XML 32 R15.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Jun. 30, 2021

7. Leases

Our lease portfolio consists of real estate, vehicles and equipment ROU assets, classified as operating leases. In March 2021, we amended and extended the lease agreement for our corporate office, increasing the value of our lease commitments. The remaining non-cancelable lease terms, inclusive of renewal options reasonably certain of exercise, range from one to 15 years.

The following table summarizes the ROU assets and the related lease liabilities recorded on the consolidated balance sheet:


As of June 30,	2021		2020		Balance Sheet Classification
Assets:
Operating lease ROU assets	$	32,962	$	22,873	Other Assets

Liabilities:
Current portion		6,618		6,439	Accrued expenses and other current liabilities
Non-current portion		28,003		17,276	Other liabilities
Total operating lease liabilities	$	34,621	$	23,715

The following table summarizes the composition of net lease expense:





For the Year Ended June 30		2021		2020

Operating lease expense	$	7,989	$	7,570
Variable lease expense		1,176		1,304
Short-term lease expense		873		802
Total lease expense	$	10,038	$	9,676

The following tables include other supplemental information:



For the Year Ended June 30	2021		2020
Operating cash flows used for ROU operating leases	$	8,292	$	7,696
Right of use assets obtained in exchange for new operating lease liabilities	$	16,665	$	11,017


As of June 30	2021		2020
Weighted average remaining lease term (in years) - ROU operating leases	8.42		6.49
Weighted average discount rate - ROU operating leases	4.04	%	4.40	%

At June 30, 2021, maturities of future lease liabilities were:


For the Years Ending June 30,
2022	$	7,733
2023		5,828
2024		4,616
2025		3,567
2026		2,996
2027 and thereafter		16,561
Total lease payments		41,301
Less: interest		6,680
Total operating lease liabilities	$	34,621

There were no significant future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of June 30, 2021. Our lease agreements do not contain any material restrictive covenants or residual value guarantee provisions.