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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Provision for (benefit from) income taxes

The provision for income taxes is comprised of:

			Year Ended June 30,
			2022						2021						2020
									(in thousands)
U.S. federal taxes:
Current			$	645					$	31					$	(1,673)
Deferred			2,260						1,955						22
Non-U.S. taxes:
Current			7,749						2,344						1,940
Deferred			28,599						(396)						58
State taxes, net of federal benefit:
Current			5						1						1
Total provision for income taxes			$	39,258					$	3,935					$	348

Effective income tax rate reconciliation

The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows (in percentage):

			Year Ended June 30,
			2022						2021						2020
United States statutory rate			21.0		%				21.0		%				21.0		%
Stock-based compensation			0.0						0.1						—
Foreign taxes, net			(14.3)						(14.4)						(36.1)
Outside basis difference on equity method investment			1.2						—						—
Research and development credit			(0.3)						(2.4)						8.0
Non-deductible expenses			0.5						2.4						(1.0)
U.S. Tax Act deferred tax re-measurement			—						—						6.2
Foreign Derived Intangible Income Deduction			(0.3)						—						—
Other			0.1						(0.2)						—
			7.9		%				6.5		%				(1.9)		%

Domestic and foreign components of income (loss)

The domestic and foreign components of income before taxes are:

			Year Ended June 30,
			2022						2021						2020
									(in thousands)
U.S. operations			$	16,684					$	9,622					$	3,549
Non-U.S. operations			478,386						50,602						(21,458)
Loss before income taxes			$	495,070					$	60,224					$	(17,909)

Components of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows:

			June 30,
			2022						2021
			(in thousands)
Deferred tax assets:
Accrued compensation			$	5,742					$	3,954
Net operating loss carryforwards			61						22,539
Depreciation			4,365						7,924
Tax credits			15,079						15,550
Operating lease liabilities			5,807						7,292
Capitalized intangible assets			—						9,982
Accruals and reserves			643						1,113
Total deferred tax assets			31,697						68,354
Valuation allowance			(5,755)						(41,474)
Total deferred tax assets, net of valuation allowance			25,942						26,880
Deferred tax liabilities:
Depreciation and amortization			(18,909)						(17,193)
Right of use assets			(5,579)						(6,968)
Investments			(29,619)						—
Total deferred tax liabilities			(54,107)						(24,161)
Net deferred tax assets/(liabilities)			$	(28,165)					$	2,719

Schedule of deferred tax assets and liabilities, current and noncurrent

The breakdown between deferred tax assets and liabilities is as follows:

			June 30,
			2022						2021
			(in thousands)
Long-term deferred tax assets			$	592					$	5,167
Long-term deferred tax liabilities			(28,757)						(2,448)
Net deferred tax assets/(liabilities)			$	(28,165)					$	2,719

Unrecognized tax benefits rollforward

A reconciliation of the beginning and ending amount of unrecognized tax benefits from July 1, 2019 to June 30, 2022 is as follows:

			Year Ended June 30,
			2022						2021						2020
			(in thousands)
Balance at beginning of year			$	7,645					$	7,126					$	7,150
Additions based on tax positions related to the current year			1,121						677						333
Reductions based on tax positions related to prior years			(40)						(41)						(114)
Reductions due to lapse of applicable statute of limitations			(117)						(117)						(243)
Balance at end of year			$	8,609					$	7,645					$	7,126

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