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5. Supplemental Financial Information

9 Months Ended

Mar. 31, 2020

5.	Supplemental Financial Information

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and consist of the following:

	March 31,		June 30,
	2020		2019
	(In thousands)
Finished goods	$	8,651	$	6,084
Raw materials		6,595		4,425
Inventories, net	$	15,246	$	10,509

Other Liabilities

The following table presents details of our other liabilities:

	March 31,		June 30,
	2020		2019
	(In thousands)
Current
Accrued variable consideration	$	1,383	$	1,313
Customer deposits and refunds		250		168
Accrued raw materials purchases		681		1,155
Deferred revenue		725		328
Lease liability		1,151		4
Taxes payable		407		322
Accrued operating expenses		2,090		1,290
Total other current liabilities	$	6,687	$	4,580

Non-current
Lease liability	$	1,473	$	48
Deferred revenue		158		158
Total other non-current liabilities	$	1,631	$	206

Computation of Net Income (Loss) per Share

Basic and diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the applicable period.

The following table presents the computation of net income (loss) per share:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2020			2019		2020			2019
	(In thousands, except per share data)
Numerator:
Net income (loss)	$	(5,216	)	$	857	$	(9,037	)	$	1,051
Denominator:
Weighted-average common shares outstanding - basic		27,048			22,270		24,369			21,237
Effect of dilutive securities:		–			1,034		–			1,395
Denominator for net income (loss) per share - diluted		27,048			23,304		24,369			22,632

Net income (loss) per share - basic	$	(0.19	)	$	0.04	$	(0.37	)	$	0.05
Net income (loss) per share - diluted	$	(0.19	)	$	0.04	$	(0.37	)	$	0.05

The following table presents the common stock equivalents excluded from the diluted net loss per share calculation, because they were anti-dilutive for the periods presented. These excluded common stock equivalents could be dilutive in the future.

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2020		2019		2020		2019
	(In thousands)

Common stock equivalents		1,487		153		1,640		66

Severance and Related Charges

Current Fiscal Year

During the nine months ended March 31, 2020, we continued a plan to realign certain personnel resources to better fit our current business needs, which includes identifying cost savings and synergies to be gained from the acquisitions of Maestro and Intrinsyc. Additionally, the current year charges include costs incurred pursuant to change-in-control agreements for certain employees of Intrinsyc.

The following table presents details of the liability we recorded related to these activities:

	Nine Months Ended
	March 31,
	2020
		(In thousands)
Beginning balance	$	651
Charges		3,365
Payments		(2,786	)
Ending balance	$	1,230

The ending balance is recorded in accrued payroll and related expenses on the accompanying unaudited condensed consolidated balance sheet at March 31, 2020.

Prior Fiscal Year

During the nine months ended March 31, 2019, we incurred charges totaling approximately $323,000 in severance-related costs in connection with a plan to realign certain personnel and cost structure needs.

Supplemental Cash Flow Information

The following table presents non-cash investing transactions excluded from the accompanying unaudited condensed consolidated statements of cash flows:

	Nine Months Ended
	March 31,
	2020		2019
	(In thousands)
Share consideration for acquisition of Intrinsyc	$	15,574	$	–
Accrued property and equipment paid for in the subsequent period	$	5	$	276
Accrued stock option exercise proceeds	$	–	$	97