0001564590-20-003251 | 10-Q | XBRL Viewer

^[1]

$ 98,826

$ 102,318

$ 188,403

$ 198,147

Cost of revenue:

General and administrative

^[2]

60,926

63,938

117,560

121,888

Gross profit

37,900

38,380

70,843

76,259

Operating expenses:

Research and development

13,064

13,640

26,405

27,529

Selling and marketing

11,327

15,139

24,593

28,175

9,886

10,469

20,502

26,111

Total operating expenses

34,277

39,248

71,500

81,815

Income (loss) from operations

3,623

(868)

(657)

(5,556)

Other income (expense), net

7,766

(3,321)

3,327

(7,304)

Income (loss) before provision for income taxes

11,389

(4,189)

2,670

(12,860)

Provision for income taxes

679

451

1,316

986

Net income (loss)

$ 10,710

$ (4,640)

$ 1,354

$ (13,846)

Net income (loss) per share - basic

$ 0.12

$ (0.05)

$ 0.02

$ (0.16)

Net income (loss) per share - diluted

$ 0.12

$ (0.05)

$ 0.02

$ (0.16)

Weighted average common shares used in computing net loss per share:

Basic

89,517

87,237

89,145

86,858

Diluted

90,279

87,237

90,095

86,858

Net income (loss)

$ 10,710

$ (4,640)

$ 1,354

$ (13,846)

Foreign currency translation adjustment

877

(141)

(334)

Comprehensive income (loss)

11,587

(4,579)

1,213

(14,180)

Products

Net revenue:

43,760

48,051

81,365

89,568

Cost of revenue:

24,518

29,062

46,088

53,586

Services

Net revenue:

55,066

54,267

107,038

108,579

Cost of revenue:

$ 36,408

$ 34,876

$ 71,472

$ 68,302

[1]	Includes sales to the China joint venture, an equity method investment of $2,643 and $6,460 for the three and six months ended December 31, 2019 and $0 for both the three and six months ended December 31, 2018, respectively. See Note 14.
[2]	Includes cost of revenue from sales to the China joint venture, an equity method investment of $2,140 and $4,631 for the three and six months ended December 31, 2019 and $0 for both the three and six months ended December 31, 2018, respectively. See Note 14.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ 98,826

$ 102,318

$ 188,403

$ 198,147

Revenue from Joint Venture

^[2]

60,926

63,938

117,560

121,888

2,643

6,460

Organization Consolidation And Presentation Of Financial Statements [Abstract]

$ 2,140

$ 0

$ 4,631

$ 0

[1]	Includes sales to the China joint venture, an equity method investment of $2,643 and $6,460 for the three and six months ended December 31, 2019 and $0 for both the three and six months ended December 31, 2018, respectively. See Note 14.
[2]	Includes cost of revenue from sales to the China joint venture, an equity method investment of $2,140 and $4,631 for the three and six months ended December 31, 2019 and $0 for both the three and six months ended December 31, 2018, respectively. See Note 14.

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income / (Loss)	Accumulated Deficit
Balance at Jun. 30, 2018	$ 48,632	$ 86	$ 521,738	$ 1,093	$ (474,285)
Balance (in shares) at Jun. 30, 2018		86,129,256
Exercise of stock options, net	14		14
Exercise of Stock options, net (in shares)		3,500
Issuance of restricted stock (in shares)		367,504
Share-based compensation	2,947		2,947
Adoption of new revenue recognition standard	5,114				5,114
Net income (loss)	(9,206)				(9,206)
Cumulative translation adjustment	(395)			(395)
Balance at Sep. 30, 2018	47,106	$ 86	524,699	698	(478,377)
Balance (in shares) at Sep. 30, 2018		86,500,260
Balance at Jun. 30, 2018	48,632	$ 86	521,738	1,093	(474,285)
Balance (in shares) at Jun. 30, 2018		86,129,256
Net income (loss)	(13,846)
Cumulative translation adjustment	(334)
Balance at Dec. 31, 2018	46,145	$ 88	528,254	759	(482,956)
Balance (in shares) at Dec. 31, 2018		87,885,603
Balance at Sep. 30, 2018	47,106	$ 86	524,699	698	(478,377)
Balance (in shares) at Sep. 30, 2018		86,500,260
Exercise of stock options, net	58		58
Exercise of Stock options, net (in shares)		14,550
Issuance of restricted stock		$ 2	(2)
Issuance of restricted stock (in shares)		1,054,539
Issuance of common stock under employee stock purchase plan	1,540		1,540
Issuance of common stock under employee stock purchase plan (in shares)		442,051
Share-based compensation	1,959		1,959
Tax withholding upon vesting of restricted stock units (in shares)		(125,797)
Adoption of new revenue recognition standard	61				61
Net income (loss)	(4,640)				(4,640)
Cumulative translation adjustment	61			61
Balance at Dec. 31, 2018	46,145	$ 88	528,254	759	(482,956)
Balance (in shares) at Dec. 31, 2018		87,885,603
Balance at Jun. 30, 2019	$ 49,871	$ 89	535,332	(10)	(485,540)
Balance (in shares) at Jun. 30, 2019	88,521,511	88,521,511
Issuance of restricted stock	$ (207)		(207)
Issuance of restricted stock (in shares)		356,999
Share-based compensation	1,684		1,684
Net income (loss)	(9,356)				(9,356)
Cumulative translation adjustment	(1,018)			(1,018)
Balance at Sep. 30, 2019	40,974	$ 89	536,809	(1,028)	(494,896)
Balance (in shares) at Sep. 30, 2019		88,878,510
Balance at Jun. 30, 2019	$ 49,871	$ 89	535,332	(10)	(485,540)
Balance (in shares) at Jun. 30, 2019	88,521,511	88,521,511
Net income (loss)	$ 1,354
Cumulative translation adjustment	(141)
Balance at Dec. 31, 2019	$ 56,000	$ 90	540,247	(151)	(484,186)
Balance (in shares) at Dec. 31, 2019	88,521,511	90,331,453
Balance at Sep. 30, 2019	$ 40,974	$ 89	536,809	(1,028)	(494,896)
Balance (in shares) at Sep. 30, 2019		88,878,510
Issuance of restricted stock	1	$ 1
Issuance of restricted stock (in shares)		987,765
Issuance of common stock under employee stock purchase plan	1,357		1,357
Issuance of common stock under employee stock purchase plan (in shares)		523,714
Share-based compensation	2,081		2,081
Tax withholding upon vesting of restricted stock units (in shares)		(58,536)
Net income (loss)	10,710				10,710
Cumulative translation adjustment	877			877
Balance at Dec. 31, 2019	$ 56,000	$ 90	$ 540,247	$ (151)	$ (484,186)
Balance (in shares) at Dec. 31, 2019	88,521,511	90,331,453

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income (loss)	$ 1,354	$ (13,846)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,712	4,174
Share-based compensation	3,849	4,899
Amortization of debt issuance costs	661	764
Accretion of interest on debt	2,018	1,626
Provision for bad debt	853	3,615
Gain on contribution to joint venture	(12,964)	0
Provision for write-down of inventories	2,208	1,302
Loss on disposal of property and equipment	0	156
Changes in assets and liabilities:
Accounts receivable	23,589	(21,518)
Inventories	(17,210)	(11,718)
Prepaid expenses and other assets	2,986	(3,587)
Deferred cost of revenue	132	405
Accounts payable	(7,718)	11,558
Operating lease liabilities, net	(331)	0
Accrued liabilities	(11,084)	(6,109)
Customer advances	(2,085)	(3,022)
Deferred revenues	1,863	(297)
Net cash used in operating activities	(8,167)	(31,598)
Cash flows from investing activities
Purchases of property and equipment, net	(2,533)	(2,218)
Net cash used in investing activities	(2,533)	(2,218)
Cash flows from financing activities
Proceeds from employee stock plans	1,358	2,048
Taxes paid related to net share settlement of equity awards	(207)	0
Proceeds from debt, net of costs	24,716	5,000
Borrowings (repayments) under Revolving Credit Facility, net	(2,983)	(1,147)
Net cash provided by financing activities	22,884	5,901
Effect of exchange rate changes on cash, cash equivalents and restricted cash	28	(266)
Net increase (decrease) in cash, cash equivalents and restricted cash	12,212	(28,181)
Cash, cash equivalents and restricted cash at beginning of period	88,178	93,533
Cash, cash equivalents and restricted cash at end of period	100,390	65,352
Supplemental schedule of non-cash investing and financing activities:
An equity method investment, in exchange for non-cash contributions of assets to China Joint Venture (including gain of $12,964)	$ 15,925	$ 0

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Of Cash Flows [Abstract]
Gain on contribution to joint venture	$ 12,964	$ 0

The Company and its Significant Accounting Policies

6 Months Ended

Dec. 31, 2019

The Company and its Significant Accounting Policies

Note 1. The Company and its Significant Accounting Policies

The Company

Accuray Incorporated (together with its subsidiaries, the “Company” or “Accuray”) designs, develops and sells advanced radiosurgery and radiation therapy systems for the treatment of tumors throughout the body. The Company is incorporated in Delaware and has its principal place of business in Sunnyvale, California. The Company has primary offices in the United States, Switzerland, China, Hong Kong and Japan and conducts its business worldwide.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results for the six months ended December 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2020, or for any other future interim period or fiscal year.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the fiscal year ended June 30, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on August 23, 2019.

Significant Accounting Policies

During the six months ended December 31, 2019, the Company adopted a new accounting policy related to equity method investments in connection with valuing its equity investment in the China joint venture. The equity method investments that the Company holds are equity securities in investees for which the Company has the ability to exercise significant influence over, but lacks a controlling financial interest in the investee. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of the equity method investee income or loss. The Company’s proportionate share of the income or loss from the China joint venture, equity method investment is recognized on a one-quarter lag due to the timing of the availability of the China joint venture’s financial records. Profit earned by the Company to be eliminated until it is realized and such profits would generally be considered realized when the inventory has been sold through to third parties.

Other than the policy adoptment noted above and the recent accounting pronouncements adopted and discussed below under Accounting Pronouncements Recently Adopted, there have been no changes in the Company’s significant accounting policies during the six months ended December 31, 2019 compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2019.

Recent Accounting Pronouncements

6 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Recent Accounting Pronouncements

Note 2. Recent Accounting Pronouncements

Accounting Pronouncement Recently Adopted

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging. This guidance simplifies the application and administration of hedge accounting. The guidance amends the presentation and disclosure requirements and changes how companies assess effectiveness. The guidance is intended to more closely align hedge accounting with companies' risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The guidance was effective for the Company in the first quarter of fiscal 2020 and was adopted on a prospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The Company adopted Topic 842 using the current period adjustment method as of July 1, 2019 and elected the transition option that allows the Company not to restate the comparative periods in its financial statements in the year of adoption. As a result, the Company had not changed previously disclosed amounts or

provided additional disclosures for comparative periods. As of July 1, 2019 the right-of-use assets was $30.6 million and the respective lease liability was $34.5 million. The difference between the total right-of-use assets and total lease liabilities recorded as of July 1, 2019 is primarily due to the derecognition of deferred rent liabilities that were included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the consolidated balance sheet as of June 30, 2019. The Company also elected the package of transition expedients available for expired or existing contracts, which allowed the Company to carryforward its historical assessment of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company elected to account for lease and non-lease components in its facility and car leases as a single lease component. As a policy election, for leases that, at commencement date, have a lease term of 12 months or less, the Company records expenses as incurred and does not recognize right-of-use assets and lease liabilities.

The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including whether a vendor’s right to substitute an identified asset is substantive. Payments under its lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Lease classification is determined at the lease commencement date, on which the leased assets are made available for its use. Operating leases are included in “Operating lease right-of-use assets,” “Current portion of operating lease liabilities,” and “Operating lease liabilities, less current portion” in the condensed consolidated balance sheets. The Company did not have any financing leases in any of the periods presented.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives such as rent holidays. The Company uses an estimate of its incremental borrowing rate (IBR) based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. In determining the appropriate IBR, the Company considers information including, but not limited to, its credit rating and the lease term. For leases which commenced prior to the adoption of Topic 842, the Company used the IBR on July 1, 2019. For each lease transaction which include a renewal option, Management needs to determine if it is reasonably certain to exercise it. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, that allows companies to reclassify from Accumulated Other Comprehensive Income to Retained Earnings stranded tax effects resulting from the enactment of the Tax Cuts and Jobs Act (the "Tax Act"). The Company adopted ASU No. 2018‑02 as required in the first quarter of fiscal year 2020. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Effective

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) to clarify revenue accounting for collaborative arrangements entered into with customers. The standard is effective for the Company beginning in the first quarter of fiscal year 2021 and will be applied retrospectively to the date of the initial application of ASC 606. Early adoption is permitted. The Company is evaluating the impact of adopting this amendment to its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The guidance will be effective for the Company in its first quarter of fiscal 2021. Early adoption is permitted. This standard can be adopted either on retrospective or prospective basis. The Company has not yet decided whether it will early adopt and is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13 Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 requires measurement and recognition of expected credit losses for financial assets held. This guidance will be effective for the Company in the first quarter of fiscal 2021 and must be adopted using a modified retrospective approach, with certain exceptions. Early adoption is permitted beginning in the first quarter of fiscal 2020. The Company is evaluating whether it will early adopt and is currently assessing the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplification and reduce the cost of accounting for income taxes (“ASU 2019-12”). The amendments in ASU 2019-12 are intended to simplify various aspects related to

accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning July 1, 2021 with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance to the financial statements.

Revenue

6 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue

Note 3. Revenue

Contract Balances

The Company offers payment terms of more than one year for qualified customers and transactions in some circumstances. At times, revenue recognition occurs before billing, resulting in an unbilled receivable, which represents a contract asset. The contract asset is a component of accounts receivable and other assets for the current and non-current portions, respectively.

Customer advances represent deposits from customers for shipments of systems. Deferred revenue balances represent active and non-active warranties and services, which are recognized based on contract terms.

Changes in the contract assets and contract liabilities are as follows:

	December 31, 2019		June 30, 2019
(Dollars in thousands)	Amount		Amount
Contract Assets:
Unbilled accounts receivable – current (1)	$	11,530	$	5,260
Interest receivable – current (2)		640		361
Long-term accounts receivable (3)		3,478		4,116
Interest receivable – non-current (3)		1,288		1,255
Contract Liabilities:
Customer advances		18,231		20,395
Deferred revenue – current		79,599		78,332
Deferred revenue – non-current		27,242		26,639

(1)	Included in accounts receivable on consolidated balance sheets

(2)	Included in prepaid expenses and other current assets on consolidated balance sheets

(3)	Included in other assets on consolidated balance sheets

During the quarter ended December 31, 2019, contract assets changed primarily due to the timing of billings occurring after revenues were recognized and payment terms exceeding 12 months. Contract liabilities changed due to timing of system sales for which the warranty has not yet started and was deferred and due to changes in transaction price.

Changes in deferred revenue from contracts with customers are as follows:

	Three Months Ended			Six Months Ended
(Dollars in thousands)	December 31, 2019			December 31, 2019
Balance at beginning of period	$	105,869		$	104,971
New billings		99,796			190,272
Recognition of deferred revenue from opening balance		(15,753	)		(26,944	)
Recognition of new additions		(83,072	)		(161,459	)
Balance at end of period	$	106,840		$	106,840

Remaining Performance Obligations

Remaining performance obligations represent deferred revenue from open contracts for which performance has already started and the transaction price from executed and non-cancellable contracts for which performance has not yet started. Service contracts in general are considered month-to-month contracts, and therefore, the Company has elected the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

As of December 31, 2019, total remaining performance obligations amounted to $935.4 million. Of this total amount, $83.9 million related to long-term warranty and service, which is expected to be recognized over the remaining warranty period for systems that have

been delivered. For systems that have been delivered but not yet installed, management estimates the timing of installation since warranty starts upon installation.

The following table represents the Company's remaining performance obligations related to long-term warranty and service as of December 31, 2019 and the estimated revenue expected to be recognized:

	Fiscal years of revenue recognition
(Dollars in thousands)	2020		2021		2022		Thereafter
Long-term warranty and service	$	17,914	$	31,645	$	19,200	$	15,136

For the remaining $851.5 million of performance obligations, the Company estimates 19% to 28% will be recognized in the next 12 months, and the remaining portion will be recognized in the 30 months thereafter. The Company’s historical experience indicates that some of its customers will cancel or renegotiate contracts as economic conditions change or when product offerings change during the long sales cycle. Based on historical cancellations, approximately 14% of the Company’s contracts may never result in revenue due to cancellation.

The time bands reflect management’s best estimate of when the Company will transfer control to the customer and may change based on timing of shipment, readiness of customers’ facilities for installation, installation requirements, and availability of products.

Capitalized Contract Costs

The Company capitalizes and amortizes the incremental costs of obtaining a contract, primarily related to certain bonuses and sales commissions. The capitalized bonuses and sales commissions are amortized over a period of five years commencing upon the initial transfer of control of the system to the customer following the pattern of transfer of control of the performance obligations to the customer.

The balance of capitalized costs to obtain a contract was $9.1 million and $8.4 million as of December 31, 2019 and June 30, 2019, respectively. The Company has classified the capitalized costs to obtain a contract as a component of prepaid expenses and other current assets and other assets with respect to the current and non-current portions of capitalized costs, respectively, on the consolidated balance sheets. The Company incurred impairment losses of $0 and $0.1 million in the three and six month periods ended December 31, 2019. The Company incurred a de minimis impairment loss for the three and six month period ended December 31, 2018. During the three and six months ended December 31, 2019, the Company recognized $0.5 million and $1.0 million, respectively, in expense related to the amortization of the capitalized contract costs. During the three and six months ended December 31, 2018, the Company recognized $0.4 million and $1.3 million, respectively, in expense related to the amortization of the capitalized contract costs.

Supplemental Financial Information

6 Months Ended

Dec. 31, 2019

Supplemental Financial Information Disclosure [Abstract]

Supplemental Financial Information

Note 4. Supplemental Financial Information

Balance Sheet Components

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 on the Company’s balance sheet. The Company’s financing receivables, consisting of its accounts receivable with contractual maturities of more than one year, totaled $3.4 million and $4.3 million at December 31, 2019 and June 30, 2019, respectively, and are included in other assets in the unaudited condensed consolidated balance sheets. The Company evaluates the credit quality of an obligor at contract inception and monitors it 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 transaction. 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 as of December 31, 2019 and June 30, 2019. Based upon such assessment, the Company had recorded adjustments of $4.4 million and $3.6 million to the allowance for credit losses related to such financing receivables for the periods ended December 31, 2019 and June 30, 2019, respectively.

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

December 31, 2019	Financed Service Contracts and Other
Gross	$	14,105
Residual value		—
Unearned income		(1,715	)
Allowance for credit loss		(4,369	)
Total, net	$	8,021
Reported as:
Current	$	4,301
Non-current		3,720
Total, net	$	8,021

June 30, 2019	Financed Service Contracts and Other
Gross	$	13,288
Residual value		—
Unearned income		(1,535	)
Allowance for credit loss		(3,582	)
Total, net	$	8,171
Reported as:
Current	$	3,902
Non-current		4,269
Total, net	$	8,171

Inventories

Inventories consisted of the following (in thousands):

	December 31, 2019		June 30, 2019
Raw materials	$	47,265	$	40,966
Work-in-process		20,172		18,152
Finished goods		63,816		61,705
Inventories	$	131,253	$	120,823

Property and equipment, net

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

	December 31, 2019			June 30, 2019
Furniture and fixtures	$	2,828		$	2,728
Computer and office equipment		11,073			11,183
Software		11,244			11,236
Leasehold improvements		25,847			25,741
Machinery and equipment		45,958			45,472
Construction in progress		2,260			1,658
		99,210			98,018
Less: Accumulated depreciation		(82,233	)		(80,896	)
Property and equipment, net	$	16,977		$	17,122

Depreciation expense related to property and equipment for the three and six months ended December 31, 2019 was $1.8 million and $3.7 million, respectively. Depreciation expense related to property and equipment for the three and six months ended December 31, 2018 was $2.0 million and $4.1 million, respectively.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss are excluded from earnings and reported as a component of stockholders’ equity. The foreign currency translation adjustment results from those subsidiaries not using the U.S. Dollar as their functional currency since the majority of their economic activities are primarily denominated in their applicable local currency. Accordingly, all assets and liabilities related to these operations are translated to the U.S. Dollar at the current exchange rates at the end of each period. Revenues and expenses are translated at average exchange rates in effect during the period.

The components of accumulated other comprehensive loss in the equity section of the balance sheets are as follows (in thousands):

	December 31, 2019			June 30, 2019
Cumulative foreign currency translation adjustment	$	849		$	990
Defined benefit pension obligation		(1,000	)		(1,000	)
Accumulated other comprehensive loss	$	(151	)	$	(10	)

Leases

6 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Note 5. Leases

The Company has operating leases for corporate offices and warehouse facilities worldwide. Additionally, the Company leases cars, copy machines and laptops through various operating leases. For some leases the Company has entered into non-cancelable operating lease agreements with various expiration dates through June 2025. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments.

Operating lease costs for the three and six months ended December 31, 2019 were $2.4 million and $4.7 million, not including short-term operating lease costs, which were not material.

For the three and six months ended December 31, 2019, cash paid for amounts included in the measurement of operating lease liabilities was approximately $2.4 million and $4.7 million, operating lease liabilities arising from obtaining operating right-of-use assets totaled $3.5 million and $3.7 million for the three and six months ended December 31, 2019, respectively.

Maturities of operating lease liabilities as of December 31, 2019 are presented in the table below (in thousands):

Year Ending June 30,	Amount
2020 (remaining 6 months)	$	4,347
2021		8,214
2022		8,360
2023		8,772
2024		6,337
Thereafter		2,898
Total operating lease payments		38,928
Less: imputed interest		(4,164	)
Present value of operating lease liabilities	$	34,764
Weighted average remaining lease term (in years)		4.36
Weighted average discount rate		5.36	%

Goodwill and Intangible Assets

6 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 6. Goodwill and Intangible Assets

Goodwill

Activity related to goodwill consisted of the following (in thousands):

	December 31, 2019			June 30, 2019
Balance at the beginning of the period	$	57,770		$	57,855
Currency translation		(30	)		(85	)
Balance at the end of the period	$	57,740		$	57,770

In the second quarter of fiscal 2020, the Company performed its annual goodwill impairment test and determined that there was no impairment to goodwill. The Company continues to monitor its recorded goodwill for indicators of impairment.

Intangible Assets

The Company’s carrying amount of acquired intangible assets, net, is as follows (in thousands):

			December 31, 2019							June 30, 2019
	Useful Lives		Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount
	(in years)
Patent license		7	$	1,000	$	(393	)	$	607	$	1,000	$	(321	)	$	679

During fiscal 2017, the Company purchased a patent license with a useful life of seven years. The Company did not identify any triggering events that would indicate potential impairment of its definite-lived intangible and long-lived assets as of December 31, 2019 and June 30, 2019.

Amortization expense related to intangible assets for the three and six months ended December 31, 2019, was $0.04 million and $0.07 million, respectively. Amortization expense related to intangible assets for the three and six months ended December 31, 2018 was $0.03 million and $0.07 million, respectively.

The estimated future amortization expense of acquired intangible assets as of December 31, 2019 is as follows (in thousands):

Year Ending June 30,	Amount
2020 (remaining 6 months)	$	71
2021		143
2022		143
2023		143
2024		107
	$	607

Derivative Financial Instruments

6 Months Ended

Dec. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 7. Derivative Financial Instruments

The Company manages some of its foreign currency risk through the purchase of foreign currency forward contracts that hedge against the short-term effect of currency fluctuations. These foreign currency forward contracts have a monthly maturity that mitigates the effect of rate fluctuations on certain local currency denominated intercompany balances, cash, and customer receivables. The Company does not use derivative financial instruments for speculative or trading purposes. These forward contracts are not designated as hedging instruments for accounting purposes. Principal hedged currencies include the Euro, Japanese Yen, Swiss Franc, and U.S. Dollar. There were no outstanding foreign currency forward contracts at the end of December 31, 2019 and June 30, 2019.

The following table provides information about gain (loss) associated with the Company’s derivative financial instruments (in thousands):

	Three Months Ended December 31,						Six Months Ended December 31,
	2019			2018			2019			2018
Foreign currency exchange gain (loss) on foreign contracts	$	(694	)	$	137		$	(577	)	$	153
Foreign currency transactions gain (loss)		21			(81	)		(517	)		(610	)

Fair Value Measurements

6 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels of inputs that may be used to measure fair value, as follows:

Level 1— Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2— Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:

•

Quoted prices for similar assets or liabilities in active markets;

•

Quoted prices for identical or similar assets in non-active markets;

•

Inputs other than quoted prices that are observable for the asset or liability; and

•

Inputs that are derived principally from or corroborated by other observable market data.

Level 3— Unobservable inputs that cannot be corroborated by observable market data and require the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The Company had a cash balance of $96.4 million and $76.8 million at December 31, 2019 and June 30, 2019, respectively.

Assets and Liabilities That Are Measured at Fair Value on a Nonrecurring Basis

The Company’s debt is measured on a non-recurring basis using Level 2 inputs based upon observable inputs of the Company’s underlying stock price and the time value of the conversion option since an observable quoted price of the 3.75% Convertible Notes (as defined below) are not readily available. The Revolving Credit Facility (as defined below) and the Term Loan (as defined below) (collectively, the “Credit Facilities”) are valued at market interest rates, which the Company considers to be a level 2 fair value measurement. The carrying value of these financial instruments approximate its estimated fair value as there have not been significant changes in the Company’s credit quality or capital markets that would suggest changes in interest rates since the Credit Facilities were issued or amended in August 2019.

The following table summarizes the carrying value and estimated fair value of the Credit Facilities and the 3.75% Convertible Notes (in thousands):

	December 31, 2019				June 30, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Notes	$	74,522	$	75,829	$	72,730	$	84,227
Term Loan Facility		84,060		84,060		58,849		58,849
Revolving Credit Facility		25,282		25,282		28,265		28,265
Total	$	183,864	$	185,171	$	159,844	$	171,341

Commitments And Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Dec. 31, 2019

Commitments and Contingencies

Note 9. Commitments and Contingencies

Litigation

From time to time, the Company is involved in legal proceedings arising in the ordinary course of its business. The Company records a provision for a loss when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. Currently, management believes the Company does not have any probable and reasonably estimable losses related to any current legal proceedings and claims. Although occasional adverse decisions or settlements may occur, management does not believe that an adverse determination with respect to any of these claims would individually or in the aggregate materially and adversely affect the Company’s financial condition or operating results. Litigation is inherently unpredictable and is subject to significant uncertainties, some of which are beyond the Company’s control. Should any of these estimates and assumptions change or prove to have been incorrect, the Company could incur significant charges related to legal matters that could have a material impact on its results of operations, financial position and cash flows.

Indemnities

Under the terms of the Company’s software license agreements with its customers, the Company agrees that in the event the software sold infringes upon any patent, copyright, trademark, or any other proprietary right of a third‑party, it will indemnify its customer licensees against any loss, expense, or liability from any damages that may be awarded against its customer. The Company includes this infringement indemnification in all of its software license agreements and selected managed services arrangements. In the event the customer cannot use the software or service due to infringement and the Company cannot obtain the right to use, replace or modify the license or service in a commercially feasible manner so that it no longer infringes, then the Company may terminate the license and provide the customer a refund of the fees paid by the customer for the infringing license or service. The Company has not recorded any liability associated with this indemnification, as it is not aware of any pending or threatened actions that represent probable losses as of December 31, 2019.

The Company enters into standard indemnification agreements with its landlords and all superior mortgagees and their respective directors, officers’ agents, and employees in the ordinary course of business. Pursuant to these agreements, the Company will indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the landlords, in connection with any loss, accident, injury, or damage by any third‑party with respect to the leased facilities. The term of these indemnification agreements is from the commencement of the lease agreements until termination of the lease agreements. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, historically the Company has not incurred claims or costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has not recorded any liability associated with its indemnification agreements as it is not aware of any pending or threatened actions that represent probable losses as of December 31, 2019.

Guarantees

As of December 31, 2019 and June 30, 2019, the Company had two 60-month bank guarantees totaling approximately $0.7 million related to a bidding process with one customer.

Debt

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Note 10. Debt

3.75% Convertible Senior Notes due July 2022

In August 2017, the Company issued $85.0 million aggregate principal amount of its 3.75% Convertible Senior Notes due 2022 (the “3.75% Convertible Notes”) under an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. $53.0 million aggregate principal amount of the 3.75% Convertible Notes were issued to certain holders of the Company’s outstanding 3.50% Convertible Notes due 2018 and 3.50% Series A Convertible Notes due 2018 (together, the “Existing Notes”) in exchange for approximately $47.0 million aggregate principal amount of the Existing Notes (the “Exchange”), and $32.0 million aggregate principal amount of the 3.75% Convertible Notes were issued to certain other qualified new investors for cash. The net proceeds of the cash issuance were used to repurchase approximately $28.0 million of Existing Notes (the “Repurchase”).

Holders of the 3.75% Convertible Notes may convert their notes at any time on or after April 15, 2022 until the close of the business day immediately preceding the maturity date. Prior to April 15, 2022, holders of the 3.75% Convertible Notes may convert their notes only under certain circumstances.

Upon conversion, the Company will have the right to pay cash, or deliver shares of common stock of the Company or a combination thereof, at the Company’s election. The initial conversion rate is 174.8252 shares of the Company’s common stock per $1,000 principal amount (which represents an initial conversion price of approximately $5.72 per share of the Company’s common stock). The conversion rate, and thus the conversion price, is subject to adjustment as further described below.

Holders of the 3.75% Convertible Notes who convert their notes in connection with a “make-whole fundamental change,” as defined in the indenture, may be entitled to a make-whole premium in the form of an increase in the conversion rate. Additionally, in the event of a “fundamental change,” as defined in the indenture, holders of the 3.75% Convertible Notes may require the Company to purchase all or a portion of their note at a fundamental change repurchase price equal to 100% of the principal amount of the 3.75% Convertible Notes, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date. As of December 31, 2019, $85.0 million of aggregate principal amount was outstanding.

Revolving Credit Facility

On June 14, 2017, the Company entered into a credit and security agreement with a lender (the “Credit Agreement”). The Credit Agreement provides the Company with a revolving credit facility in the initial amount of $52.0 million (the “Revolving Credit Facility”). Availability for borrowings under the Revolving Credit Facility is subject to a borrowing base that is calculated as a function of the value of the Company’s eligible accounts receivable and eligible inventory, and the Company is required to maintain a minimum drawn balance of at least 30% of such availability. Interest on the borrowings under the Revolving Credit Facility is payable monthly in arrears at an annual interest rate of reserve-adjusted, 90-day LIBOR plus 4.50% and had an initial maturity date of June 14, 2021.

In December 2017, concurrently with the Term Loan Agreement described below, the Company entered into an amendment to the Credit Agreement (the “Amendment” and, collectively with the Credit Agreement, the “Amended Credit Agreement”). The Amendment reduced the maximum borrowings under the Revolving Credit Facility to $32.0 million and extended the maturity date of the Revolving Credit Facility to December 15, 2022.

In July 2018, the Company amended both the Amended Credit Agreement and the Term Loan Agreement (as defined below). The amendments provide for, among other things, adjustments to the Fixed Charge Coverage Ratio such that in the case of the Defined Periods (as defined in the Amended Credit Agreement and the Term Loan Agreement) for (a) the fiscal quarter ending June 30, 2018 as well as (b) the fiscal quarter ending March 31, 2019, the Fixed Charge Coverage Ratio is not less than 0.75 to 1.00 and 0.50 to 1.00, respectively.

In December 2018, the Company amended the Amended Credit Agreement (“Amendment 3”) which, among other things, updated the calculation of the deferred revolving loan origination fee such that it is based on the amount of time elapsed from the effective date of Amendment 3. Other significant terms remain unchanged.

In May 2019, the Company amended the Amended Credit Agreement to, among other things, decrease the interest rate from 90-day LIBOR plus 4.50% to 90-day LIBOR plus 3.50% and extend the maturity date to May 30, 2024 and update the calculation of the deferred revolving loan origination fee such that it is based on the amount of time elapsed from the effective date of the May 2019 amendment. Other significant terms remain unchanged. The Company accounted for the amendment as a modification of existing debt and deferred an insignificant amount of offering costs on the consolidated balance sheet as of December 31, 2019.

The Amended Credit Agreement was further amended in August 2019 to, among other things, revise or add financial covenants, including the fixed charge coverage ratio, minimum net revenue, minimum consolidated cash balance and minimum consolidated domestic cash balance tests. Other significant terms remain unchanged. The Company accounted for the amendment as a modification of existing debt and deferred an insignificant amount of offering costs on the consolidated balance sheet as of December 31, 2019.

The Company was in compliance with the covenants under the Amended Credit Agreement, as amended, as of December 31, 2019. As of December 31, 2019, approximately $25.3 million of aggregate principal amount was outstanding under the Revolving Credit Facility.

Term Loan

In December 2017, the Company entered into a credit and security agreement with a lender (the “Term Loan Agreement”). The Term Loan Agreement provides for an initial term loan of $40.0 million with an additional tranche of $20.0 million undrawn and available through December 31, 2018, if specified conditions are met (the “Term Loan”). In connection with the Amendment, the Company used a portion of the net proceeds from the initial advance to repay a portion of the outstanding borrowings under the Revolving Credit Facility. Interest on the Term Loan is payable monthly in arrears at an annual interest rate of 6.75% plus 90-day LIBOR. The Term Loan Agreement matures December 15, 2022 and, if prepaid, has fees equal to 3%, 2%, and 1% of the prepayment amount if such termination occurs within the first year, the second year, and the third year of funding, respectively. The term of the loan is 60 months with interest only for the first 24 months followed by straight-line amortization of principal for the remaining months. In addition, the Company will pay an annual administrative fee of 0.25% and a final payment of 4.0% of the Term Loan amount.

In December 2018, the Company drew an additional $5.0 million under the Term Loan Agreement and in connection therewith entered into the second amendment to the Term Loan Agreement (“Amendment 2”) which, among other things, (i) extended the term loan tranche 2 commitment termination date for the remaining $15.0 million unfunded commitment from December 31, 2018 to June 30, 2019; (ii) provided that term loan tranche 2 may be drawn in two separate advances; and (iii) updated the calculation of the prepayment fee such that it is based on the amount of time elapsed from the effective date of Amendment 2.

In May 2019, the Company amended the Term Loan Agreement to, among other things, increase the loan tranche 2 commitment by $0.5 million, extend the maturity date to May 30, 2024, decrease the annual interest rate from 6.75% plus 90-day LIBOR to 5.50% plus 90-day LIBOR, and modify the calculation prepayment fee such that it is based on the amount of time elapsed from the effective date of the May 2019 amendment. The Company accounted for the amendment as a modification of existing debt and recorded approximately $1.5 million of debt discount costs associated with the amendment against long-term debt on the consolidated balance sheets.

In August 2019, the Company amended the Term Loan Agreement to, among other things, increase the loan commitment by $25 million in the form of a new tranche (“Tranche 3”), increase the annual interest rate from 5.50% plus 90-day LIBOR to 6.75% plus 90-day LIBOR, and revise or add financial covenants, including the fixed charge coverage ratio, minimum net revenue, minimum consolidated cash balance and minimum consolidated domestic cash balance tests. Other significant terms remain unchanged. The Company borrowed in full Tranche 3, or $25 million, on the date of the amendment. The Company accounted for the amendment as a modification of existing debt, at the same time, the Company recorded approximately $1.6 million of debt discount costs associated with the amendment against long-term debt.

The following table presents the carrying value of the Credit Facilities and 3.75% Convertible Notes (the “Notes”) (in thousands):

As of December 31, 2019	Revolving Credit Facility (1)		3.75% Convertible Notes			Term Loan Facility			Total
Carrying amount of equity conversion component	$	—	$	14,650		$	—		$	14,650
Principal amount of the Notes	$	25,282	$	85,000		$	89,093		$	199,375
Unamortized debt costs		—		(2,318	)		(1,051	)	$	(3,369	)
Unamortized debt discount		—		(8,160	)		(3,982	)	$	(12,142	)
Net carrying amount	$	25,282	$	74,522		$	84,060		$	183,864
Reported as:
Short-term debt									$	—
Long-term debt										183,864
Total debt									$	183,864

(1)

Unamortized debt costs of $1.0 million recorded in other assets on the consolidated balance sheet.

As of June 30, 2019	Revolving Credit Facility		3.75% Convertible Notes			Term Loan Facility			Total
Carrying amount of equity conversion component	$	—	$	14,650		$	—		$	14,650
Principal amount of the Notes	$	28,265	$	85,000		$	63,031		$	176,296
Unamortized debt costs		—		(2,687	)		(1,231	)		(3,918	)
Unamortized debt discount		—		(9,583	)		(2,951	)		(12,534	)
Net carrying amount	$	28,265	$	72,730		$	58,849		$	159,844
Reported as:
Short-term debt									$	—
Long-term debt										159,844
Total debt									$	159,844

A summary of interest expense on the Notes and Credit Facilities is as follows (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Interest expense related to contractual interest coupon	$	3,296	$	2,305	$	6,158	$	4,630
Interest expense related to amortization of debt discount		1,053		815		2,017		1,625
Interest expense related to amortization of debt issuance costs		332		383		663		765
	$	4,681	$	3,503	$	8,838	$	7,020

Share-Based Compensation

6 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

Note 11. Share-Based Compensation

The following table presents details of share-based compensation expenses by functional line item (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Cost of revenue	$	294	$	380	$	668	$	811
Research and development		367		410		740		901
Selling and marketing		423		483		398		1,018
General and administrative		1,065		414		2,043		2,169
	$	2,149	$	1,687	$	3,849	$	4,899

Net Income (Loss) Per Common Share

6 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 12. Net Income (Loss) Per Common Share

The Company reports both basic and diluted loss per share, which is based on the weighted average number of common shares outstanding during the period.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share follows (in thousands):

	Three Months Ended December 31,					Six Months Ended December 31,
	2019		2018			2019		2018
Numerator:
Net income (loss)	$	10,710	$	(4,640	)	$	1,354	$	(13,846	)
Denominator:
Weighted average shares outstanding - basic		89,517		87,237			89,145		86,858
Dilutive effect of potential common shares		762		—			950		—
Weighted average shares outstanding - diluted		90,279		87,237			90,095		86,858
Basic net income (loss) per share	$	0.12	$	(0.05	)	$	0.02	$	(0.16	)
Diluted net income (loss) per share	$	0.12	$	(0.05	)	$	0.02	$	(0.16	)

The potentially dilutive shares of the Company’s common stock result from the assumed exercise of outstanding stock options, the vesting of Restricted Stock Units (RSUs), Market Stock Units (MSUs) and Performance Stock Units (PSUs), and the purchase of shares under the Employee Stock Purchase Program (ESPP), as determined under the treasury stock method, are included in the calculation of diluted net income per share only if their inclusion is dilutive. Additionally, the 3.75% Convertible Notes are included in the calculation of diluted net income per share only if their inclusion is dilutive for periods during which the notes were outstanding.

The following table sets forth all potentially dilutive securities excluded from the computation in the table above because their effect would have been anti-dilutive (in thousands):

	As of December 31,
	2019		2018
Stock options		6,062		5,587
RSUs, PSUs and MSUs		3,953		3,787
		10,015		9,374

3.75% Convertible Notes—Diluted Share Impact

The 3.75% Convertible Notes have an optional physical (share), cash or combination settlement feature and contain certain conditional conversion features. Due to the optional cash settlement feature and management’s intent to settle the principal amount thereof in cash, the shares of our common stock issuable upon conversion of the outstanding principal amount of the 3.75% Convertible Notes as of December 31, 2019, totaling approximately 14.9 million shares of our common stock, were not included in the basic and diluted net loss per common share table above.

Segment Information

6 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 13. Segment Information

The Company has one operating and reporting segment (oncology systems group), which develops, manufactures and markets proprietary medical devices used in radiation therapy for the treatment of cancer patients. The Company’s Chief Executive Officer, its Chief Operating Decision Maker, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The Company does not assess the performance of its individual product lines on measures of profit or loss, or asset-based metrics. Therefore, the information below is presented only for revenues and long-lived tangible assets by geographic area.

Disaggregation of Revenues

The Company disaggregates its revenues from contracts by geographic region, as the Company believes this best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. Additionally, the Company typically recognizes revenue at a point in time for product revenue and recognizes revenue over time for service revenue.

Revenues attributed to a country or region is based on the shipping addresses of the Company’s customers. The following summarizes revenue by geographic region (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Americas	$	32,393	$	28,249	$	61,822	$	60,943
Europe, Middle East, India and Africa		33,999		41,941		65,599		77,976
Asia Pacific		14,815		18,675		28,882		30,852
Japan		17,619		13,453		32,100		28,376
Total	$	98,826	$	102,318	$	188,403	$	198,147

Information regarding geographic areas in which the Company has long-lived tangible assets is as follows (in thousands):

	December 31,		June 30,
	2019		2019
Americas	$	13,996	$	13,853
Europe, Middle East, India and Africa	$	429		575
Asia Pacific		1,232		1,419
Japan		1,320		1,275
Total	$	16,977	$	17,122

Joint Venture

6 Months Ended

Dec. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Joint Venture

Note 14. Joint Venture

In January 2019, the Company’s wholly-owned subsidiary, Accuray Asia Limited (“Accuray Asia”), entered into an agreement with CNNC High Energy Equipment (Tianjin) Co., Ltd. (the “CIRC Subsidiary”), a wholly-owned subsidiary of China Isotope & Radiation Corporation, to form a joint venture, CNNC Accuray (Tianjin) Medical Technology Co. Ltd. (the “JV”), to manufacture and sell radiation oncology systems in China. Accuray Asia has a 49% ownership interest in the JV and the CIRC Subsidiary has a 51% ownership interest in the JV.

In exchange for the 49% equity interest in the JV, the Company, through Accuray Asia, made in-kind capital contributions consisting of two full radiation oncology systems from the Company’s inventory in the quarter ended December 31, 2019. The investment is reported as an Investment in joint venture on our condensed consolidated balance sheets. The Company recognized a gain of $13.0 million related to the value of the capital contribution to the JV. This gain was recorded as non-operating, other income in the three months ended December 31, 2019.

The Company is applying the equity method of accounting to its ownership interest in the JV as the Company has the ability to exercise significant influence over the JV but lacks controlling financial interest and is not the primary beneficiary. The Company recognizes revenue on sales to the JV in the current period, eliminating a portion of profit to the extent goods sold have not been sold through by the JV to an end customer at the end of each reporting period. The Company will recognize the 49% proportionate share of the JV income or loss on a one-quarter lag due to the timing of the availability of the JV’s financial records.

The Company recorded revenue from sales to the JV of $2.6 million and $6.5 million for the three and six months ended December 31, 2019, respectively. As of December 31, 2019 the Company has no receivable balance from the JV.

Income Tax

6 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax

Note 15. Income Tax

On a quarterly basis, the Company provides for income taxes based upon an estimated annual effective income tax rate. The Company recognized income tax expense of $0.7 million and $1.3 million for the three and six months ended December 31, 2019, respectively, primarily related to foreign taxes. The Company recognized an income tax expense of $0.5 million and $1.0 million for the three and six months ended December 31, 2018, respectively.

Starting in fiscal year 2019, certain income earned by controlling foreign corporations (“CFCs”) must be included in the gross income of the CFC’s U.S. shareholder. The income required to be included in gross income is referred to as global intangible low tax income (“GILTI”) and is defined under IRC Section 951A as the excess of the shareholder’s net CFC tested income over the net deemed tangible income return. The GILTI inclusion amount is expected to be fully absorbed by net operating losses and is not expected to cause the Company to be in a U.S. taxable income position for fiscal year 2020.

In addition to the GILTI provision, the Tax Act also enacted the Base Erosion and Anti-Abuse Tax (“BEAT”). The BEAT minimum tax under IRC Section 59A is applicable to the extent that the BEAT tax amount is greater than the regular corporate tax for a given year. This tax is applicable to companies with prior 3-year average annual gross receipts exceeding $500 million. The Company does not currently meet this threshold since its current average annual gross receipts are less than $500 million.

The Company does not expect its unrecognized tax benefits of $16.3 million to change significantly over the next 12 months. Interest and penalties accrued on unrecognized tax benefits is recorded as a component of income tax expense.

The Company and its Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results for the six months ended December 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2020, or for any other future interim period or fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the fiscal year ended June 30, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on August 23, 2019.
Significant Accounting Policies	Significant Accounting Policies During the six months ended December 31, 2019, the Company adopted a new accounting policy related to equity method investments in connection with valuing its equity investment in the China joint venture. The equity method investments that the Company holds are equity securities in investees for which the Company has the ability to exercise significant influence over, but lacks a controlling financial interest in the investee. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of the equity method investee income or loss. The Company’s proportionate share of the income or loss from the China joint venture, equity method investment is recognized on a one-quarter lag due to the timing of the availability of the China joint venture’s financial records. Profit earned by the Company to be eliminated until it is realized and such profits would generally be considered realized when the inventory has been sold through to third parties. Other than the policy adoptment noted above and the recent accounting pronouncements adopted and discussed below under Accounting Pronouncements Recently Adopted, there have been no changes in the Company’s significant accounting policies during the six months ended December 31, 2019 compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2019.

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Dec. 31, 2019
Accounting Pronouncement Recently Adopted
Accounting Pronouncements	Accounting Pronouncement Recently Adopted In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging. This guidance simplifies the application and administration of hedge accounting. The guidance amends the presentation and disclosure requirements and changes how companies assess effectiveness. The guidance is intended to more closely align hedge accounting with companies' risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The guidance was effective for the Company in the first quarter of fiscal 2020 and was adopted on a prospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The Company adopted Topic 842 using the current period adjustment method as of July 1, 2019 and elected the transition option that allows the Company not to restate the comparative periods in its financial statements in the year of adoption. As a result, the Company had not changed previously disclosed amounts or provided additional disclosures for comparative periods. As of July 1, 2019 the right-of-use assets was $30.6 million and the respective lease liability was $34.5 million. The difference between the total right-of-use assets and total lease liabilities recorded as of July 1, 2019 is primarily due to the derecognition of deferred rent liabilities that were included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the consolidated balance sheet as of June 30, 2019. The Company also elected the package of transition expedients available for expired or existing contracts, which allowed the Company to carryforward its historical assessment of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company elected to account for lease and non-lease components in its facility and car leases as a single lease component. As a policy election, for leases that, at commencement date, have a lease term of 12 months or less, the Company records expenses as incurred and does not recognize right-of-use assets and lease liabilities. The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including whether a vendor’s right to substitute an identified asset is substantive. Payments under its lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Lease classification is determined at the lease commencement date, on which the leased assets are made available for its use. Operating leases are included in “Operating lease right-of-use assets,” “Current portion of operating lease liabilities,” and “Operating lease liabilities, less current portion” in the condensed consolidated balance sheets. The Company did not have any financing leases in any of the periods presented. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives such as rent holidays. The Company uses an estimate of its incremental borrowing rate (IBR) based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. In determining the appropriate IBR, the Company considers information including, but not limited to, its credit rating and the lease term. For leases which commenced prior to the adoption of Topic 842, the Company used the IBR on July 1, 2019. For each lease transaction which include a renewal option, Management needs to determine if it is reasonably certain to exercise it. Lease expense for lease payments is recognized on a straight-line basis over the lease term. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, that allows companies to reclassify from Accumulated Other Comprehensive Income to Retained Earnings stranded tax effects resulting from the enactment of the Tax Cuts and Jobs Act (the "Tax Act"). The Company adopted ASU No. 2018‑02 as required in the first quarter of fiscal year 2020. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements and related disclosures.
Accounting Pronouncements Not Yet Effective
Accounting Pronouncements	Accounting Pronouncements Not Yet Effective In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) to clarify revenue accounting for collaborative arrangements entered into with customers. The standard is effective for the Company beginning in the first quarter of fiscal year 2021 and will be applied retrospectively to the date of the initial application of ASC 606. Early adoption is permitted. The Company is evaluating the impact of adopting this amendment to its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The guidance will be effective for the Company in its first quarter of fiscal 2021. Early adoption is permitted. This standard can be adopted either on retrospective or prospective basis. The Company has not yet decided whether it will early adopt and is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13 Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 requires measurement and recognition of expected credit losses for financial assets held. This guidance will be effective for the Company in the first quarter of fiscal 2021 and must be adopted using a modified retrospective approach, with certain exceptions. Early adoption is permitted beginning in the first quarter of fiscal 2020. The Company is evaluating whether it will early adopt and is currently assessing the impact of the adoption of this standard on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplification and reduce the cost of accounting for income taxes (“ASU 2019-12”). The amendments in ASU 2019-12 are intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning July 1, 2021 with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance to the financial statements.

Revenue (Tables)

6 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Summary of Contract with Customer, Asset and Liability

Changes in the contract assets and contract liabilities are as follows:

	December 31, 2019		June 30, 2019
(Dollars in thousands)	Amount		Amount
Contract Assets:
Unbilled accounts receivable – current (1)	$	11,530	$	5,260
Interest receivable – current (2)		640		361
Long-term accounts receivable (3)		3,478		4,116
Interest receivable – non-current (3)		1,288		1,255
Contract Liabilities:
Customer advances		18,231		20,395
Deferred revenue – current		79,599		78,332
Deferred revenue – non-current		27,242		26,639

(1)	Included in accounts receivable on consolidated balance sheets

(2)	Included in prepaid expenses and other current assets on consolidated balance sheets

(3)	Included in other assets on consolidated balance sheets

Summary of Changes In Deferred Revenue From Contracts With Customers

Changes in deferred revenue from contracts with customers are as follows:

	Three Months Ended			Six Months Ended
(Dollars in thousands)	December 31, 2019			December 31, 2019
Balance at beginning of period	$	105,869		$	104,971
New billings		99,796			190,272
Recognition of deferred revenue from opening balance		(15,753	)		(26,944	)
Recognition of new additions		(83,072	)		(161,459	)
Balance at end of period	$	106,840		$	106,840

Schedule of Remaining Performance Obligations related to Warranty

The following table represents the Company's remaining performance obligations related to long-term warranty and service as of December 31, 2019 and the estimated revenue expected to be recognized:

	Fiscal years of revenue recognition
(Dollars in thousands)	2020		2021		2022		Thereafter
Long-term warranty and service	$	17,914	$	31,645	$	19,200	$	15,136

Supplemental Financial Information (Tables)

6 Months Ended

Dec. 31, 2019

Supplemental Financial Information Disclosure [Abstract]

Schedule of financing receivables

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

December 31, 2019	Financed Service Contracts and Other
Gross	$	14,105
Residual value		—
Unearned income		(1,715	)
Allowance for credit loss		(4,369	)
Total, net	$	8,021
Reported as:
Current	$	4,301
Non-current		3,720
Total, net	$	8,021

June 30, 2019	Financed Service Contracts and Other
Gross	$	13,288
Residual value		—
Unearned income		(1,535	)
Allowance for credit loss		(3,582	)
Total, net	$	8,171
Reported as:
Current	$	3,902
Non-current		4,269
Total, net	$	8,171

Schedule of inventories

Inventories consisted of the following (in thousands):

	December 31, 2019		June 30, 2019
Raw materials	$	47,265	$	40,966
Work-in-process		20,172		18,152
Finished goods		63,816		61,705
Inventories	$	131,253	$	120,823

Schedule of property and equipment, net

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

	December 31, 2019			June 30, 2019
Furniture and fixtures	$	2,828		$	2,728
Computer and office equipment		11,073			11,183
Software		11,244			11,236
Leasehold improvements		25,847			25,741
Machinery and equipment		45,958			45,472
Construction in progress		2,260			1,658
		99,210			98,018
Less: Accumulated depreciation		(82,233	)		(80,896	)
Property and equipment, net	$	16,977		$	17,122

Schedule of accumulated other comprehensive loss in the equity section

The components of accumulated other comprehensive loss in the equity section of the balance sheets are as follows (in thousands):

	December 31, 2019			June 30, 2019
Cumulative foreign currency translation adjustment	$	849		$	990
Defined benefit pension obligation		(1,000	)		(1,000	)
Accumulated other comprehensive loss	$	(151	)	$	(10	)

Leases (Tables)

6 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2019 are presented in the table below (in thousands):

Year Ending June 30,	Amount
2020 (remaining 6 months)	$	4,347
2021		8,214
2022		8,360
2023		8,772
2024		6,337
Thereafter		2,898
Total operating lease payments		38,928
Less: imputed interest		(4,164	)
Present value of operating lease liabilities	$	34,764
Weighted average remaining lease term (in years)		4.36
Weighted average discount rate		5.36	%

Goodwill and Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Activity related to goodwill consisted of the following (in thousands):

	December 31, 2019			June 30, 2019
Balance at the beginning of the period	$	57,770		$	57,855
Currency translation		(30	)		(85	)
Balance at the end of the period	$	57,740		$	57,770

Schedule of carrying amount of acquired intangible assets, net

The Company’s carrying amount of acquired intangible assets, net, is as follows (in thousands):

			December 31, 2019							June 30, 2019
	Useful Lives		Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount
	(in years)
Patent license		7	$	1,000	$	(393	)	$	607	$	1,000	$	(321	)	$	679

Schedule of estimated future amortization expense of acquired intangible assets

The estimated future amortization expense of acquired intangible assets as of December 31, 2019 is as follows (in thousands):

Year Ending June 30,	Amount
2020 (remaining 6 months)	$	71
2021		143
2022		143
2023		143
2024		107
	$	607

Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of gain (loss) associated with the Company's derivative financial instruments

The following table provides information about gain (loss) associated with the Company’s derivative financial instruments (in thousands):

	Three Months Ended December 31,						Six Months Ended December 31,
	2019			2018			2019			2018
Foreign currency exchange gain (loss) on foreign contracts	$	(694	)	$	137		$	(577	)	$	153
Foreign currency transactions gain (loss)		21			(81	)		(517	)		(610	)

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of carrying values and estimated fair values of short-term and long-term debt

The following table summarizes the carrying value and estimated fair value of the Credit Facilities and the 3.75% Convertible Notes (in thousands):

	December 31, 2019				June 30, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Notes	$	74,522	$	75,829	$	72,730	$	84,227
Term Loan Facility		84,060		84,060		58,849		58,849
Revolving Credit Facility		25,282		25,282		28,265		28,265
Total	$	183,864	$	185,171	$	159,844	$	171,341

Debt (Tables)

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of carrying values of all Debt

The following table presents the carrying value of the Credit Facilities and 3.75% Convertible Notes (the “Notes”) (in thousands):

As of December 31, 2019	Revolving Credit Facility (1)		3.75% Convertible Notes			Term Loan Facility			Total
Carrying amount of equity conversion component	$	—	$	14,650		$	—		$	14,650
Principal amount of the Notes	$	25,282	$	85,000		$	89,093		$	199,375
Unamortized debt costs		—		(2,318	)		(1,051	)	$	(3,369	)
Unamortized debt discount		—		(8,160	)		(3,982	)	$	(12,142	)
Net carrying amount	$	25,282	$	74,522		$	84,060		$	183,864
Reported as:
Short-term debt									$	—
Long-term debt										183,864
Total debt									$	183,864

(1)

Unamortized debt costs of $1.0 million recorded in other assets on the consolidated balance sheet.

As of June 30, 2019	Revolving Credit Facility		3.75% Convertible Notes			Term Loan Facility			Total
Carrying amount of equity conversion component	$	—	$	14,650		$	—		$	14,650
Principal amount of the Notes	$	28,265	$	85,000		$	63,031		$	176,296
Unamortized debt costs		—		(2,687	)		(1,231	)		(3,918	)
Unamortized debt discount		—		(9,583	)		(2,951	)		(12,534	)
Net carrying amount	$	28,265	$	72,730		$	58,849		$	159,844
Reported as:
Short-term debt									$	—
Long-term debt										159,844
Total debt									$	159,844

Summary of interest expense on Notes and Credit Facilities

A summary of interest expense on the Notes and Credit Facilities is as follows (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Interest expense related to contractual interest coupon	$	3,296	$	2,305	$	6,158	$	4,630
Interest expense related to amortization of debt discount		1,053		815		2,017		1,625
Interest expense related to amortization of debt issuance costs		332		383		663		765
	$	4,681	$	3,503	$	8,838	$	7,020

Share-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of share-based compensation expenses by functional line item

The following table presents details of share-based compensation expenses by functional line item (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Cost of revenue	$	294	$	380	$	668	$	811
Research and development		367		410		740		901
Selling and marketing		423		483		398		1,018
General and administrative		1,065		414		2,043		2,169
	$	2,149	$	1,687	$	3,849	$	4,899

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per common share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share follows (in thousands):

	Three Months Ended December 31,					Six Months Ended December 31,
	2019		2018			2019		2018
Numerator:
Net income (loss)	$	10,710	$	(4,640	)	$	1,354	$	(13,846	)
Denominator:
Weighted average shares outstanding - basic		89,517		87,237			89,145		86,858
Dilutive effect of potential common shares		762		—			950		—
Weighted average shares outstanding - diluted		90,279		87,237			90,095		86,858
Basic net income (loss) per share	$	0.12	$	(0.05	)	$	0.02	$	(0.16	)
Diluted net income (loss) per share	$	0.12	$	(0.05	)	$	0.02	$	(0.16	)

Schedule of all potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per common share

The following table sets forth all potentially dilutive securities excluded from the computation in the table above because their effect would have been anti-dilutive (in thousands):

	As of December 31,
	2019		2018
Stock options		6,062		5,587
RSUs, PSUs and MSUs		3,953		3,787
		10,015		9,374

Segment Information (Tables)

6 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Revenue by Geographic Region

Revenues attributed to a country or region is based on the shipping addresses of the Company’s customers. The following summarizes revenue by geographic region (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
Americas	$	32,393	$	28,249	$	61,822	$	60,943
Europe, Middle East, India and Africa		33,999		41,941		65,599		77,976
Asia Pacific		14,815		18,675		28,882		30,852
Japan		17,619		13,453		32,100		28,376
Total	$	98,826	$	102,318	$	188,403	$	198,147

Schedule of Geographic Areas in Which the Company has Long Lived Tangible Assets

Information regarding geographic areas in which the Company has long-lived tangible assets is as follows (in thousands):

	December 31,		June 30,
	2019		2019
Americas	$	13,996	$	13,853
Europe, Middle East, India and Africa	$	429		575
Asia Pacific		1,232		1,419
Japan		1,320		1,275
Total	$	16,977	$	17,122

Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 01, 2019
Operating lease right of use assets	$ 31,110
Operating lease liabilities	$ 34,764
ASU 2016-02
Operating lease right of use assets		$ 30,600
Operating lease liabilities		$ 34,500

Revenue -Summary of Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jun. 30, 2019

Contract Assets:

Unbilled accounts receivable - current

^[1]

$ 11,530

$ 5,260

Interest receivable – current

^[2]

640

361

Long Term Accounts Receivable

^[3]

3,478

4,116

Interest receivable - non-current

^[3]

1,288

1,255

Contract Liabilities:

Customer advances

18,231

20,395

Deferred revenue – current

79,599

78,332

Deferred revenue – non-current

$ 27,242

$ 26,639

[1]	Included in accounts receivable on consolidated balance sheets
[2]	Included in prepaid expenses and other current assets on consolidated balance sheets
[3]	Included in other assets on consolidated balance sheets

Revenue - Summary of Revenue from Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Balance at beginning of period	$ 105,869	$ 104,971
New billings	99,796	190,272
Recognition of deferred revenue from opening balance	(15,753)	(26,944)
Recognition of new additions	(83,072)	(161,459)
Balance at end of period	$ 106,840	$ 106,840

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	$ 935.4		$ 935.4
Percentage of changes in operating results on entity's revenue			14.00%
Capitalized contract cost, amortization period	5 years		5 years
Capitalized costs to obtain a contract	$ 9.1		$ 9.1		$ 8.4
Impairment loss	0.0		0.1
Capitalized contract cost, amortization	0.5	$ 0.4	1.0	$ 1.3
Long-term warranty and service
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	83.9		83.9
Performance Obligations Other Than Warrant
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	$ 851.5		$ 851.5

Revenue - Schedule of Remaining Performance Obligations related to Warranty (Details) - Long-term warranty and service $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 17,914
2021	31,645
2022	19,200
Thereafter	$ 15,136

Revenue - Additional Information (Details1)	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations recognized period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations recognized period	30 months
Remaining performance obligations percentage	14.00%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	19.00%
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	28.00%

Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Financing receivables
Accounts receivable with contractual maturities	$ 3.4		$ 3.4		$ 4.3
Allowance for credit loss	4.4		4.4		$ 3.6
Property and equipment, net
Depreciation expense	$ 1.8	$ 2.0	$ 3.7	$ 4.1

Supplemental Financial Information - Summary of Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Financing receivables
Allowance for credit loss	$ (4,400)	$ (3,600)
Non-current	3,400	4,300
Financed Service Contracts and Other
Financing receivables
Gross	14,105	13,288
Unearned income	(1,715)	(1,535)
Allowance for credit loss	(4,369)	(3,582)
Total, net	8,021	8,171
Current	4,301	3,902
Non-current	$ 3,720	$ 4,269

Supplemental Financial Information - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Inventory Net [Abstract]
Raw materials	$ 47,265	$ 40,966
Work-in-process	20,172	18,152
Finished goods	63,816	61,705
Inventories	$ 131,253	$ 120,823

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Property and equipment, net
Property and equipment, gross	$ 99,210	$ 98,018
Less: Accumulated depreciation	(82,233)	(80,896)
Property and equipment, net	16,977	17,122
Furniture and Fixtures
Property and equipment, net
Property and equipment, gross	2,828	2,728
Computer and Office Equipment
Property and equipment, net
Property and equipment, gross	11,073	11,183
Software
Property and equipment, net
Property and equipment, gross	11,244	11,236
Leasehold Improvements
Property and equipment, net
Property and equipment, gross	25,847	25,741
Machinery and Equipment
Property and equipment, net
Property and equipment, gross	45,958	45,472
Construction in Progress
Property and equipment, net
Property and equipment, gross	$ 2,260	$ 1,658

Supplemental Financial Information - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss)
Cumulative foreign currency translation adjustment	$ 849	$ 990
Defined benefit pension obligation	(1,000)	(1,000)
Accumulated other comprehensive loss	$ (151)	$ (10)

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 2.4	$ 4.7
Cash paid for amounts included in the measurement of operating lease liabilities	2.4	4.7
Operating lease liabilities arising from obtaining operating right of-use assets	$ 3.5	$ 3.7

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020 (remaining 6 months)	$ 4,347
2021	8,214
2022	8,360
2023	8,772
2024	6,337
Thereafter	2,898
Total operating lease payments	38,928
Less: imputed interest	(4,164)
Present value of operating lease liabilities	$ 34,764
Weighted average remaining lease term (in years)	4 years 4 months 9 days
Weighted average discount rate	5.36%

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 57,770	$ 57,855
Currency translation	(30)	(85)
Balance at the end of the period	$ 57,740	$ 57,770

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2017
Finite Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0
Amortization expense	$ 40,000.00	$ 30,000.00	$ 70,000.00	$ 70,000.00
Patent license
Finite Lived Intangible Assets [Line Items]
Useful Lives			7 years		7 years

Goodwill and Intangible Assets - Schedule of Carrying Amount of Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2017	Jun. 30, 2019
Finite Lived Intangible Assets [Line Items]
Net Amount	$ 607		$ 679
Patent license
Finite Lived Intangible Assets [Line Items]
Useful Lives	7 years	7 years
Gross Carrying Amount	$ 1,000		1,000
Accumulated Amortization	(393)		(321)
Net Amount	$ 607		$ 679

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Estimated future amortization expense of purchased intangible assets
2020 (remaining 6 months)	$ 71
2021	143
2022	143
2023	143
2024	107
Net Amount	$ 607	$ 679

Derivative Financial Instruments - Additional Information (Details) - contract	Dec. 31, 2019	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding foreign currency contracts (number of contracts)	0	0

Derivative Financial Instruments - Schedule of Gain (Loss) Associated with the Company's Derivative Financial Instruments (Details) - Other expense, net - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Foreign currency exchange gain (loss) on foreign contracts	$ 21	$ (81)	$ (517)	$ (610)
Foreign contracts
Foreign currency exchange gain (loss) on foreign contracts	$ (694)	$ 137	$ (577)	$ 153

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019	Aug. 31, 2017
Financial assets
Cash and cash equivalents	$ 96,420	$ 76,798
3.75% Convertible Notes
Financial assets
Interest rate (as a percent)	3.75%	3.75%	3.75%

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Carrying Value
Fair value measurement
Long term debt	$ 183,864	$ 159,844
Fair Value
Fair value measurement
Long term debt	185,171	171,341
Non-recurring basis \| Carrying Value \| Level 2 \| 3.75% Convertible Notes
Fair value measurement
Long term debt	74,522	72,730
Non-recurring basis \| Fair Value \| Level 2 \| 3.75% Convertible Notes
Fair value measurement
Long term debt	75,829	84,227
Term loan \| Non-recurring basis \| Carrying Value \| Level 2
Fair value measurement
Long term debt	84,060	58,849
Term loan \| Non-recurring basis \| Fair Value \| Level 2
Fair value measurement
Long term debt	84,060	58,849
Revolving Credit Facility \| Non-recurring basis \| Carrying Value \| Level 2
Fair value measurement
Long term debt	25,282	28,265
Revolving Credit Facility \| Non-recurring basis \| Fair Value \| Level 2
Fair value measurement
Long term debt	$ 25,282	$ 28,265

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Parenthetical) (Details)	Dec. 31, 2019	Jun. 30, 2019	Aug. 31, 2017
3.75% Convertible Notes
Fair value measurement
Interest rate (as a percent)	3.75%	3.75%	3.75%

Commitments and Contingencies - Additional Information (Details) - Bank Guarantees - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Loss Contingencies [Line Items]
Guarantor obligations, term	two 60-month
Bank guarantees	$ 0.7	$ 0.7

Debt - Additional Information (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 14, 2017

USD ($)

Aug. 31, 2019

USD ($)

Jul. 31, 2019

May 31, 2019

USD ($)

Apr. 30, 2019

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Mar. 31, 2019

Jun. 30, 2018

Dec. 31, 2019

USD ($)

$ / shares

Jun. 30, 2019

USD ($)

Aug. 31, 2017

USD ($)

Apr. 30, 2014

Feb. 28, 2013

Debt

Common stock value

$ 90,000

$ 89,000

199,375,000

176,296,000

Fixed Charge Coverage Ratio

12,142,000

12,534,000

Minimum

Debt

50.00%

75.00%

Revolving Credit Facility

Debt

Initial borrowing capacity

25,282,000

^[1]

28,265,000

$ 52,000,000.0

Minimum drawn balance (as a percent)

30.00%

Outstanding revolving credit facility

$ 25,300,000

90-day LIBOR | Revolving Credit Facility

Debt

Interest rate determination basis

90-day LIBOR

Variable rate (as a percent)

4.50%

3.50%

4.50%

Repurchase

Debt

Repurchase/Retirement of existing notes

$ 28,000,000.0

Revolving Credit Agreement | Revolving Credit Facility

Debt

Reduced borrowing capacity

$ 32,000,000.0

Term Loan Facility due December 2022

Debt

$ 89,093,000

63,031,000

Term Loan Facility due December 2022 | Term loan

$ 3,982,000

$ 2,951,000

Debt

Initial term loan borrowing capacity

40,000,000.0

Additional term loan borrowing capacity

$ 20,000,000.0

Loan prepayment fees for first year (percentage)

3.00%

Loan prepayment fees for second year (percentage)

2.00%

Loan prepayment fees for third year (percentage)

1.00%

Term of loan (in months)

60 months

Term of interest payable (in months)

24 months

Administrative fee payable on term loan as a percentage

0.25%

Final payment of administrative fee payable on term loan as a percentage

4.00%

Debt instrument amount withdrawn

$ 5,000,000.0

Debt instrument scheduled commitment extended termination date

Jun. 30, 2019

Debt instrument remaining unfunded commitment amount

$ 15,000,000.0

Term Loan Facility due December 2022 | 90-day LIBOR | Term loan

Debt

Interest rate determination basis

90-day LIBOR

Variable rate (as a percent)

6.75%

Term Loan Facility Due May 2024 | Term loan

Debt

Debt instrument increased commitment amount

$ 25,000,000

$ 500,000

Term Loan Facility Due May 2024 | 90-day LIBOR | Term loan

$ 1,600,000

$ 1,500,000

Debt

Interest rate determination basis

90-day LIBOR

Variable rate (as a percent)

6.75%

5.50%

6.75%

3.50% Convertible Notes

Debt

Interest rate (as a percent)

3.50%

3.50% Series A Convertible Senior Notes

Debt

Interest rate (as a percent)

3.50%

3.75% Convertible Senior Notes due 2022

Debt

Interest rate (as a percent)

3.75%

Conversion rate, number of shares to be issued per $1000 of principal amount (in shares)

174.8252

Principal amount used for debt instrument conversion ratio

$ 1,000

Conversion price (in dollars per share) | $ / shares

$ 5.72

Repurchase price, as a percentage of the principal amount, in the event of a fundamental change, as defined in Indenture

$ 85,000,000.0

100.00%

$ 85,000,000

3.75% Convertible Senior Notes due 2022 | Exchange

$ 8,160,000

$ 9,583,000

Debt

3.75% Convertible Senior Notes due 2022 | Repurchase

53,000,000.0

Debt

3.50% Convertible Notes due 2018 and 3.5% Series A Senior Notes due February 2018 | Exchange

32,000,000.0

Debt

Carrying amount of equity conversion component

$ 47,000,000.0

[1]	Unamortized debt costs of $1.0 million recorded in other assets on the consolidated balance sheet.

Debt - Schedule of Carrying Values of All Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jun. 30, 2019

Debt

$ 14,650

Unamortized debt discount

199,375

176,296

Unamortized debt costs

(3,369)

(3,918)

(12,142)

(12,534)

183,864

159,844

Long-term debt

183,864

159,844

Revolving Credit Facility

183,864

159,844

Debt

25,282

^[1]

28,265

25,282

^[1]

28,265

3.75% Convertible Senior Notes due 2022

25,282

^[1]

28,265

Debt

Carrying amount of equity conversion component

14,650

Unamortized debt discount

85,000

Unamortized debt costs

(2,318)

(2,687)

(8,160)

(9,583)

74,522

72,730

Term Loan Facility due December 2022

74,522

72,730

Debt

Unamortized debt discount

89,093

63,031

Unamortized debt costs

(1,051)

(1,231)

(3,982)

(2,951)

84,060

58,849

$ 84,060

$ 58,849

[1]	Unamortized debt costs of $1.0 million recorded in other assets on the consolidated balance sheet.

Debt - Schedule of Carrying Values of All Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Debt
Unamortized debt costs	$ 3,369	$ 3,918
Revolving Credit Facility \| Other Assets
Debt
Unamortized debt costs	$ 1,000

Debt - Summary of Interest Expense on Notes and Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Interest expense related to contractual interest coupon	$ 3,296	$ 2,305	$ 6,158	$ 4,630
Interest expense related to amortization of debt discount	1,053	815	2,017	1,625
Interest expense related to amortization of debt issuance costs	332	383	663	765
Total interest expense recognized	$ 4,681	$ 3,503	$ 8,838	$ 7,020

Share-Based Compensation - Summary of Share-Based Compensation Expenses by Functional Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation expenses
Share-based compensation expense	$ 2,149	$ 1,687	$ 3,849	$ 4,899
Cost of revenue
Share-based compensation expenses
Share-based compensation expense	294	380	668	811
Research and development
Share-based compensation expenses
Share-based compensation expense	367	410	740	901
Selling and marketing
Share-based compensation expenses
Share-based compensation expense	423	483	398	1,018
General and administrative
Share-based compensation expenses
Share-based compensation expense	$ 1,065	$ 414	$ 2,043	$ 2,169

Net Income (Loss) Per Common Share - Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss)	$ 10,710	$ (9,356)	$ (4,640)	$ (9,206)	$ 1,354	$ (13,846)
Weighted average common shares used in computing net loss per share:
Weighted average shares outstanding - basic	89,517		87,237		89,145	86,858
Dilutive effect of potential common shares	762				950
Weighted average shares outstanding - diluted	90,279		87,237		90,095	86,858
Basic net income (loss) per share	$ 0.12		$ (0.05)		$ 0.02	$ (0.16)
Diluted net income (loss) per share	$ 0.12		$ (0.05)		$ 0.02	$ (0.16)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Net Income (Loss) Per Common Share - Additional Information (Details) - 3.75% Convertible Senior Notes due 2022 - shares shares in Millions	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Aug. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.75%	3.75%	3.75%
Common stock not included in the calculation of potentially diluted shares	14.9

Net Income (Loss) Per Common Share - Schedule of all potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per common share (Details) - shares shares in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share (in shares)	10,015	9,374
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share (in shares)	6,062	5,587
RSUs, PSUs and MSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share (in shares)	3,953	3,787

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2019 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment Information - Summary of Revenue by Geographic Region (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ 98,826

$ 102,318

$ 188,403

$ 198,147

Americas

Europe, Middle East, India and Africa

32,393

28,249

61,822

60,943

33,999

41,941

65,599

77,976

Asia Pacific

14,815

18,675

28,882

30,852

Japan

Schedule Of Equity Method Investments [Line Items]

$ 17,619

$ 13,453

$ 32,100

$ 28,376

[1]	Includes sales to the China joint venture, an equity method investment of $2,643 and $6,460 for the three and six months ended December 31, 2019 and $0 for both the three and six months ended December 31, 2018, respectively. See Note 14.

Segment Information - Schedule of Geographic Areas in Which the Company has Long-Lived Tangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Segment Information
Long lived tangible assets	$ 16,977	$ 17,122
Americas
Segment Information
Long lived tangible assets	13,996	13,853
Europe, Middle East, India and Africa
Segment Information
Long lived tangible assets	429	575
Asia Pacific
Segment Information
Long lived tangible assets	1,232	1,419
Japan
Segment Information
Long lived tangible assets	$ 1,320	$ 1,275

Joint Venture - Additional Information (Details) - USD ($)

3 Months Ended

6 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Jan. 31, 2019

Gain on contribution to joint venture

$ 12,964,000

$ 0

CNNC Accuray (Tianjin) Medical Technology Co. Ltd

^[1]

$ 98,826,000

$ 102,318,000

188,403,000

198,147,000

Schedule Of Equity Method Investments [Line Items]