Leases

6 Months Ended

Dec. 31, 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.

The following table provides information related to the Company’s operating leases:


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Operating lease costs (1)	$	2,456	$	2,314	$	5,010	$	4,651
Short-term operating lease costs	$	72	$	130	$	133	$	231
Cash paid for amounts included in the measurement of lease liabilities	$	2,536	$	2,211	$	5,025	$	4,443

(1)

Excludes expenses related to short-term lease operating costs.

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


	December 31, 2023			June 30, 2023
Operating lease right-of-use assets
Balance at the beginning of period	$	25,853		$	16,798
Lease assets added		1,046			17,157
Amortization for the period		(3,805	)		(8,102	)
Balance at the end of period	$	23,094		$	25,853

Operating lease liabilities
Balance at the beginning of period	$	27,753		$	19,020
Lease liabilities added		3,361			16,834
Repayment and interest accretion		(3,649	)		(8,101	)
Balance at the end of period	$	27,465		$	27,753

Current portion of operating lease liabilities	$	5,707		$	4,151
Non-current portion of operating lease liabilities		21,758			23,602

Maturities of operating lease liabilities as of December 31, 2023, are presented in the table below (dollars in thousands):


	Amount
2024 (remaining six months)	$	3,955
2025		4,094
2026		3,736
2027		3,638
2028		3,349
Thereafter		23,306
Total operating lease payments		42,078
Less: imputed interest		(14,613	)
Present value of operating lease liabilities	$	27,465
Weighted average remaining lease term (in years)		9.0
Weighted average discount rate		9.8	%