v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of income tax expense (benefit)
Income tax expense (benefit) for the years ended June 30, 2023, 2024 and 2025 consists of the following:
Year Ended June 30,
202320242025
Current taxes
Federal$1,702 $30,900 $65,188 
State and local2,625 11,524 18,918 
International$— $— 999 
Deferred taxes:
Federal17,973 26,438 (4,072)
State and local(4,508)1,387 940 
International$— $— $(37)
Total income tax expense (benefit)$17,792 $70,249 $81,936 
Schedule of tax rate reconciliation by applying the U.S. federal income tax rate to pretax income
Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended June 30, 2023, 2024 and 2025 to pretax income as a result of the following:
Year Ended June 30,
202320242025
Income tax expense (benefit) at statutory federal rate21.0 %21.0 %21.0 %
Increase (reduction) in income taxes resulting from:
Research and development credit and other credits(3.1)(2.9)(2.0)
Non-deductible expenses1.0 0.7 0.5 
Change in valuation allowance(2.8)(0.5)— 
Stock-based compensation expense(6.1)2.7 1.8 
State and local income taxes, net of federal income tax benefit1.3 4.3 5.1 
Other(0.1)0.1 0.1 
11.2 %25.4 %26.5 %
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2024 and 2025 are presented below.
June 30,
2024 2025
Deferred tax assets:
Operating lease liabilities$14,141$14,457
Accrued expenses19,70623,101
Stock-based compensation28,59525,970
Net operating loss carryforwards4,28220,471
Federal and state tax credits17,90716,196
Research and development costs29,71860,611
Total deferred tax assets114,349160,806
Valuation allowance— (232)
Net deferred tax assets114,349160,574
Deferred tax liabilities:
Deferred contract costs(116,004)(134,448)
Operating lease right-of-use assets(8,775)(9,400)
Intangible assets(2,661)(20,269)
Depreciation(10,559)(8,976)
Other(358)(2,286)
Total deferred tax liabilities(138,357)(175,379)
Net deferred tax liabilities$(24,008)$(14,805)
Schedule of unrecognized tax benefits
As of June 30, 2024 and 2025, the Company’s liabilities for unrecognized tax benefits, which would impact the Company’s effective tax rate if recognized, are presented below. The Company will include applicable penalties and interest when the benefit is recognized:
Year Ended June 30,
20242025
Unrecognized tax benefits at beginning of the year$1,552 $2,435 
Additions for current year tax positions769 848 
Additions for tax positions of prior periods114 23 
Unrecognized tax benefit at end of year$2,435 $3,306