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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following for the periods presented:

			Year Ended June 30,
(in thousands)			2021						2020						2019
Current income taxes:
Federal			$	—					$	—					$	(64)
State			149						63						107
Total			149						63						43
Deferred income taxes:
Federal			29,317						21,021						19,748
State			5,337						3,932						2,243
Total			34,654						24,953						21,991
Income tax expense			$	34,803					$	25,016					$	22,034

Schedule of Effective Income Tax Rate Reconciliation

The following reconciles the statutory federal income tax rate to the effective income tax rate for the periods presented:

			Year Ended June 30,
			2021						2020						2019
Federal statutory rate			21.0%						21.0%						21.0%
Differences in income tax expense resulting from:
State income taxes			3.2						4.0						3.8
Kansas HPIP credit			(0.5)						(0.9)						(1.5)
Non-qualified stock option exercises			(3.6)						(0.5)						—
Other			0.9						—						—
Effective income tax rate			21.0%						23.6%						23.3%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities were as follows as of June 30:

(in thousands)			2021						2020
Deferred tax assets:
Accruals and other			$	15,179					$	10,663
Lease liability			11,300						—
Deferred rent			—						3,349
Interest expense limitation			14,517						7,269
Net operating losses			76,281						27,557
Credit carryforward			6,486						5,413
Total deferred tax assets			123,763						54,251
Deferred tax liabilities:
Commissions receivable			(251,768)						(155,297)
Lease right-of-use asset			(8,133)						—
Basis difference in fixed and amortizable assets			(4,850)						(4,798)
Total deferred tax liabilities			(264,751)						(160,095)
Net long-term deferred tax liabilities			$	(140,988)					$	(105,844)

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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=121826272&loc=d3e32639-109319

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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=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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