Leases

12 Months Ended

Mar. 31, 2026

6. Leases

The majority of our leases are comprised of real estate leases for our respective offices around the globe. We have no residual value guarantees or restrictions or covenants imposed by or associated with our active leases.

As of March 31, 2026, we have additional operating leases that have not yet commenced of approximately $1.4 million. These operating leases are expected to commence in fiscal year 2027 with initial lease terms of approximately 2 to 5 years. We do not have any related party leases. We have variable payments for expenses such as common area maintenance and taxes. We do not have variable payments that are based on an index or rate. As a result, we do not include variable payments in the calculation of the lease liability. Any variable costs are expensed as incurred.

The components of lease expenses, which are included in operating expenses in our Consolidated Statements of Operations, were as follows:


	Year Ended March 31,
(In thousands)	2026		2025
Operating leases expense	$	5,375	$	5,084
Variable lease costs		529		413
Short term lease expense		775		563
Total lease expense	$	6,679	$	6,060

We had no finance leases during fiscal 2026 or 2025. Other information related to operating leases for fiscal 2026 and 2025 was as follows:


	Year Ended March 31,
Supplemental cash flow information	2026			2025
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	5,654		$	4,673
ROU assets obtained in exchange for lease obligations (in thousands)	$	1,195		$	2,351
Weighted average remaining lease terms		5.21			5.78
Weighted average discount rates		7.04	%		6.91	%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the Consolidated Balance Sheet as of March 31, 2026:


(In thousands)	Operating leases
Fiscal year ending March 31,
2027	$	5,540
2028		5,023
2029		4,084
2030		1,954
2031		1,683
Thereafter		4,304
Total undiscounted future minimum lease payments		22,588
Less: difference between undiscounted lease payments and discounted lease liabilities		(3,544	)
Total lease liabilities	$	19,044