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v3.19.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following:
|  | Year ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (24.2 | ) |  | $ | 7.7 |  |  | $ | 15.5 |
State |  |  | (0.1 | ) |  |  | 2.2 |  |  |  | 2.4 |
Foreign |  |  | 0.2 |  |  |  | — |  |  |  | — |
Total Current |  |  | (24.1 | ) |  |  | 9.9 |  |  |  | 17.9 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 17.8 |  |  |  | (22.7 | ) |  |  | 1.5 |
State |  |  | 1.7 |  |  |  | 0.7 |  |  |  | (1.7 | )
Foreign |  |  | 0.4 |  |  |  | (1.4 | ) |  |  | (1.7 | )
Change in valuation allowance |  |  | (0.2 | ) |  |  | 0.5 |  |  |  | 3.0 |
Total Deferred |  |  | 19.7 |  |  |  | (22.9 | ) |  |  | 1.1 |
Total income tax expense (benefit) |  | $ | (4.4 | ) |  | $ | (13.0 | ) |  | $ | 19.0 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of the following:
|  | Year ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | (0.6 | ) |  | $ | 122.3 |  |  | $ | 39.2 |
Foreign |  |  | 0.6 |  |  |  | (2.2 | ) |  |  | (3.0 | )
Total |  | $ | — |  |  | $ | 120.1 |  |  | $ | 36.2 |
Schedule of Differences Between Statutory Federal Income Tax Rate and Income Taxes Reported in Consolidated Statements of Operations | The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of operations were as follows:
|  | Year ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Federal income tax expense at the statutory rate |  |  | 0.0 |  |  | 21.0 | % |  |  | 33.7 |  |  | 28.1 | % |  |  | 12.7 |  |  | 35.0 | %
State income taxes, net of federal benefit |  |  | 2.0 |  |  | 6422.1 | % |  |  | 2.9 |  |  | 2.4 | % |  |  | 0.7 |  |  | 1.9 | %
Research and development credits, net of the federal tax on state credits |  |  | (3.7 | ) |  | -11880.9 | % |  |  | (2.1 | ) |  | -1.7 | % |  |  | (3.1 | ) |  | -8.5 | %
Uncertain tax positions, net of federal benefit |  |  | 2.9 |  |  | 9312.1 | % |  |  | 2.5 |  |  | 2.1 | % |  |  | 1.2 |  |  | 3.3 | %
Uncertain tax benefits statute expired, net of federal benefit |  |  | (7.1 | ) |  | -22798.5 | % |  |  | — |  |  | 0.0 | % |  |  | — |  |  | 0.0 | %
Incentive stock option and employee stock purchase plan expense |  |  | (3.1 | ) |  | -9954.3 | % |  |  | (1.7 | ) |  | -1.4 | % |  |  | 4.0 |  |  | 10.9 | %
Foreign rate differential |  |  | 0.8 |  |  | 2568.8 | % |  |  | (0.8 | ) |  | -0.7 | % |  |  | (0.5 | ) |  | -1.5 | %
Change in valuation allowance |  |  | (0.2 | ) |  | -642.2 | % |  |  | 0.6 |  |  | 0.5 | % |  |  | 3.0 |  |  | 8.3 | %
Tax Cut and Jobs Act Impact |  |  | — |  |  | 0.0 | % |  |  | (32.0 | ) |  | -26.6 | % |  |  | — |  |  | 0.0 | %
Fair value adjustments related to acquisition contingent consideration |  |  | 0.8 |  |  | 2568.8 | % |  |  | (17.0 | ) |  | -14.2 | % |  |  | 0.8 |  |  | 2.1 | %
Non-deductible meals and entertainment |  |  | 1.3 |  |  | 4174.4 | % |  |  | 0.4 |  |  | 0.3 | % |  |  | 0.6 |  |  | 1.6 | %
Non-deductible officer compensation |  |  | 0.6 |  |  | 1926.6 | % |  |  | — |  |  | 0.0 | % |  |  | — |  |  | 0.0 | %
Non-deductible legal settlement |  |  | 1.9 |  |  | 6101.0 | % |  |  | — |  |  | 0.0 | % |  |  | — |  |  | 0.0 | %
Foreign disregarded election |  |  | 6.4 |  |  | 20550.8 | % |  |  | — |  |  | 0.0 | % |  |  | — |  |  | 0.0 | %
Changes in revenue recognition/method |  |  | (7.3 | ) |  | -23440.8 | % |  |  | — |  |  | 0.0 | % |  |  | — |  |  | 0.0 | %
Other, net |  |  | 0.3 |  |  | 963.4 | % |  |  | 0.5 |  |  | 0.5 | % |  |  | (0.4 | ) |  | -0.7 | %
|  |  | (4.4 | ) |  | -14107.7 | % |  |  | (13.0 | ) |  | -10.7 | % |  |  | 19.0 |  |  | 52.4 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities were comprised of the following:
|  | Year ended June 30, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 85.7 |  |  | $ | 44.6 |
Property, plant and equipment |  |  | — |  |  |  | 1.1 |
Accrued vacation |  |  | 1.2 |  |  |  | 1.4 |
AR allowance |  |  | 3.3 |  |  |  | 10.7 |
Stock compensation expense |  |  | 16.0 |  |  |  | 17.0 |
Research and development credits |  |  | 25.4 |  |  |  | 13.0 |
Uncertain state tax positions |  |  | 1.3 |  |  |  | 1.3 |
Other, net |  |  | 9.0 |  |  |  | 0.9 |
Total gross deferred tax assets |  |  | 141.9 |  |  |  | 90.0 |
Less valuation allowance |  |  | (38.9 | ) |  |  | (37.8 | )
Total deferred tax assets |  |  | 103.0 |  |  |  | 52.2 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | 175.4 |  |  |  | 109.5 |
Property, plant and equipment |  |  | 2.5 |  |  |  | — |
Deferred revenue |  |  | 7.7 |  |  |  | — |
Total deferred tax liabilities |  |  | 185.6 |  |  |  | 109.5 |
Net deferred tax liability |  |  | (82.6 | ) |  |  | (57.3 | )
Summary of Net Operating Loss and Research Credit Carryforwards | At June 30, 2019, the Company had the following net operating loss and research credit carryforwards, with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated.
|  |  |  |  |  | Subject to |  | Expires |  |  |  |  |
Carryforwards |  | Amount |  |  | sections 382, 383 |  | beginning in year |  |  | Through |
Federal net operating loss |  | $ | 274.6 |  |  | Yes |  |  | 2027 |  |  |  | 2038 |
Utah net operating loss |  |  | 209.5 |  |  | No |  |  | 2016 |  |  |  | 2024 |
California net operating loss |  |  | 47.0 |  |  | No |  |  | 2023 |  |  |  | 2038 |
Oklahoma net operating loss |  |  | 14.1 |  |  | Yes |  |  | 2023 |  |  |  | 2033 |
Other state net operating loss |  |  | 7.1 |  |  | Yes |  |  | 2023 |  |  |  | 2039 |
Foreign net operating losses (various jurisdictions) |  |  | 33.4 |  |  | No |  | Various |  |  | Various |
Federal research credit |  |  | 9.3 |  |  | Yes |  |  | 2025 |  |  |  | 2032 |
Utah research credit |  |  | 11.0 |  |  | No |  |  | 2021 |  |  |  | 2031 |
California research credit |  |  | 5.3 |  |  | No |  |  | 2023 |  |  |  | 2039 |
Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Unrecognized tax benefits at the beginning of year |  | $ | 24.9 |  |  | $ | 25.2 |  |  | $ | 24.2 |
Gross increases - current year tax positions |  |  | 2.2 |  |  |  | 0.6 |  |  |  | 0.7 |
Gross increases - prior year tax positions |  |  | 0.5 |  |  |  | 2.4 |  |  |  | 0.7 |
Gross increases - acquisitions |  |  | 2.3 |  |  |  | — |  |  |  | — |
Gross decreases - prior year tax positions |  |  | (0.1 | ) |  |  | (3.3 | ) |  |  | — |
Gross decreases - settlements |  |  | (2.7 | ) |  |  | — |  |  |  | — |
Gross decreases - statute lapse |  |  | (5.4 | ) |  |  | — |  |  |  | (0.4 | )
Unrecognized tax benefits at end of year |  | $ | 21.7 |  |  | $ | 24.9 |  |  | $ | 25.2 |
Interest and penalties in year-end balance |  | $ | 0.8 |  |  | $ | 1.5 |  |  | $ | (0.9 | )

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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