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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​
​	​	Year ended June 30,
​	​	2021			2020
​		in thousands
​	​	​	​	​	​	​
Statutory rate	​	$	(7,343)	​	$	7,483
IRC Section 162(m) limitation (a)	​	​	12,526	​	​	—
Transaction costs (b)	​	​	2,770	​	​	—
Change in valuation allowance	​	​	1,500	​	​	(128)
Permanent adjustments	​	​	306	​	​	268
Prior year true-up and other	​	​	(227)	​	​	347
Income from entities not subject to taxation	​	​	66	​	​	108
State tax	​	​	173	​	​	1,790
Provision for income taxes	​	$	9,771	​	$	9,868

(a) Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1,000,000.

(b) Amount relates to transaction costs incurred as a result of the July 27, 2020 transaction between us, an affiliate of Apax Partners and our then existing equity holders entering into a Securities Purchase Agreement (the “Apax Transaction”).

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​	​	Year ended June 30,
​		2021			2020
​	​	in thousands
Current:	​	​	​	​	​	​
Federal	​	$	2,710	​	$	5,382
State	​	​	642	​	​	1,313
Total current tax expense	​	​	3,352	​	​	6,695
​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​
Federal	​	​	5,342	​	​	2,349
State	​	​	1,077	​	​	824
Total deferred tax expense	​	​	6,419	​	​	3,173
Total provision for income taxes	​	$	9,771	​	$	9,868

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		Year ended June 30,
​		2021			2020
​	​	in thousands
​	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​
Amortization	​	$	2,241	​	$	2,033
State net operating losses	​	​	1,887	​	​	387
Transaction costs	​	​	1,092	​	​	1,204
Provision for uncollectible accounts	​		1,112	​		1,644
Accrued vacation	​		979	​		984
Reported and estimated claims	​		941	​		889
Stock-based compensation	​		428	​		856
Accrued bonuses	​		65	​		38
Total deferred tax assets	​	​	8,745	​	​	8,035
Valuation allowance	​	​	(1,887)	​	​	(387)
Deferred tax assets, net of valuation allowance	​	​	6,858	​	​	7,648
Deferred tax liabilities:	​	​	​	​	​	​
Goodwill	​	​	(9,934)	​	​	(8,057)
Depreciation	​	​	(7,394)	​	​	(8,053)
Equity investment	​	​	(3,222)	​	​	(6)
Prepaid expenses	​	​	(2,008)	​	​	(814)
Total deferred tax liabilities	​	​	(22,558)	​	​	(16,930)
Net deferred tax liability	​	$	(15,700)	​	$	(9,282)

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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.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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