NOTE 13 – LEASES The components of operating lease cost for the three months ended June 30, 2026 and 2025, respectively, were as follows (in thousands):
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|
|
|
|
|
|
|
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Three Months Ended |
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|
June 30, 2026 |
|
|
June 30, 2025 |
|
Lease cost: |
|
|
|
|
|
Lease cost under long-term operating leases |
$ |
2,630 |
|
|
$ |
2,853 |
|
Lease cost under short-term operating leases |
|
467 |
|
|
|
336 |
|
Variable lease cost under short-term and long-term operating leases |
|
1,019 |
|
|
|
962 |
|
Total operating lease cost |
$ |
4,116 |
|
|
$ |
4,151 |
|
The table below presents supplemental cash flow information related to leases during the three months ended June 30, 2026 and 2025 (in thousands):
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|
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|
|
|
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Three Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
123 |
|
|
$ |
767 |
|
At June 30, 2026 and March 31, 2026, the weighted average remaining lease term in years and weighted average discount rate were as follows:
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|
|
|
|
|
|
June 30, 2026 |
|
|
March 31, 2026 |
|
Weighted average remaining lease term in years - operating leases |
3.96 |
|
|
4.18 |
|
Weighted average discount rate - operating leases |
|
4.4 |
% |
|
|
4.4 |
% |
Future minimum payments under non-cancellable leases at June 30, 2026 are as follows (in thousands):
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|
|
|
Year ending March 31: |
|
|
2027 (remaining nine months) |
$ |
8,611 |
|
2028 |
|
11,371 |
|
2029 |
|
10,143 |
|
2030 |
|
8,222 |
|
2031 |
|
4,479 |
|
Thereafter |
|
646 |
|
Total lease payments |
$ |
43,472 |
|
Less imputed interest |
$ |
(3,492 |
) |
Present value of lease liabilities |
$ |
39,980 |
|
|