Property and Equipment, Net

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

4. Property and Equipment, Net

Property and equipment at March 31, 2024 and 2023 is as follows:


	Year ended March 31,
(In thousands)		2024			2023
Furniture and equipment	$	16,116		$	12,097
Software		16,028			15,989
Leasehold improvements		9,041			5,656
Facilities construction in progress		122			9,721
		41,307			43,463
Accumulated depreciation and amortization		(23,377	)		(28,887	)
Property and equipment, net	$	17,930		$	14,576

Total depreciation expense on property and equipment was $3.9 million, $1.8 million, and $2.2 million during fiscal 2024, 2023 and 2022, respectively.

The Company capitalizes internal-use software, including software purchased and used exclusively in providing services or that is only made available to customers as a software service, as property and equipment under ASC 350-40, Internal-Use Software. Total amortization expense on capitalized internal-use software was $0.3 million, $0.6 million, and $1.3 million during fiscal 2024, 2023, and 2022, respectively.

Assets under financing leases are included in property and equipment categories above and further disclosed with Note 6. Leases.