Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.4
Leases
9 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2032. As of December 31, 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 December 31, 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 $1.0 million and $1.2 million for the three months ended December 31, 2020 and 2019, respectively, and $3.3 million and $3.4 million for the nine months ended December 31, 2020 and 2019, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020
Operating lease expense (1)
$ 2,640  $ 8,022 
Short-term lease expense $ 174  $ 524 
Variable lease expense $ 205  $ 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, 2020
Cash paid for amounts included in the measurement of lease liabilities $ 10,251 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 2,600 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2020, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 3,181 
2022 12,073 
2023 11,406 
2024 10,412 
2025 7,196 
Thereafter 14,795 
Total operating lease payments (1)
59,063 
Less: imputed interest (10,866)
Total operating lease liabilities $ 48,197 
_________________
(1) Presented gross of sublease income.
As of December 31, 2020, the Company had commitments of $8.1 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, 2021 and March 31, 2022, with lease terms ranging from 1 to 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 and nine months ended December 31, 2019 were $3.5 million and $10.2 million, respectively.
Leases Leases
The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2021 to 2032. As of December 31, 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 December 31, 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 $1.0 million and $1.2 million for the three months ended December 31, 2020 and 2019, respectively, and $3.3 million and $3.4 million for the nine months ended December 31, 2020 and 2019, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020
Operating lease expense (1)
$ 2,640  $ 8,022 
Short-term lease expense $ 174  $ 524 
Variable lease expense $ 205  $ 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, 2020
Cash paid for amounts included in the measurement of lease liabilities $ 10,251 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 2,600 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2020, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2021 $ 3,181 
2022 12,073 
2023 11,406 
2024 10,412 
2025 7,196 
Thereafter 14,795 
Total operating lease payments (1)
59,063 
Less: imputed interest (10,866)
Total operating lease liabilities $ 48,197 
_________________
(1) Presented gross of sublease income.
As of December 31, 2020, the Company had commitments of $8.1 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, 2021 and March 31, 2022, with lease terms ranging from 1 to 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 and nine months ended December 31, 2019 were $3.5 million and $10.2 million, respectively.