Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.24.3
Leases
 3 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

7. LEASES

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

 

 

Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

Operating lease costs

 

$

709

 

 

$

366

 

Variable lease costs

 

 

182

 

 

 

104

 

Short term lease costs

 

 

10

 

 

 

27

 

Finance lease costs

 

 

7

 

 

 

—

 

 

$

908

 

 

$

497

 

For the three months ended September 30, 2024, we made cash payments of $0.7 million for operating lease obligations. These payments are included in operating cash flows. As of September 30, 2024, the weighted-average remaining lease term under our capitalized operating leases was 4.3 years, while the weighted-average discount rate for our operating leases was approximately 6.1%.

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

Fiscal Year ending June 30,

 

Operating Leases

 

 

2025 (remainder)

 

$

2,201

 

 

2026

 

 

2,762

 

 

2027

 

 

2,053

 

 

2028

 

 

1,952

 

 

2029

 

 

1,086

 

 

Thereafter

 

 

936

 

 

Total lease payments

 

 

10,990

 

 

Imputed interest

 

 

(1,408

)

 

Total operating lease liability

 

$

9,582

 

(1)

Operating lease liability - current

 

$

2,405

 

(2)

Operating lease liability - long-term

 

 

7,177

 

(3)

 

$

9,582

 

(1)

 

(1)
Represents the present value of the operating lease liabilities as of September 30, 2024.
(2)
Current operating lease liabilities are presented within accrued liabilities on our condensed consolidated balance sheets.
(3)
Long-term operating lease liabilities are presented within other liabilities on our condensed consolidated balance sheets.

 

 

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