Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.2
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

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.