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Income Taxes | 9 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | 9. Income Taxes The Company’s provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. The Company recorded a provision for income taxes of $0.8 million and benefit from income taxes of $47.9 million for the three and nine months ended March 31, 2026, and a provision for income taxes of $0.5 million and $0.4 million for the three and nine months ended March 31, 2025. The tax benefit for the nine months ended March 31, 2026 continues to be primarily related to the release of the valuation allowance on the majority of its federal and state deferred tax assets. The tax expense for the three months ended March 31, 2026 is a result of Company adjusting the valuation allowance release for the revised projected profit for the year, and an increase in projected foreign taxes as a result of the acquisition of HomeBuddy. The tax provision for the third quarter of 2025 was primarily related to foreign operations and the tax amortization of goodwill. The Company performed an assessment on the likelihood of realizing the benefits of its deferred tax assets. As of the second quarter of fiscal year 2026, due to the preponderance of positive evidence, including the Company’s projected cumulative profit before taxes and future forecasts of continued profitability for the United States, the Company determined that sufficient positive evidence existed to conclude that substantially all of its valuation allowance was no longer needed and that it is more likely than not that the Company would be able to utilize the majority of the deferred tax assets. Accordingly, the Company recorded a net benefit from income taxes of $47.9 million for nine months ended March 31, 2026 primarily related to the release of the valuation allowance for the majority of its federal and state deferred tax assets of $61.2 million. The Company continues to maintain a valuation allowance related to its deferred tax assets for its foreign entities, federal and state capital loss carryforwards and California research and development tax credits. Additionally, in the event that the Company experiences an ownership change within the meaning of Section 382 of the Internal Revenue Code, the Company’s ability to utilize net operating losses, tax credits and other tax attributes may be limited.

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