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Leases
12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

6. Leases

We have operating lease agreements for our offices in the United States and India with lease periods expiring between 2022 and 2026.  

Total operating lease costs were $6,549, $9,190, and $10,309 for the years ended March 31, 2022, 2021, and 2020, respectively. Components of operating lease costs are summarized as follows:

 

 

 

Twelve Months Ended March 31,

 

 

 

2022

 

 

2021

 

Operating lease costs

 

$

6,328

 

 

$

8,235

 

Short-term lease costs

 

 

8

 

 

 

25

 

Variable lease costs

 

 

774

 

 

 

1,444

 

Less: Sublease income

 

 

(561

)

 

 

(514

)

Total operating lease costs

 

$

6,549

 

 

$

9,190

 

 

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

 

 

 

Twelve Months Ended March 31,

 

 

 

2022

 

 

2021

 

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

 

$

13,766

 

 

$

18,651

 

Operating lease assets obtained in exchange for operating lease liabilities

 

 

1,610

 

 

 

3,107

 

 

As of March 31, 2022, our operating leases had a weighted average remaining lease term of 2.7 years and a weighted average discount rate of 3.7%. Future minimum aggregate lease payments under operating leases as of March 31, 2022 are summarized as follows:

 

For the year ended March 31,

 

 

 

 

2023

 

$

8,815

 

2024

 

 

6,886

 

2025

 

 

4,388

 

2026

 

 

1,257

 

Total future lease payments

 

 

21,346

 

Less interest

 

 

(1,323

)

Total lease liabilities

 

$

20,023

 

 

During the year ended March 31, 2022, we vacated portions of certain leased locations and recorded impairments of $3,906 to our right-of-use assets and certain related fixed assets associated with the vacated locations, or portions thereof, in Irvine, Horsham, Atlanta, Fairport, Hunt Valley, Bangalore, and St. Louis based on projected sublease rental income and estimated sublease commencement dates. The impairment analyses were performed at the asset group level and the impairment charges were estimated by comparing the fair value of each asset group based on the expected cash flows to its respective book value. We determined the discount rate for each asset group 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 asset group and actual results could vary from the estimates, resulting in potential future adjustments to amounts previously recorded.

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.

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.