Fair Value Disclosure (Tables)

3 Months Ended

Sep. 30, 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 financial instruments as of September 30, 2020 and June 30, 2020, 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):


September 30, 2020	Level 1		Level 2		Level 3		Asset at Fair Value
Assets
Money market funds (1)	$	841	$	—	$	—	$	841
Certificates of deposit (2)	—		845		—		845
Auction rate security	—		—		1,571		1,571
Total assets measured at fair value	$	841	$	845	$	1,571	$	3,256

Liabilities
Performance awards liability (3)	$	—	$	2,196	$	—	$	2,196
Total liabilities measured at fair value	$	—	$	2,196	$	—	$	2,196

June 30, 2020	Level 1		Level 2		Level 3		Asset at Fair Value
Assets
Money market funds (1)	$	1,163	$	—	$	—	$	1,163
Certificates of deposit (2)	—		836		—		836
Auction rate security	—		—		1,571		1,571
Total assets measured at fair value	$	1,163	$	836	$	1,571	$	3,570

Liabilities
Performance awards liability (3)	$	—	$	2,100	$	—	$	2,100
Total liabilities measured at fair value	$	—	$	2,100	$	—	$	2,100

__________________________

(1) $0.0 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 September 30, 2020 and June 30, 2020, respectively.

(2) $0.2 million and $0.2 million in certificates of deposit are included in cash and cash equivalents, $0.3 million and $0.3 million in certificates of deposit are included in prepaid expenses and other assets, and $0.3 million and $0.3 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of September 30, 2020 and June 30, 2020, respectively.

(3) As of September 30, 2020 and June 30, 2020, the current portion of the performance awards liability of $2.2 million and $1.5 million, respectively, is included in accrued liabilities and the noncurrent portion of $0.0 million and $0.6 million, respectively, is included in other long-term liabilities in the condensed consolidated balance sheets.

Summary of significant inputs for estimating fair value

The significant inputs used in estimating the fair value of the awards as of September 30, 2020 and June 30, 2020 are as follows:

September 30, 2020

Stock Price as of Period End

Performance Period

Risk-free Rate

Volatility

Dividend Yield

$26.4

1.0 - 1.75 years

0.13%

53.58%

—%

June 30, 2020

Stock Price as of Period End

Performance Period

Risk-free Rate

Volatility

Dividend Yield

$28.39

1.25 - 2.0 years

0.16%

53.75%

—%

Summary of long-term investments

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


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