v3.25.4

Subsequent Events | 6 Months Ended
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Dec. 31, 2025
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC 855, Subsequent Events, from the balance sheet date through the date the financial statements were issued and has determined that there are the following material subsequent events: On January 8, 2026, the Company entered into a credit agreement with PLC Agent LLC, as administrative agent, UMB Bank, N.A. as lender and revolver agent, and the other lenders party thereto (the “2026 Credit Agreement”). The 2026 Credit Agreement provides the Company with the following credit facilities: •Senior Secured Term Loan—A senior secured term loan in the aggregate principal amount of $325.0 million (the “2026 Term Loan”). The 2026 Term Loan requires scheduled quarterly principal repayments commencing on April 1, 2026. The initial quarterly installments are equal to 0.625% of the initial principal amount through June 30, 2027, and increase to 1.25% of the initial principal amount thereafter until the maturity date. •Senior Secured Revolving Credit Facility—A senior secured revolving credit facility in an aggregate principal amount of up to $90.0 million (the “2026 Revolving Credit Facility”). With the exception of January and December of each fiscal year when the commitment increases to $90.0 million, the aggregate revolving commitment is $71.7 million. Borrowing availability under the 2026 Revolving Credit Facility is subject to a borrowing base calculation based on eligible current accounts receivable and commission receivables, both current and long-term. Interest Rates—The l oans under the 2026 Credit Agreement bear interest at a rate per annum equal to Term SOFR or the Base Rate, plus an applicable margin. The applicable margin for the 2026 Term Loan is initially 6.50% for SOFR Loans and 5.50% for Base Rate Loans. The applicable margin for the revolving loans under the 2026 Revolving Credit Facility is 4.00% for SOFR Loans and 3.00% for Base Rate Loans. Maturity and Refinancing—Both the 2026 Term Loan and the 2026 Revolving Credit Facility mature on January 8, 2031 (the “Maturity Date”), subject to certain acceleration features related to the Company's Senior Non-Convertible Preferred Stock transaction. The proceeds of the 2026 Term Loan were used to repay all outstanding amounts under the Senior Secured Credit Facility and to pay related transaction expenses. As a result of the refinancing, the Company expects to recognize a loss on extinguishment of approximately $8.7 million in the third quarter of fiscal year 2026. The loss on extinguishment is primarily comprised of unamortized deferred financing costs and debt discounts associated with the Senior Secured Credit Facility. The 2026 Credit Agreement contains customary affirmative and negative covenants, including requirements to maintain a minimum fixed charge coverage ratio and a minimum liquidity threshold. The obligations of the Company under the 2026 Credit Agreement are guaranteed by certain of the Company’s subsidiaries and secured by a security interest in all assets of the Company and the guarantor subsidiaries, subject to certain exceptions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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