Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating Lease Expense

For the year ended March 31, 2020, the components of operating lease expense for the Company’s Brisbane, California office space were as follows (in thousands):

	Amount
Operating lease cost	$	2,496
Variable lease cost (1)	225
Total operating lease cost	$	2,721

⁽¹⁾ Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred.

Maturities of Operating Lease Liabilities

As of March 31, 2020, maturities of operating lease liabilities for the Company’s Brisbane, California office space were as follows (in thousands):

Years Ended March 31,
2021	$	2,939
2022	3,028
2023	3,127
2024	3,053
2025	2,409
Thereafter	2,898
Total lease payments	17,454
Less imputed interest (1)	(4,942		)
Present value of future minimum lease payments	12,512
Less operating lease liability, current portion	(1,516		)
Operating lease liability, long-term portion	$	10,996

⁽¹⁾ The Company’s lease agreements do not provide an implicit rate. The imputed interest was determined using the Company’s incremental borrowing rate, which represents an estimated rate of interest that it would have to pay to borrow equivalent funds on a collateralized basis over a similar term at the lease inception date.

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities for its Brisbane, California office space was as follows for the year ended March 31, 2020 (in thousands):

	Amount
Cash paid for operating lease liabilities	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	12,237