v3.25.1
FIXED ASSETS, NET
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
FIXED ASSETS, NET FIXED ASSETS, NET
As of March 31, 2025 and 2024, fixed assets, net of the Company included the following:
March 31, 2025March 31, 2024
Buildings$36,270 $25,241 
Office equipment29,293 18,552 
Telecommunications network infrastructure37,663 — 
Construction in progress40,002 8,165 
Processing and storage data centers21,848 13,316 
Capital expenditures on leasehold improvements12,789 7,941 
Furniture12,045 9,234 
Land11,820 10,938 
Vehicles9,021 1,591 
Other5,584 2,985 
Less: Accumulated depreciation(25,232)(14,961)
Total fixed assets, net$191,103 $83,002 
Depreciation expense totaled $12,138, $6,806 and $4,083 for the years ended March 31, 2025, 2024 and 2023, respectively.
During the year ended March 31, 2025, the Company capitalized $37.7 million related to telecommunications network infrastructure, primarily consisting of the installation and expansion of fiber-optic communication lines and related supporting equipment. This asset class was not present in the comparative period.
Construction in progress as of March 31, 2025 and March 31, 2024, was $40.0 million and $8.2 million, respectively, and primarily includes costs related to the installation of fiber-optic communication lines, including construction services, labor, travel expenses, and materials to be capitalized upon acceptance.