Debt (Tables)

6 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates:

	September 30, 2025
	Balance		Interest Rate
Term loans (subject to variable interest rate)	$	419,908	12.05	%

	March 31, 2025
	Balance		Interest Rate		Unused Line Fee
Revolver (subject to variable interest rate)	$	411,000	8.17	%	0.35	%

Debt obligations on the consolidated balance sheets consist of the following:

	September 30, 2025		March 31, 2025
Revolver	$	—	$	411,000
Term loans	419,908		—
Less: Original issuance discount	(14,344)
Less: Debt issuance costs	(9,123)		(2,313)
Total debt, net	396,441		408,687
Less: Current portion of debt	(2,688)		—
Long-term debt, net of debt discount and issuance costs	$	393,753	$	408,687

Interest expense, net, and unused line of credit fees were recorded in interest expense, net, on the condensed consolidated statements of operations and comprehensive (loss) income, as follows:

	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024
Interest expense, net	$	(11,490)	$	(8,722)	$	(20,278)	$	(16,562)
Unused line of credit fees and other	(8)		(54)		(20)		(163)
Total interest expense, net	$	(11,498)	$	(8,776)	$	(20,298)	$	(16,725)

Schedule of Maturities of Long-Term Debt

As of September 30, 2025, the future principal payments for the outstanding debt are as follows:

Future principal payments due for fiscal years ended March 31:
2026	$	—
2027	8,064
2028	10,752
2029	10,752
2030	390,340
Total payments	$	419,908

Schedule of Derivative Liabilities at Fair Value

The table below is a summary of changes in the fair value of the Company’s valuations for the derivative liability for the six months ended September 30, 2025:

	Derivative Liability
Balance as of March 31, 2025	$	—
Issuance of 2025 Warrants	3,667
Change in fair value	2,335
Balance as of September 30, 2025	$	6,002