Leases

12 Months Ended

Mar. 31, 2026

Note 6 — Leases

The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms that typically range from less than one year to 16 years, some of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognizes right-of-use assets and lease liabilities for such leases in accordance with ASC 842. The Company reports operating lease right-of-use assets in operating lease right-of-use assets and the current and non-current portions of its operating lease liabilities in accrued and other liabilities and non-current operating lease liabilities, respectively, in the consolidated balance sheets.

The Company’s finance leases consist primarily of satellite lifetime Ka-band capacity leases and have remaining terms from less than one year to 14 years. The Company reports assets obtained under finance leases in property, equipment and satellites, net and the current and non-current portions of its finance lease liabilities in current portion of long-term debt and other long-term debt, respectively, in the consolidated balance sheets.

The components of the Company's lease costs, weighted average lease terms and discount rates are presented in the tables below:


	Fiscal Years Ended
	March 31, 2026		March 31, 2025		March 31, 2024
	(In thousands)
Lease cost:
Operating lease cost	$	94,340	$	99,067	$	105,365
Finance lease cost:
Depreciation of assets obtained under finance leases		20,716		14,948		11,824
Interest on lease liabilities		15,764		6,514		2,018
Short-term lease cost		17,096		21,559		13,990
Variable lease cost		28,544		27,067		13,214
Net lease cost	$	176,460	$	169,155	$	146,411


	As of			As of			As of
	March 31, 2026			March 31, 2025			March 31, 2024
Lease term and discount rate:
Weighted average remaining lease term (in years):
Operating leases		8.2			8.5			7.3
Finance leases	13.4			13.5				2.4

Weighted average discount rate:
Operating leases		6.1	%		6.2	%		6.2	%
Finance leases		10.8	%		10.5	%		6.3	%

The following table details components of the consolidated statements of cash flows for operating and finance leases:


	Fiscal Years Ended
	March 31, 2026		March 31, 2025		March 31, 2024
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	89,248	$	92,600	$	93,350
Operating cash flows from finance leases		15,836		5,259		2,074
Financing cash flows from finance leases		20,692		15,176		11,941

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	71,548	$	94,350	$	29,035
Finance leases		1,150		145,625		1,946

The following table presents maturities of the Company’s lease liabilities as of March 31, 2026:


	Operating Leases		Finance Leases
	(In thousands)
Expected for fiscal year 2027	$	88,383	$	22,633
Expected for fiscal year 2028		82,856		19,633
Expected for fiscal year 2029		83,539		19,615
Expected for fiscal year 2030		79,729		19,630
Expected for fiscal year 2031		72,192		19,650
Thereafter		225,868		157,785
Total future lease payments required		632,567		258,946
Less: interest		141,606		119,994
Total	$	490,961	$	138,952

As of March 31, 2026, the Company had additional operating and finance leases that have not yet commenced, with total lease obligations of approximately $92.7 million. These operating and finance leases will commence between fiscal year 2027 and fiscal year 2030 with lease terms of three to 16 years.