Leases

3 Months Ended

Sep. 30, 2024

9. Leases

The Company has operating leases primarily for its office facilities. The leases expire at various dates through fiscal year 2030, some of which include options to renew, with renewal terms of up to 5 years.

The components of lease expense were as follows (in thousands):


	Three Months Ended
	September 30,
	2024		2023
Operating lease expense	$	1,011	$	1,450
Short-term lease expense		301		176
Variable lease expense (1)		64		210
Total lease expense	$	1,376	$	1,836

(1)

Variable lease expense is primarily composed of common area maintenance charges.

Supplemental information related to operating leases was as follows (in thousands, except lease term and discount rate):


	Three Months Ended
	September 30,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	880		$	1,464

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	—		$	3,519

Weighted average remaining lease term - operating leases	4.1 years			3.7 years
Weighted average discount rate - operating leases		6.4	%		6.4	%

Maturities of operating lease liabilities as of September 30, 2024 were as follows (in thousands):


Fiscal Year Ending June 30,	Amount
2025 (remaining nine months)	$	2,475
2026		2,689
2027		2,701
2028		2,728
2029		1,457
Thereafter		209
Total minimum lease payments	$	12,259
Less imputed interest		(2,422	)
Present value of net minimum lease payments	$	9,837
Operating lease liabilities:
Current (included in Accrued Liabilities)	$	2,811
Noncurrent		7,026
Total	$	9,837

As of September 30, 2024, the Company had additional undiscounted future minimum payments of $1.6 million relating to operating lease for office spaces that had been signed but had not yet commenced. This operating lease will commence during the third quarter of fiscal year 2025 and will have a lease term of approximately 6 years.