LEASES

6 Months Ended

Sep. 30, 2024

LEASES:

Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands):



	September 30, 2024			March 31, 2024
Right-of-use assets included in other assets, net	$	21,192		$	24,471
Short-term lease liabilities included in other accrued expenses	$	10,099		$	10,125
Long-term lease liabilities included in other liabilities	$	28,894		$	32,097

Supplemental balance sheet information:
Weighted average remaining lease term	4.9 years			5.3 years
Weighted average discount rate	5.3		%	5.3		%

The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2031. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services. These costs are calculated based on a variety of factors including property values, tax and utility rates, property service fees, and other factors.

The components of lease cost, net for the six months ended September 30, 2024 and 2023, respectively, were as follows (dollars in thousands):


	For the six months ended September 30,
	2024		2023
Operating lease costs	$	4,074	$	4,708
Operating sublease income	482		—
Total leases costs, net	$	3,592	$	4,708

The following table presents future minimum payments under all operating leases and subleases (including operating leases with a duration of one year or less and excluding ASC 840 leases related to restructuring plans) as of September 30, 2024. The amount for fiscal 2025 represents the remaining six months ending March 31, 2025. All other periods represent fiscal years ending March 31 (dollars in thousands):


	Operating lease payments		Payments expected under noncancellable subleases		Net operating lease payments
Fiscal 2025	$	5,438	$	(454)	4,984
Fiscal 2026	9,255		(1,059)		8,196
Fiscal 2027	8,338		(1,091)		7,247
Fiscal 2028	8,472		(1,124)		7,348
Fiscal 2029	8,529		(1,157)		7,372
Thereafter	4,301		(99)		4,202
Total undiscounted lease payments	44,333		(4,984)		39,349
Less: Interest and short-term leases	5,340		(900)		4,440
Total discounted operating lease liabilities	$	38,993	$	(4,084)	$	34,909

Future minimum payments as of September 30, 2024 related to ASC 840 lease liabilities under restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 13) are as follows (dollars in thousands): Fiscal 2025: $1,349; and Fiscal 2026: $1,799.