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LEASES
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
We enter into operating leases, both domestically and internationally, for certain facilities, automobiles, data centers and equipment for use in the ordinary course of business. The duration of the majority of these leases generally ranges from 1 to 10 years, some of which include options to extend for an additional 3 to 5 years after the initial term. Additionally, the land upon which our headquarters in Waterloo, Ontario, Canada is located is leased from the University of Waterloo for a period of 49 years beginning in December 2005, with an option to renew for an additional term of 49 years. We also have finance lease liabilities comprised of equipment lease arrangements with an average duration of 4 to 5 years, of which all are currently being sublet. Leases with an initial term of 12 months or less are not recorded on our Condensed Consolidated Balance Sheets.
The following illustrates the Condensed Consolidated Balance Sheets information related to leases:
Operating LeasesBalance Sheet LocationAs of December 31, 2024As of June 30, 2024
Operating lease right of use assets
Operating lease right of use assets$211,079 $219,774 
Operating lease liabilities (current)
Operating lease liabilities$74,699 $76,446 
Operating lease liabilities (non-current)
Long-term operating lease liabilities200,815 218,174 
Total operating lease liabilities$275,514 $294,620 
Finance Leases
Finance lease receivables (current)Prepaid expenses and other current assets$2,548 $4,031 
Finance lease receivables (non-current)
Other assets1,378 2,329 
Total finance lease receivables$3,926 $6,360 
Finance lease liabilities (current)Accounts payable and accrued liabilities$2,286 $3,173 
Finance lease liabilities (non-current)
Accrued liabilities1,377 2,327 
Total finance lease liabilities$3,663 $5,500 
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
As of December 31, 2024As of June 30, 2024
Weighted-average remaining lease term
Operating leases4.79 years5.13 years
Finance leases1.57 years1.85 years
Weighted-average discount rate
Operating leases5.03 %5.00 %
Finance leases5.39 %5.47 %
Lease Costs and Other Information
The following illustrates the various components of lease costs for the period indicated:
Three Months Ended December 31,Six Months Ended December 31,
2024202320242023
Operating lease cost$20,643 $22,594 $41,748 $46,334 
Short-term lease cost639 737 978 1,892 
Variable lease cost836 1,321 1,891 2,456 
Sublease income(2,692)(3,375)(5,466)(6,713)
Total lease cost$19,426 $21,277 $39,151 $43,969 
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flows arising from lease transactions. Cash payments made for variable lease costs and short-term leases are not included in the measurement of lease liabilities, and, as such, are excluded from the amounts below:
Six Months Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases$52,044 $55,800 
Finance leases$1,952 $2,763 
Right of use assets obtained in exchange for new lease liabilities:
Operating leases
$30,211 $9,219 

Maturity of Lease Liabilities
The following table presents the future minimum lease payments under our lease liabilities as of December 31, 2024:
Fiscal years ending June 30,Operating LeasesFinance Leases
2025 (six months ended)
$44,520 $1,415 
2026
80,464 1,937 
2027
66,201 459 
2028
46,103 — 
2029
25,672 — 
Thereafter44,454 — 
Total lease payments$307,414 $3,811 
Less: Imputed interest(31,900)(148)
Total$275,514 $3,663 
Operating lease maturity amounts included in the table above do not include sublease income expected to be received under our various sublease agreements with third parties. Under the agreements initiated with third parties, we expect to receive sublease income of $6.9 million over the remainder of Fiscal 2025 and $32.0 million thereafter.