Leases

12 Months Ended

Jun. 30, 2021

NOTE 14 – LEASES

The Company has non-cancelable operating leases for office facilities located in three cities in the U.S., a data center facility, 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 June 30, 2021, the weighted average remaining term of these operating leases is 9.3 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.0%.

The total amount paid for amounts included in the measurement of operating lease liabilities was $2.1 million and the right-of-use assets obtained in exchange for new operating lease liabilities was $31.6 million during the year ended June 30, 2021.

Future minimum lease payments as of June 30, 2021 are as follows (in thousands):

Fiscal years ending June 30:	Amount
2022	$	12,581
2023		13,104
2024		12,934
2025		12,679
2026		12,516
Thereafter		60,815
Gross lease payments		124,629
Less - present value adjustments		(26,138	)
Less - tenant improvement allowance receivable		(1,088	)
Total operating lease liabilities, net	$	97,403

The components of lease cost during the year ended June 30, 2021 is shown in the table below (in thousands), while the lease expense during the years ended June 30, 2020 and 2019 was $5.3 million and $2.3 million, respectively.

Operating lease expense	$	7,444
Short-term lease expense		382
Variable lease expense		2,252
Sublease income		(55	)
Total lease cost	$	10,023