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Fair Value (Tables)
 12 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The recurring Level 3 fair value measurements of the contingent earn-out liability include the following significant unobservable inputs:
Contingent Consideration LiabilityFair ValueValuation TechniqueUnobservable InputsRangeSelected
Revenue and EBITDA Based Payments$20.2 millionDiscounted Cash FlowRevenue Discount Rate
5.5% to 7.5%
6.5 %
EBITDA Volatility
30% to 50%
47.5 %
Revenue Volatility
8% to 13%
12.5 %
Fair Value Measurement Inputs and Valuation Techniques
The following methods and assumptions were used to measure fair value:
Financial InstrumentLevelValuation Technique/Inputs Used
Cash Equivalents: Money market funds1Market - Quoted market prices.
Available-for-sale securities: Secondary market certificates of deposit2Market - Based on market data which use evaluated pricing models and incorporate available trade, bid, and other market information.
Trading securities: Mutual funds held in nonqualified SERP1Market - Quoted market prices.
Derivative Assets: Stock warrants3Market - The privately-held company is in a start-up phase. The pricing of recent purchases or sales of the investment are considered, if any, as well as positive and negative qualitative evidence, in the assessment of fair value. The value of the stock warrants fluctuates primarily in relation to the value of the privately-held company's underlying securities.
Contingent earn-out liability3Income - Based on a valuation model that measures the present value of the probable cash payments based upon the forecasted operating performance of the acquisition and a discount rate that captures the risk associated with the liability.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
As of June 30, 2021 and June 30, 2020, the fair values of financial assets and liabilities that are measured at fair value on a recurring basis using the market or income approach are categorized as follows:
(Amounts in Thousands)June 30, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents: Money market funds$18,762 $— $— $18,762 
Trading Securities: Mutual funds in nonqualified SERP14,049 — — 14,049 
Derivatives: Stock warrants— — 1,500 1,500 
Total assets at fair value$32,811 $— $1,500 $34,311 
Liabilities
Contingent earn-out liability— — 20,190 20,190 
Total liabilities at fair value$— $— $20,190 $20,190 
(Amounts in Thousands)June 30, 2020
Level 1Level 2Level 3Total
Assets    
Cash equivalents: Money market funds$91,035 $— $— $91,035 
Available-for-sale securities: Secondary market certificates of deposit— 5,294 — 5,294 
Trading Securities: Mutual funds in nonqualified SERP11,975 — — 11,975 
Derivatives: Stock warrants— — 1,500 1,500 
Total assets at fair value$103,010 $5,294 $1,500 $109,804 
Non-recurring Fair Value Adjustment Technique
Non-recurring Fair Value Adjustment LevelValuation Technique/Inputs Used
Impairment of Right of Use Lease Assets and Related Assets Groups3Income - Based on a valuation model that measures the present value of remaining lease payments less estimated sublease income at a discount rate that captures the risk associated with the future cash flows.
Fair Value of Financial Instruments Not Carried at Fair Value
Financial instruments that are not reflected in the Consolidated Balance Sheets at fair value that have carrying amounts which approximate fair value include the following:
Financial InstrumentLevelValuation Technique/Inputs Used
Notes receivable2Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer’s non-performance risk.
Equity securities without readily determinable fair value3Costs minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is assessed qualitatively.