Leases Leases (Notes)

9 Months Ended

Mar. 31, 2020

Lessee, Operating Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

The Company has various operating leases for office and studio space, as well as equipment, expiring at various dates through fiscal year 2025. The Company currently has no finance leases. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The exercise of lease renewal options is generally at the Company’s discretion. The depreciable life of leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise.

The leases generally provide for fixed annual rentals plus certain other costs. Certain leases include variable payments based on the Company’s use of the respective assets. The Company’s lease agreements do not include any material residual value guarantees or material restrictive covenants. Since the Company’s leases do not provide an implicit interest rate, the Company used its incremental borrowing rate as of Adoption Date to determine the present value of future lease payments for all operating leases that commenced prior to that date.

Operating lease cost consists of the following:

	Three Months Ended		Nine Months Ended
	March 31, 2020		March 31, 2020
Operating lease cost	$	1,412	$	4,156
Variable lease cost	550		1,331
Total operating lease cost	$	1,962	$	5,487

The following table summarizes the weighted-average remaining lease term and discount rate for operating leases:

	March 31, 2020
Weighted-average discount rate for operating leases	3.28	%
Weighted-average remaining operating lease term in years	3.68

As of March 31, 2020, the maturities of the Company’s operating lease liabilities are as follows:

Remainder of fiscal year ending June 30, 2020	$	1,378
Fiscal year ending June 30, 2021	4,512
Fiscal year ending June 30, 2022	3,810
Fiscal year ending June 30, 2023	3,466
Fiscal year ending June 30, 2024	2,885
Thereafter	17
Total undiscounted operating lease payments	16,068
Less: imputed interest	930
Total operating lease liabilities	15,138
Less: current portion of operating lease liabilities	4,374
Non-current operating lease liabilities	$	10,764

Supplemental cash flow information related to operating leases:

	Nine Months Ended
	March 31, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,437
Cash paid for variable lease payments not included in measurement of operating lease liabilities	1,227
Total	$	5,664