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Leases
12 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

6. Leases

We have operating lease agreements for our offices in the United States and India with lease periods expiring between 2021 and 2026.  

Total operating lease costs were $9,190, $10,309, and $8,174 for the years ended March 31, 2021, 2020, and 2019, respectively. Components of operating lease costs are summarized as follows:

 

 

 

Fiscal Year Ended March 31,

 

 

 

2021

 

 

2020

 

Operating lease costs

 

$

8,235

 

 

$

9,558

 

Short-term lease costs

 

 

25

 

 

 

102

 

Variable lease costs

 

 

1,444

 

 

 

827

 

Less: Sublease income

 

 

(514

)

 

 

(178

)

Total operating lease costs

 

$

9,190

 

 

$

10,309

 

 

Supplemental cash flow information related to operating leases is summarized as follows:

 

 

 

Fiscal Year Ended March 31,

 

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

18,651

 

 

$

11,527

 

Operating lease assets obtained in exchange for operating lease liabilities

 

 

3,107

 

 

 

8,494

 

 

As of March 31, 2021, our operating leases had a weighted average remaining lease term of 3.1 years and a weighted average discount rate of 3.5%. Future minimum aggregate lease payments under operating leases as of March 31, 2021 are summarized as follows:

 

For the year ended March 31,

 

 

 

 

2022

 

$

13,725

 

2023

 

 

8,220

 

2024

 

 

6,272

 

2025

 

 

3,790

 

2026

 

 

1,257

 

Total future lease payments

 

 

33,264

 

Less interest

 

 

(2,076

)

Total lease liabilities

 

$

31,188

 

 

 

During the year ended March 31, 2021, as part of our response to the COVID-19 pandemic and ongoing cost reduction efforts, we vacated our Cary office, portions of our Irvine and Horsham offices, and the remainder of our San Diego office. We recorded impairments of $5,539 to our operating right-of-use assets and certain related fixed assets associated with the vacated locations based on projected sublease rental income and estimated sublease commencement dates and the remeasurement of our operating lease liabilities associated with the modification of certain lease expiration dates. The impairment analyses were performed by operating right-of-use asset and the impairment charges were estimated by comparing the fair value of each operating right-of-use asset based on the expected cash flows to its respective book value. We determined the discount rate for each lease based on the approximate interest rate on a collateralized basis with similar remaining terms and payments as of the impairment date. Significant judgment was required to estimate the fair value of each operating right-of-use asset and actual results could vary from the estimates, resulting in potential future adjustments to amounts previously recorded.

During the year ended March 31, 2020, we recorded impairments of $9,373 to our operating right-of-use assets and certain related fixed assets associated with the vacated locations, or portions thereof, in North Canton, San Diego, Horsham, St. Louis, Irvine, Atlanta, Brentwood, and Phoenix based on projected sublease rental income and estimated sublease commencement dates.