Leases

12 Months Ended

Mar. 31, 2024

6. Leases

The majority of our leases are comprised of real estate leases for our respective offices around the globe. Our finance leases consist of office equipment. We have no residual value guarantees or restrictions or covenants imposed by or associated with our active leases.

We do not have any related party leases. We have variable payments for expenses such as common area maintenance and taxes. We do not have variable payments that are based on an index or rate. As a result, we do not include variable payments in the calculation of the lease liability. Any variable costs are expensed as incurred.

We subleased one of our office leases located in Bellevue, Washington with a lease term that expired during fiscal year 2024.

The components of lease expenses, which are included in operating expenses in our Consolidated Statements of Operations, were as follows:


	Year ended March 31,
(In thousands)	2024			2023
Operating leases expense	$	5,842		$	5,301
Finance lease expense:
Amortization of ROU assets		2			3
Interest on lease liabilities		—			1
Total finance lease expense		2			4
Variable lease costs		470			700
Short term lease expense		258			300
Sublease income		(654	)		(789	)
Total lease expense	$	5,918		$	5,516

Other information related to leases for fiscal 2024 and 2023 was as follows:


	Year ended March 31,
Supplemental cash flow information	2024			2023
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows for operating leases	$	5,197		$	5,862
Operating cash flows for finance leases		5			6
Financing cash flows for finance leases		2			4
ROU assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	9,832		$	8,292
Weighted average remaining lease terms
Operating leases		6.69			7.59
Finance leases	—				0.58
Weighted average discount rates
Operating leases		7.05	%		6.44	%
Finance leases	—				4.50	%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the Consolidated Balance Sheet as of March 31, 2024:


(In thousands)	Operating leases
Fiscal year ending March 31,
2025	$	4,474
2026		5,163
2027		4,774
2028		4,538
2029		3,797
Thereafter		7,349
Total undiscounted future minimum lease payments		30,095
Less: difference between undiscounted lease payments and discounted lease liabilities		(6,203	)
Total lease liabilities	$	23,892