XML 29 R17.htm IDEA: XBRL DOCUMENT v3.24.2
Income Taxes
 9 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of the effective tax rate is as follows (in thousands):
 Three months ended June 30,Nine months ended June 30,
 2024202320242023
Income before income taxes$61,796 $23,645 $135,591 $36,232 
Income tax provision15,573 5,191 31,795 8,142 
Net income$46,223 $18,454 $103,796 $28,090 
Effective tax rate25 %22 %23 %22 %

Our income tax provision reflects an effective tax rate on pre-tax income of 25% and 23% for the three and nine months ended June 30, 2024, respectively, compared to 22% for both the three and nine months ended June 30, 2023. The effective tax rate for the three and nine months ended June 30, 2024 was favorably impacted by the estimated Research and Development Tax Credit (R&D Tax Credit). The effective tax rate for the nine months ended June 30, 2024 was also favorably impacted by discrete items primarily related to the vesting of RSUs. These items were offset by an income inclusion related to U.S. global intangible income and the tax expense related to certain nondeductible expenses. The effective tax rate for the three and nine months ended June 30, 2023 approximated the U.S. federal statutory rate and was favorably impacted by the estimated R&D Tax Credit and the projected utilization of net operating loss carryforwards in the U.K. that had been fully reserved with a valuation allowance. The favorable impacts were offset by state income tax expense, certain nondeductible expenses and an income inclusion related to U.S. global intangible income.