| LEASES |
LEASES Supplemental balance sheet information related to leases is as follows (in thousands):
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| Operating leases |
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December 31, 2021 |
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March 31, 2021 |
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| Operating lease right-of-use asset |
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$ |
3,483 |
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$ |
9,383 |
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| Other accrued liabilities |
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1,141 |
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2,581 |
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| Operating lease liability |
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2,714 |
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8,005 |
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| Total operating lease liabilities |
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$ |
3,855 |
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$ |
10,586 |
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Components of lease cost were as follows (in thousands):
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Three Months Ended December 31, |
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Nine Months Ended December 31, |
| Lease Cost |
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2021 |
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2020 |
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2021 |
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2020 |
| Operating lease cost |
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$ |
3,016 |
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$ |
1,018 |
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$ |
5,145 |
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$ |
3,688 |
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| Variable lease cost |
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527 |
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198 |
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877 |
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620 |
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| Short-term lease cost |
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17 |
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37 |
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17 |
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129 |
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| Total lease cost |
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$ |
3,560 |
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$ |
1,253 |
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$ |
6,039 |
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$ |
4,437 |
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| Maturity of Lease Liabilities |
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Operating Leases |
2022, excluding the nine months ended December 31, 2021 |
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$ |
451 |
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| 2023 |
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1,449 |
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| 2024 |
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1,228 |
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| 2025 |
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918 |
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| 2026 |
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444 |
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| Thereafter |
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460 |
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| Total lease payments |
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$ |
4,950 |
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| Less: imputed interest |
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(1,095) |
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| Present value of lease liabilities |
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$ |
3,855 |
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| Lease Term and Discount Rate |
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December 31, 2021 |
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March 31, 2021 |
| Weighted average remaining operating lease term (years) |
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3.63 |
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4.53 |
| Weighted average discount rate for operating leases |
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13.16 |
% |
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13.96 |
% |
Operating cash outflows related to operating leases totaled $3.1 million and $4.4 million for the nine months ended December 31, 2021 and 2020, respectively.
During the quarter ended December 31, 2021, the Company exited an office location which resulted in a reduction of $3.8 million in the right-of-use asset and $3.7 million in the operating lease liability.
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