Leases

6 Months Ended

Dec. 31, 2021

NOTE 13 – LEASES

The Company has non-cancelable operating leases for office facilities in various locations, data center facilities, 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 December 31, 2021, the weighted-average remaining term of these operating leases is 8.7 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 $3.4 million and $6.5 million during the three and six months ended December 31, 2021, respectively, and was $0.4 million and $0.7 million during the three and six months ended December 31, 2020, respectively.

The total amount of right-of-use assets obtained in exchange for new operating lease liabilities was $1.2 million during the six months ended December 31, 2021. There were no additions during the three months ended December 31, 2021. The total amount of right-of-use assets obtained in exchange for new operating lease liabilities was $1.7 million and $2.3 million during the three and six months ended December 31, 2020, respectively.

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


Fiscal years ending June 30:	Amount
Remainder of 2022	$	6,946
2023		13,471
2024		12,934
2025		12,679
2026		12,516
2027		12,865
Thereafter		47,950
Gross lease payments		119,361
Less - present value adjustments		(23,725	)
Total operating lease liabilities, net	$	95,636

The components of lease expense during the three and six months ended December 31, 2021 and 2020 is shown on the table below (in thousands).


	Three months ended December 31,					Six months ended December 31,
	2021			2020		2021			2020
Operating lease expense	$	3,335		$	1,731	$	6,515		$	3,249
Short-term lease expense		5			157		87			328
Variable lease expense		600			651		1,198			1,319
Sublease income		(149	)		—		(331	)		—
Total	$	3,791		$	2,539	$	7,469		$	4,896