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Fair Value Measurement (Tables)
6 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets (Liabilities) Measured at Fair Value on Recurring Basis

Items Measured at Fair Value on a Recurring Basis

The following table sets forth the Company’s financial assets (liabilities) measured at fair value on a recurring basis:

 

(In thousands)

 

Fair Value Measurements as of December 31, 2021

 

 

 

Level 3

 

 

Total

 

Contingent consideration

 

$

(5,218

)

 

$

(5,218

)

Interest rate swap contracts (derivatives)

 

 

(418

)

 

 

(418

)

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of June 30, 2021

 

 

 

Level 3

 

 

Total

 

Contingent consideration

 

$

(7,263

)

 

$

(7,263

)

Interest rate swap contracts (derivatives)

 

 

6

 

 

 

6

 

Fair Value of Assets (Liabilities) Measured on Recurring Basis Unobservable Input Reconciliation

The following table provides a reconciliation of the financial assets (liabilities) measured at fair value using significant unobservable inputs (Level 3):

 

(In thousands)

 

Contingent
Consideration

 

 

Interest rate swap contracts
(derivatives)

 

Balance as of June 30, 2020

 

$

(4,940

)

 

$

600

 

Contingent consideration paid

 

 

2,027

 

 

 

 

Change in fair value

 

 

(4,350

)

 

 

(594

)

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

$

(7,263

)

 

$

6

 

Contingent consideration paid

 

 

2,500

 

 

 

 

Change in fair value

 

 

(455

)

 

 

(424

)

 

 

 

 

 

 

 

Balance as of December 31, 2021

 

$

(5,218

)

 

$

(418

)

Summary of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurement of Contingent Consideration

For contingent consideration the following table provides quantitative information about the significant unobservable inputs used in fair value measurement:

 

(In thousands)

 

Fair Value

 

 

Valuation Methodology

 

Unobservable Inputs

 

Contingent consideration

 

$

(5,218

)

 

Discounted cash flows

 

Actual and projected EBITDA over three-year earnout period

 

> $14,800

 

 

 

 

 

 

 

 

Risk adjusted discount rate

 

 

12

%