XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

LEASES | 3 Months Ended
--- | ---
Jun. 30, 2022
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for its offices and fulfillment centers. Fulfillment and customer service centers and corporate office leases expire at various dates through 2038, excluding renewal options. On October 29, 2021, the Company entered into a lease agreement for a new office space in New York, New York which will become its new company headquarters. In accordance with the ASC 842 guidance, the lease is classified as an operating lease. This lease for office space is intended to replace our current headquarters in New York, New York. The new lease will require total lease payments of $39.8 million with a lease term of 16.5 years, excluding renewal options. Rent expense will be recorded on a straight-line basis over the lease term. Lease payments will be required beginning October 1, 2023, however, the Company took initial possession of the new headquarters on April 1, 2022 to begin constructing leasehold improvements, which resulted in a right-of-use asset of $17.0 million, other current asset of $7.6 million and corresponding operating lease liability of $24.6 million, and commencement of operating lease expense. We shall have the right to sublease all, or a portion, of this leased office space provided that certain terms and conditions are met. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases are generally 5 years and do not contain renewal options. These finance leases expire at various dates through 2026. The Company’s finance leases as of June 30, 2022 and March 31, 2022 were not material and were included in property and equipment, net, on the Company’s condensed consolidated balance sheets. The following schedule represents the components of the Company’s operating and finance lease assets (in thousands):
Leases |  | Classification |  | June 30, 2022 |  | March 31, 2022
Assets |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 45,157 |  |  | $ | 29,552 |
Total operating lease assets |  |  |  | $ | 45,157 |  |  | $ | 29,552 |
Liabilities |  |  |  |  |  |
Operating lease liabilities (current) |  | Operating lease liabilities, current |  | $ | 5,182 |  |  | $ | 5,060 |
Operating lease liabilities (non-current) |  | Operating lease liabilities |  | $ | 52,558 |  |  | $ | 28,847 |
Total operating lease liabilities |  |  |  | $ | 57,740 |  |  | $ | 33,907 |
For the three months ended June 30, 2022 assets acquired in exchange for new operating lease liabilities was $17.0 million. Lease expense primarily pertains to operating lease cost. Lease expense for operating leases was $2.2 mil lion and $0.9 million for the three months ended June 30, 2022 and 2021, respectively. The aforementioned lease expense was included within general and administrative expenses in the condensed consolidated statements of operations. Cash flows used in operating activities related to operating leases was approximately $0.7 million for the three months ended June 30, 2022.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration