v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) Income tax expense (benefit) consists of the following for the periods presented:
Year Ended June 30,
(in thousands)202620252024
Current income taxes:
Federal$273 $(1,527)$2,523 
State1,949 952 1,286 
Total2,222 (575)3,809 
Deferred income taxes:
Federal5,160 1,192 (2,805)
State6,716 314 4,055 
Total11,876 1,506 1,250 
Income tax expense$14,098 $931 $5,059 
Total Federal tax expense (benefit)$5,433 $(335)$(282)
Total State tax expense$8,665 $1,266 $5,341 
Schedule of Effective Income Tax Rate Reconciliation
The following reconciles the statutory federal income tax rate to the effective income tax rate for the periods presented:

Year Ended June 30,
202620252024
AmountPercentAmountPercentAmountPercent
Federal statutory income tax rate$16,02021.0%$10,18721.0%$(6,104)21.0%
State income taxes. net of federal effect8,25610.8%1,0652.2%5,422(18.7)%
Domestic federal
Tax credits
Credit for research activities(260)(0.3)%(1,596)(3.3)%——
Work opportunity credit(239)(0.3)%(1,601)(3.3)%(269)0.9%
Changes in valuation allowance940.1%3,3656.9%5,204(17.9)%
Nontaxable or nondeductible items
Executive officer compensation8361.1%1,7723.7%122(0.4)%
Equity compensation6410.8%(1,776)(3.7)%198(0.7)%
Transaction costs——%8591.8%——
Warrant mark-to-market(11,719)(15.3)%(12,500)(25.8)%——
Other3840.5%7441.6%486(1.6)%
Changes in unrecognized tax benefits850.1%4120.8%——
Income tax expense and effective tax rate$14,09818.5%$9311.9%$5,059(17.4)%
Schedule of Deferred Tax Assets and Liabilities
Significant components of the deferred tax assets and liabilities were as follows as of June 30:
(in thousands)20262025
Deferred tax assets:
  Accruals and other$13,523 $11,165 
Lease liability7,124 8,187 
  Interest expense limitation80,000 75,708 
  Net operating losses147,178 150,643 
  Credit carryforward4,993 5,068 
Basis difference in fixed and amortizable assets11,708 13,289 
Total deferred tax assets264,526 264,060 
Less: Valuation allowance
(30,370)(28,083)
Deferred tax assets, net of valuation allowance
$234,156 $235,977 
Deferred tax liabilities:
  Commissions receivable$(275,816)$(266,600)
Lease right-of-use asset(5,627)(6,617)
Other
(2,166)(632)
  Total deferred tax liabilities
(283,609)(273,849)
Net long-term deferred tax liabilities$(49,453)$(37,872)
Schedule of Income Taxes Paid
The following tables present income taxes paid (net of refunds) for the periods presented:
(in thousands)202620252024
Federal$(500)$1,850 $217 
State308 1,306 377 
Total income taxes paid (net of refunds)$(192)$3,156 $594 

Income taxes paid (net of refunds) exceeded 5% of total income taxes paid in the following jurisdictions:
(in thousands)202620252024
State
Alabama65 *— 
Georgia— 227 — 
Illinois— 201 *
Louisiana88 *55 
Massachusetts12 **
North Carolina34 — — 
Oklahoma20 *— 
Pennsylvania46 382 237 
Tennessee21 — — 

*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods presented is as follows:
Year Ended June 30,
(in thousands)
20262025
Balance at beginning of year$399 $— 
Additions for UTP’s of prior years
65 350 
Decreases for UTP’s of prior years
— — 
Additions for UTP’s of current year
— 49 
Decreases related to audit settlements
— — 
Balance at end of year$464 $399