Debt (Tables)

9 Months Ended

Dec. 31, 2022

The Company’s outstanding debt as of December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


	December 31, 2022		March 31, 2022		December 31, 2021

Term loan(1)	$	67,500	$	96,250	$	97,500
Finance lease obligations	832		1,419		1,612
Total debt(2)	68,332		97,669		99,112
Less: debt issuance costs	(465)		(803)		(858)
Total debt, net of issuance costs	67,867		96,866		98,254
Less: current portion	(5,690)		(5,786)		(5,780)
Long-term portion of debt	$	62,177	$	91,080	$	92,474

(1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of December 31, 2022, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement.

(2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.