Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
3 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2023 to 2032. As of June 30, 2022, the weighted average remaining lease term was 5.8 years and the weighted average discount rate was 5.2%. The Company does not have any finance leases as of June 30, 2022.
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 $0.6 million for the three months ended June 30, 2022 and 2021, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended June 30,

2022 2021
Operating lease expense (1)
$ 2,924  $ 2,469 
Short-term lease expense $ 364  $ 195 
Variable lease expense $ 269  $ 161 
_________________
(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,
2022 2021
Cash paid for amounts included in the measurement of lease liabilities $ 3,844  $ 3,191 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 116  $ 7,533 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.
As of June 30, 2022, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2023 $ 11,222 
2024 14,404 
2025 11,418 
2026 8,552 
2027 7,655 
Thereafter 13,393 
Total operating lease payments (1)
66,644 
Less: imputed interest (7,560)
Total operating lease liabilities $ 59,084 
_________________
(1) Presented gross of sublease income.
As of June 30, 2022, the Company had commitments of $35.1 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, 2023 through March 31, 2025, with lease terms ranging from 3 to 10 years.
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2023 to 2032. As of June 30, 2022, the weighted average remaining lease term was 5.8 years and the weighted average discount rate was 5.2%. The Company does not have any finance leases as of June 30, 2022.
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 $0.6 million for the three months ended June 30, 2022 and 2021, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended June 30,

2022 2021
Operating lease expense (1)
$ 2,924  $ 2,469 
Short-term lease expense $ 364  $ 195 
Variable lease expense $ 269  $ 161 
_________________
(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,
2022 2021
Cash paid for amounts included in the measurement of lease liabilities $ 3,844  $ 3,191 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 116  $ 7,533 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.
As of June 30, 2022, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2023 $ 11,222 
2024 14,404 
2025 11,418 
2026 8,552 
2027 7,655 
Thereafter 13,393 
Total operating lease payments (1)
66,644 
Less: imputed interest (7,560)
Total operating lease liabilities $ 59,084 
_________________
(1) Presented gross of sublease income.
As of June 30, 2022, the Company had commitments of $35.1 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, 2023 through March 31, 2025, with lease terms ranging from 3 to 10 years.