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Debt | 3 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | Note 9. Debt 3.75% Convertible Senior Notes due June 2026 In May 2021, the Company issued $100.0 million aggregate principal amount of its 3.75% Convertible Senior Notes due June 2026 (the “3.75% Convertible Notes due 2026”) under an indenture agreement between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. As of September 30, 2023, the if-converted value of its 3.75% Convertible Notes due 2026 did not exceed the outstanding principal amount. Credit Facilities As of September 30, 2023, $10.0 million of aggregate principal amount was outstanding under the Company's $40.0 million revolving credit facility (the “Revolving Credit Facility”), $68.5 million aggregate principal amount was outstanding under the Company's five-year $80.0 million term loan (the “Term Loan Facility”), and $0.8 million of associated unamortized debt costs. As of June 30, 2023, $10.0 million of aggregate principal amount was outstanding under the Revolving Credit Facility, $70.0 million aggregate principal amount was outstanding under the Term Loan Facility, and $0.9 million of associated unamortized debt costs. In fiscal year 2024, interest on the borrowings under the Credit Facilities is payable in arrears on the applicable interest payment date, at an annual interest rate of reserve-adjusted, 90-day term Secured Overnight Financing Rate (subject to a 0.50% floor) plus a margin between 2.50% and 3.25% margin, determined by the Consolidated Senior Net Leverage Ratio (as defined in the credit agreement governing the Credit Facilities, (the “Credit Agreement”). During the three months ended September 30, 2023, the weighted average effective interest rate on both the Term Loan Facility and Revolving Credit Facility was approximately 8.3%. The Credit Agreement requires the Company to pay the lenders an unused commitment fee equal to the average unused portion of the Revolving Credit Facilit y. The Company pays a rate of 0.25% to 0.40% per annum of the average unused portion of the Revolving Credit Facility, determined by the Consolidated Senior Net Leverage Ratio (as defined in the Credit Agreement). If all or a portion of the loans under the Term Loan Facility are prepaid, then the Company will be required to pay a fee equal to 1% of the aggregate amount of the loans so prepaid, subject to certain exceptions. The Credit Agreement contains restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, the Company may not permit the Fixed Charge Coverage Ratio (as defined in the Credit Agreement) to be less than a certain specified ratio for each fiscal quarter during the term of the Credit Agreement or the consolidated senior net leverage ratio to be greater than a certain specified ratio for each fiscal quarter during the term of the Credit Agreement. As of September 30, 2023, the Company was in compliance with its covenants under the Credit Agreement. The following table presents the carrying value of the 3.75% Convertible Notes due 2026, the Term Loan Facility and the Revolving Credit Facility (in thousands):
| September 30, 2023 |  |  | June 30, 2023 |
| Principal Amount |  |  | Unamortized Debt Costs |  |  | Net Carrying Amount |  |  | Principal Amount |  |  | Unamortized Debt Costs |  |  | Net Carrying Amount |
3.75% Convertible Senior Notes due 2026 | $ | 100,000 |  |  | $ | (1,665 | ) |  | $ | 98,335 |  |  | $ | 100,000 |  |  | $ | (1,811 | ) |  | $ | 98,189 |
Term Loan Facility |  | 68,500 |  |  |  | (814 | ) |  |  | 67,686 |  |  |  | 70,000 |  |  |  | (906 | ) |  |  | 69,094 |
Revolving Credit Facility |  | 10,000 |  |  |  | — |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | — |  |  |  | 10,000 |
Total debt | $ | 178,500 |  |  | $ | (2,479 | ) |  | $ | 176,021 |  |  | $ | 180,000 |  |  | $ | (2,717 | ) |  | $ | 177,283 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 6,229 |  |  |  |  |  |  |  |  | $ | 5,721 |
Long-term debt |  |  |  |  |  |  |  | 169,792 |  |  |  |  |  |  |  |  |  | 171,562 |
Total debt |  |  |  |  |  |  | $ | 176,021 |  |  |  |  |  |  |  |  | $ | 177,283 |
A summary of interest expense on the Notes, the Revolving Credit Facility, and the Term Loan Facility is as follows (in thousands):
|  | Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Interest expense related to contractual interest coupon |  | $ | 2,669 |  |  | $ | 2,032 |
Interest expense related to amortization of debt issuance costs |  |  | 238 |  |  | $ | 219 |
Total |  | $ | 2,907 |  |  | $ | 2,251 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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