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Stock-based Compensation (Tables)

3 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

A summary of our aggregate stock-based compensation expense is set forth below. Stock-based compensation expense is included in corporate, general and administrative expenses on our condensed consolidated statements of operations.

			Three months ended September 30,
			2023						2022
			in thousands
Stock options			$	223					$	570
Profits interests units			376						254
Restricted stock units			1,224						476
Total stock-based compensation expense			$	1,823					$	1,300

Summary of Weighted-Average Assumptions

The assumptions under the Monte Carlo model related to the profits interests units, presented on a weighted-average basis, are provided below:

						2023
Expected volatility						74.0-76.0			%
Expected life (years) - time vesting units						3.0 - 3.1
Interest rate						4.52 - 4.57			%
Dividend yield						—
Weighted-average fair value			$			1.95 - 2.17
Fair value of underlying stock			$			5.53 - 7.27

Summary of Profits Interests Transactions and Number of Units Outstanding

A summary of profits interests activity for the three months ended September 30, 2023 was as follows:

Time-based unit awards						Number of units						Weighted average grant date fair value
Outstanding balance, June 30, 2023						1,264,337						$	1.28
Granted						981,850						$	6.30
Forfeited						(380,679)						$	1.28
Vested						(680,645)						$	1.28
Outstanding balance, September 30, 2023						1,184,863						$	5.44

Performance-based unit awards						Number of units						Weighted average grant date fair value
Outstanding balance, June 30, 2023						2,118,558						$	0.57
Granted						981,850						$	1.85
Forfeited						(1,853,737)						$	0.57
Vested						—						$	—
Outstanding balance, September 30, 2023						1,246,671						$	1.57

Summary of Restricted Stock Units Activity

A summary of time-based vesting restricted stock units activity for the three months ended September 30, 2023 was as follows:

Restricted stock units - time based						Number of awards						Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023						1,873,794						$	10.10
Granted						284,942						$	5.51
Forfeited						(23,493)						$	4.56
Vested						(318,155)						$	5.89
Outstanding balance, September 30, 2023						1,817,088						$	10.19

A summary of performance based vesting restricted stock units activity for the three months ended September 30, 2023 was as follows:

Restricted stock units - performance based						Number of awards						Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023						258,767						$	5.18
Granted						—						$	—
Forfeited						—						$	—
Vested						—						$	—
Outstanding balance, September 30, 2023						258,767						$	5.18

Summary of Stock Option Activity

A summary of time-based vesting stock option activity for the three months ended September 30, 2023 was as follows:

Stock options - time based						Number of awards						Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023						716,661						$	1.43
Granted						—						$	—
Forfeited						—						$	—
Exercised						—						$	—
Expired						—						$	—
Outstanding balance, September 30, 2023						716,661						$	1.43
Exercisable balance, September 30, 2023						296,105						$	0.19

A summary of performance-based vesting stock option activity for the three months ended September 30, 2023 was as follows:

Stock options - performance based						Number of awards						Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023						776,299						$	3.08
Granted						—						$	—
Forfeited						—						$	—
Vested						—						$	—
Outstanding balance, September 30, 2023						776,299						$	3.08

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Tabular disclosure of allocated share based compensation expenses.

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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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