Shareholders' Equity (Tables)

6 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

As of December 31, 2021, the Company has reserved the following authorized, but unissued, shares of common stock:

Employee Stock Purchase Plan (“ESPP”)	1,253,575
Stock awards outstanding under 2020 Plan	3,603,818
Stock awards available for grant under 2020 Plan	10,721,627
Options outstanding under 2003 Plan	1,717,264
Total	17,296,284

Schedule of Share-Based Compensation Activity

Total share-based compensation for stock awards included in general and administrative expense in the condensed consolidated statements of comprehensive income was as follows for the periods presented:

	Three Months Ended December 31,				Six Months Ended December 31,
(in thousands)	2021		2020		2021		2020
Share-based compensation related to:
Equity classified stock options	$	884	$	455	$	1,624	$	818
Equity classified RSU's	1,127		545		2,080		960
Equity classified PSU's	(305)		194		87		322
Total	$	1,706	$	1,194	$	3,791	$	2,100

Schedule of Stock Options, Valuation Assumptions

The Company used the following weighted-average assumptions for the stock options granted during the periods presented below:

	Six Months Ended December 31,
	2021	2020
Volatility	30.2%	25.0%
Risk-free interest rate	0.9%	0.4%
Dividend yield	—%	—%
Assumed forfeitures	—%	—%
Expected term (in years)	6.25	6.24
Weighted-average fair value (per share)	$5.52	$4.86

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity under the Stock Plans for the six months ended December 31, 2021:

	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding—June 30, 2021	3,398,513	$	8.60
Options granted	1,254,089	17.61
Options exercised	(339,670)	3.81
Options forfeited/expired/cancelled	(34,068)	17.12
Outstanding—December 31, 2021	4,278,864	$	11.54	6.78	$	13,904
Vested and exercisable—December 31, 2021	2,009,390	$	3.89	4.16	$	13,759

Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2021:

	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value
Unvested as of June 30, 2021	356,285	$	19.12
Granted	453,679	16.78
Vested	(82,689)	19.61
Cancelled	(14,058)	17.84
Unvested as of December 31, 2021	713,217	$	17.61

Schedule of Performance Stock Activity

The following table summarizes performance stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2021:

	Number of Performance Stock Units	Weighted-Average Grant Date Fair Value
Unvested as of June 30, 2021(1)	132,921	$	17.97
Granted(1)	196,080	17.80
Vested	—	—
Performance adjustment(2)	(164,500)
Cancelled	—	—
Unvested as of December 31, 2021	164,501	$	17.87

(1) Reflects PSU’s at 100% achievement of predefined financial performance targets. If performance metrics are met, PSU’s will vest, at the end of a three-year performance period. The number of shares that could be earned for the fiscal year 2021 tranche will range from 0% to 150% of the target, and the number of shares that could be earned for the fiscal year 2022 tranche will range from 0% to 200% of the target.

(2) Represents adjustments to previously granted PSU’s to reflect changes in estimates of future financial performance against targets.