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Leases

9 Months Ended

Mar. 31, 2023

16.Leases

The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of its corporate head office, administration offices and branch locations through which the Company operates its financial services business in South Africa. The Company’s operating leases have remaining lease terms of between one and five years. The Company also operates parts of its financial services business from locations which it leases for a period of less than one year. The Company’s operating lease expense during the three months ended March 31, 2023 and 2022 was $0.7 million and $0.9 million, respectively. The Company’s operating lease expense during the nine months ended March 31, 2023 and 2022 was $2.3 million and $2.7 million, respectively. The Company does not have any significant leases that have not commenced as of March 31, 2023.

The Company has also entered into short-term leasing arrangements, primarily for the lease of branch locations and other locations, to operate its financial services business in South Africa. The Company’s short-term lease expense during the three months ended March 31, 2023 and 2022, was $1.0 million and $ 1.3 million, respectively. The Company’s short-term lease expense during the nine months ended March 31, 2023 and 2022, was $ 3.0 million and $ 3.9 million, respectively.

The following table presents supplemental balance sheet disclosure related to the Company’s right-of-use assets and its operating lease liabilities as of March 31, 2023 and June 30, 2022:

	March 31,		June 30,
	2023		2022
Right of use assets obtained in exchange for lease obligations:
Weighted average remaining lease term (years)		2.61		2.14
Weighted average discount rate (percent)		9.5		9.3

The maturities of the Company’s operating lease liabilities as of March 31, 2023, are presented below:

Maturities of operating lease liabilities
Year ended June 30,
2023 (excluding nine months to March 31, 2023)	$	724
2024		2,086
2025		1,201
2026		903
2027		920
Thereafter		812
Total undiscounted operating lease liabilities		6,646
Less imputed interest		1,082
Total operating lease liabilities, included in		5,564
Operating lease liability - current		1,779
Operating lease liability - long-term	$	3,785