Leases (Tables)

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Lease Expense

The Company recognizes rent expense on a straight-line basis over the non-cancelable term of its operating leases. The components of operating lease and short-term lease expenses were as follows (in thousands):

	Year Ended March 31,
	2022		2021		2020
Operating lease cost	$	2,914	$	2,914	$	2,496
Short-term lease cost	1,710		5		—
Variable lease cost (1)	1,171		538		225
Total operating lease cost	$	5,795	$	3,457	$	2,721

(1) Variable lease cost includes common area maintenance and utilities costs that are not included in operating lease liabilities and are expensed as incurred, and maintenance and one-time charges related to the short-term leases.

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities was as follows (in thousands):

	Year Ended March 31,
	2022		2021		2020
Cash paid for operating lease liabilities	$	3,028	$	2,939	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	12,237

Maturities of Operating Lease Liabilities

As of March 31, 2022, maturities of operating lease liabilities were as follows (in thousands):

Years Ended March 31,
2023	$	3,127
2024	3,053
2025	2,409
2026	2,482
Thereafter	416
Total lease payments	11,487
Less imputed interest (1)	(2,298)
Present value of future minimum lease payments	9,189
Less operating lease liability, current portion	(2,148)
Operating lease liability, long-term portion	$	7,041

(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.