The Company leases the majority of its office space in the U.S., U.K., Singapore and Ukraine under non-cancelable operating lease agreements, which have various expiration dates through June 2030, some of which include options to extend the leases for up to 5 years.

As part of the Company’s continuing assessment of its facilities requirements, during the nine months ended March 31, 2023, the Company exited a portion of the leased office space in its headquarters in Palo Alto, California and amended the underlying lease agreement to relieve the Company of certain lease payments. As a result, the Company assessed the right-of-use (“ROU”) asset associated with the leased office space and deemed it to be impaired. The Company also assessed the lease liability in view of the amended lease agreement. The Company recorded a net charge of $1.6 million in connection with the impairment of the related ROU asset and the reassessment of the lease liability, which was included in its unaudited condensed consolidated statements of operations during the nine months ended March 31, 2023.

In February 2024, the Company entered into a lease agreement to lease an office space in New York, New York for a six-year term ending in February 2030. The total undiscounted base rent under this lease is approximately $7.3 million, and the Company will be responsible for the payment of additional rent for its proportionate share of certain operating expenses. Additionally, the Company amended its lease agreement in Palo Alto, California for an additional 12 months through August 2025. The Company accounted for the lease extension as a lease modification and recorded an adjustment of $2.2 million to the ROU asset and lease liability on the unaudited consolidated balance sheet as of March 31, 2024.

The components of lease costs were as follows (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
Operating Leases:	2024		2023		2024		2023
Operating lease cost (1)	$	1,634	$	1,462	$	4,620	$	4,652
Short-term lease cost		427		198		1,104		596

(1)

Amount excluded a net charge of $1.6 million related to lease modification and impairment for the nine months ended March 31, 2023 as described above.

The weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:


Lease Term and Discount Rate:	March 31, 2024			March 31, 2023
Weighted-average remaining lease term (in years)		5.5			6.5
Weighted-average discount rate		7.2	%		7.1	%

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):


	Nine Months Ended March 31,
	2024		2023
Cash payments included in the measurement of operating lease liabilities	$	4,579	$	5,777
ROU assets obtained in exchange for new operating lease liabilities		8,536		713

Current operating lease liabilities of $5.6 million and $4.7 million were included in other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of March 31, 2024 and June 30, 2023, respectively.

As of March 31, 2024, remaining maturities of operating lease liabilities are as follows (in thousands):


Fiscal Year Ending June 30,	Amount
2024 (remaining 3 months)	$	1,726
2025		7,272
2026		5,141
2027		4,191
2028		4,482
2029 and thereafter		8,562
Total lease payments		31,374
Less: imputed interest		(5,413	)
Present value of operating lease liabilities	$	25,961