LESSEE ACCOUNTING

9 Months Ended

Dec. 31, 2020

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 $1.5 million and $1.6 million for the three months ending December 31, 2020, and December 31, 2019, respectively, and $4.6 million and $4.7 million for the nine months ending December 31, 2020, and December 31, 2019, respectively, as part of selling, general, and administrative expenses.

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

Lease term and Discount Rate	December 31, 2020			March 31, 2020
Weighted average remaining lease term (months)		33			38
Weighted average discount rate		3.8	%		3.9	%

The following table provides our future lease payments under our operating leases as of December 31, 2020 (in thousands):

	December 31, 2020
Remainder of the year ending March 31, 2021	$	967
Year ending March 31, 2022		4,390
Year ending March 31, 2023		3,166
Year ending March 31, 2024		1,323
Year ending March 31, 2025 and thereafter		917
Total lease payments	$	10,763
Less: interest		(530	)
Present value of lease liabilities	$	10,233