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INCOME TAXES (Tables)

12 Months Ended

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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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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