Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Letters of Credit, Bank Guarantees, and Other Commitments
At March 31, 2025, and 2024, the Company had in place letter of credit guarantees and performance bonds securing performance obligations of the Company. These arrangements totaled approximately $13,174 and $13,258 as of March 31, 2025, and 2024, respectively. Of this amount, $789 and $518 is secured by cash deposits at the Company's financial institutions at March 31, 2025, and 2024, respectively, and an additional $2,108 and $2,260, respectively, represents a reduction of the available amount of the Company's short term and long-term revolving lines of credit. Included in prepaid expenses and other current assets at March 31, 2025 and 2024, was approximately $1,885 and $1,800, respectively, of cash deposits pledged as collateral on performance bonds and letters of credit. In addition to the $13,174 and $13,258 above, our Indian subsidiary also has $4,247 and $4,355 in non-collateralized customs bonds outstanding at March 31, 2025 and 2024, respectively, to secure the Company's customs and duties obligations in India.
The Company has entered into information technology service agreements with several vendors. The service fees expense amounted to $4,857, $4,018, and $1,332 in fiscal 2025, 2024, 2023, respectively. The future annual service fees under the service agreements are as follows for the fiscal years ended March 31:
Changes in the Company's warranty reserve are as follows:
Legal Proceedings
We are involved in various legal and administrative proceedings that arise from time to time in the ordinary course of doing business. Some of these proceedings may result in fines, penalties or judgments being assessed against us, which may adversely affect our financial results. In addition, from time to time, we are involved in various disputes, which may or may not be settled prior to legal proceedings being instituted and which may result in losses in excess of accrued liabilities, if any, relating to such unresolved disputes. As of March 31, 2025, we have established an estimated liability associated with the aforementioned disputes. Expenses related to litigation reduce operating income. We do not believe that the outcome of any of these proceedings or disputes would have a material adverse effect on our financial position, long-term results of operations, or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flows in any one reporting period. Refer to Note 10, "Accrued Liabilities" for more information regarding our accruals related to these proceedings.
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