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Leases

12 Months Ended

Mar. 31, 2023

The Company has non-cancelable operating leases for the rental of office space with various expiration dates through 2030. During the fiscal year ended March 31, 2023, the office space lease in Irving, Texas with an approximately 8-year term commenced and a related right-of-use asset and lease liability of $14.8 million was recognized.

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended March 31,
	2023		2022		2021
Operating lease cost	$	2,592	$	1,159	$	2,372
Variable lease cost	104		114		143
Total lease cost	$	2,696	$	1,273	$	2,515

Supplemental cash flow information related to leases was as follows (in thousands):


	Fiscal Year Ended March 31,
	2023		2022		2021
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows	$	718	$	1,107	$	2,569

Supplemental balance sheet information related to leases was as follows:


	Fiscal Year Ended March 31,
	2023		2022		2021
Weighted-average remaining lease term (in years)	7.06		1.64		1.37
Weighted-average discount rate	4.18	%	3.95	%	3.95	%

Maturities of lease liabilities as of March 31, 2023 were as follows (in thousands):


	Operating Leases
2024	$	2,238
2025	2,411
2026	2,458
2027	2,497
2028	2,605
Thereafter	6,052
Total future lease payments	18,261
Less: imputed interest	(2,624)
Present value of lease liabilities	$	15,637