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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:      
Net income (loss) $ 91,060,000 $ (7,385,000) $ (85,857,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
(Gain) loss from sale of OSP (Note 3) (2,000,000) (4,562,000) 36,143,000
Depreciation and amortization (Note 1) 3,403,000 7,189,000 6,504,000
Long-lived asset impairment 798,000 101,000 542,000
Deferred income taxes 519,000 (8,000) 391,000
Inventory reserve 0 1,228,000 10,478,000
Non-cash interest 3,418,000 3,790,000 0
Loss from sale of salon assets to franchisees, net 0 0 2,334,000
Gain on extinguishment of long-term debt, net (94,611,000) 0 0
Goodwill impairment 0 0 16,000,000
Stock-based compensation 1,558,000 2,316,000 1,334,000
Amortization of debt discount and financing costs 2,987,000 2,891,000 1,839,000
Other non-cash items affecting earnings 432,000 155,000 709,000
Changes in operating assets and liabilities:      
Receivables [1] 848,000 943,000 11,896,000
Income tax receivable [1] 1,230,000 (577,000) 1,118,000
Other current assets 385,000 668,000 [1] 10,004,000 [1]
Other assets [1] 5,829,000 6,818,000 2,703,000
Accounts payable [1] (1,604,000) (497,000) (10,966,000)
Accrued expenses [1] (4,812,000) (6,151,000) (21,983,000)
Net lease liabilities [1] (1,942,000) (4,991,000) (5,960,000)
Other non-current liabilities [1] (9,538,000) (9,817,000) (15,867,000)
Net cash used in operating activities: (2,040,000) (7,889,000) (38,638,000)
Cash flows from investing activities:      
Capital expenditures (376,000) (481,000) (5,316,000)
Net proceeds from sale of OSP 2,000,000 4,500,000 13,000,000
Net cash provided by investing activities: 1,624,000 4,019,000 7,684,000
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 105,000,000 0 0
Borrowings on revolving credit facility 14,238,000 13,357,000 10,000,000
Repayments of long-term debt (96,499,000) (11,083,000) (16,916,000)
Proceeds from issuance of common stock, net of offering costs 0 0 37,185,000
Debt refinancing fees (14,360,000) (4,383,000) 0
Taxes paid for shares withheld (16,000) (36,000) (845,000)
Net cash provided by (used in) financing activities: 8,363,000 (2,145,000) 29,424,000
Effect of exchange rate changes on cash and cash equivalents (31,000) (53,000) (158,000)
Increase (decrease) in cash, cash equivalents and restricted cash 7,916,000 (6,068,000) (1,688,000)
Cash, cash equivalents and restricted cash:      
Beginning of year 21,396,000 27,464,000 29,152,000
End of year $ 29,312,000 $ 21,396,000 $ 27,464,000
[1] Changes in operating assets and liabilities exclude assets and liabilities sold or acquired.