LEASES

3 Months Ended

Jun. 30, 2023

Leases

Lessee Arrangements

Operating Leases

We lease real estate and equipment used in operations from third parties. As of June 30, 2023, the remaining term of our operating leases ranged from 1 to 16 years with various automatic extensions.

The following table outlines the maturity of our existing operating lease liabilities on a fiscal year-end basis as of June 30, 2023.

Maturity of Operating Leases


	Operating Leases
Remaining 2024	$	25,954
2025	46,139
2026	51,201
2027	47,936
2028	47,212
Thereafter	370,585
Total	589,027
Less: present value discount	(159,942)
Operating lease liabilities	$	429,085

As of June 30, 2023, the Company has entered into an operating lease for additional office space that has not yet commenced for approximately $1.4 million. This operating lease will commence during fiscal year 2024 with a lease term of 12 years.

Lease costs


	Three Months Ended June 30,
		2023		2022
Operating lease expense		$	12,423	$	7,236
Variable lease expense (1)		5,237		4,519
Short-term lease expense		46		35
Less: Sublease income		(303)		—
Total lease costs		$	17,403	$	11,790

(1)Primarily consists of payments for property taxes, common area maintenance and usage based operating costs.

Weighted-average details


	June 30,
	2023		2022
Weighted-average remaining lease term (years)	12		9
Weighted-average discount rate	5	%	3.3	%

Supplemental cash flow information related to leases:


	Three Months Ended June 30,
	2023		2022
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities	$	10,251	$	9,446

Non-cash activity:
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities	$	6,750	$	10,082
Change in Operating lease right-of-use assets due to remeasurement	46,168		(5,279)