Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

v3.25.3
Debt (Tables)
 6 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates:
September 30, 2025
Balance Interest Rate
Term loans (subject to variable interest rate)
 $ 419,908  12.05  %
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:
September 30, 2025 March 31, 2025
Revolver $ —  $ 411,000 
Term loans 419,908  — 
Less: Original issuance discount (14,344)
Less: Debt issuance costs (9,123) (2,313)
Total debt, net 396,441  408,687 
Less: Current portion of debt (2,688) — 
Long-term debt, net of debt discount and issuance costs
 $ 393,753  $ 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 September 30,
Six months ended September 30,
2025 2024 2025 2024
Interest expense, net $ (11,490) $ (8,722) $ (20,278) $ (16,562)
Unused line of credit fees and other (8) (54) (20) (163)
Total interest expense, net $ (11,498) $ (8,776) $ (20,298) $ (16,725)
Schedule of Maturities of Long-Term Debt
As of September 30, 2025, the future principal payments for the outstanding debt are as follows:
Future principal payments due for fiscal years ended March 31:
2026 $ — 
2027 8,064 
2028 10,752 
2029 10,752 
2030
 390,340 
Total payments
 $ 419,908 
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 six months ended September 30, 2025:
Derivative Liability
Balance as of March 31, 2025 $ — 
Issuance of 2025 Warrants 3,667 
Change in fair value 2,335 
Balance as of September 30, 2025
 $ 6,002