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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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