Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.1
Leases
 12 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases
Leases
The Company has entered into various non-cancellable operating lease agreements for certain offices. These leases currently have lease periods expiring between fiscal years 2024 and 2026. The lease agreements may include one or more options to renew. Renewals were not assumed in the Company's determination of the lease term unless the renewals were deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, weighted-average lease term, and discount rate are detailed below.
Schedule, by fiscal year, of maturities of lease liabilities as of:
 
 
March 31, 2020
Fiscal year 2021
 
$
1,390

Fiscal year 2022
 
1,493

Fiscal year 2023
 
1,549

Fiscal year 2024
 
1,374

Fiscal year 2025
 
1,081

Thereafter
 
882

Total undiscounted cash flows
 
7,769

(Less imputed interest)
 
(1,137
)
Present value of lease liabilities
 
$
6,632


    
The current portion of our lease liabilities, payable within the next 12 months, is included in other current liabilities and the long-term portion of our lease liabilities is included in other non-current liabilities on our Consolidated Balance Sheets.

Associated with this financial liability, the Company has recorded a right-of-use asset of $4,237, which is calculated using the present value of lease liabilities less any lease incentives received from our landlords and any deferred rent liability balance as of the date of implementation. The discount rates used to calculate the imputed interest above range from 5.50% to 6.75% and the weighted-average remaining lease term is 5.29 years.