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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2022

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):

​

​	​	​	​	​	​	​	​	​	​
​		2020			2021			2022
Pre-tax income:	​	​	​	​	​	​	​	​	​
United States	​	$	41,025	​	$	34,323	​	$	51,295
Foreign	​		45,097	​		64,317	​		88,865
Total pre-tax income	​	$	86,122	​	$	98,640	​	$	140,160

Schedule of provision (benefit) for income taxes

Our provision (benefit) for income taxes consists of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		2020			2021			2022
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	2,661	​	$	4,407	​	$	6,216
State	​		577	​		1,190	​		1,964
Foreign	​		8,063	​		18,562	​		13,113
Total current provision	​		11,301	​		24,159	​		21,293
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	$	2,882	​	$	679	​	$	3,915
State	​		45	​		464	​		133
Foreign	​		(3,358)	​		(711)	​		(528)
Total deferred provision (benefit)	​		(431)	​		432	​		3,520
Total provision	​	$	10,870	​	$	24,591	​	$	24,813

​

Summary of activity of unrecognized tax benefits

A summary of activity of unrecognized tax benefits for fiscal 2021 and 2022 is as follows (in thousands).

​

​	​	​	​
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
Additions on tax positions for the current year	​		3,084
Additions on tax positions from prior years	​		1,479
Reduction in tax positions from prior year	​		(10,663)
Balance at June 30, 2022	​	$	13,577

Schedule of deferred income tax assets (liabilities)

Deferred income tax assets (liabilities) consisted of the following (in thousands):

​

​	​	​	​	​	​	​
​	​	June 30,
​		2021			2022
Deferred income tax assets:	​	​	​	​	​	​
Tax credit carryforwards	​	$	16,767	​	$	13,130
Net operating loss carryforwards	​		3,745	​		6,494
Customer advances	​		2,819	​		2,848
Allowance for doubtful accounts	​		5,266	​		4,471
Inventory reserve	​		10,391	​		11,636
Inventory capitalization	​		489	​		406
Accrued liabilities	​		4,466	​		3,241
Operating lease liabilities	​	​	10,522	​	​	8,714
Stock and deferred compensation	​		12,323	​		10,601
Other assets	​		2,685	​		1,446
Total deferred income tax assets	​		69,473	​		62,987
Valuation allowance	​		(16,177)	​		(12,301)
Net deferred income tax assets	​		53,296	​		50,686
Deferred income tax liabilities:	​	​	​	​	​	​
Depreciation	​		(2,137)	​		(7,604)
Amortization of intangible assets	​		(31,779)	​		(31,518)
Withholding tax on unrepatriated foreign earnings	​	​	(6,851)	​	​	(6,851)
Operating lease ROU assets	​	​	(10,355)	​	​	(8,480)
State transition tax	​	​	(1,754)	​	​	(1,754)
Convertible debt	​	​	(2,384)	​	​	—
Other liabilities	​		(1,036)	​		(1,750)
Total deferred income tax liabilities	​		(56,296)	​		(57,957)
Net deferred income tax liability	​	$	(3,000)	​	$	(7,271)

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):

​

​	​	​	​	​	​	​
​	​	June 30,
​		2021			2022
Long term deferred income tax asset, included in other assets	​	$	4,157	​	$	3,841
Long term deferred income tax liability	​		(7,157)	​		(11,112)
Net deferred income tax liability	​	$	(3,000)	​	$	(7,271)

​

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):

​

​	​	​	​	​	​	​
​		June 30,
​	​	2021			2022
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets	​	$	10,383	​	$	7,843
Current taxes payable, included in other accrued expenses and current liabilities	​		(4,377)	​		(7,722)
Net tax receivable	​	$	6,006	​	$	121

​

Schedule of consolidated effective income tax rate differs from the federal statutory income tax rate

​

​	​	​	​	​	​	​	​
​	​	June 30,
​		2020		2021		2022
Provision for income taxes at federal statutory rate	​	21.0	%	21.0	%	21.0	%
Research and development tax credits	​	(1.6)	​	(1.7)	​	(1.3)	​
Foreign income subject to tax at other than federal statutory rate	​	(0.8)	​	0.6	​	0.2	​
Stock compensation	​	(6.7)	​	(.9)	​	(1.2)	​
Officers’ compensation	​	4.4	​	5.8	​	4.3	​
Change in valuation allowance	​	(1.3)	​	(5.9)	​	(4.0)	​
Unrecognized tax expense (benefit)	​	1.2	​	4.2	​	(1.4)	​
Tax on foreign currency gains and losses	​	2.1	​	(0.2)	​	—	​
State tax expense	​	1.1	​	1.2	​	1.0	​
U.S. tax on foreign earnings	​	(2.1)	​	(1.8)	​	0.9	​
Changes in prior year estimates	​	(6.4)	​	—	​	(0.6)	​
Global intangible low-taxed income, net of foreign tax credits	​	1.8	​	0.5	​	0.3	​
Foreign Derived Intangible Income Benefit	​	(0.6)	​	(1.3)	​	(1.3)	​
Withholding tax on foreign earnings	​	—	​	3.4	​	—	​
Other	​	0.5	​	—	​	(0.2)	​
Effective income tax rate	​	12.6	%	24.9	%	17.7	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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