v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense on Continuing Operations
Significant components of consolidated income tax expense on continuing operations were as follows (in thousands):
Year Ended June 30,
202520242023
Current:
Federal$(1,258)$131,548 $673 
State(503)34,030 3,016 
Total current tax (benefit) expense
(1,761)165,578 3,689 
Deferred:
Federal24,290 (104,194)55,137 
State2,785 (19,082)17,257 
Total deferred tax expense (benefit)
27,076 (123,276)72,394 
Total income tax expense
$25,315 $42,302 $76,083 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations between the Company’s income tax expense and taxes computed at the federal statutory tax rate of 21.0% for fiscal years ended June 30, 2025, 2024, and 2023 were as follows (in thousands):
Year Ended June 30,
202520242023
Tax at federal statutory rate$20,682 $32,005 $51,658 
Partnership (income) loss not subject to tax(2,481)3,297 47 
State taxes (net of federal benefit)4,020 7,084 11,212 
Remeasurement adjustments and other permanent items9,755 3,110 4,628 
Change in valuation allowance(3,849)771 52 
Deferred tax remeasurement359 (319)7,720 
Uncertain tax position(1,495)310 1,092 
Research and development credit
(3,743)(4,549)(2,343)
Other2,067 593 2,017 
Total income tax expense
$25,315 $42,302 $76,083 
Effective tax rate25.7 %28.9 %30.2 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of June 30, 2025 and 2024 were as follows (in thousands):
June 30,
20252024
Deferred tax assets
Purchased intangible assets and depreciation$446,728 $496,174 
Stock compensation5,508 7,756 
Accrued expenses75,161 55,186 
Net operating losses and credits59,925 30,955 
Sale of member contracts and associated future revenues to OMNIA
161,353 162,992 
Partnership basis differences
20,463 45,447 
Other16,531 7,013 
Total deferred tax assets785,669 805,523 
Valuation allowance for deferred tax assets(711)(5,375)
Deferred tax assets, net of valuation allowance
784,958 800,148 
Deferred tax liabilities
Equity earnings
(15,519)(20,738)
Other liabilities(6,580)(6,408)
Net deferred tax assets
$762,859 $773,002 
Schedule of Unrecognized Tax Benefits Reconciliations of the beginning and ending gross amounts of the Company’s uncertain tax position reserves for the years ended June 30, 2025, 2024, and 2023 were as follows (in thousands):
Year Ended June 30,
202520242023
Beginning of year balance$16,602 $16,912 $17,124 
Increases in prior period tax positions— 316 189 
Decreases in prior period tax positions(2,174)(1,308)(752)
Reductions on settlements and lapse in statute of limitations— (16)(16)
Increases in current period tax positions1,039 698 367 
End of year balance$15,467 $16,602 $16,912