Leases

3 Months Ended

Sep. 30, 2023

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 months ended September 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended September 30,
	2023		2022
Operating lease expense (including expense for lease agreements with related parties of $139 and $143 for the three months ended September 30, 2023 and 2022, respectively)	$	2,184	$	2,110
Cash payments for operating leases (including payments to related parties of $128 and $130 for the three months ended September 30, 2023 and 2022, respectively)	$	2,083	$	2,038
New operating lease assets obtained in exchange for operating lease liabilities	$	9,177	$	750

During the three months ended September 30, 2023 and 2022, the Company’s costs related to short-term lease arrangements for real estate and non-real estate assets were immaterial. Non-lease variable payments expensed in the three months ended September 30, 2023 and 2022 were immaterial.

As of September 30, 2023, the weighted average remaining lease term for operating leases was 3.5 years and the weighted average discount rate was 4.1%. Maturities of operating lease liabilities under noncancelable operating lease arrangements as of September 30, 2023 were as follows (in thousands):


Fiscal Year:	Maturities of operating leases
Remainder of 2024	$	6,942
2025	9,248
2026	5,226
2027	3,737
2028	2,735
2029 and beyond	364
Total future lease payments	28,252
Less: Imputed interest	(2,183)
Present value of operating lease liabilities	$	26,069

The Company has entered into lease agreements with related parties. See Part I, Item 1, Note 8, “Related Party Transactions,” for a further discussion.