LEASES

12 Months Ended

Mar. 31, 2025

3. LEASES:

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



	March 31, 2025			March 31, 2024
Right-of-use assets included in other assets, net	$	19,341		$	24,471
Short-term lease liabilities included in other accrued expenses	$	9,351		$	10,125
Long-term lease liabilities included in other liabilities	$	26,939		$	32,097

Supplemental balance sheet information:
Weighted average remaining lease term	4.5 years			5.3 years
Weighted average discount rate	5.4		%	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 twelve months ended March 31, 2025 and 2024, respectively, were as follows (dollars in thousands):


	For the twelve months ended March 31,
	2025		2024
Operating lease costs	$	7,797	$	9,170
Operating sublease income	1,251		—
Total leases costs, net	$	6,546	$	9,170

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 March 31, 2025 (dollars in thousands):


Fiscal year:	Operating lease payments		Payments expected under noncancellable subleases		Net operating lease payments
2026	$	9,577	$	(1,662)	7,915
2027	9,055		(2,084)		6,971
2028	9,192		(2,147)		7,045
2029	8,886		(2,211)		6,675
2030	2,591		(189)		2,402
Thereafter	1,708		—		1,708
Total undiscounted lease payments	41,009		(8,293)		32,716
Less: Interest and short-term leases	4,719		(1,213)		3,506
Total discounted operating lease liabilities	$	36,290	$	(7,080)	$	29,210

Future minimum payments as of March 31, 2025 related to ASC 840 lease liabilities under restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 4) are as follows (dollars in thousands): Fiscal 2026: $1.8 million.