Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

v3.25.4
Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates:
December 31, 2025
Balance Interest Rate
Term loans (subject to variable interest rate)
 $ 375,000  11.68  %
March 31, 2025
Balance Interest Rate Unused Line Fee
Revolver (subject to variable interest rate) $ 411,000  8.17  % 0.35  %
Debt obligations on the consolidated balance sheets consist of the following:
December 31, 2025 March 31, 2025
Revolver $ —  $ 411,000 
Term loans 375,000  — 
Less: Original issuance discount (11,965)
Less: Debt issuance costs (8,067) (2,313)
Total debt, net 354,968  408,687 
Less: Current portion of debt (4,688) — 
Long-term debt, net of debt discount and issuance costs
 $ 350,280  $ 408,687 
Interest expense, net, and unused line of credit fees were recorded in interest expense, net, on the condensed consolidated statements of operations and comprehensive (loss) income, as follows:
Three months ended December 31,
Nine months ended December 31,
2025 2024 2025 2024
Interest expense, net $ (13,561) $ (7,900) $ (33,839) $ (24,462)
Unused line of credit fees and other —  (13) (20) (176)
Total interest expense, net $ (13,561) $ (7,913) $ (33,859) $ (24,638)
Schedule of Maturities of Long-Term Debt
As of December 31, 2025, the future principal payments for the outstanding debt are as follows:
Future principal payments due for fiscal years ended March 31:
2026 $ — 
2027 7,032 
2028 9,376 
2029 9,376 
2030
 349,216 
Total payments
 $ 375,000 
Schedule of Derivative Liabilities at Fair Value The table below is a summary of changes in the fair value of the Company’s valuations for the derivative liability for the nine months ended December 31, 2025:
Derivative Liability
Balance as of March 31, 2025 $ — 
Issuance of 2025 Warrants 3,667 
Change in fair value 735 
Balance as of December 31, 2025
 $ 4,402