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Leases
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
In accordance with ASC 842, Leases, at contract inception the Company determines if a contract contains a lease by assessing whether the contract contains an identified asset and whether the Company has the ability to control the asset. The Company also determines if the lease meets the classification criteria for an operating lease versus a finance lease under ASC 842. Substantially all of the Company's leases are operating leases for real estate, warehouse and office equipment ranging in duration from 1 year to 10 years. The Company has elected not to record short-term operating leases with an initial term of 12 months or less on the Condensed Consolidated Balance Sheets. Operating leases are recorded as other non-current assets, accrued expenses and other current liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheets. The Company has finance leases for information technology equipment expiring through fiscal year 2027. Finance leases are recorded as property and equipment, net, accrued expenses and other current liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases is immaterial to the financial statements at June 30, 2024 and 2023.

Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the net present value of future minimum lease payments over the lease term. The Company generally is not able to determine the rate implicit in its leases and has elected to apply an incremental borrowing rate as the discount rate for the present value determination, which is based on the Company's cost of borrowings for the relevant terms of each lease and geographical economic factors. Certain operating lease agreements contain options to extend or terminate the lease. The lease term used is adjusted for these options when the Company is reasonably certain it will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease payments not based on a rate or index, such as costs for common area maintenance, are
expensed as incurred. Further, the Company has elected the practical expedient to recognize all lease and non-lease components as a single lease component, where applicable.

The following table presents amounts recorded on the Condensed Consolidated Balance Sheet related to operating leases at June 30, 2024 and 2023:

Operating leasesBalance Sheet locationJune 30, 2024June 30, 2023
(in thousands)
Operating lease right-of-use assetsOther non-current assets$9,057 $12,539 
Current operating lease liabilitiesAccrued expenses and other current liabilities3,398 4,355 
Long-term operating lease liabilitiesOther long-term liabilities6,507 9,329 


The following table presents amounts recorded in operating lease expense as part of selling general and administrative expenses on the Condensed Consolidated Income Statements during the fiscal years ended June 30, 2024, 2023 and 2022. Operating lease costs contain immaterial amounts of short-term lease costs for leases with an initial term of 12 months or less.

Fiscal year ended June 30,
202420232022
(in thousands)
Operating lease cost$4,917 $5,224 $5,239 
Variable lease cost1,416 1,460 1,208 
$6,333 $6,684 $6,447 


Supplemental cash flow information related to the Company's operating leases for the fiscal years ended June 30, 2024, 2023 and 2022 are presented in the table below:

Fiscal year ended June 30,
202420232022
(in thousands)
Cash paid for amounts in the measurement of lease liabilities$4,747 $5,463 $5,182 
Right-of-use assets obtained in exchange for lease obligations840 897 2,313 


The weighted-average remaining lease term and discount rate at June 30, 2024 and 2023 are presented in the table below:

June 30, 2024June 30, 2023
Weighted-average remaining lease term3.033.62
Weighted-average discount rate4.84 %4.30 %


The following table presents the maturities of the Company's operating lease liabilities at June 30, 2024:
Operating leases
(in thousands)
2025$4,174 
20263,811 
20273,428 
20281,409 
2029721 
Thereafter300 
Total future payments13,843 
Less: amounts representing interest3,938 
Present value of lease payments$9,905 
Leases Leases
In accordance with ASC 842, Leases, at contract inception the Company determines if a contract contains a lease by assessing whether the contract contains an identified asset and whether the Company has the ability to control the asset. The Company also determines if the lease meets the classification criteria for an operating lease versus a finance lease under ASC 842. Substantially all of the Company's leases are operating leases for real estate, warehouse and office equipment ranging in duration from 1 year to 10 years. The Company has elected not to record short-term operating leases with an initial term of 12 months or less on the Condensed Consolidated Balance Sheets. Operating leases are recorded as other non-current assets, accrued expenses and other current liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheets. The Company has finance leases for information technology equipment expiring through fiscal year 2027. Finance leases are recorded as property and equipment, net, accrued expenses and other current liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases is immaterial to the financial statements at June 30, 2024 and 2023.

Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the net present value of future minimum lease payments over the lease term. The Company generally is not able to determine the rate implicit in its leases and has elected to apply an incremental borrowing rate as the discount rate for the present value determination, which is based on the Company's cost of borrowings for the relevant terms of each lease and geographical economic factors. Certain operating lease agreements contain options to extend or terminate the lease. The lease term used is adjusted for these options when the Company is reasonably certain it will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease payments not based on a rate or index, such as costs for common area maintenance, are
expensed as incurred. Further, the Company has elected the practical expedient to recognize all lease and non-lease components as a single lease component, where applicable.

The following table presents amounts recorded on the Condensed Consolidated Balance Sheet related to operating leases at June 30, 2024 and 2023:

Operating leasesBalance Sheet locationJune 30, 2024June 30, 2023
(in thousands)
Operating lease right-of-use assetsOther non-current assets$9,057 $12,539 
Current operating lease liabilitiesAccrued expenses and other current liabilities3,398 4,355 
Long-term operating lease liabilitiesOther long-term liabilities6,507 9,329 


The following table presents amounts recorded in operating lease expense as part of selling general and administrative expenses on the Condensed Consolidated Income Statements during the fiscal years ended June 30, 2024, 2023 and 2022. Operating lease costs contain immaterial amounts of short-term lease costs for leases with an initial term of 12 months or less.

Fiscal year ended June 30,
202420232022
(in thousands)
Operating lease cost$4,917 $5,224 $5,239 
Variable lease cost1,416 1,460 1,208 
$6,333 $6,684 $6,447 


Supplemental cash flow information related to the Company's operating leases for the fiscal years ended June 30, 2024, 2023 and 2022 are presented in the table below:

Fiscal year ended June 30,
202420232022
(in thousands)
Cash paid for amounts in the measurement of lease liabilities$4,747 $5,463 $5,182 
Right-of-use assets obtained in exchange for lease obligations840 897 2,313 


The weighted-average remaining lease term and discount rate at June 30, 2024 and 2023 are presented in the table below:

June 30, 2024June 30, 2023
Weighted-average remaining lease term3.033.62
Weighted-average discount rate4.84 %4.30 %


The following table presents the maturities of the Company's operating lease liabilities at June 30, 2024:
Operating leases
(in thousands)
2025$4,174 
20263,811 
20273,428 
20281,409 
2029721 
Thereafter300 
Total future payments13,843 
Less: amounts representing interest3,938 
Present value of lease payments$9,905