Leases

9 Months Ended

Mar. 31, 2022

NOTE 5 – LEASES

The Company has operating and finance leases for office space, warehouse space, trailers, and other equipment. Lease terms expire at various dates through May 2032 with options to renew for varying terms at the Company’s sole discretion. The Company has not included these options to extend or terminate in its calculation of right-or-use assets or lease liabilities as it is not reasonably certain to exercise these options.

The components of lease expense were as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
(In thousands)	2022		2021		2022		2021
Operating:
Operating lease cost	$	2,575	$	1,987	$	7,386	$	5,503

Financing:
Amortization of leased assets		156		155		468		459
Interest on lease liabilities		24		33		79		105

Total finance lease cost	$	180	$	188	$	547	$	564

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended March 31,
(In thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows arising from operating leases	$	6,487	$	5,598
Operating cash flows arising from finance leases		80		107
Financing cash flows arising from finance leases		558		531

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7,909	$	17,920
Finance leases		—		38

Supplemental balance sheet information related to leases was as follows:


	March 31,			June 30,
(In thousands)	2022			2021
Operating lease:
Operating lease right-of-use assets	$	39,905		$	39,022

Current portion of operating lease liability		7,290			6,989
Operating lease liability, net of current portion		36,730			34,899

Total operating lease liabilities	$	44,020		$	41,888

Finance lease:
Property, technology, and equipment, net	$	2,195		$	2,663

Current portion of finance lease liability		627			743
Finance lease liability, net of current portion		1,363			1,809

Total finance lease liabilities	$	1,990		$	2,552

Weighted average remaining lease term:
Operating leases	5.8 years			6.2 years
Finance leases	3.6 years			4.4 years

Weighted average discount rate:
Operating leases		4.22	%		4.05	%
Finance leases		4.61	%		4.75	%

As of March 31, 2022, maturities of lease liabilities for each of the next five fiscal years ending June 30 and thereafter are as follows:


(In thousands)	Operating			Finance
2022 (remaining)	$	2,424		$	204
2023		8,662			649
2024		8,497			573
2025		8,541			541
2026		8,065			176
2027		7,255			—
Thereafter		6,491			—

Total lease payments		49,935			2,143

Less imputed interest		(5,915	)		(153	)

Total lease liability	$	44,020		$	1,990