Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

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.

As of March 31, 2021, we do not have any leases which have not yet commenced. 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 sublease one of our office leases located in Bellevue, Washington with a lease term that will expire 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)	2021			2020
Operating leases expense	$	4,440		$	4,193
Finance lease expense:
Amortization of ROU assets		26			23
Interest on lease liabilities		5			6
Total finance lease expense		31			29
Variable lease costs		443			271
Short term lease expense		120			88
Sublease income		(129	)		—
Total lease expense	$	4,905		$	4,581

Other information related to leases for fiscal 2021 and 2020 was as follows:

	Year ended March 31,
Supplemental cash flow information	2021			2020
Cash paid for amounts included in the measurement of lease liabilities    (in thousands):
Operating cash flows for operating leases	$	5,987		$	4,873
Operating cash flows for finance leases		30			8
Financing cash flows for finance leases		24			24
ROU assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	1,573		$	2,734
Finance leases		—			17
Weighted average remaining lease terms
Operating leases		4.39			5.04
Finance leases		1.44			2.16
Weighted average discount rates
Operating leases		10.51	%		10.37	%
Finance leases		4.46	%		4.38	%

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, 2021:

Year ending (in thousands)	Operating leases (1)			Finance leases
2022	$	5,211		$	21
2023		3,494			5
2024		2,859			2
2025		2,144			—
2026		1,584			—
Thereafter		2,431			—
Total undiscounted future minimum lease payments		17,724			28
Less: difference between undiscounted lease payments and discounted lease    liabilities		(4,119	)		(3	)
Total lease liabilities	$	13,606		$	25

(1) Non-cancellable sublease proceeds for the fiscal years ending March 31, 2022, 2023, and 2024 of $0.7 million, $0.8 million, and $0.7 million, respectively, are not included in the table above.

Leases

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.

As of March 31, 2021, we do not have any leases which have not yet commenced. 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 sublease one of our office leases located in Bellevue, Washington with a lease term that will expire 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)	2021			2020
Operating leases expense	$	4,440		$	4,193
Finance lease expense:
Amortization of ROU assets		26			23
Interest on lease liabilities		5			6
Total finance lease expense		31			29
Variable lease costs		443			271
Short term lease expense		120			88
Sublease income		(129	)		—
Total lease expense	$	4,905		$	4,581

Other information related to leases for fiscal 2021 and 2020 was as follows:

	Year ended March 31,
Supplemental cash flow information	2021			2020
Cash paid for amounts included in the measurement of lease liabilities    (in thousands):
Operating cash flows for operating leases	$	5,987		$	4,873
Operating cash flows for finance leases		30			8
Financing cash flows for finance leases		24			24
ROU assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	1,573		$	2,734
Finance leases		—			17
Weighted average remaining lease terms
Operating leases		4.39			5.04
Finance leases		1.44			2.16
Weighted average discount rates
Operating leases		10.51	%		10.37	%
Finance leases		4.46	%		4.38	%

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, 2021:

Year ending (in thousands)	Operating leases (1)			Finance leases
2022	$	5,211		$	21
2023		3,494			5
2024		2,859			2
2025		2,144			—
2026		1,584			—
Thereafter		2,431			—
Total undiscounted future minimum lease payments		17,724			28
Less: difference between undiscounted lease payments and discounted lease    liabilities		(4,119	)		(3	)
Total lease liabilities	$	13,606		$	25

(1) Non-cancellable sublease proceeds for the fiscal years ending March 31, 2022, 2023, and 2024 of $0.7 million, $0.8 million, and $0.7 million, respectively, are not included in the table above.