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Basis of Presentation (Tables)

9 Months Ended

Mar. 31, 2019

Basis of Presentation

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):

		Three Months Ended March 31,						Nine Months Ended March 31,
		2018			2019			2018			2019
Net income (loss) available to common stockholders		$	2,553		$	19,626		$	(34,241)		$	48,135
Weighted average shares outstanding—basic			18,569			18,079			18,773			18,085
Dilutive effect of equity awards			577			592			—			593
Weighted average shares outstanding—diluted			19,146			18,671			18,773			18,678
Basic earnings (loss) per share		$	0.14		$	1.09		$	(1.82)		$	2.66
Diluted earnings (loss) per share		$	0.13		$	1.05		$	(1.82)		$	2.58
Weighted average shares excluded from diluted earnings (loss) per share due to their anti-dilutive effect (in thousands)			288			44			753			46

Summary of fair values of financial assets and liabilities

The fair values of our financial assets and liabilities as of June 30, 2018 and March 31, 2019 are categorized as follows (in thousands):

		June 30, 2018												March 31, 2019
		Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets:
Insurance company contracts		$	—		$	31,897		$	—		$	31,897		$	—		$	34,647		$	—		$	34,647
Interest rate contract			—			18			—			18			—			4			—			4
Total assets		$	—		$	31,915		$	—		$	31,915		$	—		$	34,651		$	—		$	34,651
Liabilities—contingent consideration		$	—		$	—		$	15,713		$	15,713		$	—		$	—		$	16,869		$	16,869

Schedule of impact to condensed consolidated statements of operations and balance sheet

Statement of Operations (in thousands)

		Three Months Ended March 31, 2019									Nine Months Ended March 31, 2019
					Results									Results
					without									without
		Results			Adoption of			Effect of			Results			Adoption of			Effect of
		as Reported			ASC 606			Change			as Reported			ASC 606			Change
Revenue		$	304,284		$	293,254		$	11,030		$	873,738		$	843,815		$	29,923
Cost of goods sold			192,968			187,111			5,857			556,165			541,402			14,763
Operating expenses			79,196			75,508			3,688			237,489			227,144			10,345
Income from operations			32,120			30,635			1,485			80,084			75,269			4,815
Interest and other expense, net			(5,595)			(5,595)			—			(16,546)			(16,546)			—
Income tax provision			(6,899)			(6,625)			(274)			(15,403)			(14,593)			(810)
Net income		$	19,626		$	18,415		$	1,211		$	48,135		$	44,130		$	4,005

Balance Sheet (in thousands)

		March 31, 2019
					Balances
					without
		Balances			Adoption of			Effect of
		as Reported			ASC 606			Change
Assets
Accounts receivable, net		$	218,433		$	202,266		$	16,167
Inventories			297,704			312,494			(14,790)
Other assets			767,978			768,789			(811)
Liabilities
Current liabilities			425,500			428,939			(3,439)
Other liabilities			332,807			332,807			—
Stockholders’ Equity
Retained earnings			382,880			378,875			4,005

Schedule of contract assets and contract liabilities

Contract Assets (in thousands)

		June 30,			March 31,
		2018			2019			Change			% Change
Unbilled revenue		$	13,087		$	25,590		$	12,503		96	%

Contract Liabilities (in thousands)

		June 30,			March 31,
		2018			2019			Change			% Change
Advances from customers		$	55,761		$	60,016		$	4,225		8	%
Deferred revenue—current			28,899			34,710			5,811		20	%
Deferred revenue—long-term			9,562			8,864			(698)		(7)	%

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