v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Provision for Income Taxes
The components of income before provision for income taxes were as follows (in thousands):
Year ended June 30,
202620252024
Domestic$1,114,353 $326,371 $149,523 
Foreign68,722 479,281 274,305 
$1,183,075 $805,652 $423,828 
Schedule of Components of Provision for Income Taxes
The provision for income taxes consisted of the following (in thousands):
Year ended June 30,
202620252024
Current
Federal$206,040 $131,505 $67,870 
State37,226 21,906 8,019 
Foreign15,384 12,511 9,946 
Current tax expense258,650 165,922 85,835 
Deferred
Federal(31,020)(62,239)(7,110)
State(3,950)(8,374)(627)
Foreign(908)(1,579)(4,230)
Deferred tax benefit (expense)(35,878)(72,192)(11,967)
Provision for income taxes$222,772 $93,730 $73,868 
Schedule of Effective to Statutory Income Tax Rate Reconciliation The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory income tax amount and rate to our total provision for income taxes amount and rate for the year ended June 30, 2026 (in thousands except for percentages):
Year ended June 30, 2026
AmountPercent
US Federal Statutory Rate248,445 21.0 %
State and local income taxes, net of federal income tax effect *26,342 2.2 %
Foreign tax effects:— — %
Other foreign jurisdictions45 — %
Effect of cross-border tax laws:
Global intangible low tax income209 — %
Foreign-derived intangible income deduction(52,839)(4.5)%
Other1,512 0.1 %
Nontaxable or nondeductible items:
Stock-based compensation expense428 0.1 %
Other442 0.1 %
Changes in unrecognized tax benefits(1,812)(0.2)%
Total$222,772 18.8 %

(*) The tax effect in this category primarily reflects state and local taxes in California, Illinois, New Jersey, New York State, New York City, Pennsylvania, and Utah.

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate and our effective tax rate for the years ended June 30, 2025 and June 30, 2024 (in percentages):
Year ended June 30,
20252024
Statutory rate21.0 %21.0 %
Effect of foreign operations(5.0)(5.7)
State tax expense2.0 1.3 
Share-based compensation0.1 0.3 
Subpart F income0.2 0.4 
Intangibles realignment(6.6)— 
Other permanent items(0.1)0.1 
Effective tax rate11.6 %17.4 %
Schedule of Cash Flow, Supplemental Disclosures
The Company made tax payments, net of refunds, during the year ended June 30, 2026 as follows (in thousands):
Year ended June 30, 2026
Amount
Cash paid for federal income taxes236,003 
Cash paid for state and local income taxes *41,776 
Cash paid for foreign income taxes *12,192 
$289,971 
*There were no net payments made to any jurisdiction that exceeded 5% of the total income taxes paid.
Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of the Company's deferred tax assets and liabilities as of June 30, 2026 are as follows (in thousands):

June 30,
20262025
Deferred tax assets
Reserves and allowances$12,620 $10,182 
Share-based compensation508 501 
Accrued expenses912 792 
Capitalized research expenditures124,504 97,584 
State tax7,160 1,805 
Investments1,325 1,325 
Lease liabilities17,436 11,404 
Other23,073 17,804 
Total deferred tax assets187,538 141,397 
Deferred tax liabilities
Property and equipment(9,689)(9,509)
Right of use assets(17,049)(11,052)
Other liabilities(15,962)(11,877)
Total deferred tax liabilities(42,700)(32,438)
Valuation allowance(1,325)(1,325)
Net deferred tax assets$143,513 $107,634 
Schedule of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits
A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended June 30, 2026 and 2025 consists of the following (in thousands):
 
Year ended June 30,
20262025
Unrecognized benefit—beginning of year$34,740 $33,049 
Gross increases—current year tax positions— 7,023 
Gross decreases—prior year tax positions due to statute lapse(3,256)(5,332)
Unrecognized benefit—end of year$31,484 $34,740