Joint Venture (Tables)

9 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures

The following table shows the reconciliation between the carrying value of the Company's investment in the JV and its proportional share of the underlying equity in net assets of the JV (in thousands):

	March 31, 2024			June 30, 2023
Carrying value of investment in joint venture	$	13,586		$	15,128
Deferred intra-entity profit margin		7,893			5,737
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	16,759		$	16,145

Summary of Financial Information of Joint Ventures (Operations Data)

Summarized financial information of the JV is as follows (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
Statement of Operations Data:	2024		2023		2024		2023
Revenue	$	45,173	$	36,831	$	99,485	$	87,554
Gross profit		7,401		6,931		16,014		15,246
Net income		2,091		4,159		2,098		1,991
Net income attributable to the Company		1,024		2,027		1,028		960

Summary of Financial Information of Joint Ventures (Balance Sheet Data)

Summarized Balance Sheet Data:	As of December 31, 2023		As of December 31, 2022
Assets
Current assets	$	107,893	$	88,010
Non-current assets		13,417		17,364
Total assets	$	121,310	$	105,374
Liabilities and Stockholders' Equity
Current liabilities	$	86,554	$	74,990
Non-current liabilities		134		547
Stockholders' equity		34,622		29,837
Total liabilities and stockholders' equity	$	121,310	$	105,374

Schedule of Net Revenue Recognized From Intra Entity Profit Margin

The following table shows the activity of the Company’s net revenue recognized from intra-entity profit margin from sales (in thousands):

	Three Months Ended March 31,						Nine Months Ended March 31,
	2024			2023			2024			2023
Sales recognized from released deferred intra-entity profit margin	$	662		$	1,071		$	6,975		$	7,486
Deferred intra-entity profit margin from sales		(3,112	)		(3,390	)		(9,131	)		(8,819	)
Net revenue deferred from intra-entity profit margin from sales (1)	$	(2,450	)	$	(2,319	)	$	(2,156	)	$	(1,333	)

(1)Profit earned by the Company from the JV is eliminated through cost of goods sold until it is realized; such profits would generally be considered realized when the inventory has been sold through to third parties.