Leases (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Leases |
|
| Schedule of Company's minimum rental revenue to be received under operating leases |
At September 30, 2023, the Company’s minimum rental revenue to be received under operating leases were as follows (in thousands):
|
|
|
|
|
|
|
Operating |
|
Year Ending March 31, |
|
Leases |
|
2024 (remainder of fiscal year) |
|
$ |
1,856 |
|
2025 |
|
|
3,702 |
|
2026 |
|
|
2,422 |
|
2027 |
|
|
1,492 |
|
2028 |
|
|
1,380 |
|
Thereafter |
|
|
1,081 |
|
Total minimum rental revenue |
|
$ |
11,933 |
|
|
| Schedule of components of lease expense |
The components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Finance lease costs (1) |
$ |
197 |
|
$ |
— |
|
$ |
401 |
|
$ |
— |
Operating lease costs |
|
1,317 |
|
|
186 |
|
|
2,223 |
|
|
551 |
Total lease costs |
$ |
1,514 |
|
$ |
186 |
|
$ |
2,624 |
|
$ |
551 |
(1)Interest expense is included in finance lease costs
|
| Schedule of supplemental information related to the leases |
Supplemental balance sheet information related to the leases was as follows (dollars in thousands):
|
|
|
|
|
|
|
September 30, 2023 |
|
March 31, 2023 |
Finance lease right-of-use assets |
$ |
4,693 |
|
$ |
4,529 |
Operating lease right-of-use assets |
|
14,146 |
|
|
8,808 |
Total right-of-use assets |
$ |
18,839 |
|
$ |
13,337 |
|
|
|
|
|
|
Finance lease liability, current |
$ |
934 |
|
$ |
773 |
Operating lease liability, current |
|
3,834 |
|
|
2,492 |
Finance lease liability, non-current |
|
2,794 |
|
|
2,903 |
Operating lease liability, non-current |
|
10,596 |
|
|
6,588 |
Total lease liabilities |
$ |
18,158 |
|
$ |
12,756 |
|
|
|
|
|
|
Finance leases: |
|
|
|
|
|
Weighted average remaining lease life |
|
1.90 years |
|
|
2.27 years |
Weighted average discount rate |
|
13.00% |
|
|
13.00% |
Operating leases: |
|
|
|
|
|
Weighted average remaining lease life |
|
4.71 years |
|
|
4.86 years |
Weighted average discount rate |
|
12.00% |
|
|
12.00% |
Supplemental cash flow information related to the leases was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Six Months Ended September 30, |
|
2023 |
|
2022 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
Finance cash flows from finance leases |
$ |
714 |
|
$ |
— |
Operating cash flows from finance leases |
$ |
18 |
|
$ |
— |
Operating cash flows from operating leases |
$ |
2,210 |
|
$ |
598 |
Right-of-use assets obtained in exchange for lease obligations |
|
|
|
|
|
Finance leases |
$ |
447 |
|
$ |
— |
Operating leases |
$ |
6,901 |
|
$ |
3,590 |
|
| Schedule of maturities of operating lease liabilities |
At September 30, 2023, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
Finance |
|
Operating |
|
|
Leases |
|
Leases |
2024 (remainder of fiscal year) |
|
$ |
565 |
|
$ |
2,720 |
2025 |
|
|
1,112 |
|
|
5,380 |
2026 |
|
|
2,059 |
|
|
4,368 |
2027 |
|
|
252 |
|
|
1,747 |
2028 |
|
|
— |
|
|
1,636 |
Thereafter |
|
|
— |
|
|
3,219 |
Total lease payments |
|
$ |
3,988 |
|
$ |
19,070 |
Less: imputed interest |
|
|
(260) |
|
|
(4,640) |
Present value of lease liabilities |
|
$ |
3,728 |
|
$ |
14,430 |
|