Leases (Tables)
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3 Months Ended |
Jun. 30, 2026 |
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| Leases [Abstract] |
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| Summary of Components of Lease Expenses |
The components of lease expense are as follows:
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Three Months Ended |
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June 30, 2026 |
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|
June 30, 2025 |
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Operating lease expense |
|
$ |
1,906,000 |
|
|
$ |
2,109,000 |
|
Finance lease expense |
|
|
— |
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|
|
19,000 |
|
Variable lease expense |
|
|
181,000 |
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|
|
209,000 |
|
Total lease expenses |
|
$ |
2,087,000 |
|
|
$ |
2,337,000 |
|
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| Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases |
The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases at June 30, 2026 and March 31, 2026:
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June 30, 2026 |
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March 31, 2026 |
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Right-of-use asset, net |
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$ |
20,723,000 |
|
|
$ |
21,164,000 |
|
Short-term lease liability |
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$ |
7,607,000 |
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|
$ |
7,420,000 |
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Long-term lease liability |
|
|
20,787,000 |
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|
|
20,687,000 |
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Total lease liabilities |
|
$ |
28,394,000 |
|
|
$ |
28,107,000 |
|
Weighted average remaining operating lease term |
|
4.47 years |
|
|
4.23 years |
|
Weighted average discount rate |
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|
5.4 |
% |
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|
5.3 |
% |
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| Schedule of Supplemental Cash Flow Information Related to Operating Leases |
Supplemental cash flow information related to operating leases at June 30, 2026 and 2025 was as follows:
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June 30, 2026 |
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June 30, 2025 |
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Cash paid for amounts included in the measurement of
operating lease liabilities |
|
$ |
1,178,000 |
|
|
$ |
2,510,000 |
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Operating lease liabilities arising from obtaining ROU assets |
|
$ |
42,862,000 |
|
|
$ |
47,112,000 |
|
Finance lease liabilities arising from obtaining ROU assets |
|
$ |
— |
|
|
$ |
358,000 |
|
Additions to ROU assets resulting from
additions to operating lease liabilities |
|
$ |
3,442,000 |
|
|
$ |
1,296,000 |
|
|
| Summary of Maturities of Operating Lease Liabilities |
As of June 30, 2026, maturities of operating lease liabilities for each of the next five years and thereafter are as follows:
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2027 |
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$ |
6,684,000 |
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2028 |
|
|
8,500,000 |
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2029 |
|
|
6,245,000 |
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2030 |
|
|
4,272,000 |
|
2031 |
|
|
2,768,000 |
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Thereafter |
|
|
3,784,000 |
|
Total lease payments |
|
|
32,253,000 |
|
Less interest |
|
|
(3,859,000 |
) |
Total lease liabilities |
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$ |
28,394,000 |
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