Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
3 Months Ended
Jun. 30, 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 June 30, 2021, the weighted average remaining lease term was 5.8 years and the weighted average discount rate was 7.1%. The Company does not have any finance leases as of June 30, 2021.
The Company also has subleases of former offices which expire at various dates from fiscal 2022 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.6 million and $1.2 million for the three months ended June 30, 2021 and 2020, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended June 30,

2021 2020
Operating lease expense (1)
$ 2,469  $ 2,643 
Short-term lease expense $ 195  $ 68 
Variable lease expense $ 161  $ 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,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities $ 3,191  $ 3,032 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 7,533  $ — 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of June 30, 2021, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2022 $ 9,809 
2023 12,906 
2024 11,800 
2025 8,642 
2026 5,987 
Thereafter 14,418 
Total operating lease payments (1)
63,562 
Less: imputed interest (10,319)
Total operating lease liabilities $ 53,243 
_________________
(1) Presented gross of sublease income.
As of June 30, 2021, the Company had commitments of $6.6 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 2 to 10 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 June 30, 2021, the weighted average remaining lease term was 5.8 years and the weighted average discount rate was 7.1%. The Company does not have any finance leases as of June 30, 2021.
The Company also has subleases of former offices which expire at various dates from fiscal 2022 to fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.6 million and $1.2 million for the three months ended June 30, 2021 and 2020, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended June 30,

2021 2020
Operating lease expense (1)
$ 2,469  $ 2,643 
Short-term lease expense $ 195  $ 68 
Variable lease expense $ 161  $ 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,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities $ 3,191  $ 3,032 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 7,533  $ — 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of June 30, 2021, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2022 $ 9,809 
2023 12,906 
2024 11,800 
2025 8,642 
2026 5,987 
Thereafter 14,418 
Total operating lease payments (1)
63,562 
Less: imputed interest (10,319)
Total operating lease liabilities $ 53,243 
_________________
(1) Presented gross of sublease income.
As of June 30, 2021, the Company had commitments of $6.6 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 2 to 10 years.