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Leases (Tables)
3 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of operating lease liabilities The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Fiscal years ending June 30,  Total Operating
Lease Obligations
(in thousands)
2024 (remainder of)  $2,347 
2025   2,574 
2026   1,904 
2027   1,019 
2028   637 
Thereafter   804 
Total minimum lease payments   9,285 
Less: amounts representing interest   603 
Present value of minimum lease payments   8,682 
Less: current portion   2,790 
Long-term portion  $5,892 

 

Schedule of Operating Leases The table below presents additional information related to the Company’s operating leases (in thousands):
   Three months ended
September 30,
   2023  2022
Operating lease cost          
Operating lease cost (1)  $1,001   $773 
Variable lease cost (2)   1,076    18 
Total lease cost  $2,077   $791 
(1)Expenses are classified as selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.
(2)Certain of the Company’s subsidiaries lease space at locations where (i) they install laundry equipment and customers pay for the use of equipment and (ii) the leased space is paid for as part of a revenue sharing arrangement. The Company did not report this variable lease cost in the quarter ended September 30, 2022 and does not believe the omission is material to the Company’s consolidated financial statements. These expenses are classified within cost of sales in the Company’s consolidated statements of operations.
    September 30, 2023
Weighted average remaining lease terms    
Operating leases   3.9 years
Weighted average discount rate    
Operating leases   3.44 %
Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the three months ended September 30, 2023 and 2022 (in thousands):
   Three months ended September 30,
   2023  2022
Cash paid for amounts included in the measurement of lease liabilities:  $1,001   $773 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:  $20   $300 
Schedule of Minimum Lease Payments Receivable The future minimum lease payments receivable for sales type leases are as follows (in thousands):
Fiscal years ending June 30,  Total Minimum
Lease Payments
Receivable
  Amortization
of Unearned
Income
  Net Investment
in Sales Type
Leases
2024 (remainder of)  $3,557   $2,247   $1,310 
2025   3,683    2,411    1,272 
2026   3,051    1,807    1,244 
2027   2,248    1,197    1,051 
2028   1,222    591    632 
Thereafter   1,207    566    641 
             $6,148*

* Excludes residual values of $2.9 million.