Leases (Tables)
|
6 Months Ended |
Sep. 30, 2024 |
|---|
| Leases |
|
| Schedule of Company's minimum rental revenue to be received under operating leases |
At September 30, 2024, the Company’s minimum rental revenue to be received was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Leased |
|
Owned and |
Year Ending March 31, |
|
Assets |
|
Financed Assets |
2025 (remainder of fiscal year) |
|
$ |
1,807 |
|
$ |
5,510 |
2026 |
|
|
1,482 |
|
|
4,355 |
2027 |
|
|
— |
|
|
672 |
2028 |
|
|
— |
|
|
550 |
2029 |
|
|
— |
|
|
286 |
Thereafter |
|
|
— |
|
|
589 |
Total minimum rental revenue |
|
$ |
3,289 |
|
$ |
11,962 |
|
| 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, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Finance lease costs (1) |
|
$ |
184 |
|
$ |
197 |
|
$ |
375 |
|
$ |
401 |
Operating lease costs |
|
|
1,324 |
|
|
1,317 |
|
|
2,687 |
|
|
2,223 |
Total lease costs |
|
$ |
1,508 |
|
$ |
1,514 |
|
$ |
3,062 |
|
$ |
2,624 |
(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, |
|
March 31, |
|
|
2024 |
|
2024 |
Finance lease right-of-use assets |
|
$ |
4,089 |
|
$ |
4,391 |
Operating lease right-of-use assets |
|
|
10,326 |
|
|
12,279 |
Total right-of-use assets |
|
$ |
14,415 |
|
$ |
16,670 |
|
|
|
|
|
|
|
Finance lease liability, current |
|
$ |
926 |
|
$ |
964 |
Operating lease liability, current |
|
|
3,991 |
|
|
4,041 |
Finance lease liability, non-current |
|
|
1,854 |
|
|
2,300 |
Operating lease liability, non-current |
|
|
6,604 |
|
|
8,527 |
Total lease liabilities |
|
$ |
13,375 |
|
$ |
15,832 |
|
|
|
|
|
|
|
Finance leases: |
|
|
|
|
|
|
Weighted average remaining lease life |
|
|
0.91 years |
|
|
1.41 years |
Weighted average discount rate |
|
|
12.74% |
|
|
13.00% |
Operating leases: |
|
|
|
|
|
|
Weighted average remaining lease life |
|
|
4.35 years |
|
|
4.48 years |
Weighted average discount rate |
|
|
12.45% |
|
|
13.00% |
Supplemental cash flow information related to the leases was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 30, |
|
|
2024 |
|
2023 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
Finance cash flows from finance leases |
|
$ |
108 |
|
$ |
714 |
Operating cash flows from finance leases |
|
$ |
19 |
|
$ |
18 |
Operating cash flows from operating leases |
|
$ |
2,707 |
|
$ |
2,210 |
Right-of-use assets obtained in exchange for lease obligations |
|
|
|
|
|
|
Finance leases |
|
$ |
— |
|
$ |
447 |
Operating leases |
|
$ |
— |
|
$ |
6,901 |
|
| Schedule of maturities of operating lease liabilities |
At September 30, 2024, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
Finance |
|
Operating |
Year Ending March 31, |
|
Leases |
|
Leases |
2025 (remainder of fiscal year) |
|
$ |
551 |
|
$ |
2,673 |
2026 |
|
|
2,059 |
|
|
4,368 |
2027 |
|
|
251 |
|
|
1,747 |
2028 |
|
|
— |
|
|
1,636 |
2029 |
|
|
— |
|
|
1,337 |
Thereafter |
|
|
— |
|
|
1,882 |
Total lease payments |
|
$ |
2,861 |
|
$ |
13,643 |
Less: imputed interest |
|
|
(81) |
|
|
(3,048) |
Present value of lease liabilities |
|
$ |
2,780 |
|
$ |
10,595 |
|
| Schedule of maturities of finance lease liabilities |
At September 30, 2024, the Company’s minimum commitments under non-cancelable operating and finance leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
Finance |
|
Operating |
Year Ending March 31, |
|
Leases |
|
Leases |
2025 (remainder of fiscal year) |
|
$ |
551 |
|
$ |
2,673 |
2026 |
|
|
2,059 |
|
|
4,368 |
2027 |
|
|
251 |
|
|
1,747 |
2028 |
|
|
— |
|
|
1,636 |
2029 |
|
|
— |
|
|
1,337 |
Thereafter |
|
|
— |
|
|
1,882 |
Total lease payments |
|
$ |
2,861 |
|
$ |
13,643 |
Less: imputed interest |
|
|
(81) |
|
|
(3,048) |
Present value of lease liabilities |
|
$ |
2,780 |
|
$ |
10,595 |
|