Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Income Tax Expense (Benefit)

The components of income before income taxes and income tax expense were as follows:

	Year Ended June 30,
	2018			2017			2016
Income before income taxes:
United States	$	43,368		$	30,499		$	25,194
Foreign	(795		)	569			92
	$	42,573		$	31,068		$	25,286
Tax provision (benefit):
Federal:
Current	$	4,470		$	11,476		$	6,707
Deferred	(4,527		)	(7,645		)	(2,627		)
	$	(57	)	$	3,831		$	4,080
State:
Current	$	2,370		$	3,650		$	1,839
Deferred	(537		)	(1,684		)	(424		)
	$	1,833		$	1,966		$	1,415
Foreign:
Current	$	186		$	240		$	59
Deferred	(272		)	156			(10		)
	(86		)	396			49
	$	1,690		$	6,193		$	5,544

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

The following is the reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate:

	Year Ended June 30,
	2018		2017		2016
Tax provision at federal statutory rates	28.0	%	35.0	%	35.0	%
State income tax, net of federal tax benefit	5.6		4.9		5.0
Research and development credits	(5.1	)	(6.1	)	(8.4	)
Excess tax benefits on stock compensation	(18.5	)	(13.1	)	(4.4	)
Domestic manufacturing deduction	(2.0	)	(3.9	)	(3.5	)
Income from legal settlement excluded from taxable income	—		—		(2.8	)
Deemed repatriation of foreign earnings	1.9		(0.1	)	(0.2	)
Foreign income tax rate differential	0.3		0.2		—
Officer and equity compensation	1.7		1.8		2.6
Acquisition costs	1.4		0.9		—
Reserves for tax contingencies	0.3		(0.6	)	(3.2	)
Benefit from tax rate changes	(2.3	)	—		—
Impacts related to acquired tax attributes	(8.7	)	—		—
Other	1.4		0.9		1.8
	4.0	%	19.9	%	21.9	%

Components of Net Deferred Tax Assets (Liabilities)

	June 30,
	2018			2017
Deferred tax assets:
Inventory valuation and receivable allowances	$	8,476		$	13,845
Accrued compensation	3,803			4,555
Equity compensation	3,944			4,858
Federal and state research and development tax credit carryforwards	18,784			13,415
Other accruals	1,085			2,125
Deferred compensation	1,561			1,606
Acquired net operating loss carryforward	1,634			—
Capital loss carryforwards	2,413			3,562
Other temporary differences	1,565			1,500
	43,265			45,466
Valuation allowance	(16,992		)	(16,570		)
Total deferred tax assets	26,273			28,896
Deferred tax liabilities:
Prepaid expenses	(696		)	(481		)
Property and equipment	(4,436		)	(3,749		)
Intangible assets	(34,546		)	(28,163		)
Tax method of accounting change	—			(285		)
Other temporary differences	(230		)	(441		)
Total deferred tax liabilities	(39,908		)	(33,119		)
Net deferred tax (liabilities) assets	$	(13,635	)	$	(4,223	)
As reported:
Deferred tax assets	$	—		$	633
Deferred tax liabilities	(13,635		)	(4,856		)
	$	(13,635	)	$	(4,223	)

Summary of Reserves for Unrecognized Income Tax Benefits

The changes in the Company’s reserves for unrecognized income tax benefits are summarized as follows:

	Year Ended June 30,
	2018			2017
Unrecognized tax benefits, beginning of period	$	804		$	1,566
Increases for previously recognized positions	—			46
Settlements of previously recognized positions	—			(793		)
Reductions as a result of a lapse of the applicable statute of limitations	(81		)	(273		)
Increases for currently recognized positions	315			384
Reductions for previously recognized positions	(40		)	(126		)
Unrecognized tax benefits, end of period	$	998		$	804