Finance and Operating Leases (Tables)
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3 Months Ended |
Sep. 30, 2022 |
Finance and Operating Leases |
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Schedule of present value of the minimum lease payments on finance leases |
| | | | | | | | | | | | | | | | | | September 30, 2022 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 34,326 | | $ | 38,600 | | 2024 | | | 32,333 | | | 24,816 | | 2025 | | | 11,984 | | | 4,468 | | 2026 | | | 2,047 | | | 22 | | Total minimum payments | | | 80,690 | | | 67,906 | | Less: imputed interest | | | (2,662) | | | (1,629) | | Finance lease liability | | | 78,028 | | | 66,277 | | Less: current portion of finance lease liability | | | (43,627) | | | (37,389) | | Long-term finance lease liability | | $ | 34,401 | | $ | 28,888 | |
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Schedule of future minimum lease payments under non-cancelable operating leases |
| | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 11,443 | | $ | 15,120 | | 2024 | | | 16,039 | | | 16,638 | | 2025 | | | 15,332 | | | 16,168 | | 2026 | | | 12,025 | | | 12,900 | | 2027 | | | 8,518 | | | 8,797 | | Thereafter | | | 27,455 | | | 27,447 | | Total minimum payments | | | 90,812 | | | 97,070 | | Less: imputed interest | | | (8,343) | | | (9,113) | | Operating lease liability | | | 82,469 | | | 87,957 | | Less: current portion of operating lease liability | | | (13,356) | | | (12,830) | | Long-term operating lease liability | | $ | 69,113 | | $ | 75,127 | |
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Schedule of expected sublease income |
| | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 1,047 | | $ | 1,396 | | 2024 | | | 665 | | | 665 | | 2025 | | | 412 | | | 412 | | 2026 | | | 140 | | | 140 | | Total sublease income | | $ | 2,264 | | $ | 2,613 | |
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Schedule of lease cost, weighted-average remaining lease term, weighted-average discount rate |
| | | | | | | | | | Three Months Ended September 30, | | | | 2022 | | 2021 | | | | | (in thousands) | Lease cost | | | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | Amortization of right-of-use assets | | $ | 9,934 | | $ | 7,620 | | Interest on lease liabilities | | | 388 | | | 417 | | Instructional costs and services: | | | | | | | | Operating lease cost | | | 3,715 | | | 3,935 | | Short-term lease cost | | | 24 | | | 18 | | Sublease income | | | (282) | | | (332) | | Selling, general, and administrative expenses: | | | | | | | | Operating lease cost | | | 586 | | | 1,667 | | Short-term lease cost | | | 94 | | | 4 | | Sublease income | | | (80) | | | (129) | | Total lease cost | | $ | 14,379 | | $ | 13,200 | | | | | | | | | | | | | | | | | | Other information | | | | | | | | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | Operating cash flows from operating leases | | $ | (2,605) | | $ | (5,321) | | Financing cash flows from finance leases | | | (9,314) | | | (7,020) | | Right-of-use assets obtained in exchange for new finance lease liabilities | | | 19,907 | | | 13,983 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | 576 | | | 6,805 | | Weighted-average remaining lease term - finance leases | | | 1.82 | yrs. | | 2.31 | yrs. | Weighted-average remaining lease term - operating leases | | | 6.51 | yrs. | | 6.80 | yrs. | Weighted-average discount rate - finance leases | | | 3.00 | % | | 2.37 | % | Weighted-average discount rate - operating leases | | | 2.77 | % | | 2.79 | % |
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