RESTRUCTURING CHARGES

9 Months Ended

Dec. 31, 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 and nine months ended December 31, 2024, the Company recorded restructuring charges totaling $0.6 million and $19.6 million, respectively, related to one-time termination benefits for one hundred forty-two employees who voluntarily terminated their employment with the Company during the nine months ended December 31, 2024. All one-time termination benefits are expected to be paid in full by the end of the fiscal year ending March 31, 2025.

During the third quarter of fiscal year 2025, the Company entered into transition agreements that provided termination benefits for certain employees to ensure an orderly transition of responsibilities for continuity purposes. As a result of the related workforce changes, during the three months and nine months ended December 31, 2024, the Company recorded restructuring charges totaling $0.3 million. The Company estimates that approximately $0.6 million, $1.0 million and $0.1 million in additional restructuring charges will be recorded in the fiscal years ending March 31, 2025, 2026 and 2027, respectively, related to one-time termination benefits for the ten employees who continue to render services to the Company. A majority of the one-time termination benefits are expected to be paid in full by the end of the second quarter of fiscal year ending March 31, 2026, with the remaining amounts expected to be paid in full by the end of the fiscal year ending March 31, 2027.

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


	Q1 FY25 VSP		Q3 FY25 Plan
	Employee-related		Employee-related		TOTAL
Balance at March 31, 2024	$	—	$	—	$	—
Restructuring charges to operations	19,608		291		19,899
Payments	(19,421)		—		(19,421)
Other adjustments	(9)		—		(9)
Balance at December 31, 2024	$	178	$	291	$	469