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Leases | 9 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and nine months ended December 31, 2024 and 2023 were as follows:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 240 |  |  | $ | 665 |  |  | $ | 1,569 |  |  | $ | 1,994 |
Interest on lease liabilities |  | 82 |  |  | 20 |  |  | 94 |  |  | 74 |
Operating lease cost |  | 1,986 |  |  | 1,624 |  |  | 5,395 |  |  | 4,872 |
Short term lease cost |  | 38 |  |  | 34 |  |  | 101 |  |  | 101 |
Variable lease cost |  | 15,120 |  |  | 14,488 |  |  | 47,668 |  |  | 47,885 |
Total net lease cost |  | $ | 17,466 |  |  | $ | 16,831 |  |  | $ | 54,827 |  |  | $ | 54,926 |
As of December 31, 2024, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Finance Lease |  | Total
2025 (remaining three months ending March 31, 2025) |  | $ | 1,909 |  |  | $ | 303 |  |  | $ | 2,212 |
2026 |  | 7,592 |  |  | 1,211 |  |  | 8,803 |
2027 |  | 7,237 |  |  | 1,211 |  |  | 8,448 |
2028 |  | 6,835 |  |  | 1,211 |  |  | 8,046 |
2029 |  | 5,554 |  |  | 1,205 |  |  | 6,759 |
Thereafter |  | 6,300 |  |  | 701 |  |  | 7,001 |
Total undiscounted lease payments |  | 35,427 |  |  | 5,842 |  |  | 41,269 |
Less amount of lease payments representing interest |  | (5,241) |  |  | (865) |  |  | (6,106) |
Total present value of lease payments |  | $ | 30,186 |  |  | $ | 4,977 |  |  | $ | 35,163 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | December 31, 2024
Weighted average remaining lease term (years) |  |
| Operating leases |  | 4.97
| Finance leases |  | 4.88
Weighted average discount rate |  |
| Operating leases |  | 6.53 | %
| Finance leases |  | 6.93 | %
On October 1, 2024, we entered into Amendments 3 and 4 extending the Master Logistics Services Agreement with GEODIS Logistics LLC ("GEODIS") as our third-party logistics provider. Under this agreement, we have extended our May 2019 agreement that authorized GEODIS to lease a facility and equipment for an additional 65 month term. The lease and non-lease components were recorded in our third quarter fiscal year 2025 financial statements. The right-of-use ("ROU") asset and operating lease liability at lease commencement was $23.0 million. The GEODIS amendments also included a new finance lease and the renewal of previous finance leases for assets purchased by GEODIS for our use under the Master Logistics Agreement. The ROU asset and finance lease liability at lease commencement date was $4.7 million.
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and nine months ended December 31, 2024 and 2023 were as follows:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 240 |  |  | $ | 665 |  |  | $ | 1,569 |  |  | $ | 1,994 |
Interest on lease liabilities |  | 82 |  |  | 20 |  |  | 94 |  |  | 74 |
Operating lease cost |  | 1,986 |  |  | 1,624 |  |  | 5,395 |  |  | 4,872 |
Short term lease cost |  | 38 |  |  | 34 |  |  | 101 |  |  | 101 |
Variable lease cost |  | 15,120 |  |  | 14,488 |  |  | 47,668 |  |  | 47,885 |
Total net lease cost |  | $ | 17,466 |  |  | $ | 16,831 |  |  | $ | 54,827 |  |  | $ | 54,926 |
As of December 31, 2024, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Finance Lease |  | Total
2025 (remaining three months ending March 31, 2025) |  | $ | 1,909 |  |  | $ | 303 |  |  | $ | 2,212 |
2026 |  | 7,592 |  |  | 1,211 |  |  | 8,803 |
2027 |  | 7,237 |  |  | 1,211 |  |  | 8,448 |
2028 |  | 6,835 |  |  | 1,211 |  |  | 8,046 |
2029 |  | 5,554 |  |  | 1,205 |  |  | 6,759 |
Thereafter |  | 6,300 |  |  | 701 |  |  | 7,001 |
Total undiscounted lease payments |  | 35,427 |  |  | 5,842 |  |  | 41,269 |
Less amount of lease payments representing interest |  | (5,241) |  |  | (865) |  |  | (6,106) |
Total present value of lease payments |  | $ | 30,186 |  |  | $ | 4,977 |  |  | $ | 35,163 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | December 31, 2024
Weighted average remaining lease term (years) |  |
| Operating leases |  | 4.97
| Finance leases |  | 4.88
Weighted average discount rate |  |
| Operating leases |  | 6.53 | %
| Finance leases |  | 6.93 | %
On October 1, 2024, we entered into Amendments 3 and 4 extending the Master Logistics Services Agreement with GEODIS Logistics LLC ("GEODIS") as our third-party logistics provider. Under this agreement, we have extended our May 2019 agreement that authorized GEODIS to lease a facility and equipment for an additional 65 month term. The lease and non-lease components were recorded in our third quarter fiscal year 2025 financial statements. The right-of-use ("ROU") asset and operating lease liability at lease commencement was $23.0 million. The GEODIS amendments also included a new finance lease and the renewal of previous finance leases for assets purchased by GEODIS for our use under the Master Logistics Agreement. The ROU asset and finance lease liability at lease commencement date was $4.7 million.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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