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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Components of accounts receivable | Components of accounts receivable consisted of (in thousands):
|  | June 30,
|  | 2018 |  | 2019
Accounts receivables |  | $ | 221,240 |  | $ | 253,504
Less allowance for doubtful accounts |  |  | (10,496) |  |  | (15,064)
Total |  | $ | 210,744 |  | $ | 238,440
Summary of fair values of financial assets and liabilities | The fair values of our financial assets and liabilities as of June 30, 2018 and 2019 are categorized as follows (in thousands):
|  | June 30, 2018 |  | June 30, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance company contracts |  | $ | — |  | $ | 31,897 |  | $ | — |  | $ | 31,897 |  | $ | — |  | $ | 35,899 |  | $ | — |  | $ | 35,899
Interest rate contract |  |  | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | —
Total assets |  | $ | — |  | $ | 31,915 |  | $ | — |  | $ | 31,915 |  | $ | — |  | $ | 35,899 |  | $ | — |  | $ | 35,899
Liabilities—Contingent consideration |  | $ | — |  | $ | — |  | $ | 15,713 |  | $ | 15,713 |  | $ | — |  | $ | — |  | $ | 16,577 |  | $ | 16,577
Schedule of impact to condensed consolidated statements of operations and balance sheet | Statement of Operations (in thousands)
|  | Year Ended June 30, 2019
|  |  |  |  | Results without |  |  |
|  | Results as Reported |  | Adoption of ASC 606 |  | Effect of Change
Revenue |  | $ | 1,182,115 |  | $ | 1,149,209 |  | $ | 32,906
Cost of goods sold |  |  | 751,521 |  |  | 734,322 |  |  | 17,199
Operating expenses |  |  | 322,820 |  |  | 309,824 |  |  | 12,996
Income from operations |  |  | 107,774 |  |  | 105,063 |  |  | 2,711
Interest and other expense, net |  |  | (21,610) |  |  | (21,610) |  |  | —
Income tax provision |  |  | (21,368) |  |  | (20,943) |  |  | (425)
Net income |  | $ | 64,796 |  | $ | 62,510 |  | $ | 2,286
Balance Sheet (in thousands)
|  | June 30, 2019
|  |  |  |  | Balances without |  |  |
|  | Balances as Reported |  | Adoption of ASC 606 |  | Effect of Change
Assets |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 238,440 |  | $ | 218,941 |  | $ | 19,499
Inventories |  |  | 273,711 |  |  | 290,980 |  |  | (17,269)
Other assets |  |  | 752,713 |  |  | 753,138 |  |  | (425)
Liabilities |  |  |  |  |  |  |  |  |
Current liabilities |  |  | 382,008 |  |  | 382,489 |  |  | (481)
Other liabilities |  |  | 331,129 |  |  | 331,129 |  |  | —
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 399,541 |  |  | 397,255 |  |  | 2,286
Schedule of contract assets and contract liabilities | Contract Assets (in thousands)
|  | June 30, |  | June 30, |  |  |  |  |  |
|  | 2018 |  | 2019 |  | Change |  | % Change |
Unbilled revenue |  | $ | 1,617 |  | $ | 19,287 |  | $ | 17,670 |  | >100 | %
Contract Liabilities (in thousands)
|  | June 30, 2018 |  | June 30, 2019 |  | Change |  | % Change |
Advances from customers |  | $ | 55,761 |  | $ | 43,227 |  | $ | (12,534) |  | (22) | %
Deferred revenue—current |  |  | 28,899 |  |  | 33,641 |  |  | 4,742 |  | 16 | %
Deferred revenue—long-term |  |  | 9,562 |  |  | 9,506 |  |  | (56) |  | (1) | %
Schedule of computation of basic and diluted earnings (loss) per share | The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):
|  | 2017 |  | 2018 |  | 2019
Net income (loss) available to common stockholders |  | $ | 21,076 |  | $ | (29,127) |  | $ | 64,796
Weighted average shares outstanding—basic |  |  | 18,894 |  |  | 18,592 |  |  | 18,097
Dilutive effect of equity awards |  |  | 795 |  |  | — |  |  | 623
Weighted average shares outstanding—diluted |  |  | 19,689 |  |  | 18,592 |  |  | 18,720
Basic earnings (loss) per share |  | $ | 1.12 |  | $ | (1.57) |  | $ | 3.58
Diluted earnings (loss) per share |  | $ | 1.07 |  | $ | (1.57) |  | $ | 3.46
Weighted average shares excluded from diluted earnings (loss) per share due to their anti-dilutive effect |  |  | 87 |  |  | 1,280 |  |  | 40
Schedule of changes in warranty provisions | The warranty provision is included in other accrued expenses and current liabilities in the consolidated balance sheets, whose activity for each of the three fiscal years ended June 30, 2019 is summarized in the following table (in thousands):
Warranty provision as of June 30, 2016 |  | $ | 15,948
Warranty claims provided for/assumed in acquisition |  |  | 5,793
Settlements made |  |  | (6,563)
Warranty provision as of June 30, 2017 |  | $ | 15,178
Warranty claims provided for/assumed in acquisition |  |  | 14,156
Settlements made |  |  | (7,515)
Warranty provision as of June 30, 2018 |  | $ | 21,819
Warranty claims provided for/assumed in acquisition |  |  | 8,867
Settlements made |  |  | (8,962)
Warranty provision as of June 30, 2019 |  | $ | 21,724

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249 + Details
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