0000950170-24-116719 | 10-Q | XBRL Viewer

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Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements Of Income And Comprehensive Income [Abstract]
Net sales	$ 104,007	$ 94,603
Cost of goods sold	81,639	76,193
Gross profit	22,367	18,410
Selling, general and administrative expenses	16,320	16,492
Operating income	6,047	1,918
Interest expense	51	570
Income before income taxes	5,996	1,348
Income tax provision	1,856	596
Net income and comprehensive income	$ 4,140	$ 752
Weighted average number of common shares outstanding:
Basic	5,203	5,182
Diluted	5,576	5,375
Earnings per share of common stock:
Basic	$ 0.8	$ 0.15
Diluted	$ 0.74	$ 0.14

Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Total Stock-Based Compensation Expense


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Total stock-based compensation expense	$	1,138	$	911

Schedule Of Stock Option Plans


				Weighted
	Shares			Average
	(in thousands)			Exercise Price
Outstanding at June 30, 2024		180		$	20.01
Granted		—			—
Exercised		(16	)		26.65
Cancelled		(3	)		45.50
Outstanding at September 30, 2024		161		$	18.88

Schedule Of Options Outstanding And Exercisable


		Options		Weighted Average
Range of		Outstanding		Remaining		Exercise
Prices		(in thousands)		Life (Years)		Price
$	9.97 - 15.14		97		5.4	$	12.64
	18.30 - 19.72		6		6.7		18.30
	21.96 - 27.57		28		4.2		22.25
	31.06 - 32.80		21		1.6		32.06
	43.09 - 47.45		9		2.0		45.29
$	9.97 - 47.45		161		4.6	$	18.88

Restricted Shares And RSUs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares - PSUs And RSUs


			Weighted Average
	Shares		Fair Value
	(in thousands)		Per Share
Unvested as of June 30, 2024		16	$	21.96
Granted		4		31.66
Vested		—		—
Forfeited		—		—
Unvested as of September 30, 2024		20	$	23.90

Long-Term Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule Of Unvested Shares - PSUs And RSUs


	Time-Based Vest (RSUs)				Performance-Based Vest (PSUs)					Total
			Weighted Average					Weighted Average					Weighted Average
			Fair Value					Fair Value					Fair Value
(shares in thousands)	Shares		Per Share		Shares			Per Share		Shares			Per Share
Unvested as of June 30, 2024		97	$	17.92		182		$	22.07		279		$	20.65
Granted		31		31.66		46			31.66		77			31.66
Vested		—		—		—			—		—			—
Forfeited		—		—		(32	)		42.31		(32	)		42.31
Unvested as of September 30, 2024		128	$	21.25		196		$	21.02		324		$	21.13

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net Income (Loss)	$ 4,140	$ 752
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	929	940
Deferred income taxes	22	94
Stock-based compensation expense	1,138	911
Change in provision for losses on accounts receivable	(40)	(70)
Loss on disposal of assets	10	34
Changes in operating assets and liabilities:
Trade receivables	4,796	6,687
Inventories	680	1,269
Other current assets	(1,844)	(2,791)
Other assets	(564)	(1,392)
Accounts payable - trade	(956)	(3,719)
Accrued liabilities	(6,004)	(4,510)
Other long-term liabilities	91	14
Net cash provided by (used in) operating activities	2,398	(1,781)
INVESTING ACTIVITIES:
Proceeds from sales of investments	1,155
Capital expenditures	(427)	(1,355)
Net cash provided by (used in) investing activities	728	(1,355)
FINANCING ACTIVITIES:
Dividends paid	(874)	(879)
Treasury stock purchases	0	(455)
Proceeds from line of credit	102,851	101,365
Payments on line of credit	(104,092)	(96,640)
Shares withheld for tax payments on vested shares and options exercised	(32)	(647)
Net cash (used in) provided financing activities	(2,147)	2,744
Increase (decrease) in cash and cash equivalents	979	(392)
Cash and cash equivalents at beginning of the period	4,761	3,365
Cash and cash equivalents at end of the period	5,740	2,973
SUPPLEMENTAL INFORMATION
Interest paid	60	546
Cash paid for income taxes, net	2,100	244
Capital expenditures in accounts payable	$ 2	$ 287

Credit Arrangements (Narrative) (Details) $ in Millions		3 Months Ended
Credit Arrangements (Narrative) (Details) $ in Millions	Sep. 08, 2021 USD ($)	Sep. 30, 2024 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding		$ 0.9
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Interest rate	1.50%
Basis spread on interest rate	1.25%
Effective interest rate		6.19%
Debt term	5 years
Fixed coverage ratio		1
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 85.0
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| SOFR [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		1.61%
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| SOFR [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Basis spread on interest rate		1.36%
Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member] \| Letter Of Credit [Member]
Short-term Debt [Line Items]
Credit agreement capacity	$ 5.0
Secured Credit Agreement [Member] \| Wells Fargo Bank N.A. [Member]
Short-term Debt [Line Items]
Line of credit outstanding		$ 3.6

Inventories

3 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Inventories

2. INVENTORIES

A comparison of inventories is as follows:


	September 30,		June 30,
(in thousands)	2024		2024
Raw materials	$	12,508	$	14,030
Work in process and finished parts		2,816		2,654
Finished goods		80,573		79,893
Total	$	95,897	$	96,577

Stock-Based Compensation (Schedule Of Unvested Shares - PSUs And RSUs) (Details) - Restricted Shares And RSUs [Member] shares in Thousands	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	16
Granted, Shares \| shares	4
Unvested at the end of period, Shares \| shares	20
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 21.96
Granted, Weighted average fair value per share \| $ / shares	31.66
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 23.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis Of Presentation And Description Of Business	3 Months Ended
Basis Of Presentation And Description Of Business	Sep. 30, 2024
Basis Of Presentation And Description Of Business [Abstract]
Basis Of Presentation And Description Of Business	1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, appropriately represent, in all material respects, the current status of accounting policies.

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remaining payments in FY2025	$ 6,978
FY2026	9,208
FY2027	9,378
FY2028	9,144
FY2029	8,064
Thereafter	28,975
Total future minimum lease payments	71,747
Less imputed interest	8,094
Lease liability	$ 63,653

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2020	Dec. 31, 2018	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options remain outstanding	161,000			180,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period options are exercisable	10 years
Restricted Shares And RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares	$ 300
Total unrecognized stock-based compensation, expected period	7 months 6 days
Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares			$ 0
Former Chief Financial Officer Chief Operating Officer (Current Chief Executive Officer) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares		$ 0
Remaining life	5 years 6 months
Long-Term Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU award description	For PSUs awarded for the three year performance periods ending June 30, 2025, 2026 and 2027, achievement is based on meeting performance goals set for each year within the three year period. The Committee selected Adjusted Operating Income as the performance metric for the performance periods ending June 30, 2025, 2026, and 2027.
Long-Term Incentive Compensation Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation related to unvested shares	$ 3,800
Total unrecognized stock-based compensation, expected period	1 year 7 months 6 days
Stock Option Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	0
Omnibus Stock Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Shares available for future grants	0
Stock-based Compensation Outside A Plan [Member] \| Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans			55,000,000
Weighted average exercise price of options	$ 21.96
Remaining life	4 years 2 months 12 days
Options remain outstanding	55,000,000
Stock-based Compensation Outside A Plan [Member] \| Former Chief Financial Officer Chief Operating Officer (Current Chief Executive Officer) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under stock option plans		79,000
Weighted average exercise price of options	$ 9.97
Options remain outstanding	79,000
Minimum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Assets Held For Sale (Tables)

3 Months Ended

Sep. 30, 2024

Assets Held For Sale [Abstract]

Summary Of Assets Held For Sale


				Accumulated			Net Book
Location	Asset Category	Cost		Depreciation			Value
(in thousands)
Dublin, Georgia	Building & building improvements	$	6,798	$	(5,326	)	$	1,472
	Land & land improvements		444		(209	)		235
	Total assets held for sale	$	7,242	$	(5,535	)	$	1,707

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2,480	$ 2,440
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, issued	8,414,000	8,407,000
Common stock, outstanding	5,207,000	5,200,000
Treasury stock, shares	3,207,000	3,207,000

Inventories (Tables)

3 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Comparison Of Inventories


	September 30,		June 30,
(in thousands)	2024		2024
Raw materials	$	12,508	$	14,030
Work in process and finished parts		2,816		2,654
Finished goods		80,573		79,893
Total	$	95,897	$	96,577

Income Taxes (Narrative) (Details)	3 Months Ended
Income Taxes (Narrative) (Details)	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	31.00%	44.20%
Effective federal statutory income tax rate	21.00%	21.00%

Stock-Based Compensation (Schedule Of Stock Option Plans) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Shares, Outstanding at beginning balance \| shares	180
Shares, Exercised \| shares	(16)
Shares, Cancelled \| shares	(3)
Shares, Outstanding at ending balance \| shares	161
Weighted Average Exercise Price, Outstanding at beginning balance \| $ / shares	$ 20.01
Weighted Average Exercise Price, Exercised \| $ / shares	26.65
Weighted Average Exercise Price, Canceled \| $ / shares	45.5
Weighted Average Exercise Price, Outstanding at ending balance \| $ / shares	$ 18.88

Leases (Other Information Related To Leases And Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid operating leases	$ 2,441	$ 1,749
Cash received from subleasing of operating lease: Operating cash flows received from subleasing of operating lease	594	263
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 0	$ 0
Weighted-average remaining lease term (in years): Operating leases	7 years 10 months 24 days	8 years 9 months 18 days
Weighted-average discount rate: Operating leases	3.10%	3.10%

Leases

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

4. LEASES

The Company accounts for its leases in accordance with ASC 842, Leases. ASC 842 requires lessees to (i) recognize a right-of-use asset (“ROU asset”) and a lease liability that is measured at the present value of the remaining lease payments on the Consolidated Balance Sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease-related cash payments within operating and financing activities. The Company made an accounting policy election to not recognize short-term leases on the Consolidated Balance Sheets and all non-lease components, such as common area maintenance, were excluded. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments, and the ROU asset is measured

as the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs, and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease term.

The Company leases distribution centers and warehouses, manufacturing facilities, showrooms, and office space. At the lease inception date, the Company determines if an arrangement is, or contains a lease. Some of the Company’s leases include options to renew at similar terms. The Company assesses these options to determine if the Company is reasonably certain of exercising these options based on relevant economic and financial factors. Options that meet these criteria are included in the lease term at the lease commencement date.

For purposes of measuring the Company’s ROU asset and lease liability, the discount rate utilized by the Company was based on the average interest rates effective for the Company’s line of credit. Some of the Company’s leases contain variable rent payments, including common area maintenance and utilities. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.

The components of the Company’s leases excluding the impact of sublease income reflected on the Company’s Consolidated Statements of Income were as follows:


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Operating lease expense	$	2,478	$	2,424
Variable lease expense		519		446
Total lease expense	$	2,997	$	2,870

Other information related to leases and future minimum lease payments under non-cancelable operating leases were as follows:


	Three Months Ended
	September 30,
(in thousands)	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	2,441		$	1,749

Cash received from subleasing of operating lease:
Operating cash flows received from subleasing of operating lease	$	594		$	263

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	—		$	—

Weighted-average remaining lease term (in years):
Operating leases		7.9			8.8

Weighted-average discount rate:
Operating leases		3.1	%		3.1	%

Future minimum lease payments under non-cancelable operating leases were as follows:


	September 30, 2024
Remaining payments in FY2025	$	6,978
FY2026		9,208
FY2027		9,378
FY2028		9,144
FY2029		8,064
Thereafter		28,975
Total future minimum lease payments	$	71,747
Less imputed interest		8,094
Lease liability	$	63,653

Earnings Per Share (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share

Schedule Of Earnings Per Share, Basic And Diluted


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Basic shares		5,203		5,182
Potential common shares:
Stock options		173		81
Non-vested restricted stock units and restricted shares		200		112
		373		193
Diluted shares		5,576		5,375

Anti-dilutive shares		9		154

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,140	$ 752

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-Based Compensation (Schedule Of Unvested Shares - Long-Term Incentive Compensation Plan RSUs) (Details) - Long-Term Incentive Compensation Plan [Member] shares in Thousands	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	279
Granted, Shares \| shares	77
Forfeited, Shares \| shares	(32)
Unvested at the end of period, Shares \| shares	324
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 20.65
Granted, Weighted average fair value per share \| $ / shares	31.66
Forfeited, Weighted average fair value per share \| $ / shares	42.31
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 21.13
Time Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	97
Granted, Shares \| shares	31
Unvested at the end of period, Shares \| shares	128
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 17.92
Granted, Weighted average fair value per share \| $ / shares	31.66
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 21.25
Performance Based Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares \| shares	182
Granted, Shares \| shares	46
Forfeited, Shares \| shares	(32)
Unvested at the end of period, Shares \| shares	196
Unvested at the beginning of period, Weighted average fair value per share \| $ / shares	$ 22.07
Granted, Weighted average fair value per share \| $ / shares	31.66
Forfeited, Weighted average fair value per share \| $ / shares	42.31
Unvested at the end of period, Weighted average fair value \| $ / shares	$ 21.02

Commitments And Contingencies

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

9. COMMITMENTS AND CONTINGENCIES

Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company’s business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Stock-Based Compensation (Schedule Of Options Outstanding And Exercisable) (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2024 $ / shares shares
9.97 - 15.14 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	$ 9.97
Range of Price Upper	$ 15.14
Options Outstanding \| shares	97
Weighted Average Remaining Life (Years)	5 years 4 months 24 days
Weighted Average, Exercise Price	$ 12.64
18.30 - 19.72 Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	18.30
Range of Price Upper	$ 19.72
Options Outstanding \| shares	6
Weighted Average Remaining Life (Years)	6 years 8 months 12 days
Weighted Average, Exercise Price	$ 18.30
21.96 - 27.57 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	21.96
Range of Price Upper	$ 27.57
Options Outstanding \| shares	28
Weighted Average Remaining Life (Years)	4 years 2 months 12 days
Weighted Average, Exercise Price	$ 22.25
31.06 - 32.80 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	31.06
Range of Price Upper	$ 32.80
Options Outstanding \| shares	21
Weighted Average Remaining Life (Years)	1 year 7 months 6 days
Weighted Average, Exercise Price	$ 32.06
43.09 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	43.09
Range of Price Upper	$ 47.45
Options Outstanding \| shares	9
Weighted Average Remaining Life (Years)	2 years
Weighted Average, Exercise Price	$ 45.29
9.97 - 47.45 [Member]
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Line Items]
Range of Price Lower	9.97
Range of Price Upper	$ 47.45
Options Outstanding \| shares	161
Weighted Average Remaining Life (Years)	4 years 7 months 6 days
Weighted Average, Exercise Price	$ 18.88

Recent Accounting Pronouncements

3 Months Ended

Sep. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

10. RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023 09 “Improvements to Income Tax Disclosures.” The amendments in this ASU are intended to increase transparency through improvements to income tax disclosures primarily related to the income tax rate reconciliation and income taxes paid information. This ASU will become effective for us for the annual period beginning in fiscal year 2026, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures, but do not expect this guidance will have a material impact on our financial position and results of operations.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires business entities to enhance disclosures about significant segment expenses. The ASU also requires that a public entity with a single reportable segment, like the Company, provide all of the disclosures required as part of the amendment and all existing disclosures required by Topic 280. The ASU will become effective for us for the annual period beginning in fiscal year 2025 and for interim periods beginning with our 2026 fiscal year, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures, but do not expect this guidance will have a material impact on our financial position and results of operations.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Credit Arrangements

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Credit Arrangements

5. CREDIT ARRANGEMENTS

On September 8, 2021, the Company, as the borrower, entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Lender”), and the other lenders party thereto. The Credit Agreement has a five-year term and provides for up to an $85 million revolving line of credit. Subject to certain conditions, the Credit Agreement also provides for the issuance of letters of credit in an aggregate amount up to $5 million which, upon issuance, would be deemed advances under the revolving line of credit. Proceeds of borrowings were used to refinance all indebtedness owed to a prior lender and for working capital purposes. The Company’s obligations under the Credit Agreement are secured by substantially all its assets, excluding real property. The Credit Agreement contains customary representations, warranties, and covenants, including a financial covenant to maintain a fixed coverage ratio of not less than 1.00 to 1.00. In addition, the Loan Agreement places restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, and to merge or consolidate with other entities. As of September 30, 2024, management believes the Company was in compliance with all covenants.

On April 18, 2022, the Company, as the borrower, entered into a first amendment to the September 8, 2021, Credit Agreement (“First Amendment to the Credit Agreement”), with the Lender and the lenders thereto. The amendment to the Credit Agreement changed the definition of the term ‘Payment Conditions’ and further defined default or event of default and the calculation of the Fixed Charge Coverage Ratio.

Subject to certain conditions, borrowings under the Credit Agreement initially bore interest at LIBOR plus 1.25% or 1.50% per annum. On May 24, 2023, the Company entered into a second amendment to the Credit Agreement ("Second Amendment to the Credit Agreement") with the Lender to transition the applicable interest rate from LIBOR to Secured Overnight Financing Rate ("SOFR"). Effective as of the date of the Second Amendment to the Credit Agreement, borrowings under the amended Credit Agreement bear interest at SOFR plus 1.36% to 1.61%, or an effective interest rate of 6.19%, on September 30, 2024.

As of September 30, 2024, there was $3.6 million outstanding under the Credit Agreement, exclusive of fees and letters of credit.

Letters of credit outstanding with the Lender as of September 30, 2024, totaled $0.9 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 5,740	$ 4,761
Trade receivables - less allowances: September 30, 2024, $2,480, June 30, 2024, $2,440	39,481	44,238
Inventories	95,897	96,577
Other	8,787	8,098
Assets held for sale	1,707	1,707
Total current assets	151,612	155,381
NONCURRENT ASSETS:
Property, plant and equipment, net	36,175	36,709
Operating lease right-of-use assets	59,462	61,439
Deferred income taxes	8,585	8,607
Other assets	12,890	12,326
TOTAL ASSETS	268,724	274,462
CURRENT LIABILITIES:
Accounts payable - trade	24,852	25,830
Current portion of operating lease liabilities	7,430	7,517
Accrued liabilities:
Payroll and related items	6,167	12,059
Insurance	1,957	1,900
Sales and advertising related items	5,803	6,073
Other	7,125	7,027
Total current liabilities	53,334	60,406
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	56,223	58,076
Line of credit	3,581	4,822
Other liabilities	883	791
Total liabilities	114,021	124,095
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,414 shares issued and 5,207 outstanding as of September 30, 2024; 8,407 shares issued and 5,200 outstanding as of June 30, 2024	8,414	8,407
Additional paid-in capital	40,672	39,573
Treasury stock, at cost; 3,207 shares as of September 30, 2024, and June 30, 2024	(71,731)	(71,731)
Retained earnings	177,348	174,118
Total shareholders' equity	154,703	150,367
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 268,724	$ 274,462

Earnings Per Share

3 Months Ended

Sep. 30, 2024

Earnings Per Share

Earnings Per Share

8. EARNINGS PER SHARE

Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s

potential common shares outstanding are stock options, shares associated with the long-term incentive compensation plans, and non-vested restricted stock units. The Company calculates the dilutive effect of outstanding options and restricted stock units using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares.


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Basic shares		5,203		5,182
Potential common shares:
Stock options		173		81
Non-vested restricted stock units and restricted shares		200		112
		373		193
Diluted shares		5,576		5,375

Anti-dilutive shares		9		154

Cash dividends declared per common share were $0.17 for the three months ended September 30, 2024, and were $0.15 for the three months ended September 30, 2023, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
Summary Of Significant Accounting Policies (Policies)	Sep. 30, 2024
Basis Of Presentation And Description Of Business [Abstract]
Description Of Business	DESCRIPTION OF BUSINESS – Flexsteel Industries, Inc. and Subsidiaries (the “Company” or “Flexsteel” or “Our”) is one of the largest manufacturers, importers, and marketers of furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force.
Basis Of Presentation	BASIS OF PRESENTATION – The unaudited Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such Consolidated Financial Statements. Operating results for the three months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies in Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, appropriately represent, in all material respects, the current status of accounting policies.

Stock-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

7. STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plans in accordance with ASC 718, Stock Compensation, which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period. Restricted shares and restricted stock units (“RSUs”) generally vest over 1 to 3 years. Stock options are granted at an exercise price equal to the fair value of the Company’s common stock price at the grant date and are exercisable for up to 10 years from the date of grant. Stock-based compensation is included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. Forfeitures are recognized as incurred.

The following table is a summary of total stock-based compensation expenses for the three months ended September 30, 2024 and 2023.


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Total stock-based compensation expense	$	1,138	$	911

On December 14, 2022, the Company’s shareholders approved the Flexsteel Industries, Inc. 2022 Equity Incentive Plan (“2022 Plan”).

The 2022 Plan replaced the Long-Term Incentive Compensation Plan (“LTIP”) and the 2013 Omnibus Stock Plan (collectively, the “Prior Plans”). No further awards will be made under either of the Prior Plans, but these Prior Plans will continue to govern awards previously granted under them.

(1)

2022 Equity Incentive Plan

The 2022 Plan is a long-term incentive plan pursuant to which awards may be granted to certain employees, independent contractors and directors of the Company, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares or other stock-based awards. For periods beginning on or after July 1, 2023, restricted stock units ("RSUs") and performance stock units ("PSUs") granted to officers and key employees as part of long-term compensation programs are issued from the 2022 Plan. RSUs and PSUs awarded from the 2022 Plan are included in the Long-Term Incentive Compensation or Restricted Share and RSUs tables below.

(2)

Long-Term Incentive Compensation Plan

The LTIP provided for PSUs to be awarded to officers and key employees based on performance goals set by the Compensation Committee of the Board of Directors (the “Committee”). In conjunction with each grant of PSUs, the Committee granted RSUs under the 2013 Omnibus Stock Plan that vested at the end of three years. No further awards will be issued under this plan.

(3)

2013 Omnibus Stock Plan

The 2013 Omnibus Stock Plan was for key employees, officers and directors and provided for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units. No further awards will be issued under this plan.

Long-Term Incentive Compensation

The table below sets forth, as of September 30, 2024, the number of unvested PSUs granted at the target performance level for the 2023-2025, 2024-2026, and 2025-2027 performance periods under the 2022 Plan and LTIP (as applicable) and the number of unvested RSUs granted in conjunction with the PSUs. For PSUs awarded for the three year performance periods ending June 30, 2025, 2026 and 2027, achievement is based on meeting performance goals set for each year within the three year period. The Committee selected Adjusted Operating Income as the performance metric for the performance periods ending June 30, 2025, 2026, and 2027.


	Time-Based Vest (RSUs)				Performance-Based Vest (PSUs)					Total
			Weighted Average					Weighted Average					Weighted Average
			Fair Value					Fair Value					Fair Value
(shares in thousands)	Shares		Per Share		Shares			Per Share		Shares			Per Share
Unvested as of June 30, 2024		97	$	17.92		182		$	22.07		279		$	20.65
Granted		31		31.66		46			31.66		77			31.66
Vested		—		—		—			—		—			—
Forfeited		—		—		(32	)		42.31		(32	)		42.31
Unvested as of September 30, 2024		128	$	21.25		196		$	21.02		324		$	21.13

Total unrecognized stock-based compensation related to the unvested PSUs at the target performance level and the related unvested RSUs was $3.8 million as of September 30, 2024, which is expected to be recognized over a weighted-average period of 1.6 years.

Restricted Shares and RSUs

A summary of the activity in the Company’s unvested restricted shares and unvested RSUs (not granted in conjunction with PSUs) as of September 30, 2024, is as follows:


			Weighted Average
	Shares		Fair Value
	(in thousands)		Per Share
Unvested as of June 30, 2024		16	$	21.96
Granted		4		31.66
Vested		—		—
Forfeited		—		—
Unvested as of September 30, 2024		20	$	23.90

Total unrecognized stock-based compensation related to unvested restricted shares and unvested RSUs (not granted in conjunction with the PSUs) was $0.3 million as of September 30, 2024, which is expected to be recognized over a weighted-average period of 1.6 year.

Options

A summary of the activity of the Company’s stock option plans as of September 30, 2024, is presented below:


				Weighted
	Shares			Average
	(in thousands)			Exercise Price
Outstanding at June 30, 2024		180		$	20.01
Granted		—			—
Exercised		(16	)		26.65
Cancelled		(3	)		45.50
Outstanding at September 30, 2024		161		$	18.88

The following table summarizes information for options outstanding at September 30, 2024:


		Options		Weighted Average
Range of		Outstanding		Remaining		Exercise
Prices		(in thousands)		Life (Years)		Price
$	9.97 - 15.14		97		5.4	$	12.64
	18.30 - 19.72		6		6.7		18.30
	21.96 - 27.57		28		4.2		22.25
	31.06 - 32.80		21		1.6		32.06
	43.09 - 47.45		9		2.0		45.29
$	9.97 - 47.45		161		4.6	$	18.88

There is no unrecognized stock-based compensation expense related to these options as of September 30, 2024.

Stock-based compensation granted outside a plan

During the quarter ended June 30, 2020, the Company awarded its former Chief Financial Officer/Chief Operating Officer (current Chief Executive Officer) 79,000 options outside of any Company stock plans. All 79,000 options remain outstanding as of September 30, 2024, with an exercise price of $9.97 and a remaining life of 5.5 years. There is no remaining unrecognized stock-based compensation expense related to these options.

During the quarter ended December 31, 2018, the Company awarded its former Chief Executive Officer 55,000 options outside of any Company stock plans. All 55,000 options remain outstanding as of September 30, 2024, with an exercise price of $21.96 and a remaining life of 4.2 years. There is no remaining unrecognized stock-based compensation expense related to these options.

Assets Held For Sale (Summary Of Assets Held For Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Cost	$ 7,242
Accumulated Depreciation	(5,535)
Net Book Value	1,707
Buildings & Building Improvements [Member] \| Dublin, Georgia [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	6,798
Accumulated Depreciation	(5,326)
Net Book Value	1,472
Land & Land Improvements [Member] \| Dublin, Georgia [Member]
Long Lived Assets Held-for-sale [Line Items]
Cost	444
Accumulated Depreciation	(209)
Net Book Value	$ 235

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Common stock, par value	$ 1
Total Par Value Of Common Shares [Member]
Common stock, par value	$ 1	$ 1

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share
Basic shares	5,203	5,182
Stock options	173	81
Non-vested restricted stock units and restricted shares	200	112
Potential common shares, total	373	193
Diluted shares	5,576	5,375
Anti-dilutive shares	9	154

Assets Held For Sale

3 Months Ended

Sep. 30, 2024

Assets Held For Sale [Abstract]

Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]

3. ASSETS HELD FOR SALE

During fiscal year 2024, the Company committed to a plan to sell assets located at the Company’s Dublin, Georgia location as part of a restructuring plan. As of September 30, 2024, the Company continues to actively market the assets in Dublin, Georgia. A summary of the assets held for sale as of September 30, 2024, is included in the table below.


				Accumulated			Net Book
Location	Asset Category	Cost		Depreciation			Value
(in thousands)
Dublin, Georgia	Building & building improvements	$	6,798	$	(5,326	)	$	1,472
	Land & land improvements		444		(209	)		235
	Total assets held for sale	$	7,242	$	(5,535	)	$	1,707

Inventories (Comparison Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Inventory, Net [Abstract]
Raw materials	$ 12,508	$ 14,030
Work in process and finished parts	2,816	2,654
Finished goods	80,573	79,893
Total	$ 95,897	$ 96,577

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 22, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act File Number	0-5151
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	FLEXSTEEL INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0442319
Entity Address, Address Line One	385 BELL STREET
Entity Address, City or Town	DUBUQUE
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001-7004
City Area Code	563
Local Phone Number	556-7730
Title of 12(b) Security	Common Stock
Trading Symbol	FLXS
Security Exchange Name	NASDAQ
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,208,029
Amendment Flag	false

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share
Dividends declared per common share	$ 0.17	$ 0.15

Stock-Based Compensation (Summary Of Total Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Total stock-based compensation expense	$ 1,138	$ 911

Income Taxes

3 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

6. INCOME TAXES

The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the three months ended September 30, 2024, and September 30, 2023, was 31.0% and 44.2%, respectively. For the three months ended September 30, 2024, the effective tax rate differs from the statutory tax rate of 21% primarily due to state taxes and the impact of foreign operations. For the three months ended September 30, 2023, the effective tax rate differs from the statutory tax rate of 21% due to nondeductible stock compensation, state taxes, and the impact of foreign operations.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Leases (Components Of Leases Excluding Impact Of Sublease Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 2,478	$ 2,424
Variable lease expense	519	446
Total lease expense	$ 2,997	$ 2,870

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Total Par Value Of Common Shares [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Balance, beginning at Jun. 30, 2023	$ 141,621	$ 8,292	$ 36,605	$ (70,072)	$ 166,796
Stock-based compensation	911	8	903
Vesting of restricted stock units and restricted shares	(647)	44	(691)
Treasury stock purchases	(455)			(455)
Cash dividends declared	(815)				(815)
Net Income (Loss)	752				752
Balance, ending at Sep. 30, 2023	141,367	8,344	36,817	(70,527)	166,733
Balance, beginning at Jun. 30, 2024	150,367	8,407	39,573	(71,731)	174,118
Stock-based compensation	1,138	3	1,135
Stock options exercised	(32)	4	(36)
Cash dividends declared	(910)				(910)
Net Income (Loss)	4,140				4,140
Balance, ending at Sep. 30, 2024	$ 154,703	$ 8,414	$ 40,672	$ (71,731)	$ 177,348

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Leases (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components Of Leases Excluding Impact Of Sublease Income


	Three Months Ended
	September 30,
(in thousands)	2024		2023
Operating lease expense	$	2,478	$	2,424
Variable lease expense		519		446
Total lease expense	$	2,997	$	2,870

Other Information Related To Leases And Future Minimum Lease Payments


	Three Months Ended
	September 30,
(in thousands)	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	2,441		$	1,749

Cash received from subleasing of operating lease:
Operating cash flows received from subleasing of operating lease	$	594		$	263

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	—		$	—

Weighted-average remaining lease term (in years):
Operating leases		7.9			8.8

Weighted-average discount rate:
Operating leases		3.1	%		3.1	%

Future Minimum Lease Payments


	September 30, 2024
Remaining payments in FY2025	$	6,978
FY2026		9,208
FY2027		9,378
FY2028		9,144
FY2029		8,064
Thereafter		28,975
Total future minimum lease payments	$	71,747
Less imputed interest		8,094
Lease liability	$	63,653