The Company leases certain facilities, equipment, and vehicles under operating leases that expire on various dates through fiscal 2033. Its leases generally have terms that range from one year to ten years for its facilities, one year to five years for equipment, and one year to five years for vehicles. Some of its leases contain renewal options, escalation clauses, rent concessions, and leasehold improvement incentives.

The Company determines if an arrangement is a lease at inception. The Company has elected not to recognize a lease liability or ROU asset for short-term leases (leases with a term of twelve months or less). Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The interest rate used to determine the present value of future payments is the Company’s incremental borrowing rate at the commencement date because the rate implicit in the leases are not readily determinable. The Company’s incremental borrowing rate is the rate for collateralized borrowings based on the current economic environment, credit history, credit rating, value of leases, currency in which the lease obligation is satisfied, rate sensitivity, lease term and materiality. The biggest drivers having the greatest effect in determining the incremental borrowing rate for each one of the Company’s leases are the term of the lease and the currency in which the lease obligation is satisfied.

Some operating leases contain lease and non-lease components. Certain lease contracts include fixed payments for services, such as operations, maintenance, or other services. The Company has elected to account for fixed lease and non-lease components as a single lease component except for the logistic service asset class. Cash payments made for variable lease and non-lease costs are not included in the measurement of operating lease assets and liabilities and are recognized in the Company’s consolidated statements of operations as incurred. Some lease terms include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless it is reasonably certain that it will exercise that option. The Company’s lease agreements do not contain any residual value guarantees.

The following table presents additional information relating to the Company's operating leases (in thousands, except for lease term and discount rate):


	Year Ended
	June 30, 2024		June 30, 2023		June 30, 2022
Operating lease costs	$	14,398	$	14,416	$	16,852
Variable lease costs		4,325		6,920		6,921
Cash paid for amounts included in the measurement of operating liabilities		14,487		17,396		20,890
ROU assets obtained for new lease obligations		21,082		10,972		18,641


	June 30, 2024			June 30, 2023
Weighted average remaining lease term	5.8 years			4.6 years
Weighted average discount rate		5.8	%		5.2	%

Short-term lease expense, which represents expense for leases with terms of one year or less, was not material for each of the years ended June 30, 2024, 2023, or 2022.

The following table presents maturities of the Company’s operating lease liabilities as of June 30, 2024 (in thousands):


	Amount
For the fiscal year ending June 30,
2025	$	12,818
2026		12,544
2027		11,151
2028		5,317
2029		4,989
Thereafter		15,042
Total future minimum lease payments		61,861
Less amount representing interest		(9,847	)
Total operating lease liabilities	$	52,014
Operating lease liabilities, current	$	10,547
Operating lease liabilities, non-current	$	41,466