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LEASES | 12 Months Ended
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Jun. 30, 2024
LEASES |
LEASES | 6.LEASES The components of operating lease expense for the fiscal years ended June 30, 2023 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fiscal Year Ended June 30,
​ | ​ | 2023 |  | 2024
Operating lease cost | ​ | $ | 11,364 | ​ | $ | 11,227
Variable lease cost | ​ |  | 1,323 | ​ | ​ | 1,127
Short-term lease cost | ​ |  | 923 | ​ | ​ | 1,441
​ | ​ | $ | 13,610 | ​ | $ | 13,795
​ 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, 2023 |  | June 30, 2024 |
Operating lease ROU assets, net |  | ​ | Other assets | ​ | $ | 32,618 | ​ | $ | 30,040 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities, current portion |  | ​ | Other accrued expenses and current liabilities | ​ | $ | 9,787 | ​ | $ | 9,706 | ​
Operating lease liabilities, long-term |  | ​ | Other long-term liabilities | ​ |  | 23,733 | ​ | ​ | 21,127 | ​
Total operating lease liabilities | ​ | ​ | ​ | ​ | $ | 33,520 | ​ | $ | 30,833 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term | ​ |  | ​ | ​ |  | ​ | ​ | ​ | 3.8 years | ​
Weighted average discount rate | ​ |  | ​ | ​ |  | ​ | ​ | ​ | 4.4 | %
​ Supplemental cash flow information related to operating leases for the year ended June 30, 2024 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2023 |  | 2024
Cash paid for operating lease liabilities | ​ | $ | 11,418 | ​ | $ | 11,914
ROU assets obtained in exchange for new lease obligations | ​ |  | 14,574 | ​ | ​ | 7,197
​ Maturities of operating lease liabilities at June 30, 2024 were as follows (in thousands):
​ | ​ | ​ | ​
​ |  | June 30, 2024
Less than one year | ​ | $ | 10,823
1 – 2 years | ​ |  | 9,313
2 – 3 years | ​ |  | 7,619
3 – 4 years | ​ |  | 2,976
4 – 5 years | ​ |  | 1,191
Thereafter | ​ |  | 1,544
​ | ​ |  | 33,466
Less: Imputed interest | ​ |  | (2,633)
Total lease liabilities | ​ | $ | 30,833
​

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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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