Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Mar. 31, 2024
Leases [Abstract]  
We have operating leases for facilities, vehicles and other equipment. Our facility leases are primarily used for administrative functions, research and development (“R&D”), manufacturing, and storage and distribution. Our finance leases are not material.
Our existing leases do not contain significant restrictive provisions or residual value guarantees; however, certain leases contain provisions for the payment of maintenance, real estate taxes or insurance costs by us. Our leases have remaining lease
terms ranging from less than one year to 29 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $13.3 million and $38.5 million for the three and nine months ended March 31, 2024, respectively and $10.1 million and $29.2 million for the three and nine months ended March 31, 2023, respectively. Expenses related to short-term leases, which were not recorded on the Condensed Consolidated Balance Sheets, were not material for the three and nine months ended March 31, 2024 and 2023. As of March 31, 2024 and June 30, 2023, the weighted-average remaining lease term was 6.8 and 6.7 years, respectively, and the weighted-average discount rate for operating leases was 4.24% and 3.36%, respectively.
Supplemental cash flow information related to leases was as follows:
Nine Months Ended March 31,
In thousands 2024 2023
Operating cash outflows from operating leases $ 31,126  $ 29,630 
Right of use assets obtained in exchange for new operating lease liabilities $ 55,893  $ 85,911 
Maturities of lease liabilities as of March 31, 2024 were as follows:
Fiscal Year Ending June 30: (In thousands)
2024 (remaining three months) $ 10,060 
2025 44,251 
2026 36,778 
2027 29,704 
2028 21,233 
2029 and thereafter 88,964 
Total lease payments 230,990 
Less imputed interest (36,218)
Total $ 194,772 
As of March 31, 2024, we did not have material leases that had not yet commenced.