LESSEE ACCOUNTING

3 Months Ended

Jun. 30, 2020

LESSEE ACCOUNTING [Abstract]

LESSEE ACCOUNTING

5. LESSEE ACCOUNTING

We lease office space for periods up to 6 years. We recognize our right-of-use assets as part of property, equipment and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $1.6 million as part of selling, general, and administrative expenses for each of the three months ended June 30, 2020, and 2019.

The following table provides supplemental information about the remaining lease terms and discount rates applied as of June 30, 2020, and March 31, 2020:

Lease term and Discount Rate	June 30, 2020			March 31, 2020
Weighted average remaining lease term (months)		36			38
Weighted average discount rate		3.9	%		3.9	%

The following table provides our future lease payments under our operating leases as of June 30, 2020 (in thousands):

	June 30, 2020
Remainder of the year ending March 31, 2021	$	3,899
Year ending March 31, 2022		4,287
Year ending March 31, 2023		3,093
Year ending March 31, 2024		1,248
Year ending March 31, 2025 and thereafter		814
Total lease payments	$	13,341
Less: interest		(733	)
Present value of lease liabilities	$	12,608