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Leases
9 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

NOTE 13 – LEASES

The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Also, the Company subleases part of its office facility in Draper, Utah under a non-cancellable operating lease that expires in December 2025. The Company's leases do not contain any material residual value guarantees.

As of March 31, 2022, the weighted-average remaining term of these operating leases is 8.4 years and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 5.10%.

The total amount paid for amounts included in the measurement of operating lease liabilities was $3.9 million and $10.3 million during the three and nine months ended March 31, 2022, respectively, and was $0.5 million and $1.2 million during the three and nine months ended March 31, 2021, respectively.

The total amount of right-of-use assets obtained in exchange for new operating lease liabilities was $4.2 million and $5.3 million during the three and nine months ended March 31, 2022, respectively, and was $0.3 million and $2.6 million during the three and nine months ended March 31, 2021, respectively.

The components of lease expense during the three and nine months ended March 31, 2022 and 2021 is shown on the table below (in thousands).

 

 

 

Three months ended
March 31,

 

 

Nine months ended
March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating lease expense

 

$

3,580

 

 

$

1,767

 

 

$

10,098

 

 

$

5,016

 

Short-term lease expense

 

 

 

 

 

52

 

 

 

77

 

 

 

381

 

Variable lease expense, net of credit

 

 

(345

)

 

 

598

 

 

 

2,564

 

 

 

1,917

 

Sublease income

 

 

(215

)

 

 

 

 

 

(546

)

 

 

 

Total

 

$

3,020

 

 

$

2,417

 

 

$

12,193

 

 

$

7,314