v3.26.1
Leases
 3 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to ten years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Supplemental balance sheet information related to leases as of June 30, 2026, March 31, 2026 and June 30, 2025 is as follows (in thousands):
ClassificationJune 30, 2026March 31, 2026June 30, 2025
Assets
Operating lease assets Other assets$79,209 $61,703 $54,345 
Total leased assets$79,209 $61,703 $54,345 
Liabilities
Current
Operating Accrued expenses and other current liabilities$7,645 $7,624 $7,765 
Noncurrent
Operating Long-term operating lease obligations89,659 69,928 50,351 
Total lease liabilities$97,304 $77,552 $58,116 
For the three months ended June 30, 2026 and June 30, 2025, the components of operating lease costs were as follows (in thousands):
Three months ended June 30,
Classification20262025
Operating lease cost Selling, general and administrative (“SG&A”) expenses$5,071 $3,866 
Total lease cost $5,071 $3,866 
As of June 30, 2026, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands):
Remainder of fiscal 2027$9,597 
202815,931 
202917,932 
203017,291 
203118,009 
Thereafter44,090 
Total lease payments122,850 
Less: Interest(25,546)
Present value of lease liabilities$97,304 
As of June 30, 2026 and June 30, 2025, the weighted-average remaining lease term (in years) and discount rate were as follows:
June 30, 2026June 30, 2025
Weighted-average remaining lease term
Operating leases7.3 years8.0 years
Weighted-average discount rate
Operating leases6.1 %6.0 %
Operating cash outflows from operating leases for the three months ended June 30, 2026 and June 30, 2025 were $3.7 million and $1.2 million, respectively. Right-of-use assets obtained in exchange for lease obligations for the three months ended June 30, 2026 and June 30, 2025 were $20.7 million and $2.1 million, respectively.
Leases Leases
The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to ten years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Supplemental balance sheet information related to leases as of June 30, 2026, March 31, 2026 and June 30, 2025 is as follows (in thousands):
ClassificationJune 30, 2026March 31, 2026June 30, 2025
Assets
Operating lease assets Other assets$79,209 $61,703 $54,345 
Total leased assets$79,209 $61,703 $54,345 
Liabilities
Current
Operating Accrued expenses and other current liabilities$7,645 $7,624 $7,765 
Noncurrent
Operating Long-term operating lease obligations89,659 69,928 50,351 
Total lease liabilities$97,304 $77,552 $58,116 
For the three months ended June 30, 2026 and June 30, 2025, the components of operating lease costs were as follows (in thousands):
Three months ended June 30,
Classification20262025
Operating lease cost Selling, general and administrative (“SG&A”) expenses$5,071 $3,866 
Total lease cost $5,071 $3,866 
As of June 30, 2026, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands):
Remainder of fiscal 2027$9,597 
202815,931 
202917,932 
203017,291 
203118,009 
Thereafter44,090 
Total lease payments122,850 
Less: Interest(25,546)
Present value of lease liabilities$97,304 
As of June 30, 2026 and June 30, 2025, the weighted-average remaining lease term (in years) and discount rate were as follows:
June 30, 2026June 30, 2025
Weighted-average remaining lease term
Operating leases7.3 years8.0 years
Weighted-average discount rate
Operating leases6.1 %6.0 %
Operating cash outflows from operating leases for the three months ended June 30, 2026 and June 30, 2025 were $3.7 million and $1.2 million, respectively. Right-of-use assets obtained in exchange for lease obligations for the three months ended June 30, 2026 and June 30, 2025 were $20.7 million and $2.1 million, respectively.