Fair Value Disclosure (Tables)

9 Months Ended

Mar. 31, 2020

Schedule of cash equivalents and long-term investments measured at fair value on a recurring basis

The following table sets forth the Company’s cash equivalents, certificates of deposit, investment in an auction rate security and performance awards liability as of March 31, 2020 and June 30, 2019, which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):



March 31, 2020	Level 1		Level 2		Level 3		Asset at Fair Value
Assets
Money market funds (1)	$	1,164	$	—	$	—	$	1,164
Certificates of deposit (2)	—		577		—		577
Auction rate security	—		—		1,571		1,571
Total assets measured at fair value	$	1,164	$	577	$	1,571	$	3,312

Liabilities
Performance awards liability (3)	$	—	$	2,344	$	—	$	2,344
Total liabilities measured at fair value	$	—	$	2,344	$	—	$	2,344

June 30, 2019	Level 1		Level 2		Level 3		Asset at Fair Value
Assets
Money market funds (1)	$	1,162	$	—	$	—	$	1,162
Certificates of deposit (2)	—		1,285		—		1,285
Auction rate security	—		—		1,571		1,571
Total assets measured at fair value	$	1,162	$	1,285	$	1,571	$	4,018

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(1) $0.4 million and $0.4 million in money market funds are included in cash and cash equivalents and $0.8 million and $0.8 million in money market funds are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of March 31, 2020 and June 30, 2019, respectively.

(2) $0.2 million and $0.2 million in certificates of deposit are included in cash and cash equivalents and $0.4 million and $1.1 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of March 31, 2020 and June 30, 2019, respectively.

(3) As of March 31, 2020, the current portion of the performance awards liability of $2.2 million is included in accrued liabilities and the noncurrent portion of $0.1 million is included in other long-term liabilities in the condensed consolidated balance sheets. There was no such liability outstanding as of June 30, 2019.

Summary of significant inputs for estimating fair value

The significant inputs used in estimating the fair value of the awards as of March 31, 2020 are as follows:



Stock Price as of Period End	Performance Period	Risk-free Rate	Volatility	Dividend Yield

$21.28	1.5 - 2.5 years	0.26%	53.8%	—%

Summary of long-term investments

The following is a summary of the Company’s investment in an auction rate security as of March 31, 2020 and June 30, 2019 (in thousands):



	March 31, 2020 and June 30, 2019
	Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Auction rate security	$	1,750	$	—	$	(179	)	$	1,571