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RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES
 12 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES
4. RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
 
Restructuring activities result in various costs, including asset write-offs, ROU asset group impairments, exit charges including severance, contract termination fees, and decommissioning and other costs.

A reconciliation of the beginning and ending restructuring liabilities is shown below for the twelve months ended March 31, 2025 and 2024. The restructuring charges and adjustments are included in gains, losses and other items, net in the consolidated statements of operations. The reserve balances are included in accrued payroll and related expenses and other liabilities in the consolidated balance sheets (dollars in thousands).
Employee-related
reserves		Lease
accruals		Total
Balances at March 31, 2023$759 $4,873 $5,632 
Restructuring charges and adjustments4,227 (148)4,079 
Payments(3,306)(1,800)(5,106)
Balances at March 31, 2024$1,680 $2,925 $4,605 
Restructuring charges and adjustments7,940 (72)7,868 
Payments(6,091)(948)(7,039)
Balances at March 31, 2025$3,529 $1,905 $5,434 
 
Employee-related Restructuring Plans
 
During the twelve months ended March 31, 2025, the Company recorded a total of $7.9 million in employee-related restructuring charges and adjustments. The expense included $7.7 million of severance and other employee-related charges in the United States, Europe, and APAC, $0.2 million in adjustments to the fiscal 2024 employee-related restructuring plans for employees in the United States and APAC, and $0.1 million in adjustments to the fiscal 2021 employee-related restructuring plans for employees in the United States. Of the fiscal 2025 employee-related restructuring plans, $3.5 million remained accrued as of March 31, 2025 and is expected to be paid during fiscal 2026.

During the twelve months ended March 31, 2024, the Company recorded a total of $4.2 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States, Europe, and APAC of $4.0 million and adjustments to the fiscal 2021 and fiscal 2023 employee-related restructuring plans for employees in the United States and Europe of $0.2 million. Of the fiscal 2024 employee-related restructuring plans, $0.1 million remained accrued as of March 31, 2025 and is expected to be paid during fiscal 2026.

During the twelve months ended March 31, 2021, the Company recorded a total of $1.7 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States and Europe. The remaining fiscal 2021 employee-related charges were paid during fiscal 2025.

Lease-related Impairments and Restructuring Plans

During the twelve months ended March 31, 2023, the Company initiated a restructuring plan to lower its operating expenses by reducing its global real estate footprint. As part of this plan, we exited a total of eight leased office spaces. Of those, five were located in the United States: one in Boston, one in Philadelphia, one in Phoenix, and two floors of leased office space in San Francisco. The three remaining spaces were located in Europe: one in the Netherlands, one floor of leased office space in London, England, and one floor of leased office space in Paris, France. During the twelve months ended March 31, 2025, we transitioned our London office from a sublease to a lease directly with the landlord and exited our offices in Singapore and Tokyo.

Based on a comparison of undiscounted cash flows to the ROU asset group of each exited lease, the Company determined that each of the ROU asset groups was impaired, driven largely by the difference between the existing lease terms and rates on the Company’s leases and the expected sublease terms and rates available in the market. This resulted in combined impairment charges totaling $26.5 million during the twelve months ended March 31, 2024 and March 31, 2023, reflecting the excess of the ROU asset group book value over its fair value, which was determined based on estimates of future discounted cash flows and is classified as Level 3 in the fair value hierarchy. The lease impairment charges included impairments of the operating lease ROU assets of $22.2 million, and the associated furniture, equipment, and leasehold improvements of $4.3 million. Additionally, the Company recorded $2.7 million in combined lease-related restructuring charges and adjustments during the twelve months ended March 31, 2023, 2024, and 2025 that covered other obligations related to the leased office spaces in San Francisco and Phoenix. Of the combined fiscal 2023, 2024, and 2025 lease-related restructuring charges of $2.7 million, $1.4 million remained accrued as of March 31, 2025 and will be satisfied over the remainder of the San Francisco lease terms, which continues through April 2029.

During the twelve months ended March 31, 2017, the Company made the strategic decision to exit and sub-lease a certain leased office facility under a staggered-exit plan. The full exit was completed in fiscal 2019. We intend to continue subleasing the facility to the extent possible. The liability will be satisfied over the remainder of the leased property's term, which continues through November 2025. Any future changes in the estimates or in the actual sublease income may require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded. Through March 31, 2025, the Company has recorded a total of $7.4 million of restructuring charges and adjustments related to this lease. Of the amount accrued for this facility lease, $0.5 million remained accrued at March 31, 2025.
Gains, Losses and Other Items, Net
 
The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): 
Twelve Months Ended March 31,
202520242023
Employee-related restructuring plan charges$7,940 $4,227 $7,792 
Lease-related restructuring plan charges and adjustments(72)(148)2,946 
ROU asset group impairments and adjustments85 1,946 24,599 
Goodwill impairment— 2,875 — 
Acquisition related costs40 2,795 (21)
Other— 13 — 
$7,993 $11,708 $35,316