Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of Components of Income Tax Expense (Benefit) |
Income tax expense (benefit) attributable to continuing operations is comprised of the following components: | | | | | | | | | | | | | | | | | | | | | | | Years Ended June 30, | | | 2023 | | 2022 | | 2021 | Current expense (benefit): | | | | | | | Federal | | $ | (1,389) | | | $ | (1,555) | | | $ | (19,310) | | State and other | | 4,672 | | | (9,927) | | | (10,378) | | | | 3,283 | | | (11,482) | | | (29,688) | | Deferred expense (benefit): | | | | | | | Federal | | 59,253 | | | (17,665) | | | 35,564 | | State and other | | 40,867 | | | (683) | | | 33,031 | | | | 100,120 | | | (18,348) | | | 68,595 | | Income tax expense (benefit) | | $ | 103,403 | | | $ | (29,830) | | | $ | 38,907 | |
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Schedule of Effective Income Tax Rate Reconciliation |
The income tax expense (benefit) attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) principally due to the effect of the following items: | | | | | | | | | | | | | | | | | | | | | | | Years Ended June 30, | | | 2023 | | 2022 | | 2021 | Federal tax expense (benefit) at statutory federal rate | | 57,840 | | | (35,213) | | | $ | 9,142 | | State income taxes, net of federal benefit | | 35,656 | | | (3,970) | | | 9,222 | | Change in the estimated applicable tax rate used to determine deferred taxes | | 1,286 | | | (1,732) | | | 5,332 | | | | | | | | | Change in valuation allowance | | (2,053) | | | (2,200) | | | 4,863 | | Nondeductible officers’ compensation | | 4,814 | | | 12,759 | | | 9,646 | | Nondeductible expenses | | 291 | | | 172 | | | 139 | | Excess tax benefit related to share-based payment awards | | 4,678 | | | 320 | | | 962 | | Other | | 891 | | | 34 | | | (399) | | Income tax expense (benefit) | | $ | 103,403 | | | $ | (29,830) | | | $ | 38,907 | |
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Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at June 30, 2023 and 2022 are as follows: | | | | | | | | | | | | | June 30, | | 2023 | | 2022 | Deferred tax asset: | | | | Net operating loss (“NOL”) carryforwards | $ | 26,684 | | | $ | 172,595 | | Tax credit carryforwards | — | | | 2,682 | | Accrued employee benefits | 27,349 | | | 14,335 | | Restricted stock units and stock options | 9,231 | | | 11,931 | | | | | | Right-of-use lease assets and lease liabilities, net | 11,040 | | | 7,250 | | Investments | — | | | 26,946 | | Accrued litigation | 14,991 | | | — | | Other | 3,694 | | | 2,251 | | Total deferred tax assets | $ | 92,989 | | | $ | 237,990 | | Less valuation allowance | (30) | | | (2,923) | | Net deferred tax assets | $ | 92,959 | | | $ | 235,067 | | | | | | Deferred tax liabilities: | | | | Intangible and other assets | $ | (264,800) | | | $ | (264,605) | | Property and equipment | (105,405) | | | (109,556) | | Prepaid expenses | (5,870) | | | (2,091) | | Deferred interest | (12,474) | | | (3,206) | | | | | | Other investments | (83,962) | | | — | | Total deferred tax liabilities | $ | (472,511) | | | $ | (379,458) | | | | | | Deferred tax liabilities, net | $ | (379,552) | | | $ | (144,391) | |
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