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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2023
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
Pre-tax income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 34,323 | ​ | $ | 51,295 | ​ | $ | 7,114
Foreign | ​ |  | 64,317 | ​ |  | 88,865 | ​ |  | 108,124
Total pre-tax income | ​ | $ | 98,640 | ​ | $ | 140,160 | ​ | $ | 115,238
Schedule of provision (benefit) for income taxes | Our provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 4,407 | ​ | $ | 6,216 | ​ | $ | 6,860
State | ​ |  | 1,190 | ​ |  | 1,964 | ​ |  | 861
Foreign | ​ |  | 18,562 | ​ |  | 13,113 | ​ |  | 19,717
Total current provision | ​ |  | 24,159 | ​ |  | 21,293 | ​ |  | 27,438
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 679 | ​ | $ | 3,915 | ​ | $ | (2,547)
State | ​ |  | 464 | ​ |  | 133 | ​ |  | (678)
Foreign | ​ |  | (711) | ​ |  | (528) | ​ |  | (753)
Total deferred provision (benefit) | ​ |  | 432 | ​ |  | 3,520 | ​ |  | (3,978)
Total provision | ​ | $ | 24,591 | ​ | $ | 24,813 | ​ | $ | 23,460
Summary of activity of unrecognized tax benefits | A summary of activity of unrecognized tax benefits for fiscal 2022 and 2023 is as follows (in thousands). ​
​ | ​ | ​ | ​
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
Additions on tax positions for the current year | ​ |  | 3,225
Additions on tax positions from prior years | ​ |  | 2,582
Reduction in tax positions from prior year | ​ |  | (4,406)
Balance at June 30, 2023 | ​ | $ | 14,978
Schedule of deferred income tax assets (liabilities) | Deferred income tax assets (liabilities) consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2022 |  | 2023
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Tax credit carryforwards | ​ | $ | 13,130 | ​ | $ | 5,934
Net operating loss carryforwards | ​ |  | 6,494 | ​ |  | 3,678
Customer advances | ​ |  | 2,848 | ​ |  | 3,443
Allowance for doubtful accounts | ​ |  | 4,471 | ​ |  | 2,994
Inventory reserve | ​ |  | 11,636 | ​ |  | 11,026
Inventory capitalization | ​ |  | 406 | ​ |  | 481
Accrued liabilities | ​ |  | 3,241 | ​ |  | 2,956
Operating lease liabilities | ​ | ​ | 8,714 | ​ | ​ | 8,043
Stock and deferred compensation | ​ |  | 10,601 | ​ |  | 12,224
Other assets | ​ |  | 1,446 | ​ |  | 1,164
Total deferred income tax assets | ​ |  | 62,987 | ​ |  | 51,943
Valuation allowance | ​ |  | (12,301) | ​ |  | (8,433)
Net deferred income tax assets | ​ |  | 50,686 | ​ |  | 43,510
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ |  | (7,604) | ​ |  | (5,860)
Amortization of intangible assets | ​ |  | (31,518) | ​ |  | (21,617)
Withholding tax on unrepatriated foreign earnings | ​ | ​ | (6,851) | ​ | ​ | (6,851)
Operating lease ROU assets | ​ | ​ | (8,480) | ​ | ​ | (7,931)
State transition tax | ​ | ​ | (1,754) | ​ | ​ | (1,754)
Other liabilities | ​ |  | (1,750) | ​ |  | (1,824)
Total deferred income tax liabilities | ​ |  | (57,957) | ​ |  | (45,837)
Net deferred income tax liability | ​ | $ | (7,271) | ​ | $ | (2,327)
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,
​ |  | 2022 |  | 2023
Long term deferred income tax asset, included in other assets | ​ | $ | 3,841 | ​ | $ | 4,244
Long term deferred income tax liability | ​ |  | (11,112) | ​ |  | (6,571)
Net deferred income tax liability | ​ | $ | (7,271) | ​ | $ | (2,327)
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,
​ | ​ | 2022 |  | 2023
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets | ​ | $ | 7,843 | ​ | $ | 7,216
Current taxes payable, included in other accrued expenses and current liabilities | ​ |  | (7,722) | ​ |  | (13,692)
Net tax receivable (payable) | ​ | $ | 121 | ​ | $ | (6,476)
Schedule of consolidated effective income tax rate differs from the federal statutory income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, |
​ |  | 2021 |  | 2022 |  | 2023 |
Provision for income taxes at federal statutory rate | ​ | 21.0 | % | 21.0 | % | 21.0 | %
Research and development tax credits | ​ | (1.7) | ​ | (1.3) | ​ | (1.5) | ​
Foreign income subject to tax at other than federal statutory rate | ​ | 0.6 | ​ | 0.2 | ​ | 0.2 | ​
Stock compensation | ​ | (0.9) | ​ | (1.2) | ​ | (0.4) | ​
Officers’ compensation | ​ | 5.8 | ​ | 4.3 | ​ | 5.5 | ​
Change in valuation allowance | ​ | (5.9) | ​ | (4.0) | ​ | (0.5) | ​
Unrecognized tax expense (benefit) | ​ | 4.2 | ​ | (1.4) | ​ | 0.3 | ​
Tax on foreign currency gains and losses | ​ | (0.2) | ​ | — | ​ | (0.6) | ​
State tax expense | ​ | 1.2 | ​ | 1.0 | ​ | 0.3 | ​
U.S. tax on foreign earnings | ​ | (1.8) | ​ | 0.9 | ​ | 1.4 | ​
Changes in prior year estimates | ​ | — | ​ | (0.6) | ​ | (1.1) | ​
Global intangible low-taxed income, net of foreign tax credits | ​ | 0.5 | ​ | 0.3 | ​ | 0.8 | ​
Foreign Derived Intangible Income Benefit | ​ | (1.3) | ​ | (1.3) | ​ | (1.8) | ​
Non-taxable earnings from acquisitions | ​ | (0.4) | ​ | (0.6) | ​ | (2.1) | ​
Patent box benefit | ​ | — | ​ | (0.3) | ​ | (1.9) | ​
Withholding tax on foreign earnings | ​ | 3.4 | ​ | — | ​ | — | ​
Other | ​ | 0.4 | ​ | 0.7 | ​ | 0.8 | ​
Effective income tax rate | ​ | 24.9 | % | 17.7 | % | 20.4 | %

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