Debt

9 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Note 10. Debt

3.75% Convertible Senior Notes due July 2022

As of June 30, 2022, the $2.9 million aggregate principal amount of the 3.75% Convertible Senior Notes due July 2022 (the “3.75% Convertible Notes due 2022”) remained outstanding. In July 2022, the remaining outstanding $2.9 million (principal and interest) of the 3.75% Convertible Senior Notes due 2022 was repaid in cash.

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 March 31, 2023, the if-converted value of its 3.75% Convertible Notes due 2026 did not exceed the outstanding principal amount.

Credit Facilities

As of March 31, 2023, $10.0 million of aggregate principal amount was outstanding under the Company's $40.0 million revolving credit facility (the “Revolving Credit Facility”), $71.5 million aggregate principal amount was outstanding under the Company's five-year $80.0 million term loan (the "Term Loan Facility"), and $1.0 million of associated unamortized debt costs. As of June 30, 2022, $5.0 million of aggregate principal amount was outstanding under the Revolving Credit Facility, $76.0 million aggregate principal amount was outstanding under the Term Loan Facility, and $1.0 million of associated unamortized debt costs.

The following table presents the carrying value of the Notes, the Revolving Credit Facility, and the Term Loan Facility (in thousands):

As of March 31, 2023	3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	100,000		$	10,000	$	71,500		$	181,500
Unamortized debt costs		(1,956	)		—		(999	)		(2,955	)
Net carrying amount	$	98,044		$	10,000	$	70,501		$	178,545
Reported as:
Short-term debt									$	5,713
Long-term debt										172,832
Total debt									$	178,545

As of June 30, 2022	3.75% Convertible Notes Due 2022			3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	2,865		$	100,000		$	5,000	$	76,000		$	183,865
Unamortized debt costs		(1	)		(2,381	)		—		(1,013	)		(3,395	)
Net carrying amount	$	2,864		$	97,619		$	5,000	$	74,987		$	180,470
Reported as:
Short-term debt												$	8,563
Long-term debt													171,907
Total debt												$	180,470

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 March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Interest expense related to contractual interest coupon	$	2,472	$	1,748	$	6,866	$	5,466
Interest expense related to amortization of debt issuance costs		241	$	215		688		594
Total	$	2,713	$	1,963	$	7,554	$	6,060

In October 2022, the Company entered into the First Amendment to Credit Agreement (the “Amendment”) in respect of its Credit Agreement for the Revolving Credit Facility and Term Loan Facility (the “Existing Credit Agreement”) among the Company, the financial institutions party thereto as lenders and issuing lenders and Silicon Valley Bank as administrative agent, issuing lender and swingline lender. The principal purpose of the Amendment was to change the requirements of the financial maintenance covenants under the Existing Credit Agreement until the end of the fiscal quarter ending June 30, 2023. The Amendment increased the senior net leverage ratio required by the financial maintenance covenant from 3.00:1.00 to 3.50:1.00, for the fiscal quarter ending December 31, 2022, from 2.50:1.00 to 3.00:1.00 for the fiscal quarter ending March 31, 2023, and from 2.50:1.00 to 2.75:1.00 for the fiscal quarter ending June 30, 2023. The Amendment also reduced the consolidated fixed charge coverage ratio required by the financial maintenance covenants from 1.25:1.00 to 1.10:1.00, for the fiscal quarter ending December 31, 2022, from 1.25:1.00 to 1.15:1.00 for the fiscal quarter ending March 31, 2023, and from 1.25:1.00 to 1.20:1.00 for the fiscal quarter ending June 30, 2023.