Income Taxes (Tables)
|
12 Months Ended |
Jun. 30, 2021 |
Income Taxes |
|
Schedule of deferred tax assets and liabilities |
| | | | | | | | | June 30, | | | 2021 | | 2020 | | | | (In thousands) | Deferred tax assets | | | | | | | Net operating loss carryforward | | $ | 22,159 | | $ | 21,850 | Reserves | | | 5,038 | | | 3,374 | Accrued expenses | | | 5,552 | | | 4,117 | Stock compensation expense | | | 8,193 | | | 7,064 | Other assets | | | 7,466 | | | 2,252 | Deferred revenue | | | 437 | | | 759 | Lease liability | | | 27,812 | | | 29,640 | Federal tax credits | | | — | | | 20 | State tax credits | | | — | | | 44 | Total deferred tax assets | | | 76,657 | | | 69,120 | Deferred tax liabilities | | | | | | | Capitalized curriculum development | | | (9,307) | | | (9,245) | Capitalized software and website development costs | | | (14,026) | | | (11,907) | Property and equipment | | | (11,613) | | | (6,213) | Right-of-use assets | | | (26,889) | | | (28,273) | Returned materials | | | (4,520) | | | (2,385) | Purchased intangibles | | | (22,031) | | | — | Convertible debt | | | (15,077) | | | (19,877) | Total deferred tax liabilities | | | (103,463) | | | (77,900) | Net deferred tax liability before valuation allowance | | | (26,806) | | | (8,780) | Valuation allowance | | | (5,047) | | | (4,991) | Net deferred tax liability | | $ | (31,853) | | $ | (13,771) | Reported as: | | | | | | | Long-term deferred tax liabilities | | $ | (31,853) | | $ | (13,771) |
|
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
| | | | | | | | | | | | Year Ended June 30, | | | 2021 | | 2020 | | 2019 | | | | (In thousands) | Domestic | | $ | 81,068 | | $ | 27,672 | | $ | 43,448 | Foreign | | | 14,922 | | | 5,375 | | | 4,281 | Total income before income taxes | | $ | 95,990 | | $ | 33,047 | | $ | 47,729 |
|
Schedule of components of income before income taxes |
| | | | | | | | | | | | Year Ended June 30, | | | 2021 | | 2020 | | 2019 | | | | (In thousands) | Domestic | | $ | 81,068 | | $ | 27,672 | | $ | 43,448 | Foreign | | | 14,922 | | | 5,375 | | | 4,281 | Total income before income taxes | | $ | 95,990 | | $ | 33,047 | | $ | 47,729 |
|
Schedule of related components of the income tax expense |
| | | | | | | | | | | | Year Ended June 30, | | | 2021 | | 2020 | | 2019 | | | | (In thousands) | Current: | | | | | | | | | | Federal | | $ | 12,290 | | $ | 6,907 | | $ | 3,919 | State | | | 6,643 | | | 1,911 | | | 1,988 | Foreign | | | 3,057 | | | 1,028 | | | 920 | Total current | | | 21,990 | | | 9,846 | | | 6,827 | Deferred: | | | | | | | | | | Federal | | | 2,287 | | | (1,687) | | | 3,412 | State | | | 262 | | | 382 | | | 281 | Total deferred | | | 2,549 | | | (1,305) | | | 3,693 | Total income tax expense (benefit) | | $ | 24,539 | | $ | 8,541 | | $ | 10,520 |
|
Schedule of reconciliation of provision for income taxes to the income tax from applying the statutory rate |
| | | | | | | | | | Year Ended June 30, | | | | 2021 | | 2020 | | 2019 | | U.S. federal tax at statutory rates | | 21.0 | % | 21.0 | % | 21.0 | % | Permanent items | | (0.4) | | 1.1 | | 0.5 | | Lobbying | | 0.2 | | 0.4 | | 0.4 | | Non-deductible compensation | | 4.9 | | 9.0 | | 1.6 | | State taxes, net of federal benefit | | 5.8 | | 5.3 | | 4.3 | | Research and development tax credits | | (0.9) | | (1.8) | | (0.5) | | Change in valuation allowance | | (0.1) | | 0.1 | | 0.2 | | Effects of foreign operations | | 0.4 | | 0.3 | | 0.1 | | Reserve for unrecognized tax benefits | | 0.2 | | (2.4) | | (2.1) | | Other | | (0.5) | | (0.8) | | (0.4) | | Stock-based compensation | | (5.0) | | (6.4) | | (3.1) | | Provision for (benefit from) income taxes | | 25.6 | % | 25.8 | % | 22.0 | % |
|
Schedule of unrecognized tax benefits |
| | | | | | | | | | | | Year Ended June 30, | | | 2021 | | 2020 | | 2019 | | | | (In thousands) | Balance at beginning of the year | | $ | 850 | | $ | 1,545 | | $ | 2,392 | Additions for prior year tax positions | | | 196 | | | 161 | | | 194 | Additions for current year tax positions | | | 261 | | | 179 | | | 87 | Reductions for prior year tax positions | | | (250) | | | (1,035) | | | (1,128) | Balance at end of the year | | $ | 1,057 | | $ | 850 | | $ | 1,545 |
|