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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2025

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):

​

​	​	​	​	​	​	​	​	​	​
​		2023			2024			2025
Pre-tax income:	​	​	​	​	​	​	​	​	​
United States	​	$	7,114	​	$	41,330	​	$	30,218
Foreign	​		108,124	​	​	119,884	​	​	155,876
Total pre-tax income	​	$	115,238	​	$	161,214	​	$	186,094

Schedule of provision (benefit) for income taxes

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

​

​	​	​	​	​	​	​	​	​	​
​		2023			2024			2025
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	6,860	​	$	22,229	​	$	12,218
State	​		861	​	​	2,122	​	​	2,260
Foreign	​		19,717	​	​	22,842	​	​	31,066
Total current provision	​		27,438	​	​	47,193	​	​	45,544
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	$	(2,547)	​	$	(13,375)	​	$	(7,667)
State	​		(678)	​	​	(594)	​	​	(853)
Foreign	​		(753)	​	​	(164)	​	​	(567)
Total deferred (benefit)	​		(3,978)	​	​	(14,133)	​	​	(9,087)
Total provision	​	$	23,460	​	$	33,060	​	$	36,457

Summary of activity of unrecognized tax benefits

A summary of activity of unrecognized tax benefits for fiscal 2024 and 2025 is as follows (in thousands).

​

​	​	​	​
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
Additions on tax positions for the current year	​		1,296
Additions on tax positions from prior years	​		234
Reductions to tax positions from prior year for dispute settlements	​	​	(438)
Reductions to prior year tax positions	​	​	(305)
Reduction to prior year tax positions for statute of limitations closure	​		(3,108)
Balance at June 30, 2025	​	$	15,593

Schedule of deferred income tax assets (liabilities)

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

​

​	​	​	​	​	​	​
​	​	June 30,
​		2024			2025
Deferred income tax assets:	​	​	​	​	​	​
Tax credit carryforwards	​	$	5,960	​	$	6,383
Net operating loss carryforwards	​		3,311	​	​	3,339
Customer advances	​		10,008	​	​	6,521
Allowance for doubtful accounts	​		3,615	​	​	3,146
Inventory reserve	​		11,754	​	​	14,636
Accrued liabilities	​		2,877	​	​	3,209
Operating lease liabilities	​	​	7,732	​	​	5,540
Stock and deferred compensation	​		12,624	​	​	14,504
Other assets	​		1,145	​	​	1,700
Total deferred income tax assets	​		59,026	​	​	58,978
Valuation allowance	​		(9,365)	​	​	(10,471)
Net deferred income tax assets	​		49,661	​	​	48,507
Deferred income tax liabilities:	​	​	​	​	​	​
Depreciation	​		(5,543)	​	​	(6,280)
Amortization of intangible assets	​		(12,096)	​	​	(13,784)
Withholding tax on unrepatriated foreign earnings	​	​	(7,834)	​	​	(8,496)
Operating lease ROU assets	​	​	(7,223)	​	​	(5,482)
Other liabilities	​		(6,568)	​	​	(3,604)
Total deferred income tax liabilities	​		(39,264)	​	​	(37,646)
Net deferred income tax liability	​	$	10,397	​	$	10,861

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,
​		2024			2025
Long term deferred income tax asset, included in other assets	​	$	13,684	​	$	14,195
Long term deferred income tax liability	​		(3,287)	​	​	(3,334)
Net deferred income tax liability	​	$	10,397	​	$	10,861

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,
​	​	2024			2025
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets	​	$	13,347	​	$	10,958
Current taxes payable, included in other accrued expenses and current liabilities	​		(17,320)	​	​	(22,285)
Net tax receivable (payable)	​	$	(3,973)	​	$	(11,327)

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

​

​	​	​	​	​	​	​	​
​	​	June 30,
​		2023		2024		2025
Provision for income taxes at federal statutory rate	​	21.0	%	21	%	21	%
Research and development tax credits	​	(1.5)	​	(1.6)	​	(1.5)	​
Foreign income subject to tax at other than federal statutory rate	​	0.2	​	1.7	​	2.1	​
Stock compensation	​	(0.4)	​	(0.5)	​	(0.9)	​
Officers’ compensation	​	5.5	​	4.1	​	3.2	​
Change in valuation allowance	​	(0.5)	​	1.0	​	0.2	​
Unrecognized tax expense (benefit)	​	0.3	​	3.7	​	(1.3)	​
State tax expense	​	0.3	​	0.9	​	1.1	​
U.S. tax on foreign earnings	​	1.4	​	(0.8)	​	(0.2)	​
Changes in prior year estimates	​	(1.1)	​	(2.4)	​	0.3	​
Global intangible low-taxed income, net of foreign tax credits	​	0.8	​	0.8	​	0.9	​
Foreign Derived Intangible Income Benefit	​	(1.8)	​	(4.3)	​	(1.9)	​
Non-taxable earnings from acquisitions	​	(2.1)	​	(0.8)	​	(0.5)	​
Patent box benefit	​	(1.9)	​	(3.2)	​	(2.8)	​
Other	​	0.2	​	0.9	​	(0.1)	​
Effective income tax rate	​	20.4	%	20.5	%	19.6	%

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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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