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Supplemental Financial Information
12 Months Ended
Jun. 30, 2020
Supplemental Financial Information Disclosure [Abstract]  
Supplemental Financial Information

Note 4. Supplemental Financial Information

Consolidated Balance Sheet

 

Accounts receivable, net

Accounts receivable, net consisted of the following (in thousands):

 

 

 

June 30,

2020

 

 

June 30,

2019

 

Accounts receivable

 

$

80,128

 

 

$

107,230

 

Unbilled fees and services

 

 

11,739

 

 

 

5,260

 

 

 

 

91,867

 

 

 

112,490

 

Less: Allowance for doubtful accounts

 

 

(1,268

)

 

 

(605

)

Accounts receivable, net

 

$

90,599

 

 

$

111,885

 

 

The Company received payment or had credits of $0.4 million, added $1.2 million and wrote off $0.1 million from the allowance for doubtful accounts in fiscal 2020. The Company received payment or had credits of $0.2 million and added $0.6 million to the allowance for doubtful accounts in fiscal 2019.

Financing receivables

A financing receivable is a contractual right to receive money, on demand or on fixed or determinable dates, that is recognized as an asset in the Company’s balance sheet. The Company’s financing receivables, consisting of its accounts receivable with contractual maturities of more than one year, totaled $3.8 million and $4.3 million at June 30, 2020 and 2019, respectively, and are included in Other Assets in the consolidated balance sheets. The balance in financing receivables related to contractual maturities of more than one year. The Company evaluates the credit quality of an obligor at contract inception and monitors credit quality over the term of the underlying transactions. The Company performs a credit analysis for all new customers and reviews payment history, current order backlog, financial performance of the customers and other variables that augment or mitigate the inherent credit risk of a particular transaction. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the contract term and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits. The Company classifies accounts as high risk when it considers the financing receivable to be impaired or when management believes there is a significant near‑term risk of non‑payment. The Company performed an assessment of the allowance for credit losses related to its financing receivables. Based upon such assessment, the Company recorded adjustments of $0.8 million and $3.6 million to the allowance for credit losses related to such financing receivables during the years ended June 30, 2020 and 2019, respectively.

A summary of the Company’s financing receivables is presented as follows (in thousands):

 

 

 

June 30, 2020

 

 

June 30, 2019

 

Gross

 

$

13,019

 

 

$

13,288

 

Unearned income

 

 

(1,774

)

 

 

(1,535

)

Allowance for credit loss

 

 

(4,369

)

 

 

(3,582

)

Total, net

 

$

6,876

 

 

$

8,171

 

Reported as:

 

 

 

 

 

 

 

 

Current

 

$

3,084

 

 

$

3,902

 

Non-current

 

 

3,792

 

 

 

4,269

 

Total, net

 

$

6,876

 

 

$

8,171

 

 

Actual cash collections may differ from the contracted maturities due to early customer buyouts, refinancing, or defaults.

 

Inventories, net

Inventories consisted of the following (in thousands):

 

 

 

June 30,

2020

 

 

June 30,

2019

 

Raw materials

 

$

48,037

 

 

$

40,966

 

Work-in-process

 

 

17,798

 

 

 

18,152

 

Finished goods

 

 

68,539

 

 

 

61,705

 

Inventories, net

 

$

134,374

 

 

$

120,823

 

 

Property and Equipment, net

Property and equipment consisted of the following (in thousands):

 

 

 

June 30,

2020

 

 

June 30,

2019

 

Furniture and fixtures

 

$

1,961

 

 

$

2,728

 

Computer and office equipment

 

 

10,896

 

 

 

11,183

 

Software

 

 

11,606

 

 

 

11,236

 

Leasehold improvements

 

 

26,206

 

 

 

25,741

 

Machinery and equipment

 

 

48,830

 

 

 

45,472

 

Construction in progress

 

 

623

 

 

 

1,658

 

 

 

 

100,122

 

 

 

98,018

 

Less: Accumulated depreciation

 

 

(84,773

)

 

 

(80,896

)

Property and equipment, net

 

$

15,349

 

 

$

17,122

 

 

Depreciation and amortization expense related to property and equipment for the years ended June 30, 2020, 2019 and 2018 was $7.3 million, $8.1 million and $9.6 million, respectively.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component (in thousands):

 

 

 

Foreign

Currency

Items

 

 

Change in

Defined

Pension

Benefit

Obligation

 

 

Total

 

Balance at June 30, 2018

 

$

1,237

 

 

$

(144

)

 

$

1,093

 

Other comprehensive loss

 

 

(247

)

 

 

(856

)

 

 

(1,103

)

Balance at June 30, 2019

 

$

990

 

 

$

(1,000

)

 

$

(10

)

Other comprehensive loss

 

 

(238

)

 

 

(236

)

 

 

(474

)

Balance at June 30, 2020

 

$

752

 

 

$

(1,236

)

 

$

(484

)

 

Consolidated Statements of Operations

 

Other expense, net consisted of the following (in thousands):

 

 

 

Years Ended June 30,

 

(in thousands)

 

2020

 

 

2019

 

 

2018

 

Interest expense

 

$

(18,080

)

 

$

(15,084

)

 

 

(14,959

)

Foreign currency transaction loss

 

 

(2,343

)

 

 

(665

)

 

 

(986

)

Gain on contribution to joint venture

 

 

12,964

 

 

 

 

 

 

 

Other (expense) income

 

 

759

 

 

 

822

 

 

 

(3,279

)

Total other expense, net

 

$

(6,700

)

 

$

(14,927

)

 

$

(19,224

)