v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
CURRENT ASSETS:    
Cash, cash equivalents, and restricted cash $ 22,201 $ 35,733
Accounts receivable, net of allowances of $9.6 million and $11.8 million, respectively 127,647 151,388
Commissions receivable-current 253,039 132,077
Other current assets 21,928 21,844
Total current assets 424,815 341,042
COMMISSIONS RECEIVABLE—Net 840,739 818,751
PROPERTY AND EQUIPMENT—Net 14,668 14,577
SOFTWARE—Net 16,209 15,060
OPERATING LEASE RIGHT-OF-USE ASSETS 22,603 24,635
INTANGIBLE ASSETS—Net 1,404 1,973
GOODWILL 29,438 29,438
OTHER ASSETS 2,383 3,880
TOTAL ASSETS 1,352,259 1,249,356
CURRENT LIABILITIES:    
Accounts payable 80,433 59,205
Accrued expenses 57,477 13,856
Accrued compensation and benefits 62,209 58,788
Operating lease liabilities—current 4,887 4,820
Current portion of long-term debt 20,104 68,523
Contract liabilities 1,837 698
Other current liabilities 7,829 7,020
Total current liabilities 234,776 212,910
LONG-TERM DEBT, NET—less current portion 385,692 316,589
DEFERRED INCOME TAXES 42,091 37,872
OPERATING LEASE LIABILITIES 23,575 25,982
OTHER LIABILITIES 46,482 80,485
Total liabilities 732,616 673,838
COMMITMENTS AND CONTINGENCIES (Note 10)
PREFERRED STOCK:    
Senior Non-Convertible Preferred Stock, $0.01 par value, 350,000 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively, current liquidation preference of $394.2 million and $367.1 million as of December 31, 2025 and June 30, 2025. 259,981 224,374
SHAREHOLDERS’ EQUITY:    
Common stock, $0.01 par value—700,000,000 shares authorized; 176,276,209 and 172,816,730 shares issued and outstanding as of December 31, 2025 and June 30, 2025. 1,763 1,728
Additional paid-in capital 541,254 571,605
Accumulated deficit (183,355) (222,189)
Total shareholders’ equity 359,662 351,144
TOTAL LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY $ 1,352,259 $ 1,249,356