Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Income Tax Expense (Benefit)

The components of income before income taxes and income tax expense were as follows:

	Year Ended June 30,
	2019			2018			2017
Income before income taxes:
United States	$	57,281		$	43,368		$	30,499
Foreign	2,246			(795		)	569
	$	59,527		$	42,573		$	31,068
Tax provision (benefit):
Federal:
Current	$	11,454		$	4,470		$	11,476
Deferred	(3,008		)	(4,527		)	(7,645		)
	8,446			(57		)	3,831
State:
Current	5,194			2,370			3,650
Deferred	(1,421		)	(537		)	(1,684		)
	3,773			1,833			1,966
Foreign:
Current	546			186			240
Deferred	(13		)	(272		)	156
	533			(86		)	396
	$	12,752		$	1,690		$	6,193

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

The following is the reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate:

	Year Ended June 30,
	2019		2018		2017
Tax provision at federal statutory rates	21.0	%	28.0	%	35.0	%
State income tax, net of federal tax benefit	5.9		5.6		4.9
Research and development credits	(4.5	)	(5.1	)	(6.1	)
Excess tax benefits on stock compensation	(4.5	)	(18.5	)	(13.1	)
Domestic manufacturing deduction	—		(2.0	)	(3.9	)
Deemed repatriation of foreign earnings	—		1.9		(0.1	)
Foreign income tax rate differential	0.1		0.3		0.2
Officer and equity compensation	2.0		1.7		1.8
Acquisition costs	0.1		1.4		0.9
Reserves for tax contingencies	0.3		0.3		(0.6	)
Benefit from tax rate changes	—		(2.3	)	—
Impacts related to acquired tax attributes	—		(8.7	)	—
Other	1.0		1.4		0.9
	21.4	%	4.0	%	19.9	%

Components of Net Deferred Tax Assets (Liabilities)

	June 30,
	2019			2018
Deferred tax assets:
Inventory valuation and receivable allowances	$	10,313		$	8,476
Accrued compensation	4,644			3,803
Equity compensation	4,595			3,944
Federal and state research and development tax credit carryforwards	15,510			18,784
Other accruals	1,128			1,085
Deferred compensation	1,561			1,561
Acquired net operating loss carryforward	721			1,634
Capital loss carryforwards	2,354			2,413
Other temporary differences	2,258			1,565
	43,084			43,265
Valuation allowance	(16,666		)	(16,992		)
Total deferred tax assets	26,418			26,273
Deferred tax liabilities:
Prepaid expenses	(848		)	(696		)
Property and equipment	(4,927		)	(4,436		)
Intangible assets	(38,399		)	(34,546		)
Other temporary differences	(58		)	(230		)
Total deferred tax liabilities	(44,232		)	(39,908		)
Net deferred tax liabilities	$	(17,814	)	$	(13,635	)
As reported:
Deferred tax liabilities	$	(17,814	)	$	(13,635	)
	$	(17,814	)	$	(13,635	)

Summary of Reserves for Unrecognized Income Tax Benefits

The changes in the Company’s reserves for unrecognized income tax benefits are summarized as follows:

	Year Ended June 30,
	2019		2018
Unrecognized tax benefits, beginning of period	$	998	$	804
Increases for previously recognized positions	—		—
Settlements of previously recognized positions	—		—
Reductions as a result of a lapse of the applicable statute of limitations	—		(81		)
Increases for currently recognized positions	275		315
Reductions for previously recognized positions	—		(40		)
Unrecognized tax benefits, end of period	$	1,273	$	998