Leases

9 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

17.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, 2021 and 2020 was $1.1 million and $0.9 million, respectively. The Company’s operating lease expense during each of the nine months ended March 31, 2021 and 2020 was $2.9 million, respectively. The Company does not have any significant leases that have not commenced as of March 31, 2021.

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, 2021 and 2020, was $ 1.0 million and $ 0.8 million, respectively. The Company’s short-term lease expense during the nine months ended March 31, 2021 and 2020, was $ 3.1 million and $ 3.5 million, respectively.

17.Leases (continued)

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, 2021 and June 30, 2020:

	March 31,		June 30,
	2021		2020
Operating leases:
Operating lease right-of-use asset	$	4,870	$	5,395
Weighted average remaining lease term (years)		2.87		3.94
Weighted average discount rate (percent)		10		9

The maturities of the Company’s operating lease liabilities as of March 31, 2021, are presented below:

	March 31,
		2021
Maturities of operating lease liabilities
2021 (for March 31, 2021 excluding nine months to March 31, 2021)	$	950
2022		2,745
2023		1,159
2024		571
2025		193
Thereafter		-
Total undiscounted operating lease liabilities		5,618
Less imputed interest		562
Total operating lease liabilities, included in		5,056
Operating lease liability - current		2,945
Operating lease liability - long-term	$	2,111