Right-of-Use Assets and Lease Liabilities

6 Months Ended

Sep. 30, 2023

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 U.S. These leases expire at various times through 2029. 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 unaudited condensed balance sheet as follows:

	Classification	September 30, 2023		March 31, 2023
		(In thousands)
Assets
Operating lease right-of-use-assets	Right-of-use assets	$	7,509	$	8,345
Total operating lease right-of-use-assets		$	7,509	$	8,345
Liabilities
Operating lease liabilities (short-term)	Accrued liabilities	$	2,319	$	2,339
Operating lease liabilities (long-term)	Lease liabilities	6,560		7,641
Total lease liabilities		$	8,879	$	9,980

Lease Costs

We recorded approximately $0.6 million and $1.2 million of lease costs in our unaudited condensed statements of operations for the three and six months ended September 30, 2023, respectively, as compared to approximately $0.6 million and $1.3 million for the three and six months ended September 30, 2022, respectively. The Company currently has no variable lease costs.

Supplemental Information

Information related to the Company right-of-use assets and related operating lease liabilities were as follows:

	Six Months Ended September 30,
	2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities (in thousands)	$	1,346		$	706
Weighted average remaining lease term (in years)	3.5			4.3
Weighted average discount rate	4.7		%	4.8		%

Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2023 were as follows:

Fiscal Year Ending March 31,	Operating Leases
(In thousands)
2024	$	1,348
2025	2,483
2026	2,178
2027	2,207
2028	1,315
Thereafter	204
Total lease payments	9,735
Less imputed interest	(856)
Present value of future lease payments	8,879
Less current obligations under leases	(2,319)
Long-term lease obligations	$	6,560