Finance and Operating Leases (Tables)

6 Months Ended

Dec. 31, 2023

Finance and Operating Leases

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

	December 31, 2023		June 30, 2023
	(in thousands)
2024	$	20,082	$	37,056
2025		27,434		16,691
2026		16,128		5,457
2027		4,382		60
Total minimum payments		68,026		59,264
Less: imputed interest		(4,295)		(2,365)
Finance lease liability		63,731		56,899
Less: current portion of finance lease liability		(33,108)		(35,621)
Long-term finance lease liability	$	30,623	$	21,278

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

	December 31, 2023		June 30, 2023
	(in thousands)
2024	$	7,293	$	16,341
2025		14,288		15,668
2026		12,378		12,290
2027		8,716		8,753
2028		7,714		7,727
Thereafter		19,978		19,975
Total minimum payments		70,367		80,754
Less: imputed interest		(5,987)		(6,880)
Operating lease liability		64,380		73,874
Less: current portion of operating lease liability		(12,828)		(14,449)
Long-term operating lease liability	$	51,552	$	59,425

Schedule of expected sublease income

	December 31, 2023		June 30, 2023
	(in thousands)
2024	$	385	$	836
2025		455		455
2026		139		139
Total sublease income	$	979	$	1,430

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

	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023			2022
	(in thousands)
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	7,144	$	10,018	$	15,986		$	19,952
Interest on lease liabilities		466		507		983			895
Instructional costs and services:
Operating lease cost		2,364		2,640		4,921			6,354
Short-term lease cost		19		31		32			56
Sublease income		(66)		(270)		(197)			(552)
Selling, general, and administrative expenses:
Operating lease cost		1,546		586		3,745			1,172
Short-term lease cost		56		47		112			140
Sublease income		(123)		(80)		(246)			(160)
Total lease cost	$	11,406	$	13,479	$	25,336		$	27,857
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(4,968)	$	(3,361)	$	(8,587)		$	(5,966)
Financing cash flows from finance leases		(10,770)		(10,624)		(22,491)			(19,938)
Right-of-use assets obtained in exchange for new finance lease liabilities		8,434		5,305		26,277			25,212
Right-of-use assets obtained in exchange for new operating lease liabilities		—		—		625			576
Weighted-average remaining lease term - finance leases						2.12	yrs.		1.84	yrs.
Weighted-average remaining lease term - operating leases						5.96	yrs.		6.35	yrs.
Weighted-average discount rate - finance leases						5.22	%		3.31	%
Weighted-average discount rate - operating leases						2.84	%		2.77	%