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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2021
INCOME TAXES |
Schedule of geographical breakdown of income before the provision for income taxes | The following is a geographical breakdown of income before the provision for income taxes (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2020 |  | 2021
Pre-tax income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 6,575 | ​ | $ | 41,025 | ​ | $ | 34,323
Foreign | ​ |  | 79,589 | ​ |  | 45,097 | ​ |  | 64,317
Total pre-tax income | ​ | $ | 86,164 | ​ | $ | 86,122 | ​ | $ | 98,640
Schedule of provision (benefit) for income taxes | Our provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2020 |  | 2021
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 541 | ​ | $ | 2,661 | ​ | $ | 4,407
State | ​ |  | 883 | ​ |  | 577 | ​ |  | 1,190
Foreign | ​ |  | 28,480 | ​ |  | 8,063 | ​ |  | 18,562
Total current provision | ​ |  | 29,904 | ​ |  | 11,301 | ​ |  | 24,159
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (1,697) | ​ | $ | 2,882 | ​ | $ | 679
State | ​ |  | 1,214 | ​ |  | 45 | ​ |  | 464
Foreign | ​ |  | (8,053) | ​ |  | (3,358) | ​ |  | (711)
Total deferred provision (benefit) | ​ |  | (8,536) | ​ |  | (431) | ​ |  | 432
Total provision | ​ | $ | 21,368 | ​ | $ | 10,870 | ​ | $ | 24,591
​
Summary of activity of unrecognized tax benefits | A summary of activity of unrecognized tax benefits for fiscal 2020 and 2021 is as follows (in thousands). ​
​ | ​ | ​ | ​
Balance at June 30, 2019 |  | $ | 11,386
Additions on tax positions for the current year | ​ |  | 1,764
Additions on tax positions from prior years | ​ |  | 451
Reduction in tax positions from prior year | ​ |  | (291)
Balance at June 30, 2020 | ​ | $ | 13,310
Additions on tax positions for the current year | ​ |  | 5,937
Additions on tax positions from prior years | ​ |  | 678
Reduction in tax positions from prior year | ​ |  | (248)
Balance at June 30, 2021 | ​ | $ | 19,677
Schedule of deferred income tax assets (liabilities) | Deferred income tax assets (liabilities) consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2020 |  | 2021
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Tax credit carryforwards | ​ | $ | 15,277 | ​ | $ | 16,767
Net operating loss carryforwards | ​ |  | 4,241 | ​ |  | 3,745
Customer advances | ​ |  | 2,725 | ​ |  | 2,819
Allowance for doubtful accounts | ​ |  | 2,927 | ​ |  | 5,266
Inventory reserve | ​ |  | 11,999 | ​ |  | 10,391
Inventory capitalization | ​ |  | 2,762 | ​ |  | 489
Accrued liabilities | ​ |  | 4,879 | ​ |  | 4,466
Operating lease liabilities | ​ | ​ | 7,243 | ​ | ​ | 10,522
Stock and deferred compensation | ​ |  | 9,911 | ​ |  | 12,323
Other assets | ​ |  | 2,178 | ​ |  | 2,685
Total deferred income tax assets | ​ |  | 64,142 | ​ |  | 69,473
Valuation allowance | ​ |  | (17,371) | ​ |  | (16,177)
Net deferred income tax assets | ​ |  | 46,771 | ​ |  | 53,296
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ |  | (1,459) | ​ |  | (2,137)
Amortization of intangible assets | ​ |  | (27,907) | ​ |  | (31,779)
Withholding tax on unrepatriated foreign earnings | ​ | ​ | (5,114) | ​ | ​ | (6,851)
Operating lease ROU assets | ​ | ​ | (7,295) | ​ | ​ | (10,355)
State transition tax | ​ | ​ | (1,754) | ​ | ​ | (1,754)
Convertible debt | ​ | ​ | (4,432) | ​ | ​ | (2,384)
Prepaid expenses | ​ |  | (1,399) | ​ |  | (929)
Other liabilities | ​ |  | (143) | ​ |  | (107)
Total deferred income tax liabilities | ​ |  | (49,503) | ​ |  | (56,296)
Net deferred income tax liability | ​ | $ | (2,732) | ​ | $ | (3,000)
Schedule of components of net deferred income tax liability | The components of the net deferred income tax liability are classified in the consolidated balance sheets as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2021
Long term deferred income tax asset, included in other assets | ​ | $ | 3,114 | ​ | $ | 4,157
Long term deferred income tax liability | ​ |  | (5,846) | ​ |  | (7,157)
Net deferred income tax liability | ​ | $ | (2,732) | ​ | $ | (3,000)
​
Schedule of components of current taxes receivable and payable and prepaid taxes | The components of current taxes receivable and payable and prepaid taxes are classified in the consolidated balance sheets as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2021
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets | ​ | $ | 15,614 | ​ | $ | 10,383
Current taxes payable, included in other accrued expenses and current liabilities | ​ |  | (4,086) | ​ |  | (4,377)
Net tax receivable | ​ | $ | 11,528 | ​ | $ | 6,006
​
Schedule of consolidated effective income tax rate differs from the federal statutory income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, |
​ |  | 2019 |  | 2020 |  | 2021 |
Provision for income taxes at federal statutory rate | ​ | 21.0 | % | 21.0 | % | 21.0 | %
Research and development tax credits | ​ | (1.6) | ​ | (1.6) | ​ | (1.7) | ​
Foreign income subject to tax at other than federal statutory rate | ​ | 2.9 | ​ | (0.8) | ​ | 0.6 | ​
Stock compensation | ​ | (3.2) | ​ | (6.7) | ​ | (.9) | ​
Officers’ compensation | ​ | 3.5 | ​ | 4.4 | ​ | 5.8 | ​
Change in valuation allowance | ​ | (1.8) | ​ | (1.3) | ​ | (5.9) | ​
Unrecognized tax expense | ​ | 0.1 | ​ | 1.2 | ​ | 4.2 | ​
Tax on foreign currency gains and losses | ​ | 0.2 | ​ | 2.1 | ​ | (0.2) | ​
State tax expense | ​ | 1.6 | ​ | 1.1 | ​ | 1.2 | ​
U.S. tax on foreign earnings | ​ | 1.0 | ​ | (2.1) | ​ | (1.8) | ​
Changes in prior year estimates | ​ | — | ​ | (6.4) | ​ | — | ​
Global intangible low-taxed income, net of foreign tax credits | ​ | 1.0 | ​ | 1.8 | ​ | 0.5 | ​
Foreign Derived Intangible Income Benefit | ​ | (0.4) | ​ | (0.6) | ​ | (1.3) | ​
Withholding tax on foreign earnings | ​ | — | ​ | — | ​ | 3.4 | ​
Other | ​ | 0.5 | ​ | 0.5 | ​ | — | ​
Effective income tax rate | ​ | 24.8 | % | 12.6 | % | 24.9 | %

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