Leases

6 Months Ended

Dec. 31, 2023

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one to eight years. As of December 31, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 7.56 years and 3.17%, respectively. 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.

For the three months ended December 31, 2023 and 2022, operating lease expense was $0.5 million and $0.8 million, respectively. For the six months ended December 31, 2023 and 2022, operating lease expense was $1.1 million and $1.5 million, respectively.

The components of lease expense for the three and six months ended December 31, 2023 and 2022, were as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Operating lease expense
Operating lease cost	$	462	$	742	$	992	$	1,413
Variable lease cost	45		58		94		85
Short-term lease costs	12		22		23		45
Total lease expense	$	519	$	822	$	1,109	$	1,543

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Operating cash outflows from operating leases	$	533	$	755	$	1,090	$	1,506
Right-of-use assets obtained in exchange for lease obligations	$	—	$	—	$	1,502	$	—

Maturity of lease liabilities at December 31, 2023 are as follows (in thousands):


Year ended June 30,	Amount
2024 (remaining six months ending June 30, 2024)	$	1,071
2025	1,937
2026	1,978
2027	2,019
2028	2,061
Thereafter	6,394
Total	15,460
Less: imputed interest	(1,681)
Present value of lease liabilities	$	13,779