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LEASES

12 Months Ended

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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- References

No definition available.

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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

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