Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
6 Months Ended
Sep. 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 September 30, 2021, the weighted average remaining lease term was 6.4 years and the weighted average discount rate was 5.8%. The Company does not have any finance leases as of September 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 $0.5 million and $1.1 million for the three months ended September 30, 2021 and 2020, respectively, and $1.1 million and $2.3 million for the six months ended September 30, 2021 and 2020, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30, Six Months Ended September 30, 2021

2021 2020 2021 2020
Operating lease expense (1)
$ 2,612  $ 2,739  $ 5,081  $ 5,382 
Short-term lease expense $ 238  $ 158  $ 433  $ 312 
Variable lease expense $ 386  $ 206  $ 547  $ 381 
_________________
(1) Presented gross of sublease income.
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Six Months Ended September 30,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities $ 6,513  $ 6,796 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 22,877  $ 150 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.
As of September 30, 2021, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2022 $ 6,913 
2023 14,902 
2024 13,842 
2025 10,574 
2026 7,684 
Thereafter 22,128 
Total operating lease payments (1)
76,043 
Less: imputed interest (10,458)
Total operating lease liabilities $ 65,585 
_________________
(1) Presented gross of sublease income.
As of September 30, 2021, the Company had commitments of $3.4 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 3 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 September 30, 2021, the weighted average remaining lease term was 6.4 years and the weighted average discount rate was 5.8%. The Company does not have any finance leases as of September 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 $0.5 million and $1.1 million for the three months ended September 30, 2021 and 2020, respectively, and $1.1 million and $2.3 million for the six months ended September 30, 2021 and 2020, respectively.
The following table presents information about leases on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30, Six Months Ended September 30, 2021

2021 2020 2021 2020
Operating lease expense (1)
$ 2,612  $ 2,739  $ 5,081  $ 5,382 
Short-term lease expense $ 238  $ 158  $ 433  $ 312 
Variable lease expense $ 386  $ 206  $ 547  $ 381 
_________________
(1) Presented gross of sublease income.
The following table presents supplemental cash flow information about the Company’s leases (in thousands):
Six Months Ended September 30,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities $ 6,513  $ 6,796 
Operating lease assets obtained in exchange for new operating lease liabilities (1)
$ 22,877  $ 150 
_________________
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.
As of September 30, 2021, remaining maturities of lease liabilities were as follows (in thousands):
Fiscal Years Ending March 31, Amount
2022 $ 6,913 
2023 14,902 
2024 13,842 
2025 10,574 
2026 7,684 
Thereafter 22,128 
Total operating lease payments (1)
76,043 
Less: imputed interest (10,458)
Total operating lease liabilities $ 65,585 
_________________
(1) Presented gross of sublease income.
As of September 30, 2021, the Company had commitments of $3.4 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 3 to 6 years.