Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.25.0.1
Leases
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

7. LEASES

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

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease costs

 

$

709

 

 

$

366

 

 

$

1,418

 

 

$

732

 

Variable lease costs

 

 

167

 

 

 

107

 

 

 

349

 

 

 

211

 

Short term lease costs

 

 

19

 

 

 

26

 

 

 

29

 

 

 

53

 

Finance lease costs

 

 

7

 

 

 

—

 

 

 

14

 

 

 

—

 

 

$

902

 

 

$

499

 

 

$

1,810

 

 

$

996

 

For the six months ended December 31, 2024, we made cash payments of $1.4 million for operating lease obligations. These payments are included in operating cash flows. As of December 31, 2024, the weighted-average remaining lease term under our capitalized operating leases was 4.1 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 December 31, 2024 for our operating leases were as follows (in thousands):

Fiscal Year ending June 30,

 

Operating Leases

 

 

2025 (remainder)

 

$

1,468

 

 

2026

 

 

2,734

 

 

2027

 

 

2,022

 

 

2028

 

 

1,920

 

 

2029

 

 

1,081

 

 

Thereafter

 

 

936

 

 

Total lease payments

 

 

10,161

 

 

Imputed interest

 

 

(1,264

)

 

Total operating lease liability

 

$

8,897

 

(1)

Operating lease liability - current

 

$

2,431

 

(2)

Operating lease liability - long-term

 

 

6,466

 

(3)

 

$

8,897

 

(1)

 

(1)
Represents the present value of the operating lease liabilities as of December 31, 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.