Leases

3 Months Ended

Sep. 30, 2023

Note 4. Leases

The Company has operating leases for corporate offices and warehouse facilities worldwide. Additionally, the Company leases cars, copy machines and laptops that are considered operating leases. Some of the Company’s leases are non-cancellable operating lease agreements with various expiration dates through June 2035. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore, are not factored into the determination of lease payments.

Operating lease costs were $2.6 million and $2.3 million during the three months ended September 30, 2023 and 2022, respectively, not including short-term operating lease costs of $0.1 million and $0.1 million, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $2.5 million and $2.2 million during the three months ended September 30, 2023 and 2022, respectively.

Operating lease right-of-use assets and operating lease liabilities consisted of the following (in thousands):


	September 30, 2023			June 30, 2023
Operating lease right-of-use assets
Balance at the beginning of period	$	25,853		$	16,798
Lease assets added		462			17,157
Amortization for the year		(1,937	)		(8,102	)
Balance at the end of period	$	24,378		$	25,853

Operating lease liabilities
Balance at the beginning of period	$	27,753		$	19,020
Lease liabilities added		2,926			16,834
Repayment and interest accretion		(1,796	)		(8,101	)
Balance at the end of period	$	28,883		$	27,753

Current portion of operating lease liabilities	$	6,077		$	4,151
Non-current portion of operating lease liabilities		22,806			23,602

Maturities of operating lease liabilities as of September 30, 2023, are presented in the table below (dollars in thousands):


	Amount
2024 (remaining nine months)	$	4,342
2025		5,757
2026		3,762
2027		3,654
2028		3,349
Thereafter		23,306
Total operating lease payments		44,170
Less: imputed interest		(15,287	)
Present value of operating lease liabilities	$	28,883
Weighted average remaining lease term (in years)		9.1
Weighted average discount rate		9.7	%