Leases

12 Months Ended

Jun. 30, 2023

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one to nine years. As of June 30, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.27 years and 3.25%, respectively. As of June 30, 2022, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.51 years and 3.27%, respectively.

The components of lease expense for the fiscal years ended June 30, 2023 and 2022, were as follows:


	June 30,
	2023		2022
Operating lease expense
Operating lease cost	$	2,537	$	2,874
Variable lease cost	283		266
Short-term lease cost	76		108
Total lease expense	$	2,896	$	3,248

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


	June 30, 2023		June 30, 2022
Operating cash outflows from operating leases	$	2,973	$	2,709

Maturity of lease liabilities at June 30, 2023 are as follows (in thousands):


Year ended June 30,	Amount
2024	$	1,917
2025	1,606
2026	1,646
2027	1,687
2028	1,729
Thereafter	6,394
Total	14,979
Less: imputed interest	(1,892)
Present value of lease liabilities	$	13,087

In July 2023, LifeVantage Japan entered into a lease agreement with Sumitomo Mitsui Trust Bank, Limited, for a new office located in the Shinagawa Grand Central Tower in Tokyo, Japan. The lease is for approximately 5,200 square feet and has a lease term from July 1, 2023 through June 30, 2026 with the option to renew for an additional two years. Lease payments begin in November 2023 totaling approximately 28,000 per month, or $0.3 million per year.