Finance and Operating Leases (Tables)
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9 Months Ended |
Mar. 31, 2023 |
Finance and Operating Leases |
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Schedule of present value of the minimum lease payments on finance leases |
| | | | | | | | | | | | | | | | | | March 31, 2023 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 12,384 | | $ | 38,600 | | 2024 | | | 36,460 | | | 24,816 | | 2025 | | | 16,112 | | | 4,468 | | 2026 | | | 4,858 | | | 22 | | Total minimum payments | | | 69,814 | | | 67,906 | | Less: imputed interest | | | (2,784) | | | (1,629) | | Finance lease liability | | | 67,030 | | | 66,277 | | Less: current portion of finance lease liability | | | (40,971) | | | (37,389) | | Long-term finance lease liability | | $ | 26,059 | | $ | 28,888 | |
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Schedule of future minimum lease payments under non-cancelable operating leases |
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 4,139 | | $ | 15,120 | | 2024 | | | 16,115 | | | 16,638 | | 2025 | | | 15,436 | | | 16,168 | | 2026 | | | 12,051 | | | 12,900 | | 2027 | | | 8,518 | | | 8,797 | | Thereafter | | | 27,455 | | | 27,447 | | Total minimum payments | | | 83,714 | | | 97,070 | | Less: imputed interest | | | (7,243) | | | (9,113) | | Operating lease liability | | | 76,471 | | | 87,957 | | Less: current portion of operating lease liability | | | (14,176) | | | (12,830) | | Long-term operating lease liability | | $ | 62,295 | | $ | 75,127 | |
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Schedule of expected sublease income |
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | June 30, 2022 | | | | | (in thousands) | | | | | | | | | | 2023 | | $ | 392 | | $ | 1,396 | | 2024 | | | 836 | | | 665 | | 2025 | | | 455 | | | 412 | | 2026 | | | 139 | | | 140 | | Total sublease income | | $ | 1,822 | | $ | 2,613 | |
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Schedule of lease cost, weighted-average remaining lease term, weighted-average discount rate |
| | | | | | | | | | | | | | | | Three Months Ended March 31, | | Nine Months Ended March 31, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | (in thousands) | | Lease cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | | | | Amortization of right-of-use assets | | $ | 9,853 | | $ | 8,812 | | $ | 29,804 | | $ | 25,800 | | Interest on lease liabilities | | | 609 | | | 473 | | | 1,504 | | | 1,334 | | Instructional costs and services: | | | | | | | | | | | | | | Operating lease cost | | | 2,837 | | | 3,964 | | | 9,191 | | | 11,830 | | Short-term lease cost | | | 24 | | | 16 | | | 79 | | | 51 | | Sublease income | | | (265) | | | (251) | | | (817) | | | (830) | | Selling, general, and administrative expenses: | | | | | | | | | | | | | | Operating lease cost | | | 584 | | | 1,631 | | | 1,756 | | | 5,074 | | Short-term lease cost | | | 53 | | | 39 | | | 193 | | | 48 | | Sublease income | | | (123) | | | (158) | | | (283) | | | (469) | | Total lease cost | | $ | 13,572 | | $ | 14,526 | | $ | 41,427 | | $ | 42,838 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other information | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | | Operating cash flows from operating leases | | $ | (2,636) | | $ | (5,237) | | $ | (8,602) | | $ | (15,899) | | Financing cash flows from finance leases | | | (11,300) | | | (9,175) | | | (31,238) | | | (23,919) | | Right-of-use assets obtained in exchange for new finance lease liabilities | | | 4,213 | | | 1,698 | | | 29,425 | | | 22,579 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | — | | | 1,116 | | | 576 | | | 7,921 | | Weighted-average remaining lease term - finance leases | | | | | | | | | 1.84 | yrs. | | 2.08 | yrs. | Weighted-average remaining lease term - operating leases | | | | | | | | | 6.25 | yrs. | | 6.63 | yrs. | Weighted-average discount rate - finance leases | | | | | | | | | 3.66 | % | | 2.44 | % | Weighted-average discount rate - operating leases | | | | | | | | | 2.78 | % | | 2.75 | % |
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