Leases

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The Company leases property, office equipment and vehicles under operating leases. The lease terms vary between 1 month and 121 months, with many leases providing renewal rights and certain leases with annual escalations of up to 8% per annum. To the extent the Company is reasonably certain that it will exercise renewal options, such options have been included in the lease terms used for calculating the right-of-use assets and lease liabilities. Right-of-use assets are included in Property, plant and equipment in the Consolidated Balance Sheets and lease liabilities related to the Company’s operating leases are included in Accrued expenses and other liabilities and Long-term accrued expenses and other liabilities in the Consolidated Balance Sheets.

Where lease terms are 12-months or less, and meet the criteria for short-term lease classification, no right-of-use asset and no lease liability are recognized.

The components of lease cost are as follows (in thousands):

	As of March 31,
	2020		2021		2022
Operating lease cost	$	1,631	$	1,657	$	1,643
Short-term lease cost	198		407		330
Total lease cost	$	1,829	$	2,064	$	1,973

Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands):

	As of March 31,
	2020			2021			2022
Operating cash flow information:
Cash payments included in the measurement of lease liabilities	$	1,500		$	1,540		$	1,502
Non-cash activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	4,520		$	110		$	417
Weighted-average remaining lease term - operating leases (months) (1)	46			38			25
Weighted-average discount rate - operating leases	7.2		%	7.3		%	8.0		%
(1) Including expected renewals where appropriate.

Maturities of operating lease liabilities as of March 31 were as follows (in thousands):

2023	$	1,261
2024	846
2025	748
2026	667
2027	684
Thereafter	1,733
Total future minimum lease payments	5,939
Less: Imputed interest	(1,352)
Present value of future minimum lease payments	4,587
Less: Current portion of lease liabilities	(932)
Non-current portion of lease liabilities	$	3,655