Subsequent Events |
9 Months Ended |
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Dec. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company evaluated subsequent events through the issuance date of the accompanying condensed consolidated financial statements, which was February 7, 2024. There were no events or transactions during the subsequent event reporting period that required disclosure in the condensed consolidated financial statements, other than:
The Company entered into a Third Amendment to the New Credit Agreement on February 5, 2024 to provide further financing flexibility to fund growth initiatives and meet general corporate obligations. The Third Amendment to the New Credit Agreement amended the maximum consolidated secured net leverage covenant and the minimum consolidated net interest coverage covenant. In addition, it increased the limit of permitted, other investments, including equity investments and joint ventures from $20,000 in the aggregate in any fiscal year of the Company to $75,000 and increased the annual interest rate, which will be SOFR plus between 1.50% and 2.75%, based on the Company’s consolidated secured net leverage ratio. On February 5, 2024, the Company entered into an agreement with One Store Co., Ltd. (“One Store”), whereby the Company will invest $10,000 into One Store in exchange for shares of common stock of One Store, the largest alternative app store in South Korea. In addition, the Company agreed to make additional investments of $10,000 and $10,000 upon the achievement of two distinct performance milestones. Further, the Company agreed to invest $5,000 in a joint venture (“European Joint Venture”) upon achievement of the first above performance milestone and an additional $10,000 into the European Joint Venture upon achievement of the second performance milestone. It is anticipated that the Company would receive a 49.9% interest in the European Joint Venture. The Company expects to fund the initial investment of $10,000 during the three months ended March 31, 2024.
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