| Leases |
LeasesLease expense is recorded within our consolidated statements of operations based upon the nature of the assets. Where assets are used to directly serve our customers, such as facilities dedicated to customer contracts, lease costs are recorded in "cost of revenue." Facilities and equipment which serve management and support functions are expensed through "selling, general and administrative expenses." Costs recorded in the three months ended December 31, 2020 and 2019, are summarized below.
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Three Months Ended December 31, |
| (in thousands) |
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2020 |
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2019 |
| Operating lease cost |
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$ |
27,734 |
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$ |
25,250 |
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| Short-term lease cost |
|
1,889 |
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|
2,110 |
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| Variable lease cost |
|
3,015 |
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|
3,334 |
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| Total operating lease costs |
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$ |
32,638 |
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|
$ |
30,694 |
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Future minimum lease payments for noncancelable operating leases as of December 31, 2020, are shown below.
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| (in thousands) |
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Office space |
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Equipment |
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Total |
| For the years ended September 30 |
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| Remainder of 2021 |
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$ |
52,375 |
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$ |
6,661 |
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$ |
59,036 |
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| 2022 |
|
56,388 |
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|
3,701 |
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|
60,089 |
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| 2023 |
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31,731 |
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|
537 |
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32,268 |
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| 2024 |
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14,715 |
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|
54 |
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14,769 |
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| 2025 |
|
9,788 |
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|
9 |
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|
9,797 |
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| Thereafter |
|
2,219 |
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— |
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2,219 |
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| Total minimum lease payments |
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$ |
167,216 |
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$ |
10,962 |
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$ |
178,178 |
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| Less: imputed interest |
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(9,748) |
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(270) |
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(10,018) |
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| Total lease liabilities |
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$ |
157,468 |
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$ |
10,692 |
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|
$ |
168,160 |
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Other information related to leases was as follows:
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December 31, 2020 |
| Weighted average remaining lease term (in years) |
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2.8 |
| Weighted average incremental borrowing rate |
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3.81 |
% |
Supplemental cash flow information related to leases was as follows:
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Three Months Ended December 31, |
| (in thousands) |
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2020 |
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2019 |
| Cash payments included in the measurement of lease liabilities |
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$ |
28,513 |
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$ |
28,100 |
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| Operating lease liabilities arising from new or remeasured right-of-use assets |
|
9,004 |
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|
17,300 |
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