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Leases

3 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2030. As of June 30, 2020, the weighted average remaining lease term was 5.7 years and the weighted average discount rate was 7.6%. The Company does not have any finance leases as of June 30, 2020.

The Company also has subleases of former offices which expire at various dates from fiscal 2021 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $1.2 million and $1.1 million for the three months ended June 30, 2020 and 2019, respectively.

The following table presents information about leases on its condensed consolidated statement of operations (in thousands):



		Three Months Ended June 30, 2020
Operating lease expense ⁽¹⁾		$	2,643
Short-term lease expense		$	68
Variable lease expense		$	200

_________________

⁽¹⁾Presented gross of sublease income.

The following table presents supplemental cash flow information about the Company’s leases (in thousands):



		Three Months Ended June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities		$	3,032
Operating lease assets obtained in exchange for new operating lease liabilities		$	—

As of June 30, 2020, remaining maturities of lease liabilities were as follows (in thousands):



Fiscal Years Ending March 31,		Amount
2021		$	12,768
2022		10,646
2023		10,466
2024		9,374
2025		5,464
Thereafter		11,566
Total operating lease payments ⁽¹⁾		60,284
Less: imputed interest		(11,602		)
Total operating lease liabilities		$	48,682

_________________

⁽¹⁾Presented gross of sublease income.

As of June 30, 2020, the Company had commitments of $5.0 million for an office space operating lease that has not yet commenced, and therefore is not included in the right-of-use asset or operating lease liability. This operating lease is expected to commence during the fiscal year ended March 31, 2021 and with a lease term of 10 years.

As previously disclosed in the Company’s Annual Report, and under previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases, as of March 31, 2020, were as follows (in thousands):



Fiscal Years Ending March 31,		Amount
2021		$	14,210
2022		11,663
2023		11,235
2024		10,864
2025		8,020
Thereafter		16,331
Total future contractual payments ⁽¹⁾		$	72,323

_________________

⁽¹⁾Presented gross of sublease income.

Under ASC 840, total rent expense under operating leases during the three months ended June 30, 2019 was $3.3 million.

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2030. As of June 30, 2020, the weighted average remaining lease term was 5.7 years and the weighted average discount rate was 7.6%. The Company does not have any finance leases as of June 30, 2020.

The Company also has subleases of former offices which expire at various dates from fiscal 2021 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $1.2 million and $1.1 million for the three months ended June 30, 2020 and 2019, respectively.

The following table presents information about leases on its condensed consolidated statement of operations (in thousands):



		Three Months Ended June 30, 2020
Operating lease expense ⁽¹⁾		$	2,643
Short-term lease expense		$	68
Variable lease expense		$	200

_________________

⁽¹⁾Presented gross of sublease income.

The following table presents supplemental cash flow information about the Company’s leases (in thousands):



		Three Months Ended June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities		$	3,032
Operating lease assets obtained in exchange for new operating lease liabilities		$	—

As of June 30, 2020, remaining maturities of lease liabilities were as follows (in thousands):



Fiscal Years Ending March 31,		Amount
2021		$	12,768
2022		10,646
2023		10,466
2024		9,374
2025		5,464
Thereafter		11,566
Total operating lease payments ⁽¹⁾		60,284
Less: imputed interest		(11,602		)
Total operating lease liabilities		$	48,682

_________________

⁽¹⁾Presented gross of sublease income.

As of June 30, 2020, the Company had commitments of $5.0 million for an office space operating lease that has not yet commenced, and therefore is not included in the right-of-use asset or operating lease liability. This operating lease is expected to commence during the fiscal year ended March 31, 2021 and with a lease term of 10 years.

As previously disclosed in the Company’s Annual Report, and under previous lease accounting standard ASC 840, the aggregate future non-cancelable minimum rental payments on its operating leases, as of March 31, 2020, were as follows (in thousands):



Fiscal Years Ending March 31,		Amount
2021		$	14,210
2022		11,663
2023		11,235
2024		10,864
2025		8,020
Thereafter		16,331
Total future contractual payments ⁽¹⁾		$	72,323

_________________

⁽¹⁾Presented gross of sublease income.

Under ASC 840, total rent expense under operating leases during the three months ended June 30, 2019 was $3.3 million.