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Income Taxes
 6 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
(11) Income Taxes
The Company’s quarterly provision for income taxes is based on the annual effective rate method. The Company’s quarterly provision for income taxes also includes the tax impact of certain unusual or infrequently occurring items, if any, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, and other discrete items in the interim period in which they occur.
The Company’s effective tax rate was (61.5)% and (26.9)% for the three months ended December 31, 2020 and 2021, respectively. The Company’s effective tax rate for the three months ended December 31, 2020 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation and state and local income taxes, partially offset by an increase to the valuation allowance. The Company's effective tax rate for the three months ended December 31, 2021 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation.
The Company's effective tax rate was (141.2)% and (127.8)% for the six months ended December 31, 2020 and 2021, respectively. The Company's effective tax rate for the six months ended December 31, 2020, and December 31, 2021 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation and state and local income taxes, partially offset by an increase to the valuation allowance.