Leases

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2022 to 2032. As of December 31, 2021, the weighted average remaining lease term was 6.2 years and the weighted average discount rate was 5.7%. The Company does not have any finance leases as of December 31, 2021.

The Company has a sublease of a former office which expires in fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.8 million and $1.0 million for the three months ended December 31, 2021 and 2020, respectively, and $1.9 million and $3.3 million for the nine months ended December 31, 2021 and 2020, respectively.

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

	Three Months Ended December 31,				Nine Months Ended December 31, 2021
	2021		2020		2021		2020
Operating lease expense (1)	$	2,838	$	2,640	$	7,919	$	8,022
Short-term lease expense	$	258	$	174	$	699	$	524
Variable lease expense	$	202	$	205	$	574	$	549

_________________

(1) Presented gross of sublease income.

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

	Nine Months Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	9,912	$	10,251
Operating lease assets obtained in exchange for new operating lease liabilities (1)	$	25,151	$	2,600

_________________

(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2021, remaining maturities of lease liabilities were as follows (in thousands):

Fiscal Years Ending March 31,	Amount
2022	$	3,535
2023	14,987
2024	14,303
2025	11,323
2026	8,349
Thereafter	22,083
Total operating lease payments (1)	74,580
Less: imputed interest	(9,904)
Total operating lease liabilities	$	64,676

_________________

(1) Presented gross of sublease income.

As of December 31, 2021, the Company had commitments of $5.8 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use assets or operating lease liabilities. These operating leases are expected to commence during the fiscal years ended March 31, 2022 and March 31, 2023, with lease terms ranging from 5 to 6 years.

Leases

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2022 to 2032. As of December 31, 2021, the weighted average remaining lease term was 6.2 years and the weighted average discount rate was 5.7%. The Company does not have any finance leases as of December 31, 2021.

The Company has a sublease of a former office which expires in fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.8 million and $1.0 million for the three months ended December 31, 2021 and 2020, respectively, and $1.9 million and $3.3 million for the nine months ended December 31, 2021 and 2020, respectively.

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

	Three Months Ended December 31,				Nine Months Ended December 31, 2021
	2021		2020		2021		2020
Operating lease expense (1)	$	2,838	$	2,640	$	7,919	$	8,022
Short-term lease expense	$	258	$	174	$	699	$	524
Variable lease expense	$	202	$	205	$	574	$	549

_________________

(1) Presented gross of sublease income.

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

	Nine Months Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	9,912	$	10,251
Operating lease assets obtained in exchange for new operating lease liabilities (1)	$	25,151	$	2,600

_________________

(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2021, remaining maturities of lease liabilities were as follows (in thousands):

Fiscal Years Ending March 31,	Amount
2022	$	3,535
2023	14,987
2024	14,303
2025	11,323
2026	8,349
Thereafter	22,083
Total operating lease payments (1)	74,580
Less: imputed interest	(9,904)
Total operating lease liabilities	$	64,676

_________________

(1) Presented gross of sublease income.

As of December 31, 2021, the Company had commitments of $5.8 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use assets or operating lease liabilities. These operating leases are expected to commence during the fiscal years ended March 31, 2022 and March 31, 2023, with lease terms ranging from 5 to 6 years.