Leases

9 Months Ended

Mar. 31, 2025

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 August 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):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Operating lease costs (1)	$	2,201	$	2,039	$	6,620	$	7,049
Short-term operating lease costs		90		98		210		231
Cash paid for amounts included in the measurement of lease liabilities		1,860		1,987		5,952		7,012

(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):


	March 31, 2025			June 30, 2024
Operating lease right-of-use assets
Balance at the beginning of period	$	33,773		$	25,853
Lease assets added		5,140			14,389
Amortization for the period		(4,890	)		(6,469	)
Balance at the end of period	$	34,023		$	33,773

Operating lease liabilities
Balance at the beginning of period	$	38,591		$	27,753
Lease liabilities added		6,237			16,775
Repayment and interest accretion		(4,243	)		(5,937	)
Balance at the end of period	$	40,585		$	38,591

Current portion of operating lease liabilities	$	7,233		$	6,218
Non-current portion of operating lease liabilities		33,352			32,373

Maturities of operating lease liabilities as of March 31, 2025, are presented in the table below (dollars in thousands):


	Amount
2025 (remaining three months)	$	824
2026		8,235
2027		8,317
2028		7,171
2029		5,299
Thereafter		29,269
Total operating lease payments		59,115
Less: imputed interest		(18,530	)
Present value of operating lease liabilities	$	40,585

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	March 31, 2025			June 30, 2024
Weighted average remaining lease term (in years)		7.9			8.2
Weighted average discount rate		10.5	%		10.4	%