COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2019

COMMITMENTS AND CONTINGENCIES [Abstract]

9.	COMMITMENTS AND CONTINGENCIES

We lease office space to conduct our business. Annual rent expense relating to these operating leases was $5.2 million, $6.7 million, and $5.6 million for the years ended March 31, 2019, 2018 and 2017, respectively. As of March 31, 2019, the future minimum lease payments are due as follows (in thousands):

Operating Lease Contractual Obligations	(in thousands)

Year ending March 31, 2020	$	4,530
2021		4,026
2022		2,727
2023		2,025
2024 and thereafter		293
Operating lease obligations		13,601

Legal Proceedings

From time to time, we may be subject to legal proceedings that arise in the ordinary course of business. In the opinion of management, there was not at least a reasonable possibility that the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to loss contingencies for asserted legal and other claims. However, the outcome of legal proceedings and claims brought against us is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements for that reporting period could be materially adversely affected.

During the year ended March 31, 2019, we received distributions totaling $6.3 million from various claims we owned in customer bankruptcies, which were recognized within other income in our condensed consolidated statements of operations.