LEASES

9 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

LEASES

The Company has operating leases for its offices and fulfillment centers. Fulfillment and customer service centers and corporate office leases expire at various dates through 2038, excluding renewal options.

The Company also leases certain equipment under operating and finance leases. The terms of equipment leases are generally five years and do not contain renewal options. These finance leases expire at various dates through 2028.

The Company’s finance leases as of December 31, 2024 and March 31, 2024 were not material and were included in property and equipment, net, on the Company’s condensed consolidated balance sheets.

The following schedule represents the components of the Company’s operating lease assets (in thousands):

		As of		As of
Leases	Classification	December 31, 2024		March 31, 2024
Assets
Operating	Operating lease right-of-use assets	$	29,283	$	32,793
Total operating lease assets		$	29,283	$	32,793
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	$	5,668	$	5,294
Operating lease liabilities (non-current)	Operating lease liabilities	$	38,306	$	42,599
Total operating lease liabilities		$	43,974	$	47,893

For both the nine months ended December 31, 2024 and 2023 no assets were acquired in exchange for new operating lease liabilities. Lease expense for both periods primarily pertains to operating lease cost. Lease expense for operating leases was $1.8 million and $1.9 million for the three months ended December 31, 2024 and 2023, respectively. Lease expense for operating leases was $5.3 million and $5.8 million for the nine months ended December 31, 2024 and 2023, respectively. These lease expenses were included within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

Cash flows used in operating activities related to operating leases was approximately $3.5 million, and $3.1 million for the nine months ended December 31, 2024 and 2023 respectively.

LEASES

LEASES

The Company has operating leases for its offices and fulfillment centers. Fulfillment and customer service centers and corporate office leases expire at various dates through 2038, excluding renewal options.

The Company also leases certain equipment under operating and finance leases. The terms of equipment leases are generally five years and do not contain renewal options. These finance leases expire at various dates through 2028.

The Company’s finance leases as of December 31, 2024 and March 31, 2024 were not material and were included in property and equipment, net, on the Company’s condensed consolidated balance sheets.

The following schedule represents the components of the Company’s operating lease assets (in thousands):

		As of		As of
Leases	Classification	December 31, 2024		March 31, 2024
Assets
Operating	Operating lease right-of-use assets	$	29,283	$	32,793
Total operating lease assets		$	29,283	$	32,793
Liabilities
Operating lease liabilities (current)	Operating lease liabilities, current	$	5,668	$	5,294
Operating lease liabilities (non-current)	Operating lease liabilities	$	38,306	$	42,599
Total operating lease liabilities		$	43,974	$	47,893

For both the nine months ended December 31, 2024 and 2023 no assets were acquired in exchange for new operating lease liabilities. Lease expense for both periods primarily pertains to operating lease cost. Lease expense for operating leases was $1.8 million and $1.9 million for the three months ended December 31, 2024 and 2023, respectively. Lease expense for operating leases was $5.3 million and $5.8 million for the nine months ended December 31, 2024 and 2023, respectively. These lease expenses were included within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

Cash flows used in operating activities related to operating leases was approximately $3.5 million, and $3.1 million for the nine months ended December 31, 2024 and 2023 respectively.