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v3.23.2

LEASES | 12 Months Ended
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Jun. 30, 2023
LEASES |
Leases | 6. LEASES The components of operating lease expense for the fiscal years ended June 30, 2022 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fiscal Year Ended June 30,
​ | ​ | 2022 |  | 2023
Operating lease cost | ​ | $ | 10,390 | ​ | $ | 11,364
Variable lease cost | ​ |  | 856 | ​ |  | 1,323
Short-term lease cost | ​ |  | 1,061 | ​ |  | 923
​ | ​ | $ | 12,307 | ​ | $ | 13,610
​ Sale-leaseback Transaction. In March 2022, we completed a sale-leaseback transaction for our manufacturing facilities and corporate headquarters in Hawthorne, California (the “Hawthorne Property”). We sold the Hawthorne Property for $32 million and recognized a gain on sale of $27.4 million which is included in Other income on the statement of operations for the fiscal year ended June 30, 2022. We also entered into a 6-year lease agreement for the Hawthorne Property expiring in March 2028, with two 5-year renewal options. Supplemental balance sheet assets and liabilities related to operating leases were as follows (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance Sheet Category |  | June 30, 2022 |  | June 30, 2023 |
Operating lease ROU assets, net |  | ​ | Other assets | ​ | $ | 39,461 | ​ | $ | 32,618 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities, current portion |  | ​ | Other accrued expenses and current liabilities | ​ | $ | 9,700 | ​ | $ | 9,787 | ​
Operating lease liabilities, long-term |  | ​ | Other long-term liabilities | ​ |  | 30,363 | ​ |  | 23,733 | ​
Total operating lease liabilities | ​ | ​ | ​ | ​ | $ | 40,063 | ​ | $ | 33,520 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term | ​ |  | ​ | ​ |  |  | ​ |  | 4.2 years | ​
Weighted average discount rate | ​ |  | ​ | ​ |  |  | ​ |  | 3.7 | %
​ Supplemental cash flow information related to operating leases for the year ended June 30, 2023 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2022 |  | 2023
Cash paid for operating lease liabilities | ​ | $ | 10,046 | ​ | $ | 11,418
ROU assets obtained in exchange for new lease obligations | ​ |  | 27,402 | ​ |  | 14,574
​ Maturities of operating lease liabilities at June 30, 2023 were as follows (in thousands):
​ | ​ | ​ | ​
​ |  | June 30, 2023
Less than one year | ​ | $ | 10,813
1 – 2 years | ​ |  | 8,596
2 – 3 years | ​ |  | 7,032
3 – 4 years | ​ |  | 6,101
4 – 5 years | ​ |  | 1,748
Thereafter | ​ |  | 1,966
​ | ​ |  | 36,256
Less: Imputed interest | ​ |  | (2,736)
Total lease liabilities | ​ | $ | 33,520
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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