Income Taxes |
9 Months Ended |
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Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 11. Income Taxes The Company recorded a provision for income taxes of $5.8 million and $137.5 million for the three and nine months ended March 31, 2025, respectively, and tax benefits of $(20.0) million and provision of $61.7 million for the three and nine months ended March 31, 2024, respectively. The effective tax rate was 5.1% and 13.9% for the three and nine months ended March 31, 2025, respectively, and (5.2)% and 6.7% for the three and nine months ended March 31, 2024, respectively. The effective tax rates for the three and nine months ended March 31, 2025 are higher than these for the three and nine months ended March 31, 2024, primarily due to the decrease in the stock compensation tax deduction driven by the decrease in the Company's stock price. The effective tax rates for the three and nine months of fiscal years 2025 and 2024 were lower than the U.S. federal statutory rate of 21%, primarily due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation, and the U.S. federal research tax credit. The Company believes that it has adequately provided reserves for all uncertain tax positions; however, amounts asserted by tax authorities could be greater or less than the Company’s current position. Accordingly, the Company’s provision on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or as the underlying matters are settled or otherwise resolved. In general, the federal statute of limitations remains open for tax years ended June 30, 2022 through 2024. Various states' statutes of limitations remain open in general for tax years ended June 30, 2020 through 2024. Certain statutes of limitations in major foreign jurisdictions remain open for the tax years ended June 30, 2019 through 2024. It is reasonably possible that the Company's gross unrecognized tax benefits will decrease by approximately $3.7 million, in the next 12 months, due to the lapse of the statute of limitations in certain jurisdictions. These adjustments, if recognized, would positively impact the Company's effective tax rate, and would be recognized as additional tax benefits.
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