LESSEE ACCOUNTING

3 Months Ended

Jun. 30, 2019

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 during the three months ended June 30, 2019.

Supplemental information about the remaining lease terms and discount rates applied as of June 30, 2019:

Lease term and Discount Rate	June 30, 2019
Weighted average remaining lease term (months)		36
Weighted average discount rate		4.1	%

Future lease payments under our operating leases as of June 30, 2019 (in thousands):

	June 30, 2019
Remainder of year ending March 31, 2020	$	3,637
Year ending March 31, 2021		4,471
Year ending March 31, 2022		3,029
Year ending March 31, 2023		2,064
Year ending March 31, 2024		293
Thereafter		-
Total lease payments	$	13,494
Less: Interest		(816	)
Present value of lease liabilities	$	12,678

As of June 30, 2019, we committed to two additional office leases that have not yet commenced with a total commitment of $1.5 million.