Leases

3 Months Ended

Sep. 30, 2021

Note 5. 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-cancelable operating lease agreements with various expiration dates through June 2026. 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.

Operating lease costs for the three months ended September 30, 2021 and 2020 were $2.3 million and $2.4 million, respectively, not including $0.1 million and $0.1 million, respectively of short-term operating lease costs.

For the three months ended September 30, 2021 and 2020, cash paid for amounts included in the measurement of operating lease liabilities was approximately $2.5 million and $2.4 million, respectively. Operating lease liabilities arising from operating right-of-use assets, which totaled $0.9 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively.

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

	September 30, 2021			June 30, 2021
Beginning balance operating lease right-of-use asset	$	22,522		$	28,647
Lease asset added		876			1,069
Amortization for the year		(2,120	)		(7,194	)
Ending balance operating lease right-of-use asset	$	21,278		$	22,522

Beginning balance operating lease obligation	$	25,610		$	32,397
Lease liability added		876			1,069
Repayment and interest accretion		(2,337	)		(7,856	)
Ending balance operating lease obligation	$	24,149		$	25,610

Current portion of operating lease obligation	$	8,263		$	8,169
Noncurrent portion of operating lease obligation	$	15,886		$	17,441

Maturities of operating lease liabilities as of September 30, 2021 are presented in the table below (in thousands):

Year Ending June 30,	Amount
2022 (remaining 9 months)	$	7,308
2023		9,187
2024		6,292
2025		3,278
2026		21
Thereafter		—
Total operating lease payments		26,086
Less: imputed interest		(1,937	)
Present value of operating lease liabilities	$	24,149
Weighted average remaining lease term (in years)		2.88
Weighted average discount rate		5.44	%