Leases

3 Months Ended

Jun. 30, 2025

We lease real estate and equipment for use in our operations.

The components of lease expense for the three months ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,
(In thousands)		2025		2024
Finance lease cost:
Amortization of right-of-use assets		$	820	$	665
Interest on lease liabilities		360		9
Operating lease cost		1,938		1,704
Short term lease cost		34		32
Variable lease cost		4,826		16,423

Total net lease cost		$	7,978	$	18,833

As of June 30, 2025, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2026 (remaining nine months ending March 31, 2026)	$	5,722	$	2,907	$	8,629
2027	7,270		3,875		11,145
2028	6,867		3,875		10,742
2029	5,577		3,869		9,446
2030	5,179		3,366		8,545
Thereafter	1,212		10,657		11,869
Total undiscounted lease payments	31,827		28,549		60,376
Less amount of lease payments representing interest	(4,358)		(6,043)		(10,401)
Total present value of lease payments	$	27,469	$	22,506	$	49,975

The weighted average remaining lease term and weighted average discount rate were as follows:


		June 30, 2025
Weighted average remaining lease term (years)
	Operating leases	4.55
	Finance leases	7.87
Weighted average discount rate
	Operating leases	6.57	%
	Finance leases	6.32	%

We lease real estate and equipment for use in our operations.

The components of lease expense for the three months ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,
(In thousands)		2025		2024
Finance lease cost:
Amortization of right-of-use assets		$	820	$	665
Interest on lease liabilities		360		9
Operating lease cost		1,938		1,704
Short term lease cost		34		32
Variable lease cost		4,826		16,423

Total net lease cost		$	7,978	$	18,833

As of June 30, 2025, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2026 (remaining nine months ending March 31, 2026)	$	5,722	$	2,907	$	8,629
2027	7,270		3,875		11,145
2028	6,867		3,875		10,742
2029	5,577		3,869		9,446
2030	5,179		3,366		8,545
Thereafter	1,212		10,657		11,869
Total undiscounted lease payments	31,827		28,549		60,376
Less amount of lease payments representing interest	(4,358)		(6,043)		(10,401)
Total present value of lease payments	$	27,469	$	22,506	$	49,975

The weighted average remaining lease term and weighted average discount rate were as follows:


		June 30, 2025
Weighted average remaining lease term (years)
	Operating leases	4.55
	Finance leases	7.87
Weighted average discount rate
	Operating leases	6.57	%
	Finance leases	6.32	%