Leases

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately two to eleven years. As of June 30, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.93 years and 3.28%, respectively.

For the fiscal years ended June 30, 2021 and 2020, operating lease expense was $3.6 million and $2.7 million, respectively.

Supplemental cash flow information related to operating leases was as follows (in thousands):

	June 30, 2021		June 30, 2020
Operating cash outflows from operating leases	$	2,536	$	2,886
Right-of-use assets obtained in exchange for lease obligations	$	15,725	$	—

Maturity of lease liabilities at June 30, 2021 are as follows (in thousands):

Year ended June 30,	Amount
2022	$	2,550
2023	3,167
2024	1,876
2025	1,606
2026	1,646
Thereafter	9,810
Total	20,655
Less: imputed interest	(2,472)
Present value of lease liabilities	$	18,183

Rent expense under ASC 840 totaled $2.7 million for the fiscal year ended June 30, 2019.