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LEASES

12 Months Ended

Mar. 31, 2021

Operating Leases

The following table provides balance sheet information related to operating leases:


	March 31, 2021		March 31, 2020
Assets
Operating lease, right-of-use assets	$	66,664	$	78,963

Liabilities
Operating lease liabilities, current	$	12,942	$	5,875
Operating lease liabilities, non-current	82,456		92,452
Total operating lease liabilities	$	95,398	$	98,327

The components of lease expense were as follows:


	For the years ended March 31,
	2021		2020
Operating lease expense	$	15,210	$	14,971
Variable lease expense	2,462		1,602

Short-term lease expense was immaterial during the years ended March 31, 2021 and 2020.

Cash outflows from operating leases were $9.9 million and $9.9 million, respectively, for the years ended March 31, 2021 and 2020.

The following table presents supplemental lease information:

March 31, 2021

March 31, 2020

Weighted average remaining lease term

8.4 years

8.9 years

Weighted average discount rate

4.0%

The following table presents maturity of lease liabilities under the Company's non-cancellable operating leases as of March 31, 2021:


2022	$	16,341
2023	15,155
2024	11,845
2025	11,508
2026	10,507
Thereafter	47,693
Total lease payments	113,049
Less: imputed interest	(17,651)
Present value of lease liabilities	$	95,398

Lease Assignment

In the fourth quarter of fiscal 2018, the Company entered into a 132-month lease agreement (the "Agreement") with CAP Phase I, a Delaware limited liability company (the "Landlord"), to rent approximately 162,000 square feet of office space in a new building in San Jose, California. The lease term began on January 1, 2019. On April 30, 2019, due to the Company's rapid growth and greater than anticipated future space needs, the Company entered into an assignment and assumption (the "Assignment") of the Agreement with the Landlord, and Roku Inc., a Delaware corporation ("Roku"), whereby the Company assigned to Roku the Agreement. Pursuant to the Assignment, the Company expects to be released from all of its obligations under the lease and related standby letter of credit by the end of the Company’s year ending March 31, 2022, or shortly thereafter. The Company received the reimbursement of base rent and direct expenses of $6.4 million from Roku in the fourth quarter of fiscal 2021 in accordance with the Assignment. The obligations related to the Agreement are not included in the right-of-use asset or lease liabilities as of March 31, 2021. The remaining obligations related to the Assignment of $0.8 million, including the termination fee of $0.8 million, are recorded in Other accrued liabilities in the Company's Consolidated balance sheet.