LEASES

6 Months Ended

Sep. 30, 2023

Leases

Lessee Arrangements

Operating Leases

We lease real estate and equipment used in operations from third parties. As of September 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 September 30, 2023.

Maturity of Operating Leases


	Operating Leases
Remaining 2024	$	12,980
2025	45,382
2026	51,080
2027	48,870
2028	48,165
Thereafter	370,454
Total	576,931
Less: present value discount	(157,510)
Operating lease liabilities	$	419,421

As of September 30, 2023, the Company has entered into operating leases for additional office space that have not yet commenced for approximately $6.5 million. These operating leases will commence during fiscal year 2024 with a lease term of 5 years to 13 years.

Lease costs


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Operating lease expense	$	13,385	$	8,571	$	25,808	$	15,807
Variable lease expense (1)	5,476		4,725		10,713		9,244
Short-term lease expense	62		52		108		87
Less: Sublease income	90		(63)		(213)		(63)
Total lease costs	$	19,013	$	13,285	$	36,416	$	25,075

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

Weighted-average details


	September 30,
	2023		2022
Weighted-average remaining lease term (years)	12		9
Weighted-average discount rate	5.1	%	3.3	%

Supplemental cash flow information related to leases:


	Six Months Ended September 30,
	2023		2022
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities	$	17,562	$	18,292

Non-cash activity:
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities	$	13,735	$	19,219
Change in Operating lease right-of-use assets due to remeasurement	32,655		161