Leases (Tables)
|
12 Months Ended |
Jun. 30, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of Maturity 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 consolidated balance sheet as of June 30, 2025. 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, | |
Maturity of
Operating Lease
Liabilities
(in thousands) | |
| 2026 | |
$ | 4,233 | |
| 2027 | |
| 3,200 | |
| 2028 | |
| 2,190 | |
| 2029 | |
| 1,531 | |
| 2030 | |
| 1,256 | |
| Thereafter | |
| 412 | |
| Total lease payments | |
$ | 12,822 | |
| Less: amounts representing interest | |
| 1,047 | |
| Present value of lease liabilities | |
$ | 11,775 | |
| Less: current portion | |
| 3,778 | |
| Long-term portion | |
$ | 7,997 | |
|
| Schedule of Operating Leases |
The table below presents additional information related to the Company’s
operating leases (in thousands):
| Operating lease cost |
|
Fiscal year ended
June 30,
2025 |
|
|
Fiscal year ended
June 30,
2024 |
|
| Operating lease cost (1) |
|
$ |
3,967 |
|
|
$ |
3,995 |
|
| Variable
lease cost (2) |
|
|
5,016 |
|
|
|
4,810 |
|
| Total lease cost |
|
$ |
8,983 |
|
|
$ |
8,805 |
|
| (1) | Expenses are classified within selling, general and administrative
expenses in the Company’s consolidated statements of operations for the fiscal years ended June 30, 2025 and 2024. |
| (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. These expenses are classified within cost of sales in the Company’s consolidated statements
of operations for the fiscal years ended June 30, 2025 and 2024. |
The table below presents lease-related terms and discount rates as
of June 30, 2025 and 2024: | | | June 30, 2025 | | | June 30, 2024 | | | Weighted average remaining lease terms | | | | | | | | Operating leases | | | 3.74 years | | | | 3.6 years | | | Weighted average discount rate | | | | | | | | | | Operating leases | | | 4.10 | % | | | 3.48 | % |
|
| 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 fiscal years ended June 30, 2025 and 2024 (in thousands):
| | |
Fiscal year ended
June 30, 2025 | | |
Fiscal year
ended
June 30, 2024 | |
| Cash paid for amounts included in the measurement of lease liabilities: | |
$ | 3,967 | | |
$ | 3,995 | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities: | |
$ | 6,197 | | |
$ | 2,955 | |
|
| Schedule of Future 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
to be Received | | |
Amortization
of Unearned
Income | | |
Net Investment in
Sales Type
Leases | |
| | |
| | |
| | |
| |
| 2026 | |
$ | 5,219 | | |
$ | 3,362 | | |
$ | 1,857 | |
| 2027 | |
| 4,086 | | |
| 2,575 | | |
| 1,511 | |
| 2028 | |
| 3,052 | | |
| 1,754 | | |
| 1,298 | |
| 2029 | |
| 2,091 | | |
| 1,071 | | |
| 1,020 | |
| 2030 | |
| 1,206 | | |
| 608 | | |
| 598 | |
| Thereafter | |
| 1,416 | | |
| 658 | | |
| 758 | |
| | |
| | | |
| | | |
$ | 7,042 | * |
| | | * Excludes non-guaranteed residual
values of $2.8 million. |
|