v3.26.1
Leases
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2027 to 2037. As of March 31, 2026, the weighted average remaining lease term was 8.0 years and the weighted average discount rate was 4.0%. The Company does not have any finance leases.
The following table presents information about leases on the consolidated statements of operations (in thousands):
Fiscal Year Ended March 31,
202620252024
Operating lease expense$17,205 $15,282 $15,522 
Short-term lease expense
$2,254 $2,591 $2,033 
Variable lease expense
$1,542 $1,412 $1,585 
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Fiscal Year Ended March 31,
202620252024
Cash paid for amounts included in the measurement of lease liabilities$19,648 $19,950 $18,908 
Operating lease assets obtained in exchange for new operating lease liabilities$104,866 $21,198 $10,470 
During the year ended March 31, 2026, the Company identified indicators of impairment related to certain leased office spaces due to changes in its utilization of these facilities, including the decision to cease use of certain locations and pursue sublease arrangements. As a result, the Company performed a recoverability test on the related asset groups, which included the right‑of‑use asset and associated leasehold improvements. The estimated undiscounted future cash flows were less than the carrying value of the asset group, and therefore the Company recorded an impairment loss of $18.5 million which represents the aggregate amount by which the carrying values of the related asset groups exceeded its estimated fair value.
To calculate the fair value of the asset groups, the Company estimated the undiscounted cash flow models based on market participant assumptions, including projected sublease income over the remaining lease term, the projected downtime prior to the commencement of the sublease, and the applicable discount rate.
As of March 31, 2026, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31,Amount
2027$28,358 
202825,437 
202923,773 
203022,586 
203120,130 
Thereafter71,515 
Total operating lease payments191,799 
Less: imputed interest(27,475)
Total operating lease liabilities$164,324 
As of March 31, 2026, the Company had a commitment of $4.1 million for an operating lease that has not yet commenced, and therefore is not included in the right-of-use assets or operating lease liabilities. This operating lease is expected to commence during fiscal year 2027, with a lease term of five years.
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2027 to 2037. As of March 31, 2026, the weighted average remaining lease term was 8.0 years and the weighted average discount rate was 4.0%. The Company does not have any finance leases.
The following table presents information about leases on the consolidated statements of operations (in thousands):
Fiscal Year Ended March 31,
202620252024
Operating lease expense$17,205 $15,282 $15,522 
Short-term lease expense
$2,254 $2,591 $2,033 
Variable lease expense
$1,542 $1,412 $1,585 
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Fiscal Year Ended March 31,
202620252024
Cash paid for amounts included in the measurement of lease liabilities$19,648 $19,950 $18,908 
Operating lease assets obtained in exchange for new operating lease liabilities$104,866 $21,198 $10,470 
During the year ended March 31, 2026, the Company identified indicators of impairment related to certain leased office spaces due to changes in its utilization of these facilities, including the decision to cease use of certain locations and pursue sublease arrangements. As a result, the Company performed a recoverability test on the related asset groups, which included the right‑of‑use asset and associated leasehold improvements. The estimated undiscounted future cash flows were less than the carrying value of the asset group, and therefore the Company recorded an impairment loss of $18.5 million which represents the aggregate amount by which the carrying values of the related asset groups exceeded its estimated fair value.
To calculate the fair value of the asset groups, the Company estimated the undiscounted cash flow models based on market participant assumptions, including projected sublease income over the remaining lease term, the projected downtime prior to the commencement of the sublease, and the applicable discount rate.
As of March 31, 2026, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31,Amount
2027$28,358 
202825,437 
202923,773 
203022,586 
203120,130 
Thereafter71,515 
Total operating lease payments191,799 
Less: imputed interest(27,475)
Total operating lease liabilities$164,324 
As of March 31, 2026, the Company had a commitment of $4.1 million for an operating lease that has not yet commenced, and therefore is not included in the right-of-use assets or operating lease liabilities. This operating lease is expected to commence during fiscal year 2027, with a lease term of five years.