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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2023
Income Taxes  
Schedule of deferred tax assets and liabilities

June 30, 

    

2023

    

2022

(In thousands)

Deferred tax assets

Net operating loss carryforward

$

17,628

$

19,613

Reserves

 

7,850

 

8,306

Accrued expenses

 

10,868

 

11,524

Stock compensation expense

 

4,548

 

5,166

Other assets

 

3,212

 

5,218

Convertible debt

 

8,632

 

11,005

Deferred revenue

 

680

 

591

Lease liability

17,900

21,680

Total deferred tax assets

 

71,318

 

83,103

Deferred tax liabilities

Capitalized curriculum development

 

(9,038)

 

(9,269)

Capitalized software and website development costs

 

(2,987)

 

(17,789)

Property and equipment

 

(8,438)

 

(10,547)

Right-of-use assets

(16,837)

(21,062)

Returned materials

 

(2,980)

 

(3,503)

Purchased intangibles

(15,471)

(17,461)

Total deferred tax liabilities

 

(55,751)

 

(79,631)

Net deferred tax asset (liability) before valuation allowance

 

15,567

 

3,472

Valuation allowance

 

(6,791)

 

(6,677)

Net deferred tax asset (liability)

$

8,776

$

(3,205)

Reported as:

Long-term deferred tax assets (liabilities)

$

8,776

$

(3,205)

Schedule of components of income before income taxes

Year Ended June 30,

    

2023

    

2022

    

2021

(In thousands)

Domestic

$

161,270

$

131,967

$

81,068

Foreign

 

10,943

 

15,251

 

14,922

Total income before income taxes

$

172,213

$

147,218

$

95,990

Schedule of related components of the income tax expense

Year Ended June 30,

    

2023

    

2022

    

2021

(In thousands)

Current:

Federal

$

41,360

$

27,969

$

12,290

State

 

12,032

 

7,550

 

6,643

Foreign

 

2,327

 

3,379

 

3,057

Total current

 

55,719

 

38,898

 

21,990

Deferred:

Federal

 

(9,033)

 

1,743

 

2,287

State

 

(1,340)

 

(553)

 

262

Total deferred

 

(10,373)

 

1,190

 

2,549

Total income tax expense (benefit)

$

45,346

$

40,088

$

24,539

Schedule of reconciliation of provision for income taxes to the income tax from applying the statutory rate

Year Ended June 30,

 

    

2023

    

2022

    

2021

 

U.S. federal tax at statutory rates

21.0

%  

21.0

%  

21.0

%  

Permanent items

 

-

0.4

(0.4)

Lobbying

 

0.1

0.1

0.2

Non-deductible compensation

1.6

9.3

4.9

State taxes, net of federal benefit

 

4.4

3.5

5.8

Research and development tax credits

 

(1.4)

(0.8)

(0.9)

Change in valuation allowance

 

(0.4)

0.8

(0.1)

Effects of foreign operations

 

0.9

0.3

0.4

Reserve for unrecognized tax benefits

 

0.9

0.5

0.2

Other

 

(0.5)

(1.2)

(0.5)

Stock-based compensation

(0.3)

(6.7)

(5.0)

Provision for (benefit from) income taxes

 

26.3

%  

27.2

%  

25.6

%  

Schedule of unrecognized tax benefits

Year Ended June 30,

    

2023

    

2022

    

2021

(In thousands)

Balance at beginning of the year

$

1,729

$

1,057

$

850

Additions for prior year tax positions

 

568

 

364

 

196

Additions for current year tax positions

 

1,106

 

482

 

261

Reductions for prior year tax positions

(247)

(173)

(250)

Balance at end of the year

$

3,156

$

1,729

$

1,057