EVI Industries, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

9 Months Ended

Mar. 31, 2022

Schedule of Maturities of Operating Lease Liabilities

The following table provides details of the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of March 31, 2022. 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,	Total Operating Lease Obligations (in thousands)
2022 (remainder of)	$	688
2023		2,579
2024		1,727
2025		1,169
2026		803
Thereafter		1,921
Total minimum lease payments	$	8,887
Less: amounts representing interest		645
Present value of minimum lease payments	$	8,242
Less: current portion		2,458
Long-term portion	$	5,784

Schedule of Operating Leases

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

	Nine months ended March 31,				Three months ended March 31,
	2022		2021		2022		2021
Operating lease cost
Operating lease cost (1)		1,781		1,475	$	671	$	482
Short-term lease cost (1)		-		12		-		-
Variable lease cost (1)		320		287		44		122
Total lease cost		2,101		1,774	$	715	$	604


(1)	Expenses are classified within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

The table below presents lease-related terms and discount rates as of March 31, 2022:

		March 31, 2022
Weighted average remaining lease terms
Operating leases		4.9 years
Weighted average discount rate
Operating leases		3.1%

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 nine months ended March 31, 2022 and 2021 (in thousands):

	Nine months ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	$	1,919	$	1,475
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:	$	2,010	$	3,793

Schedule of Minimum future rental commitments

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

Fiscal years ending June 30,	Total Minimum Lease Payments Receivable		Amortization of Unearned Income		Net Investment in Sales Type Leases
2022 (remainder of)	$	1,004	$	595	$	409
2023		3,356		1,995		1,361
2024		2,577		1,476		1,101
2025		1,825		973		852
2026		1,211		551		660
Thereafter		935		419		516
					$	4,899	*
* Excludes residual values of $2.5 million.