LEASES

12 Months Ended

Mar. 31, 2022

Operating Leases

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


	March 31, 2022		March 31, 2021
Assets
Operating lease, right-of-use assets	$	63,415	$	66,664

Liabilities
Operating lease liabilities, current	$	15,485	$	12,942
Operating lease liabilities, non-current	74,518		82,456
Total operating lease liabilities	$	90,003	$	95,398

The components of lease expense were as follows:


	For the years ended March 31,
	2022	2021
Operating lease expense	13,482	$	15,210
Variable lease expense	3,837	2,462

Short-term lease expense was immaterial during the years ended March 31, 2022 and 2021.

Cash outflows from operating leases were $17.3 million and $9.9 million, respectively, for the years ended March 31, 2022 and 2021.

The following table presents supplemental lease information:

March 31, 2022

March 31, 2021

Weighted average remaining lease term

7.4 years

8.4 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, 2022:


2023	$	18,692
2024	13,697
2025	12,537
2026	11,339
2027	10,032
Thereafter	38,617
Total lease payments	104,914
Less: imputed interest	(14,911)
Present value of lease liabilities	$	90,003

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 was released from all of its obligations under the lease and the related standby letter of credit, which is secured by restricted cash of $0.8 million, is expected to be released during the first quarter of fiscal 2023. 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 were 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, were recorded in Other accrued liabilities in the Company's consolidated balance sheet as of March 31, 2021. These obligations were subsequently paid during fiscal 2022, and there are no obligations remaining as of March 31, 2022.