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Leases (Tables)
3 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Components of Lease Cost



 

 

 

 

 

 



 

 

 

 

Three Months Ended



 

 

Statement of Operations Location

 

June 30, 2020

Operating lease cost

 

 

(1)

 

$

10,472 

Finance lease cost

 

 

 

 

 

 

Amortization expense

 

 

Depreciation and amortization

 

 

79 

Interest expense

 

 

Interest expense, net

 

 

33 

Short-term lease cost

 

 

(1)

 

 

242 

Variable lease cost

 

 

(1)

 

 

1,842 

Sublease income

 

 

Other, net

 

 

(307)

Total lease cost

 

 

 

 

$

12,361 

(1)

Cost classification varies depending on the leased asset. Costs are primarily included within sales, marketing, general and administrative and cost of operations.  

Right-of-use Assets and Lease Liabilities



 

 

 

 

 

 



 

 

Balance Sheet Location

 

June 30, 2020

Right-of-use assets

 

 

 

 

 

 

Operating leases

 

 

Operating lease right-of-use assets, net

 

$

115,184 

Finance leases

 

 

Property and equipment, net

 

 

2,207 

Total right-of-use assets

 

 

 

 

$

117,391 



 

 

 

 

 

 

Lease liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Operating leases

 

 

Current portion of operating lease liabilities

 

$

32,753 

Finance leases

 

 

Current portion of long-term debt

 

 

592 

Noncurrent liabilities

 

 

 

 

 

 

Operating leases

 

 

Long-term operating lease liabilities

 

 

95,514 

Finance leases

 

 

Long-term debt, excluding current portion

 

 

1,640 

Total lease liabilities

 

 

 

 

$

130,499 



Supplemental Cash Flow Information



 

 

 

 

 

 



 

Three Months Ended June 30, 2020



 

Operating Leases

 

 

Finance Leases

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash flows

 

$

10,260 

 

$

33 

Financing cash flows

 

$

 —

 

$

179 

Non-cash activities

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease liabilities  (1)

 

$

11,377 

 

$

363 

(1)

Amounts exclude the impact of adopting ASC 842. See Note 2, Significant Accounting Policies.  

Lease Liability Maturities

Maturities of lease liabilities by fiscal year as of June 30, 2020 are as follows:





 

 

 

 

 

 

 

 

 



 

Operating Leases

 

 

Finance Leases

 

 

Total

Remainder of 2021

 

$

30,941 

 

$

529 

 

$

31,470 

2022

 

 

36,708 

 

 

664 

 

 

37,372 

2023

 

 

27,558 

 

 

485 

 

 

28,043 

2024

 

 

19,027 

 

 

468 

 

 

19,495 

2025

 

 

13,959 

 

 

390 

 

 

14,349 

2026 and thereafter

 

 

25,477 

 

 

 —

 

 

25,477 

Total lease liabilities, undiscounted

 

 

153,670 

 

 

2,536 

 

 

156,206 

Less: Imputed interest

 

 

25,403 

 

 

304 

 

 

25,707 

Total lease liabilities

 

$

128,267 

 

$

2,232 

 

$

130,499 

Maturities of lease liabilities by fiscal year as of March 31, 2020 were as follows:





 

 

 

 

 

 

 

 

 



 

Operating Leases

 

 

Finance Leases

 

 

Total

2021

 

$

40,476 

 

$

468 

 

$

40,944 

2022

 

 

34,750 

 

 

468 

 

 

35,218 

2023

 

 

23,761 

 

 

468 

 

 

24,229 

2024

 

 

15,393 

 

 

468 

 

 

15,861 

2025

 

 

10,780 

 

 

390 

 

 

11,170 

2026 and thereafter

 

 

15,850 

 

 

 —

 

 

15,850 

Total lease liabilities, undiscounted

 

$

141,010 

 

$

2,262 

 

$

143,272 



Other Information Related to Leases



 

 

 

 

 

 

 



 

 

Operating Leases

 

Finance Leases

Weighted-average remaining lease term

 

 

5.01 years

 

 

4.09 years

 

Weighted-average discount rate

 

 

7.40 

%

 

6.56 

%