LEASES

9 Months Ended

Dec. 31, 2023

Leases

Lessee Arrangements

Operating Leases

We lease real estate and equipment used in operations from third parties. As of December 31, 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 December 31, 2023.

Maturity of Operating Leases


	Operating Leases
Remaining 2024	$	4,788
2025	44,993
2026	52,663
2027	50,284
2028	49,650
Thereafter	374,473
Total	576,851
Less: present value discount	(156,744)
Operating lease liabilities	$	420,107

As of December 31, 2023, the Company has entered into operating leases for additional office space that have not yet commenced for approximately $20.1 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 December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Operating lease expense	$	15,312	$	9,152	$	41,120	$	24,959
Variable lease expense (1)	4,070		3,756		14,783		13,000
Short-term lease expense	42		49		150		136
Less: Sublease income	(422)		(105)		(635)		(168)
Total lease costs	$	19,002	$	12,852	$	55,418	$	37,927

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

Weighted-average details


	December 31,
	2023		2022
Weighted-average remaining lease term (years)	12		11
Weighted-average discount rate	5.2	%	3.7	%

Supplemental cash flow information related to leases:


	Nine Months Ended December 31,
	2023		2022
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities	$	25,657	$	27,165

Non-cash activity:
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities	$	19,514	$	108,570
Change in Operating lease right-of-use assets due to remeasurement	26,211		1,357