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INCOME TAXES | 9 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | 7. INCOME TAXES The Company’s tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, management updates the estimate of the annual effective tax rate, and any changes are recorded in a cumulative adjustment in that quarter. The quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant volatility due to several factors, including management’s ability to accurately predict the portion of income (loss) before income taxes in multiple jurisdictions, the tax effects of our stock-based compensation awards, and the effects of acquisitions and the integration of those acquisitions. For the three and nine months ended June 30, 2025, the Company recorded an income tax provision of $0.7 million and $1.4 million, respectively, which yielded an effective tax rate of 24% and 16% respectively. For the three and nine months ended June 30, 2024, the Company recorded an income tax benefit of $0.4 million and $2.8 million, respectively, which yielded an effective tax rate of 236% and 35%, respectively. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three and nine months ended June 30, 2025 was primarily due to a mix of worldwide income, the impact of non-deductible executive compensation, as well as the impact of stock-based compensation, and federal, state and foreign research and development credits on the tax provision. For the nine months ended June 30, 2025 tax expense was also impacted by the release of a valuation allowance related to one of the Company’s operations in a foreign jurisdiction. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three and nine months ended June 30, 2024 was primarily due to a mix of worldwide income, the impact of non-deductible executive compensation as well as the impact of state taxes, and federal, state and foreign research and development credits on the tax provision. On July 4, 2025, President Trump signed into law the One, Big, Beautiful Bill Act (the “Act”). Within the Act, there were significant tax law changes with various effective dates. The tax law changes within the Act include those related to the timing of certain tax deductions including depreciation expense, R&D expenditures and interest expense. The Company will implement the tax law changes in the fourth quarter of fiscal 2025. While the Company is still evaluating the Act and any subsequent guidance, the Company does not anticipate any impact to its overall tax expense; however, the allocation between current and deferred tax expense will be impacted in the future.

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