Leases

9 Months Ended

Mar. 31, 2021

NOTE 11 – LEASES

The Company has non-cancelable operating leases for office facilities located in San Jose, California and Houston, Texas, a data center facility, and certain equipment, which expire through 2031. As of March 31, 2021, the weighted average remaining term of these leases was 9.8 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.4%.

Future minimum lease payments as of March 31, 2021 are as follows (in thousands):

Fiscal years ending June 30:	Amount
Remainder of 2021	$	502
2022		8,139
2023		8,298
2024		7,936
2025		7,705
2026		7,416
Thereafter		40,525
Gross lease payments		80,521
Less - present value adjustments		(18,901	)
Less - tenant improvement allowance receivable		(1,588	)
Total operating lease liabilities, net	$	60,032

The components of lease expense during the three and nine months ended March 31, 2021 is shown in the table below (in thousands), while the lease expense during the three and nine months ended March 31, 2020 was $1.7 million and $3.3 million, respectively.

	Three months ended March 31,		Nine months ended March 31,
	2021		2021
Operating lease expense	$	1,767	$	5,016
Short-term lease expense		52		381
Variable lease expense		598		1,917
Total	$	2,417	$	7,314

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