Annual report pursuant to Section 13 and 15(d)

Leases

v3.23.2
Leases
 12 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases

7. LEASES

Components of operating lease expense were as follows (in thousands):

 

 

Year Ended June 30,

 

 

 

2023

 

 

2022

 

 

2021

 

Operating lease costs

 

$

1,460

 

 

$

1,403

 

 

$

1,509

 

Variable lease costs

 

 

469

 

 

 

627

 

 

 

426

 

Short term lease costs

 

 

108

 

 

 

94

 

 

 

91

 

Finance lease costs

 

 

—

 

 

 

16

 

 

 

21

 

 

$

2,037

 

 

$

2,140

 

 

$

2,047

 

For the year ended June 30, 2023, we made cash payments of $1.6 million for operating lease obligations. These payments are included in operating cash flows. As of June 30, 2023, the weighted-average remaining lease term under our capitalized operating leases was 4.7 years, while the weighted-average discount rate for our operating leases was approximately 4.9%. As of June 30, 2022, the weighted-average remaining lease term under our capitalized operating leases was 5.4 years, while the weighted-average discount rate for our operating leases was approximately 4.9%.

The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of June 30, 2023 (in thousands):

Year ending June 30,

 

Operating Leases

 

 

2024

 

$

1,624

 

 

2025

 

 

1,599

 

 

2026

 

 

1,171

 

 

2027

 

 

823

 

 

2028

 

 

700

 

 

Thereafter

 

 

626

 

 

Total lease payments

 

 

6,543

 

 

Imputed interest

 

 

(737

)

 

Total operating lease liability

 

$

5,806

 

(1)

Operating lease liability - current

 

$

1,366

 

(2)

Operating lease liability - long-term

 

 

4,440

 

(3)

 

$

5,806

 

(1)

 

(1)
Represents the present value of the capitalized operating lease liabilities as of June 30, 2023.
(2)
Current operating lease liabilities are presented within accrued liabilities on our consolidated balance sheets.
(3)
Long-term operating lease liabilities are presented within other liabilities on our consolidated balance sheets.

 

 

The Company has one related party lease; for information on this lease refer to Note 14. We do not have any leases that have not yet commenced which would create significant rights and obligations for us, including any involvement with the construction or design of the underlying asset.