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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 131,046 $ 81,147 $ 72,579
Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash used in operating activities:      
Depreciation and amortization 16,142 7,993 4,702
Loss on disposal of property, equipment, and software 686 360 221
Share-based compensation expense 5,165 9,498 86
Deferred income taxes 34,654 25,007 21,991
Amortization of debt issuance costs and debt discount 3,344 2,266 123
Write-off of debt issuance costs 2,570 237 0
Fair value adjustments to contingent earnout obligations 1,488 375 0
Non-cash lease expense 3,823 0 0
Changes in operating assets and liabilities:      
Accounts receivable (27,827) (15,585) (8,676)
Commissions receivable (332,936) (197,364) (91,639)
Other assets 4,848 (3,352) (3,031)
Accounts payable and accrued expenses 19,728 15,672 2,810
Operating lease liabilities (3,782) 0 0
Other liabilities 25,609 11,970 947
Net cash (used in) provided by operating activities (115,442) (61,776) 113
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (14,907) (9,446) (3,921)
Proceeds from sales of property and equipment 0 3 0
Purchases of software and capitalized software development costs (8,081) (6,106) (4,715)
Acquisition of business (41,028) (35,821) 0
Net cash used in investing activities (64,016) (51,370) (8,636)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving line of credit 0 87,989 135,621
Payments on revolving line of credit 0 (99,021) (144,341)
Net proceeds from Term Loans 228,753 416,500 0
Payments on other debt (251) (31,447) (1,395)
Proceeds from other debt 0 16,575 16,200
Proceeds from common stock options exercised and employee stock purchase plan 1,887 5,506 4,300
Purchase of treasury stock 0 0 (34)
Cash dividends paid 0 (275,000) (1,958)
Issuance of preferred stock 0 135,000 0
Payments of tax withholdings related to net share settlement of equity awards (10,362) 0 0
Payments of debt issuance costs (885) (7,854) (258)
Proceeds from initial public offering, net of underwriters’ discounts and commissions 0 340,200 0
Payment of contingent earnout liability (32,300) 0 0
Net cash provided by financing activities 97,042 481,446 8,135
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (82,416) 368,300 (388)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of year 368,870 570 958
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of year 286,454 368,870 570
Reconciliation to the Consolidated Balance Sheets:      
Cash and cash equivalents 286,454 321,065 570
Restricted cash 0 47,805 0
Total cash, cash equivalents, and restricted cash 286,454 368,870 570
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid, net (26,006) (23,497) (1,467)
Income taxes paid, net (214) 64 (40)
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES:      
Landlord funded allowance for tenant improvements 0 4,437 2,562
Capital expenditures in accounts payable and accrued expenses 444 241 250
Contingent earnout obligation related to acquisition 0 30,437 0
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:      
Equity issuance costs in accounts payable and accrued expenses 0 5,643 0
Private Placement      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of stock issuance costs (1,771) (3,784) 0
IPO      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of stock issuance costs (3,911) (3,218) 0
Line of Credit | Credit Agreement      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on revolving line of credit 0 (21,645) 0
Secured Debt | Line of Credit      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on other debt $ (84,118) $ (100,000) $ 0