Annual report [Section 13 and 15(d), not S-K Item 405]

FIXED ASSETS, NET

v3.25.1
FIXED ASSETS, NET
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
FIXED ASSETS, NET FIXED ASSETS, NET
As of March 31, 2025 and 2024, fixed assets, net of the Company included the following:
March 31, 2025 March 31, 2024
Buildings $ 36,270  $ 25,241 
Office equipment 29,293  18,552 
Telecommunications network infrastructure 37,663  — 
Construction in progress 40,002  8,165 
Processing and storage data centers 21,848  13,316 
Capital expenditures on leasehold improvements 12,789  7,941 
Furniture 12,045  9,234 
Land 11,820  10,938 
Vehicles 9,021  1,591 
Other 5,584  2,985 
Less: Accumulated depreciation (25,232) (14,961)
Total fixed assets, net $ 191,103  $ 83,002 
Depreciation expense totaled $12,138, $6,806 and $4,083 for the years ended March 31, 2025, 2024 and 2023, respectively.
During the year ended March 31, 2025, the Company capitalized $37.7 million related to telecommunications network infrastructure, primarily consisting of the installation and expansion of fiber-optic communication lines and related supporting equipment. This asset class was not present in the comparative period.
Construction in progress as of March 31, 2025 and March 31, 2024, was $40.0 million and $8.2 million, respectively, and primarily includes costs related to the installation of fiber-optic communication lines, including construction services, labor, travel expenses, and materials to be capitalized upon acceptance.