Finance and Operating Leases (Tables)

6 Months Ended

Dec. 31, 2021

Finance and Operating Leases

Schedule of present value of the minimum lease payments on finance leases

	December 31, 2021		June 30, 2021
	(in thousands)
2022	$	18,857	$	28,715
2023		37,266		28,105
2024		23,461		14,303
2025		3,439		—
Total minimum payments		83,023		71,123
Less: imputed interest		(2,331)		(2,219)
Finance lease liability		80,692		68,904
Less: current portion of finance lease liability		(36,080)		(27,336)
Long-term finance lease liability	$	44,612	$	41,568

Schedule of future minimum lease payments under non-cancelable operating leases

	December 31, 2021		June 30, 2021
	(in thousands)
2022	$	9,237	$	23,030
2023		16,432		16,204
2024		15,752		15,032
2025		15,258		14,222
2026		12,300		11,247
Thereafter		35,267		27,432
Total minimum payments		104,246		107,167
Less: imputed interest		(9,993)		(9,060)
Operating lease liability		94,253		98,107
Less: current portion of operating lease liability		(15,233)		(20,649)
Long-term operating lease liability	$	79,020	$	77,458

Schedule of expected sublease income

	December 31, 2021		June 30, 2021
	(in thousands)
2022	$	877	$	1,496
2023		1,117		797
2024		387		66
2025		133		—
Total sublease income	$	2,514	$	2,359

Schedule of lease cost, weighted-average remaining lease term, weighted-average discount rate

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021			2020
	(in thousands)
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	9,368	$	8,341	$	16,988		$	13,178
Interest on lease liabilities		445		155		862			273
Instructional costs and services:
Operating lease cost		3,931		3,935		7,866			7,881
Short-term lease cost		16		94		35			157
Sublease income		(247)		(251)		(579)			(503)
Selling, general, and administrative expenses:
Operating lease cost		1,777		1,644		3,443			3,231
Short-term lease cost		4		221		9			443
Sublease income		(182)		(196)		(311)			(424)
Total lease cost	$	15,112	$	13,943	$	28,313		$	24,236
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(5,341)	$	(5,199)	$	(10,662)		$	(10,364)
Financing cash flows from finance leases		(7,724)		(5,786)		(14,744)			(11,455)
Right-of-use assets obtained in exchange for new finance lease liabilities		6,898		30,111		20,881			46,865
Right-of-use assets obtained in exchange for new operating lease liabilities		—		377		6,805			589
Weighted-average remaining lease term - finance leases						2.27	yrs.		2.84	yrs.
Weighted-average remaining lease term - operating leases						6.73	yrs.		6.81	yrs.
Weighted-average discount rate - finance leases						2.40	%		2.49	%
Weighted-average discount rate - operating leases						2.76	%		2.76	%