Leases (Tables)

12 Months Ended

Jun. 30, 2021

Lessee Disclosure [Abstract]

Schedule of Maturities of Operating Lease Liabilities

The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

Fiscal years ending	Maturity of Operating Lease Liabilities (in thousands)
2022	$	2,326
2023		1,931
2024		1,052
2025		735
2026		585
Thereafter		1,692
Total lease payments	$	8,321
Less: amounts representing interest		623
Present value of lease liabilities	$	7,698
Less: current portion		2,131
Long-term portion	$	5,567

Schedule of Operating Leases

The table below presents additional information related to the Company’s operating leases (in thousands):

Operating lease cost	Twelve months ended June 30, 2021		Twelve months ended June 30, 2020
Operating lease cost (1)	$	2,109	$	1,935
Short-term lease cost (1)		12		190
Variable lease cost (1)		351		177
Total lease cost	$	2,472	$	2,302

(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.

The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:

	June 30, 2021			June 30, 2020
Weighted average remaining lease terms
Operating leases		5.4 years			4.0 years
Weighted average discount rate
Operating leases		2.9	%		3.5	%

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 years ended June 30, 2021 and 2020 (in thousands):

	Twelve months ended June 30, 2021		Twelve months ended June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:	$	2,109	$	1,935
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:	$	3,649	$	1,366

Schedule of Future Minimum Lease Payments Receivable

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EVI Industries, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

 

The future minimum lease payments receivable for sales type leases are as follows (in thousands):

Fiscal years ending June 30,	Total Minimum Lease Payments to be Received		Amortization of Unearned Income		Net Investment in Sales Type Leases
2022	$	3,059	$	1,711	$	1,348
2023		2,407		1,316		1,091
2024		1,769		926		843
2025		1,135		573		562
2026		626		294		332
Thereafter		562		257		305
					$	4,481	*

* Excludes non-guaranteed residual values of $2.2 million.