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CONTRACT ASSETS AND LIABILITIES
 12 Months Ended
Jun. 30, 2022
CONTRACT ASSETS AND LIABILITIES  
CONTRACT ASSETS AND LIABILITIES

5.            CONTRACT ASSETS AND LIABILITIES

The table below shows the balance of contract assets and liabilities as of June 30, 2021 and 2022, including the change between the periods. There were no substantial non-current contract assets for the periods presented.

Contract Assets (in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

June 30,

​

    

​

​

    

 

​

    

2021

    

2022

    

Change

    

% Change

 

Unbilled revenue (included in accounts receivable, net)

​

$

40,853

​

$

43,287

​

$

2,434

 

6

%

Contract Liabilities (in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

June 30,

​

​

​

​

​

 

​

    

2021

    

2022

    

Change

    

% Change

​

Advances from customers

​

$

38,463

​

$

19,917

​

$

(18,546)

 

(48)

%

Deferred revenue—current

​

 

32,689

​

 

31,396

​

 

(1,293)

 

(4)

%

Deferred revenue—long-term

​

 

14,898

​

 

20,476

​

 

5,578

 

37

%

​

Remaining Performance Obligations. Remaining performance obligations related to ASC 606 represent the portion of the transaction price allocated to performance obligations under an original contract with a term greater than one year which are fully or partially unsatisfied at the end of the period. As of June 30, 2022, the aggregate portion of the transaction price allocated to remaining performance obligations was approximately $400.8 million. We expect to recognize revenue on approximately 44% of the remaining performance obligations over the next 12 months, and the remainder is expected to be recognized thereafter. During the year ended June 30, 2022, we recognized revenue of $65.7 million from contract liabilities existing as of July 1, 2021.

Practical Expedients. In cases where we are responsible for shipping after the customer has obtained control of the goods, we have elected to treat the shipping activities as fulfillment activities rather than as a separate performance obligation. Additionally, we have elected to capitalize the cost to obtain a contract only if the period of amortization would be longer than one year. We only give consideration to whether a customer agreement has a financing component if the period of time between transfer of goods and services and customer payment is greater than one year.