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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Schedule Of Components Of Income From Continuing Operations

The components of income from continuing operations upon which domestic and foreign income taxes have been provided are as follows:


(in 000s)
	Year Ended June 30, 2023		Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021

Domestic	$	447,900	$	478,166	$	145,714	$	489,499
Foreign	263,312		180,903		(24,719)		179,237
	$	711,212	$	659,069	$	120,995	$	668,736

Schedule Of Effective Income Tax Rate Reconciliation

The reconciliation between the statutory U.S. federal tax rate and our effective tax rate from continuing operations is as follows:


	Year Ended June 30, 2023		Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021

U.S. statutory tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Change in tax rate resulting from:
State income taxes, net of federal income tax benefit	1.6	%	2.1	%	2.9	%	1.8	%
Earnings taxed in foreign jurisdictions	(2.9)	%	(2.4)	%	0.8	%	(1.2)	%
Permanent differences	0.6	%	0.9	%	0.4	%	0.5	%

Uncertain tax positions	(0.9)	%	(6.3)	%	2.9	%	7.5	%
U.S. tax on income from foreign affiliates	3.1	%	2.0	%	(1.6)	%	1.0	%
Remeasurement of deferred tax assets and liabilities	—	%	(0.2)	%	(1.0)	%	(0.1)	%
Changes in prior year estimates	(0.2)	%	0.1	%	—	%	(0.5)	%
Federal income tax credits	(1.3)	%	(2.6)	%	(0.5)	%	(0.9)	%



Tax benefit due to NOL carryback under CARES Act	(0.2)	%	(0.1)	%	—	%	(17.5)	%
Tax deductible write-down of foreign investment	—	%	0.6	%	(0.2)	%	(1.7)	%

Change in valuation allowance - domestic	(0.4)	%	0.2	%	—	%	(0.2)	%
Change in valuation allowance - foreign	0.7	%	(0.3)	%	0.3	%	1.7	%

Other	(0.1)	%	(0.1)	%	(0.3)	%	0.3	%
Effective tax rate	21.0	%	14.9	%	24.7	%	11.7	%

Schedule Of Components Of Income Tax Expense (Benefit) For Continuing Operations

The components of income tax expense for continuing operations are as follows:


(in 000s)
	Year Ended June 30, 2023		Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021

Current:
Federal	$	97,430	$	121,319	$	11,563	$	58,834
State	19,023		25,108		743		12,000
Foreign	18,214		8,956		(1,481)		26,032
	134,667		155,383		10,825		96,866
Deferred:
Federal	23,367		(58,487)		16,950		2,493
State	1,860		(2,016)		4,809		(11,368)
Foreign	(10,482)		3,543		(2,708)		(9,467)
	14,745		(56,960)		19,051		(18,342)
Total income taxes for continuing operations	$	149,412	$	98,423	$	29,876	$	78,524

Schedule Of Deferred Tax Assets And Liabilities

The significant components of deferred tax assets and liabilities are reflected in the following table:


(in 000s)
As of	June 30, 2023		June 30, 2022
Deferred tax assets:
Accrued expenses	$	2,540	$	1,917
Deferred revenue	17,702		35,519
Allowance for credit losses	22,715		30,565


Deferred and stock-based compensation	6,629		6,964
Net operating loss carry-forward	116,956		105,710
Lease liabilities	111,721		109,397
Federal tax benefits related to state unrecognized tax benefits	22,037		19,115
Property and equipment	—		9,846
Intangibles - intellectual property	80,879		77,123
Valuation allowance	(57,566)		(55,172)
Total deferred tax assets	323,613		340,984
Deferred tax liabilities:
Prepaid expenses and other	(5,954)		(4,723)
Lease right of use assets	(109,814)		(107,445)
Property and equipment	(1,421)		—
Income tax method change	(1,018)		(5,892)
Intangibles	(56,651)		(59,424)
Total deferred tax liabilities	(174,858)		(177,484)
Net deferred tax assets	$	148,755	$	163,500

A reconciliation of the deferred tax assets and liabilities and the corresponding amounts reported in the consolidated balance sheets is as follows:


(in 000s)
As of	June 30, 2023		June 30, 2022
Deferred income tax assets	$	152,699	$	163,500
Deferred tax liabilities	(3,944)		—
Net deferred tax asset	$	148,755	$	163,500

Summary of Valuation Allowance

Changes in our valuation allowance for fiscal years ended June 30, 2023, June 30, 2022 and April 30, 2021 and for the Transition Period are as follows:


(in 000s)
	Year Ended June 30, 2023		Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021

Balance, beginning of the period	$	55,172	$	55,784	$	55,401	$	45,124

Additions charged to costs and expenses	6,438		4,752		389		13,492

Deductions	(4,044)		(5,364)		(6)		(3,215)
Balance, end of the period	$	57,566	$	55,172	$	55,784	$	55,401

Schedule Of Reconciliation Of Unrecognized Tax Benefits

Changes in unrecognized tax benefits for fiscal years ended June 30, 2023, June 30, 2022 and April 30, 2021 and for the Transition Period are as follows:


(in 000s)
	Year Ended June 30, 2023		Year Ended June 30, 2022		Two Months Ended June 30, 2021 (Transition Period)		Year Ended April 30, 2021

Balance, beginning of the period	$	232,004	$	264,323	$	264,810	$	168,062
Additions based on tax positions related to prior years	1,252		2,499		485		121,364
Reductions based on tax positions related to prior years	—		(5,332)		(1,209)		(34,470)
Additions based on tax positions related to the current year	33,330		32,948		679		43,800
Reductions related to settlements with tax authorities	(661)		(9,800)		(442)		(29,362)
Expiration of statute of limitations	(25,862)		(52,634)		—		(4,584)


Balance, end of the period	$	240,063	$	232,004	$	264,323	$	264,810