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Debt | 3 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | 7. Debt The Company’s debt is comprised of the following (in thousands):
|  | September 30, 2024 |  |  | June 30, 2024 |
Current portion of long-term debt: |  |  |  |  |  |
Term Loan |  | $ | 11,250 |  |  | $ | 10,000 |
Less: unamortized debt issuance costs |  |  | (761 | ) |  |  | (674 | )
Current portion of long-term debt |  | $ | 10,489 |  |  | $ | 9,326 |
Long-term debt, less current portion: |  |  |  |  |  |
Term Loan |  | $ | 176,250 |  |  | $ | 180,000 |
Less: unamortized debt issuance costs |  |  | (1,819 | ) |  |  | (1,735 | )
Total long-term debt, less current portion |  |  | 174,431 |  |  |  | 178,265 |
Total debt |  | $ | 184,920 |  |  | $ | 187,591 |
On August 9, 2019, the Company entered into an Amended and Restated Credit Agreement (the “2019 Credit Agreement”), by and among the Company, as borrower, several banks and other financial institutions as Lenders, BMO Harris Bank N.A., as an issuing lender and swingline lender, Silicon Valley Bank, as an Issuing Lender, and Bank of Montreal, as administrative agent and collateral agent for the Lenders which was subsequently amended during fiscal 2023. On June 22, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the “2023 Credit Agreement”), by and among the Company, as borrower, BMO Harris Bank, N.A., as an issuing lender and swingline lender, Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, and Wells Fargo Bank, National Association, as issuing lenders, the financial institutions or entities party thereto as lenders, and Bank of Montreal, as administrative agent and collateral agent, which amended and restated the 2019 Credit Agreement. The 2023 Credit Agreement provides for i) a $200.0 million first lien term loan facility in an aggregate principal amount (the “2023 Term Loan”), ii) a $150.0 million five-year revolving credit facility (the “2023 Revolving Facility”) and, iii) an uncommitted additional incremental loan facility in the principal amount of up to $100.0 million. Borrowings under the 2023 Credit Agreement bear interest, and at the Company’s election, the initial term loan may be made as either a base rate loan or a Secured Overnight Funding Rate (“SOFR”) loan. The applicable margin for base rate loans ranges from 1.00% to 1.75% per annum, and the applicable margin for SOFR loans ranges from 2.00% to 2.75%, in each case based on the Company’s consolidated leverage ratio. All SOFR loans are subject to a floor of 0.00% per annum and spread adjustment of 0.10% per annum. The Company paid other closing fees, arrangement fees, and administration fees associated with the 2023 Credit Agreement. The 2023 Credit Agreement requires the Company to maintain certain minimum financial ratios at the end of each fiscal quarter. The 2023 Credit Agreement also includes covenants and restrictions that limit, among other things, the Company’s ability to incur additional indebtedness, create liens upon any of its property, merge, consolidate or sell all or substantially all of its assets. The 2023 Credit Agreement also includes customary events of default which may result in acceleration of the outstanding balance. On August 14, 2024, the Company entered into an Amendment Number One to the 2023 Credit Agreement (the “Amended Credit Agreement”). Under the Amended Credit Agreement, the Company modified the definition of the consolidated EBITDA for the purposes of evaluating compliance with financial covenants under the 2023 Credit Agreement. The amended definition of consolidated EBITDA modifies the amount and type of add-backs that are allowable to better align with the Company's operations and activities. Further, the Amended Credit Agreement provides a waiver for the Company's compliance with the consolidated interest charge coverage ratio for each of the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024. During the three months ended September 30, 2024, the Company was in compliance with all the terms and financial covenants of the Amended Credit Agreement. Financing costs incurred in connection with obtaining and modifying long-term financing are deferred and amortized over the term of the related indebtedness or credit agreement. Amortization of deferred financing costs are included in “Interest expense” in the accompanying condensed consolidated statements of operations. During the three months ended September 30, 2024, the Company capitalized approximately $0.7 million of debt cost related to the Amended Credit Agreement. The remaining unamortized debt issuance cost related to the prior arrangement and the newly capitalized costs will be amortized over the remaining term of the loan arrangement. Amortization of debt issuance costs included in “Interest expense” were $0.3 million for each of the three months ended September 30, 2024 and 2023. The interest rate as of September 30, 2024 was 7.52% and as of September 30, 2023 was 7.45%. As of September 30, 2024, the Company did no t have any outstanding balance against its 2023 Revolving Facility. The Company had $135.8 million of availability under the 2023 Revolving Facility as of September 30, 2024. During the three months ended September 30, 2024 and 2023, the Company did no t make any additional payments against its term loan facility other than the scheduled payments per the terms of the Amended Credit Agreement. The Company h ad $14.2 million of outstanding letters of credit as of September 30, 2024.

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- 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 -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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