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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities

The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

			Fair Value of Financial Assets and Liabilities						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2023
Cash equivalents			$	76					$	76					$	—					$	—
Deferred compensation plan assets			52,787						52,787						—						—
Total assets			52,863						52,863						—						—
Earn-out liabilities			27,174						—						—						27,174
Total liabilities			$	27,174					$	—					$	—					$	27,174
June 30, 2022
Cash equivalents			$	75					$	75					$	—					$	—
Deferred compensation plan assets			52,718						52,718						—						—
Total assets			52,793						52,793						—						—
Earn-out liabilities			22,789						—						—						22,789
Total liabilities			$	22,789					$	—					$	—					$	22,789

Schedule of Fair Value Measurement Inputs and Valuation Assumptions

Input assumptions			As of March 31, 2023						As of June 30, 2022
Probability of transferred member renewal percentage < 50%			5.0		%				5.0		%
Probability of transferred member renewal percentage between 50% and 65%			10.0		%				10.0		%
Probability of transferred member renewal percentage between 65% and 80%			25.0		%				25.0		%
Probability of transferred member renewal percentage > 80%			60.0		%				60.0		%
Credit spread			1.8		%				1.6		%

_________________________________

(a)The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020.

Schedule of Reconciliation of Earn-out Liabilities and FFF Put Rights

A reconciliation of the Company’s earn-out liabilities and FFF Put Right is as follows (in thousands):

			Beginning Balance						Purchases (Settlements)(a)						(Gain)/Loss (b)						Ending Balance
Three Months Ended March 31, 2023
Earn-out liabilities			$	24,098					$	—					$	3,076					$	27,174
Total Level 3 liabilities			$	24,098					$	—					$	3,076					$	27,174
Three Months Ended March 31, 2022
Earn-out liabilities			$	24,139					$	—					$	(945)					$	23,194
Total Level 3 liabilities			$	24,139					$	—					$	(945)					$	23,194
Nine Months Ended March 31, 2023
Earn-out liabilities			$	22,789					$	1,460					$	2,925					$	27,174
Total Level 3 liabilities			$	22,789					$	1,460					$	2,925					$	27,174
Nine Months Ended March 31, 2022
Earn-out liabilities			$	24,249					$	—					$	(1,055)					$	23,194
FFF put right			64,110						(64,110)						—						—
Total Level 3 liabilities			$	88,359					$	(64,110)					$	(1,055)					$	23,194

_________________________________

(a)Purchases for the nine months ended March 31, 2023 includes an earn-out which has not been earned or paid as of March 31, 2023. Settlements for the nine months ended March 31, 2022 includes non-cash gain recognized as a result the termination of the FFF Put Right and the derecognition of the FFF Put Right liability.

(b)A gain on level 3 liability balances will decrease the liability ending balance whereas a loss on level 3 liability balance will increase the liability ending balance.

Schedule of Reconciliation of FFF Call Rights

A reconciliation of the Company’s earn-out liabilities and FFF Put Right is as follows (in thousands):

			Beginning Balance						Purchases (Settlements)(a)						(Gain)/Loss (b)						Ending Balance
Three Months Ended March 31, 2023
Earn-out liabilities			$	24,098					$	—					$	3,076					$	27,174
Total Level 3 liabilities			$	24,098					$	—					$	3,076					$	27,174
Three Months Ended March 31, 2022
Earn-out liabilities			$	24,139					$	—					$	(945)					$	23,194
Total Level 3 liabilities			$	24,139					$	—					$	(945)					$	23,194
Nine Months Ended March 31, 2023
Earn-out liabilities			$	22,789					$	1,460					$	2,925					$	27,174
Total Level 3 liabilities			$	22,789					$	1,460					$	2,925					$	27,174
Nine Months Ended March 31, 2022
Earn-out liabilities			$	24,249					$	—					$	(1,055)					$	23,194
FFF put right			64,110						(64,110)						—						—
Total Level 3 liabilities			$	88,359					$	(64,110)					$	(1,055)					$	23,194

_________________________________

(a)Purchases for the nine months ended March 31, 2023 includes an earn-out which has not been earned or paid as of March 31, 2023. Settlements for the nine months ended March 31, 2022 includes non-cash gain recognized as a result the termination of the FFF Put Right and the derecognition of the FFF Put Right liability.

(b)A gain on level 3 liability balances will decrease the liability ending balance whereas a loss on level 3 liability balance will increase the liability ending balance.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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