Leases

9 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The Company has operating lease obligations primarily for our delivery centers and finance lease obligations primarily for vehicles and other equipment. Leases typically have initial terms of two to fifteen years, and may include renewal options if the Company is reasonably certain to exercise such options.

The components of lease cost are as follows:

	Three Months Ended March 31,				Nine Months Ended March 31,
($000s)	2024		2023		2024		2023
Operating lease cost:
Operating lease cost	$	5,045	$	5,487	$	14,923	$	16,360
Variable lease cost	787		1,043		2,353		3,244
Total operating lease cost	$	5,832	$	6,530	$	17,276	$	19,604
Finance lease cost:
Amortization of right of use assets	$	147	$	85	$	361	$	254
Interest on lease liabilities	64		32		154		75
Total finance lease cost	$	211	$	117	$	515	$	329

The following table presents supplemental balance sheet information related to leases:

	March 31,		June 30,
($000s)	2024		2023
Operating lease assets	$	62,157	$	70,919
Operating lease liabilities, current	13,073		13,036
Operating lease liabilities, non-current	55,660		64,854
Total operating lease liabilities	$	68,733	$	77,890
Finance lease assets, net	$	1,339	$	929
Finance lease liabilities, current	585		361
Finance lease liabilities, non-current	820		600
Total finance lease liabilities	$	1,405	$	961

The following table presents supplemental cash flow information related to leases:

	Nine Months Ended March 31,
($000s)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	9,907	$	10,831
Operating cash flows paid for interest portion of finance leases	154		75
Financing cash flows paid for principal portion of finance leases	342		353

The following table presents supplemental noncash information related to leases:

	Nine Months Ended March 31,
($000s)	2024		2023
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	4,684	$	11,174
Finance leases	$	753	$	726
Reduction due to reassessment of lease renewal options
Right-of-use assets	$	(3,656)	$	—
Operating lease liabilities	$	(3,689)	$	—

	March 31,		June 30,
	2024		2023
Weighted average remaining lease term (in years)
Operating leases	5.2		5.7
Finance leases	2.3		2.6
Weighted average discount rate
Operating leases	10.3	%	9.2	%
Finance leases	21.6	%	13.4	%

The following table presents the maturities of our lease liabilities as of March 31, 2024:

($000s)	Operating Leases		Finance Leases
2024-remainder of year	$	4,951	$	213
2025	17,692		786
2026	16,340		570
2027	16,114		201
2028	13,257		—
Thereafter	22,097		—
Total undiscounted lease payments	90,451		1,770
Less: liability accretion	(21,718)		(365)
Total lease liabilities	$	68,733	$	1,405

Leases

LEASES

The Company has operating lease obligations primarily for our delivery centers and finance lease obligations primarily for vehicles and other equipment. Leases typically have initial terms of two to fifteen years, and may include renewal options if the Company is reasonably certain to exercise such options.

The components of lease cost are as follows:

	Three Months Ended March 31,				Nine Months Ended March 31,
($000s)	2024		2023		2024		2023
Operating lease cost:
Operating lease cost	$	5,045	$	5,487	$	14,923	$	16,360
Variable lease cost	787		1,043		2,353		3,244
Total operating lease cost	$	5,832	$	6,530	$	17,276	$	19,604
Finance lease cost:
Amortization of right of use assets	$	147	$	85	$	361	$	254
Interest on lease liabilities	64		32		154		75
Total finance lease cost	$	211	$	117	$	515	$	329

The following table presents supplemental balance sheet information related to leases:

	March 31,		June 30,
($000s)	2024		2023
Operating lease assets	$	62,157	$	70,919
Operating lease liabilities, current	13,073		13,036
Operating lease liabilities, non-current	55,660		64,854
Total operating lease liabilities	$	68,733	$	77,890
Finance lease assets, net	$	1,339	$	929
Finance lease liabilities, current	585		361
Finance lease liabilities, non-current	820		600
Total finance lease liabilities	$	1,405	$	961

The following table presents supplemental cash flow information related to leases:

	Nine Months Ended March 31,
($000s)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	9,907	$	10,831
Operating cash flows paid for interest portion of finance leases	154		75
Financing cash flows paid for principal portion of finance leases	342		353

The following table presents supplemental noncash information related to leases:

	Nine Months Ended March 31,
($000s)	2024		2023
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	4,684	$	11,174
Finance leases	$	753	$	726
Reduction due to reassessment of lease renewal options
Right-of-use assets	$	(3,656)	$	—
Operating lease liabilities	$	(3,689)	$	—

	March 31,		June 30,
	2024		2023
Weighted average remaining lease term (in years)
Operating leases	5.2		5.7
Finance leases	2.3		2.6
Weighted average discount rate
Operating leases	10.3	%	9.2	%
Finance leases	21.6	%	13.4	%

The following table presents the maturities of our lease liabilities as of March 31, 2024:

($000s)	Operating Leases		Finance Leases
2024-remainder of year	$	4,951	$	213
2025	17,692		786
2026	16,340		570
2027	16,114		201
2028	13,257		—
Thereafter	22,097		—
Total undiscounted lease payments	90,451		1,770
Less: liability accretion	(21,718)		(365)
Total lease liabilities	$	68,733	$	1,405