Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases We lease office space under operating leases with various expiration dates through 2034. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of June 30, 2026, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years. Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of June 30, 2026 and 2025, the collateral totaled $3.6 million and $4.5 million, respectively, which was in the form of securities that have been classified as securities available for sale at fair value in the consolidated balance sheets. No impairment charge was incurred related to leases during the fiscal years ended June 30, 2026 and 2025. During the year ended June 30, 2024, we subleased a portion of our leased office space in San Francisco, resulting in an impairment charge of $0.8 million included in general and administrative expense within our consolidated statements of operations and comprehensive income (loss). Operating lease expense is as follows (in thousands):
(1)Lease expenses for our short-term leases were immaterial for the years presented. (2)Includes a $2.2 million gain recognized in general and administrative expense within our consolidated statements of operations and comprehensive income (loss) in connection with a modification of one of our office leases. We have subleased a portion of our leased facilities. Sublease income totaled $1.4 million, $3.8 million, and $4.6 million during the years ended June 30, 2026, 2025, and 2024, respectively. Lease term and discount rate information are summarized as follows:
As of June 30, 2026, future minimum lease payments are as follows (in thousands):
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