Leases

9 Months Ended

Mar. 31, 2022

The Company leases offices, warehouses and other premises, vehicles and certain equipment leased under non-cancelable operating leases. Operating lease expense recognized and supplemental cash flow information related to operating leases for the three and nine months ended March 31, 2022 and 2021 were as follows (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Operating lease expense (including expense for lease agreements with related parties of $143 and $568 for the three and nine months ended March 31, 2022, respectively, and $347 and $1,040 for the three and nine months ended March 31, 2021, respectively)	$	2,017	$	1,952	$	6,183	$	5,900
Cash payments for operating leases (including payments to related parties of $141 and $631 for the three and nine months ended March 31, 2022, respectively, and $347 and $1,040 for the three and nine months ended March 31, 2021, respectively)	1,854		1,994		6,067		5,951
New operating lease assets obtained in exchange for operating lease liabilities	3,730		22		11,108		2,715

During the three and nine months ended March 31, 2022 and 2021, the Company's costs related to short-term lease arrangements for real estate and non-real estate assets were immaterial. Variable payments expensed in the three and nine months ended March 31, 2022 were $0.2 million and $0.7 million, respectively. Variable payments expensed in the three and nine months ended March 31, 2021 were $0.4 million and $1.2 million, respectively.

As of March 31, 2022, the weighted average remaining lease term for operating leases was 4.0 years and the weighted average discount rate was 3.0%. Maturities of operating lease liabilities under noncancelable operating lease arrangements as of March 31, 2022 were as follows (in thousands):


Fiscal Year:	Minimum lease payments
2022	$	2,004
2023	7,817
2024	6,524
2025	6,122
2026	2,644
2027 and beyond	2,084
Total future lease payments	$	27,195
Less: Imputed interest	(1,489)
Present value of operating lease liabilities	$	25,706

As of March 31, 2022, commitments under short-term lease arrangements, and operating and financing leases that have not yet commenced were immaterial.

The Company has entered into lease agreements with related parties. See Note 8, "Related Party Transactions," for discussion.