RESTRUCTURING CHARGES

3 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

During the first quarter of fiscal year 2025, the Company implemented a voluntary separation program (VSP) for employees who met certain age and service requirements to reduce overall headcount. As a result of the related workforce reduction, during the three months ended June 30, 2024, the Company recorded restructuring charges totaling $16.6 million related to one-time termination benefits for one hundred sixteen employees who voluntarily terminated their employment with the Company during the three months ended June 30, 2024. The Company estimates that restructuring charges will be recorded in the second quarter of fiscal year 2025 in the range of $3.0 million to $5.0 million related to one-time termination benefits for thirty-four employees who are expected to voluntarily terminate their employment with the Company during the three months ending September 30, 2024. All one-time termination benefits are expected to be paid in full by the end of the third quarter of the fiscal year ending March 31, 2025.

The following table provides a summary of the activity related to the restructuring plan and the related restructuring liability (in thousands):


	VSP
	Employee-related
Balance at March 31, 2024	$	—
Restructuring charges to operations	16,561
Payments	(263)

Balance at June 30, 2024	$	16,298