Leases

9 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2024 to 2033. As of December 31, 2023, the weighted average remaining lease term was 5.9 years and the weighted average discount rate was 4.5%. The Company did not have any finance leases as of December 31, 2023.

The Company has a sublease of a former office which expires in fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.6 million for the three months ended December 31, 2023 and 2022, and $1.7 million for the nine months ended December 31, 2023 and 2022.

The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Operating lease expense (1)	$	3,911	$	3,246	$	11,511	$	9,241
Short-term lease expense	$	505	$	450	$	1,550	$	1,299
Variable lease expense	$	410	$	281	$	1,103	$	659

_________________

(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,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	13,935	$	11,590
Operating lease assets obtained in exchange for new operating lease liabilities (1)	$	9,973	$	20,656

_________________

(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2023, remaining maturities of lease liabilities were as follows (in thousands):

Fiscal Years Ending March 31,	Amount
2024	$	5,023
2025	17,976
2026	14,610
2027	13,331
2028	8,961
Thereafter	23,618
Total operating lease payments (1)	83,519
Less: imputed interest	(9,229)
Total operating lease liabilities	$	74,290

_________________

(1) Presented gross of sublease income.

As of December 31, 2023, the Company had commitments of $78.8 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 fiscal 2025 through 2026 with a weighted average lease term of 10 years.

Leases

Leases

The Company leases office space under non-cancelable operating leases which expire at various dates from fiscal 2024 to 2033. As of December 31, 2023, the weighted average remaining lease term was 5.9 years and the weighted average discount rate was 4.5%. The Company did not have any finance leases as of December 31, 2023.

The Company has a sublease of a former office which expires in fiscal 2025. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.6 million for the three months ended December 31, 2023 and 2022, and $1.7 million for the nine months ended December 31, 2023 and 2022.

The following table presents information about leases on the condensed consolidated statements of operations (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Operating lease expense (1)	$	3,911	$	3,246	$	11,511	$	9,241
Short-term lease expense	$	505	$	450	$	1,550	$	1,299
Variable lease expense	$	410	$	281	$	1,103	$	659

_________________

(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,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	13,935	$	11,590
Operating lease assets obtained in exchange for new operating lease liabilities (1)	$	9,973	$	20,656

_________________

(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.

As of December 31, 2023, remaining maturities of lease liabilities were as follows (in thousands):

Fiscal Years Ending March 31,	Amount
2024	$	5,023
2025	17,976
2026	14,610
2027	13,331
2028	8,961
Thereafter	23,618
Total operating lease payments (1)	83,519
Less: imputed interest	(9,229)
Total operating lease liabilities	$	74,290

_________________

(1) Presented gross of sublease income.

As of December 31, 2023, the Company had commitments of $78.8 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 fiscal 2025 through 2026 with a weighted average lease term of 10 years.