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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