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Leases
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

Note 4. Leases

 

The Company has operating leases for corporate offices and warehouse facilities worldwide. Additionally, the Company leases cars and copy machines 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 (in thousands):

 

 

 

Fiscal years

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease costs (1)

 

$

9,146

 

 

$

9,370

 

 

$

9,246

 

Short-term operating lease costs

 

 

305

 

 

 

353

 

 

 

397

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

9,013

 

 

 

9,370

 

 

 

9,799

 

 

(1)
Excludes expenses related to short-term lease operating costs.

 

Operating lease right-of-use assets and operating lease obligations are represented in the table below (in thousands):

 

 

 

June 30,
2024

 

 

June 30,
2023

 

Beginning balance operating lease right-of-use assets

 

$

25,853

 

 

$

16,798

 

Lease assets added

 

 

14,389

 

 

 

17,157

 

Amortization for the year

 

 

(6,469

)

 

 

(8,102

)

Ending balance operating lease right-of-use assets

 

$

33,773

 

 

$

25,853

 

 

 

 

 

 

 

 

Beginning balance operating lease obligations

 

$

27,753

 

 

$

19,020

 

Lease liabilities added

 

 

16,775

 

 

 

16,834

 

Repayment and interest accretion

 

 

(5,937

)

 

 

(8,101

)

Ending balance operating lease obligations

 

$

38,591

 

 

$

27,753

 

 

 

 

 

 

 

 

Current portion of operating lease obligations

 

$

6,218

 

 

$

4,151

 

Noncurrent portion of operating lease obligations

 

$

32,373

 

 

$

23,602

 

 

Maturities of operating lease liabilities as of June 30, 2024, are presented in the table below (in thousands):

 

Year Ending June 30,

 

Amount

 

2025

 

$

6,267

 

2026

 

 

7,459

 

2027

 

 

7,441

 

2028

 

 

6,324

 

2029

 

 

4,701

 

Thereafter

 

 

24,761

 

Total operating lease payments

 

 

56,953

 

Less: imputed interest

 

 

(18,362

)

Present value of operating lease liabilities

 

$

38,591

 

Weighted average remaining lease term (in years)

 

 

8.2

 

Weighted average discount rate

 

 

10.4

%