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Leases

3 Months Ended

Sep. 30, 2023

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one to eight years. As of September 30, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 7.78 years and 3.17%, respectively. As of June 30, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.27 years and 3.25%, respectively

For the three months ended September 30, 2023 and 2022, operating lease expense was $0.6 million and $0.7 million, respectively.

The components of lease expense for the three months ended September 30, 2023 and 2022, were as follows:


	Three Months Ended September 30,
	2023		2022
Operating lease expense
Operating lease cost	$	530	$	671
Variable lease cost	48		27
Short-term lease costs	12		23
Total lease expense	$	590	$	721

Supplemental cash flow information related to operating leases was as follows (in thousands):


	Three Months Ended September 30,
	2023		2022
Operating cash outflows from operating leases	$	557	$	755
Right-of-use assets obtained in exchange for lease obligations	$	1,502	$	—

Maturity of lease liabilities at September 30, 2023 are as follows (in thousands):


Year ended June 30,	Amount
2024 (remaining nine months ending June 30, 2024)	$	1,599
2025	1,937
2026	1,978
2027	2,019
2028	2,061
Thereafter	6,394
Total	15,988
Less: imputed interest	(1,868)
Present value of lease liabilities	$	14,120