Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.2.u1
Leases
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

7. LEASES

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

 

 

Year Ended June 30,

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease costs

 

$

1,616

 

 

$

1,460

 

 

$

1,403

 

Variable lease costs

 

 

545

 

 

 

469

 

 

 

627

 

Short term lease costs

 

 

73

 

 

 

108

 

 

 

94

 

Finance lease costs

 

 

15

 

 

 

—

 

 

 

16

 

 

$

2,249

 

 

$

2,037

 

 

$

2,140

 

For the year ended June 30, 2024, we made cash payments of $1.8 million for operating lease obligations. These payments are included in operating cash flows. As of June 30, 2024, the weighted-average remaining lease term under our capitalized operating leases was 4.5 years, while the weighted-average discount rate for our operating leases was approximately 6.0%. 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%.

The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of June 30, 2024 for our operating leases were as follows (in thousands):

Year ending June 30,

 

Operating Leases

 

 

2025

 

$

2,898

 

 

2026

 

 

2,740

 

 

2027

 

 

2,047

 

 

2028

 

 

1,946

 

 

2029

 

 

1,086

 

 

Thereafter

 

 

936

 

 

Total lease payments

 

 

11,653

 

 

Imputed interest

 

 

(1,551

)

 

Total operating lease liability

 

$

10,102

 

(1)

Operating lease liability - current

 

$

2,370

 

(2)

Operating lease liability - long-term

 

 

7,732

 

(3)

 

$

10,102

 

(1)

 

(1)
Represents the present value of the operating lease liabilities as of June 30, 2024.
(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.

 

 

For information regarding the Company's related party leases, refer to Note 14.