,227,000   $ 82,782,000  
Unamortized deferred financing costs           11,301,000   $ 17,412,000  
A&E Term Loan Facility                  
Line of Credit Facility [Line Items]                  
Payment of term loan facility           595,575,000 $ 103,292,000    
Revolving Credit Facility | Non-Extended Cash Flow Revolver Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity                 $ 38,750,000
Borrowing capacity available           38,750,000      
Amount outstanding           0      
Revolving Credit Facility | A&E Cash Flow Revolving Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity                 $ 111,250,000
Borrowing capacity available           111,250,000      
Amount outstanding           $ 0      
Secured Debt | A&E Term Loan Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Payment of term loan facility $ 50,000,000 $ 150,000,000   $ 385,698,000          
Amortization of debt discount and deferred financing costs       $ 16,361,000 $ 8,183,000        
Reduction in margin percentage     0.50%            
Reduction in margin based on credit rating     0.25%            
Interest rate percentage at period end           6.466%      
Unamortized discount           $ 18,919,000      
Unamortized deferred financing costs           $ 3,613,000      
Secured Debt | A&E Term Loan Facility | Line of Credit | Variable Rate Component, One | Base Rate                  
Line of Credit Facility [Line Items]                  
Margin percentage     1.75%            
Secured Debt | A&E Term Loan Facility | Line of Credit | Variable Rate Component, One | Term SOFR                  
Line of Credit Facility [Line Items]                  
Margin percentage     2.75%            
Secured Debt | A&E Term Loan Facility | Line of Credit | Variable Rate Component, Two | Base Rate                  
Line of Credit Facility [Line Items]                  
Margin percentage     1.50%            
Secured Debt | A&E Term Loan Facility | Line of Credit | Variable Rate Component, Two | Term SOFR                  
Line of Credit Facility [Line Items]                  
Margin percentage     2.50%            
v3.25.4
Debt - A&E ABL Revolving Credit Facilities (Details) - ABL Revolving Credit Agreement - USD ($)
$ in Thousands
Dec. 31, 2025
Aug. 06, 2024
Aug. 05, 2024
Line of Credit Facility [Line Items]      
Letters of credit outstanding $ 4,030    
Revolving Credit Facility | U.S. and RoW Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   $ 300,000 $ 200,000
Borrowing capacity available $ 300,000    
Revolving Credit Facility | U.S. Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   265,000  
Revolving Credit Facility | RoW Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   $ 35,000  
v3.25.4
Segment Reporting - Narrative (Details) - International
Dec. 31, 2025
country
language
Segment Reporting Information [Line Items]  
Number of countries where the company provides digital and print solutions (more than) | country 100
Number of languages where the company provides digital and print solutions (more than) | language 80
v3.25.4
Segment Reporting - Adjusted EBITDA by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA $ 135,867 $ 126,208 $ 613,689 $ 595,139
Operating Segments | K-12        
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA 10,462 25,941 278,808 302,915
Operating Segments | Higher Education        
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA 107,780 80,847 274,567 232,815
Operating Segments | Global Professional        
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA 11,024 10,172 33,794 33,282
Operating Segments | International        
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA 4,082 6,436 18,671 30,557
Other        
Segment Reporting Information [Line Items]        
Total Adjusted EBITDA $ 2,519 $ 2,812 $ 7,849 $ (4,430)
v3.25.4
Segment Reporting - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting [Abstract]                
Total Adjusted EBITDA $ 135,867     $ 126,208     $ 613,689 $ 595,139
Interest expense (income), net (47,358)     (68,877)     (162,072) (229,899)
Income tax benefit (provision) 4,950     (8,210)     (10,939) 24,611
Depreciation, amortization and product development amortization (95,671)     (89,787)     (276,347) (275,843)
Restructuring and cost savings implementation charges (3,894)     (3,688)     (8,774) (17,010)
Advisory fees 0     (2,500)     (3,125) (7,500)
Transaction and integration costs (548)     (656)     (818) (2,520)
Stock-based compensation (661)     0     (31,737) 0
(Gain) loss on extinguishment of debt (8,183)     0     (24,544) (2,719)
Other (4,701)     (5,418)     (9,746) (13,231)
Net income (loss) $ (20,199) $ 105,284 $ 502 $ (52,928) $ 133,403 $ (9,447) $ 85,587 $ 71,028
v3.25.4
Segment Reporting - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue $ 434,162 $ 416,493 $ 1,639,059 $ 1,628,037  
Long-lived assets 718,937   718,937   $ 677,877
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 389,133 371,215 1,490,267 1,468,594  
Long-lived assets 685,453   685,453   646,104
International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 45,029 $ 45,278 148,792 $ 159,443  
Long-lived assets $ 33,484   $ 33,484   $ 31,773
v3.25.4
Taxes on Income (Loss) - Income Tax Provision (Benefit) and Effective Tax Rate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate 19.70% (18.40%) 11.30% (53.00%)
Income tax provision (benefit) $ (4,950) $ 8,210 $ 10,939 $ (24,611)
v3.25.4
Taxes on Income (Loss) - Narrative (Details)
$ in Thousands
May 16, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Notional value of tax credits purchased $ 52,900
Cash consideration for tax credit purchased $ 50,299
v3.25.4
Stockholder's Equity (Deficit) (Details) - $ / shares
Dec. 31, 2025
Jul. 23, 2025
Mar. 31, 2025
Equity [Abstract]      
Stock, authorized (in shares)   2,100,000,000  
Preferred stock, shares authorized (in shares)   100,000,000  
Preferred stock, par value (in dollars per share)   $ 0.01  
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares issued (in shares) 0    
Preferred stock, shares outstanding (in shares) 0    
Common stock, shares issued (in shares) 191,001,519   0
Common stock, shares outstanding (in shares) 191,001,519 166,611,519 0
v3.25.4
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 25, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Minimum multiple realized on invested capital upon change in control           2.0
Stock-based compensation expense   $ 661 $ 0 $ 31,737 $ 0  
Number of shares authorized for issuance (in shares) | shares   15,500,000   15,500,000    
Stock options granted (in shares) | shares 400,960          
Exercise price for options granted (in dollars per share) | $ / shares $ 17.00          
2021 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Unrecognized compensation cost for stock options   $ 4,259   $ 4,259    
Stock Options            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Award expiration period 10 years          
Stock Options | 2021 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense   818   $ 30,851    
Unrecognized compensation cost, period for recognition       7 months 6 days    
Stock Options | 2025 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense   (296)   $ 644    
Unrecognized compensation cost for stock options   1,756   $ 1,756    
Unrecognized compensation cost, period for recognition       3 years 4 months 24 days    
Service-Based Stock Options            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Award vesting period 5 years         5 years
Service and Market-Based Stock Options            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Minimum multiple realized on invested capital upon change in control 2.0          
Restricted Stock Units (RSUs)            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Award vesting period 1 year          
Stock-based compensation expense   139   $ 242    
Unrecognized compensation cost, period for recognition       7 months 6 days    
Award granted (in shares) | shares 32,646          
Aggregate grant date fair value of awards granted $ 555          
Grant date fair value of awards granted (in dollars per share) | $ / shares $ 17.00          
Unrecognized compensation cost for non-option awards   $ 313   $ 313    
v3.25.4
Stock-Based Compensation - Valuation Assumptions for Stock Options (Details)
 9 Months Ended
Dec. 31, 2025
$ / shares
Service-Based Stock Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant date fair value (in dollars per share) $ 7.56
Weighted-average assumptions:  
Expected dividend yield 0.00%
Expected stock price volatility 40.00%
Risk-free interest rate 4.04%
Expected option term (years) 5 years 9 months 18 days
Service and Market-Based Stock Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant date fair value (in dollars per share) $ 4.41
Weighted-average assumptions:  
Expected dividend yield 0.00%
Expected stock price volatility 40.00%
Risk-free interest rate 4.40%
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance $ 794,592 $ 283,261 $ 280,244 $ 492,452 $ 358,102 $ 368,754
Other comprehensive income (loss) before reclassifications 288 (549) 2,515 (3,054) 947 (1,205)
Ending balance 775,342 794,592 283,261 436,470 492,452 358,102
Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (460) 89 (2,426) (13) (960) 245
Ending balance (172) (460) 89 (3,067) (13) (960)
Foreign currency translation adjustment, net of tax            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (460) 89 (2,426) (13) (960) 245
Other comprehensive income (loss) before reclassifications 288 (549) 2,515 (3,054) 947 (1,205)
Ending balance $ (172) $ (460) $ 89 $ (3,067) $ (13) $ (960)
v3.25.4
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Numerator:        
Net income (loss) attributable to common stockholders, basic $ (20,199) $ (52,928) $ 85,587 $ 71,028
Net income (loss) attributable to common stockholders, diluted $ (20,199) $ (52,928) $ 85,587 $ 71,028
Denominator:        
Basic weighted-average number of shares outstanding (in shares) 191,001,519 166,611,519 180,979,446 166,611,519
Effect of dilutive potential common shares (in shares) 0 0 257,250 0
Dilutive weighted-average number of shares outstanding (in shares) 191,001,519 166,611,519 181,236,696 166,611,519
Earnings (loss) per share attributable to common stockholders:        
Basic earnings (loss) per share (in dollars per share) $ (0.11) $ (0.32) $ 0.47 $ 0.43
Diluted earnings (loss) per share (in dollars per share) $ (0.11) $ (0.32) $ 0.47 $ 0.43
v3.25.4
Earnings (Loss) per Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Earnings Per Share [Abstract]    
Anti-dilutive securities excluded from diluted earnings (loss) per share (in shares) 1,172,797 686,498
v3.25.4
Earnings (Loss) per Share - Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) per Share (Details) - shares
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Common stock equivalents excluded from diluted earnings (loss) per share (in shares) 4,277,304 9,582,868
v3.25.4
Management Fee (Details) - USD ($)
$ in Thousands
 3 Months Ended 4 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jul. 25, 2025
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]          
Operating and administrative expenses $ 257,201 $ 250,095   $ 798,227 $ 773,961
Affiliated Entity          
Related Party Transaction [Line Items]          
Annual management fee expense     $ 10,000    
Affiliated Entity | Advisory Agreement, Management Fees          
Related Party Transaction [Line Items]          
Operating and administrative expenses 0     3,125  
Affiliated Entity | Advisory Agreement, Expense Reimbursements          
Related Party Transaction [Line Items]          
Operating and administrative expenses $ 25     $ 300  
v3.25.4
Commitment and Contingencies (Details)
 2 Months Ended
Feb. 28, 2021
claim
Commitments and Contingencies Disclosure [Abstract]  
Number of claims filed 2
v3.25.4
Subsequent Events (Details) - USD ($)
$ in Thousands
Feb. 09, 2026
Jul. 25, 2025
Subsequent Event    
Subsequent Event [Line Items]    
Maximum fair value of common stock eligible to purchase $ 1,500  
Restricted Stock Units (RSUs)    
Subsequent Event [Line Items]    
Aggregate grant date fair value of awards granted   $ 555
Restricted Stock Units (RSUs) | Subsequent Event    
Subsequent Event [Line Items]    
Aggregate grant date fair value of awards granted $ 8,000