Leases

12 Months Ended

Mar. 31, 2025

6. Leases

The majority of our leases are comprised of real estate leases for our respective offices around the globe. Our finance leases in fiscal year 2024 consisted of office equipment. We have no residual value guarantees or restrictions or covenants imposed by or associated with our active leases.

As of March 31, 2025, we have an additional operating lease that has not yet commenced of approximately $0.9 million. This operating lease will commence in fiscal year 2027 with a lease term of approximately 2 years. We do not have any related party leases. We have variable payments for expenses such as common area maintenance and taxes. We do not have variable payments that are based on an index or rate. As a result, we do not include variable payments in the calculation of the lease liability. Any variable costs are expensed as incurred.

We subleased one of our office leases located in Bellevue, Washington with a lease term that expired during fiscal year 2024.

The components of lease expenses, which are included in operating expenses in our Consolidated Statements of Operations, were as follows:


	Year Ended March 31,
(In thousands)	2025		2024
Operating leases expense	$	5,084	$	5,842
Finance lease expense:
Amortization of ROU assets		—		2
Total finance lease expense		—		2
Variable lease costs		413		470
Short term lease expense		563		258
Sublease income		—		(654	)
Total lease expense	$	6,060	$	5,918

Other information related to leases for fiscal 2025 and 2024 was as follows:


	Year Ended March 31,
Supplemental cash flow information	2025			2024
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows for operating leases	$	5,467		$	5,197
Operating cash flows for finance leases	—				5
Financing cash flows for finance leases	—				2
ROU assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	2,351		$	9,832
Weighted average remaining lease terms
Operating leases		5.78			6.69
Weighted average discount rates
Operating leases		6.91	%		7.05	%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the Consolidated Balance Sheet as of March 31, 2025:


(In thousands)	Operating leases
Fiscal year ending March 31,
2026	$	5,883
2027		5,358
2028		4,998
2029		4,057
2030		1,730
Thereafter		5,844
Total undiscounted future minimum lease payments		27,870
Less: difference between undiscounted lease payments and discounted lease liabilities		(4,908	)
Total lease liabilities	$	22,962