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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2024
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2023 |  | 2024
Pre-tax income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 51,295 | ​ | $ | 7,114 | ​ | $ | 41,330
Foreign | ​ |  | 88,865 | ​ | ​ | 108,124 | ​ | ​ | 119,884
Total pre-tax income | ​ | $ | 140,160 | ​ | $ | 115,238 | ​ | $ | 161,214
Schedule of provision (benefit) for income taxes | Our provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2023 |  | 2024
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 6,216 | ​ | $ | 6,860 | ​ | $ | 22,229
State | ​ |  | 1,964 | ​ | ​ | 861 | ​ | ​ | 2,122
Foreign | ​ |  | 13,113 | ​ | ​ | 19,717 | ​ | ​ | 22,842
Total current provision | ​ |  | 21,293 | ​ | ​ | 27,438 | ​ | ​ | 47,193
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 3,915 | ​ | $ | (2,547) | ​ | $ | (13,375)
State | ​ |  | 133 | ​ | ​ | (678) | ​ | ​ | (594)
Foreign | ​ |  | (528) | ​ | ​ | (753) | ​ | ​ | (164)
Total deferred provision (benefit) | ​ |  | 3,520 | ​ | ​ | (3,978) | ​ | ​ | (14,133)
Total provision | ​ | $ | 24,813 | ​ | $ | 23,460 | ​ | $ | 33,060
Summary of activity of unrecognized tax benefits | A summary of activity of unrecognized tax benefits for fiscal 2023 and 2024 is as follows (in thousands). ​
​ | ​ | ​ | ​
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
Additions on tax positions for the current year | ​ |  | 2,800
Additions on tax positions from prior years | ​ |  | 1,002
Reduction in tax positions from prior year | ​ |  | (866)
Balance at June 30, 2024 | ​ | $ | 17,914
Schedule of deferred income tax assets (liabilities) | Deferred income tax assets (liabilities) consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2023 |  | 2024
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Tax credit carryforwards | ​ | $ | 5,934 | ​ | $ | 5,960
Net operating loss carryforwards | ​ |  | 3,678 | ​ | ​ | 3,311
Customer advances | ​ |  | 3,443 | ​ | ​ | 10,008
Allowance for doubtful accounts | ​ |  | 2,994 | ​ | ​ | 3,615
Inventory reserve | ​ |  | 11,026 | ​ | ​ | 11,754
Inventory capitalization | ​ |  | 481 | ​ | ​ | 424
Accrued liabilities | ​ |  | 2,956 | ​ | ​ | 2,877
Operating lease liabilities | ​ | ​ | 8,043 | ​ | ​ | 7,732
Stock and deferred compensation | ​ |  | 12,224 | ​ | ​ | 12,624
Other assets | ​ |  | 1,164 | ​ | ​ | 721
Total deferred income tax assets | ​ |  | 51,943 | ​ | ​ | 59,026
Valuation allowance | ​ |  | (8,433) | ​ | ​ | (9,365)
Net deferred income tax assets | ​ |  | 43,510 | ​ | ​ | 49,661
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ |  | (5,860) | ​ | ​ | (5,543)
Amortization of intangible assets | ​ |  | (21,617) | ​ | ​ | (12,096)
Withholding tax on unrepatriated foreign earnings | ​ | ​ | (6,851) | ​ | ​ | (7,834)
Operating lease ROU assets | ​ | ​ | (7,931) | ​ | ​ | (7,223)
State transition tax | ​ | ​ | (1,754) | ​ | ​ | (1,754)
Other liabilities | ​ |  | (1,824) | ​ | ​ | (4,814)
Total deferred income tax liabilities | ​ |  | (45,837) | ​ | ​ | (39,264)
Net deferred income tax liability | ​ | $ | (2,327) | ​ | $ | 10,397
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,
​ |  | 2023 |  | 2024
Long term deferred income tax asset, included in other assets | ​ | $ | 4,244 | ​ | $ | 13,684
Long term deferred income tax liability | ​ |  | (6,571) | ​ | ​ | (3,287)
Net deferred income tax liability | ​ | $ | (2,327) | ​ | $ | 10,397
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,
​ | ​ | 2023 |  | 2024
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets | ​ | $ | 7,216 | ​ | $ | 13,347
Current taxes payable, included in other accrued expenses and current liabilities | ​ |  | (13,692) | ​ | ​ | (17,320)
Net tax receivable (payable) | ​ | $ | (6,476) | ​ | $ | (3,973)
Schedule of consolidated effective income tax rate differs from the federal statutory income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, |
​ |  | 2022 |  | 2023 |  | 2024 |
Provision for income taxes at federal statutory rate | ​ | 21.0 | % | 21.0 | % | 21 | %
Research and development tax credits | ​ | (1.3) | ​ | (1.5) | ​ | (1.6) | ​
Foreign income subject to tax at other than federal statutory rate | ​ | 0.2 | ​ | 0.2 | ​ | 1.7 | ​
Stock compensation | ​ | (1.2) | ​ | (0.4) | ​ | (0.5) | ​
Officers’ compensation | ​ | 4.3 | ​ | 5.5 | ​ | 4.1 | ​
Change in valuation allowance | ​ | (4.0) | ​ | (0.5) | ​ | 1.0 | ​
Unrecognized tax expense (benefit) | ​ | (1.4) | ​ | 0.3 | ​ | 3.7 | ​
Tax on foreign currency gains and losses | ​ | — | ​ | (0.6) | ​ | 0.1 | ​
State tax expense | ​ | 1.0 | ​ | 0.3 | ​ | 0.6 | ​
U.S. tax on foreign earnings | ​ | 0.9 | ​ | 1.4 | ​ | (0.8) | ​
Changes in prior year estimates | ​ | (0.6) | ​ | (1.1) | ​ | (2.4) | ​
Global intangible low-taxed income, net of foreign tax credits | ​ | 0.3 | ​ | 0.8 | ​ | 0.8 | ​
Foreign Derived Intangible Income Benefit | ​ | (1.3) | ​ | (1.8) | ​ | (4.3) | ​
Non-taxable earnings from acquisitions | ​ | (0.6) | ​ | (2.1) | ​ | (0.8) | ​
Patent box benefit | ​ | (0.3) | ​ | (1.9) | ​ | (3.2) | ​
Withholding tax on foreign earnings | ​ | — | ​ | — | ​ | 0.6 | ​
Other | ​ | 0.7 | ​ | 0.8 | ​ | 0.5 | ​
Effective income tax rate | ​ | 17.7 | % | 20.4 | % | 20.5 | %

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