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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit

Income tax benefit consists of the following:

			Years Ended December 31,												Six-month Transition Period Ended December 31,						Year Ended June 30,
(in millions)			2022						2021						2020						2020
Current:
Federal			$	(0.5)					$	(1.9)					$	(75.8)					$	26.6
State			1.9						3.6						(0.6)						4.9
Foreign			0.5						0.1						0.2						0.5
Total current			1.9						1.8						(76.2)						32.0
Deferred:
Federal			(25.8)						(33.7)						39.1						(51.5)
State			(4.8)						5.1						(3.4)						(4.1)
Foreign			(2.9)						0.1						(0.5)						(3.6)
Change in valuation allowance			3.0						(3.2)						—						3.5
Total deferred			(30.5)						(31.7)						35.2						(55.7)
Total income tax benefit			$	(28.6)					$	(29.9)					$	(41.0)					$	(23.7)

Schedule of Loss Before Income Taxes

Loss before income taxes consists of the following:

			Years Ended December 31,												Six-month Transition Period Ended December 31,						Year Ended June 30,
(in millions)			2022						2021						2020						2020
United States			$	(141.3)					$	(53.8)					$	(101.8)					$	(240.9)
Foreign			0.7						(3.3)						7.7						17.6
Total			$	(140.6)					$	(57.1)					$	(94.1)					$	(223.3)

Schedule of Differences Between Statutory Federal Income Tax Rate and Income Taxes Reported

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:

			Years Ended December 31,																								Six-month Transition Period Ended December 31,												Year Ended June 30,
(in millions)			2022												2021												2020												2020
Federal income tax expense at the statutory rate			$	(29.5)					21.0		%				$	(12.0)					21.0		%				$	(19.8)					21.0		%				$	(46.9)					21.0		%
State income taxes, net of federal benefit			(3.3)						2.3		%				(1.8)						3.2		%				(1.2)						1.3		%				4.0						(1.8)		%
Research and development credits			(3.5)						2.5		%				2.5						(4.4)		%				(1.3)						1.4		%				(2.8)						1.3		%
Uncertain tax positions			0.6						(0.4)		%				(3.0)						5.3		%				0.6						(0.7)		%				1.5						(0.7)		%
Incentive stock option and employee stock purchase plan expense			2.5						(1.8)		%				0.7						(1.2)		%				2.5						(2.7)		%				(0.2)						0.1		%
Foreign rate differential			—						—		%				0.5						(0.9)		%				(2.1)						2.2		%				0.7						(0.3)		%
Change in valuation allowance			2.6						(1.8)		%				(3.2)						5.6		%				(0.3)						0.3		%				3.5						(1.7)		%
CARES Act			—						—		%				2.7						(4.7)		%				(20.7)						22.0		%				—						—		%
Non-deductible meals and entertainment			—						—		%				0.1						(0.2)		%				0.5						(0.5)		%				1.8						(0.8)		%
Non-deductible officer compensation			3.5						(2.5)		%				3.3						(5.8)		%				0.1						(0.1)		%				1.6						(0.7)		%
Asset impairment			—						—		%				—						—		%				—						—		%				12.6						(5.6)		%
Non-deductible legal settlement			—						—		%				2.5						(4.5)		%				—						—		%				—						—		%
Acquisitions, dispositions, and contingent consideration			(0.1)						0.1		%				(23.0)						40.3		%				0.7						(0.7)		%				(0.3)						0.1		%
Other, net			(1.4)						0.9		%				0.8						(1.4)		%				—						—		%				0.8						(0.3)		%
Total income tax benefit			$	(28.6)					20.3		%				$	(29.9)					52.3		%				$	(41.0)					43.5		%				$	(23.7)					10.6		%

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:

			December 31,
(in millions)			2022						2021
Deferred tax assets:
Net operating loss carryforwards			$	66.6					$	67.2
Deferred revenue			0.2						1.2
Stock compensation expense			3.6						4.5
Research and development credits			19.9						17.3
Lease liability			35.2						22.4
Section 174 capitalized costs			21.2						—
Accrued expenses and liabilities			10.8						14.2
Other, net			3.4						4.5
Total gross deferred tax assets			160.9						131.3
Less valuation allowance			(42.4)						(38.5)
Total deferred tax assets			118.5						92.8
Deferred tax liabilities:
Intangible assets			93.8						104.9
Lease right-of-use assets			25.4						20.2
Property, plant and equipment			2.8						3.5
Total deferred tax liabilities			122.0						128.6
Net deferred tax liability			$	(3.5)					$	(35.8)

Schedule of Net Operating Loss and Research Credit Carryforwards (Tax Effected)

At December 31, 2022, the Company had the following net operating loss and research credit carryforwards (tax effected), with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated (in millions):

Carryforwards

Amount

Subject to sections 382, 383

Expires beginning in year

Through

Federal net operating loss

$

26.6

Yes

2033

Indefinite

Federal capital loss

13.5

No

2026

2026

Utah net operating loss

2.8

No

2023

Indefinite

California net operating loss

4.4

Yes

2029

2041

Other state net operating loss

7.7

Yes

Various

Various

Foreign net operating losses (various jurisdictions)

11.6

No

Various

Various

Federal research credit

8.7

Yes

2027

2042

Utah research credit

6.9

No

2023

2036

California research credit

4.4

No

Indefinite

Indefinite

Schedule of Unrecognized Tax Benefits

The Company’s gross unrecognized tax benefits as of the years ended December 31, 2022 and 2021, the transition period ended December 31, 2020 and the fiscal year ended June 30, 2020, and the changes in those balances are as follows: 

			Years Ended December 31,												Six-month Transition Period Ended December 31,						Year Ended June 30,
(in millions)			2022						2021						2020						2020
Unrecognized tax benefits at the beginning of period			$	32.1					$	37.6					$	23.5					$	21.7
Gross increases - current year tax positions			0.9						1.4						13.9						1.6
Gross increases - prior year tax positions			1.6						1.1						1.0						0.7
Gross decreases - prior year tax positions			(2.0)						(2.8)						(0.1)						—
Gross decreases - settlements			(0.7)						(5.1)						—						—
Gross decreases - statute lapse			—						(0.1)						(0.7)						(0.5)
Unrecognized tax benefits at end of year			$	31.9					$	32.1					$	37.6					$	23.5
Interest and penalties in year-end balance			$	4.1					$	3.3					$	2.2					$	1.4

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