Right-of-Use Assets and Lease Liabilities

12 Months Ended

Mar. 31, 2024

Lessee Disclosure [Abstract]

Right-of-Use Assets and Lease Liabilities

Right-of-Use Assets and Lease Liabilities

We have various operating leases for our offices, office equipment and vehicles in the United States. These leases expire at various times through 2030. Certain lease agreements contain renewal options from 1 year to 5 years, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

The table below presents lease-related assets and liabilities recorded on the balance sheet as follows (in thousands):

	Classification	March 31, 2024		March 31, 2023
Assets
Operating lease right-of-use-assets	Right-of-use assets	$	7,237	$	8,345
Total operating lease right-of-use-assets		$	7,237	$	8,345
Liabilities
Operating lease liabilities (short-term)	Accrued liabilities	$	2,233	2,339
Operating lease liabilities (long-term)	Lease liabilities	6,210		7,641
Total operating lease liabilities		$	8,443	$	9,980

Lease Costs

For each of Fiscal 2024 and Fiscal 2023, lease costs totaled $2.6 million.

Supplemental Information

The table below presents supplemental information related to operating leases during the fiscal year ended March 31, 2024 and 2023:

	March 31, 2024			March 31, 2023
	(Dollars in thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,727		$	1,755
Right-of-use assets obtained in exchange for new operating lease liabilities	$	997		$	313
Weighted average remaining lease term	3.7			3.9
Weighted average discount rate	5.0		%	4.8		%

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease liabilities recorded on the balance sheet as of March 31, 2024 (in thousands):

Fiscal Year Ending March 31,	Operating Leases
2025	$	2,588
2026	2,404
2027	2,467
2028	1,415
2029	260
Thereafter	174
Total lease payments	9,308
Less imputed interest	(865)
Present value of future lease payments	8,443
Less current obligations under leases	(2,233)
Long-term lease obligations	$	6,210