0000950170-23-001703 | 10-Q | XBRL Viewer

Supplemental Financial Information (Tables)

6 Months Ended

Dec. 31, 2022

Supplemental Financial Information Disclosure [Abstract]

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


	December 31, 2022			June 30, 2022
Financing receivables	$	6,165		$	6,137
Allowance for credit losses		(943	)		(943	)
Total, net	$	5,222		$	5,194
Reported as:
Current	$	2,245		$	2,435
Non-current		2,977			2,759
Total, net	$	5,222		$	5,194

Schedule of inventories

Inventories consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Raw materials	$	65,463	$	61,871
Work-in-process		16,427		16,367
Finished goods		73,775		64,016
Inventories	$	155,665	$	142,254

Schedule of property and equipment, net

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


	December 31, 2022			June 30, 2022
Furniture and fixtures	$	1,666		$	1,766
Computer and office equipment		8,454			8,605
Software		5,260			5,344
Leasehold improvements		26,777			26,659
Machinery and equipment		47,016			46,522
Construction in progress		2,768			2,999
		91,941			91,895
Less: Accumulated depreciation		(80,786	)		(79,210	)
Property and equipment, net	$	11,155		$	12,685

Schedule of accumulated other comprehensive income (loss) in the stockholders' equity section

The components of accumulated other comprehensive income (loss) in the stockholders' equity section of the Company’s unaudited condensed consolidated balance sheets are as follows (in thousands):


	December 31, 2022			June 30, 2022
Cumulative foreign currency translation adjustment	$	(2,406	)	$	(1,541	)
Defined benefit pension obligation		3,947			3,947
Accumulated other comprehensive income	$	1,541		$	2,406

Schedule of statement of operations

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Interest expense	$	(2,644	)	$	(2,076	)	$	(4,906	)	$	(4,115	)
Foreign currency transaction loss		(33	)		(633	)		(284	)		(1,402	)
Other expense, net		(154	)		219			(199	)		359
Total other expense, net	$	(2,831	)	$	(2,490	)	$	(5,389	)	$	(5,158	)

Leases (Tables)

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Operating Lease Right-of-use Assets and Operating Lease Obligations

Operating lease right-of-use assets and operating lease obligations consisted of the following (in thousands):


	December 31, 2022			June 30, 2022
Operating lease right-of-use assets
Balance at the beginning of period	$	16,798		$	22,522
Lease asset added		13,187			3,522
Amortization for the year		(4,651	)		(9,246	)
Balance at the end of period	$	25,334		$	16,798

Operating lease obligations
Balance at the beginning of period	$	19,020		$	25,609
Lease liability added		13,000			3,209
Repayment and interest accretion		(4,443	)		(9,798	)
Balance at the end of period	$	27,577		$	19,020

Current portion of operating lease obligations	$	4,913		$	8,567
Non-current portion of operating lease obligations		22,664			10,453

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2022, are presented in the table below (dollars in thousands):


	Amount
2023 (remaining six months)	$	4,793
2024		2,839
2025		4,344
2026		3,315
2027		3,175
Thereafter		26,263
Total operating lease payments		44,729
Less: imputed interest		(17,152	)
Present value of operating lease liabilities	$	27,577
Weighted average remaining lease term (in years)		8.7
Weighted average discount rate		8.8	%

Stock Incentive Plan and Employee Stock Purchase Plan - Summary of Share-Based Compensation Expenses by Functional Line Item Noted Within Company's Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation expenses
Share-based compensation expense	$ 3,126	$ 2,694	$ 6,042	$ 5,211
Cost of revenue
Share-based compensation expenses
Share-based compensation expense	443	431	809	804
Research and development
Share-based compensation expenses
Share-based compensation expense	403	382	771	720
Selling and marketing
Share-based compensation expenses
Share-based compensation expense	458	572	944	1,016
General and administrative
Share-based compensation expenses
Share-based compensation expense	$ 1,822	$ 1,309	$ 3,518	$ 2,671

Joint Venture - Schedule of Deferred Intra Entity Profit Margin from Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total change in deferred intra-entity profit margin from sales			$ (986)	$ 955
Joint venture
Schedule of Equity Method Investments [Line Items]
Previously deferred intra-entity profit margin from sales - recognized	$ (4,067)	$ (1,002)	(6,415)	(1,217)
Intra-entity profit margin from sales - deferred	3,042	219	5,429	2,172
Total change in deferred intra-entity profit margin from sales	$ (1,025)	$ (783)	$ (986)	$ 955

Derivative Financial Instruments

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 7. Derivative Financial Instruments

The Company utilizes foreign currency forward contracts with reputable financial institutions to manage its exposure of fluctuations in foreign currency exchange rates on certain intercompany balances and foreign currency denominated cash, customer receivables and liabilities. 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 primarily include the Japanese Yen, Swiss

Franc, and U.S. Dollar. The periods of these forward contracts range up to approximately three months and the notional amounts are intended to be consistent with changes in the underlying exposures. The Company intends to exchange foreign currencies for U.S. Dollars at maturity.

The notional amount of the Company's outstanding forward currency exchange contracts consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Swiss Franc	$	32,981	$	27,910
Chinese Yuan		1,759		2,524
Euro		1,462		16,307
British Pound		1,618		3,699
Indian Rupee		2,634		3,728
Japanese Yen		17,224		14,167
Total outstanding forward currency exchange contracts	$	57,678	$	68,335

The Company entered into the foreign currency forward contracts on December 31, 2022, and June 30, 2022, respectively, and therefore, there was no amount of gains or losses on those contracts recorded on the unaudited condensed consolidated balance sheets.

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Foreign currency exchange gain (loss) on forward contracts	$	(213	)	$	(226	)	$	1,446		$	(626	)
Foreign currency transaction gain (loss)		180			(407	)		(1,730	)		(775	)

Stock Incentive Plan and Employee Stock Purchase Plan - Additional Information (Details) shares in Millions	Oct. 31, 2022 shares
2016 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for future issuance under share-based plan	4.0
2007 Amended and Restated Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized under plan	2.5

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 57,840	$ 57,960
Currency translation	(64)	(120)
Balance at the end of the period	$ 57,776	$ 57,840

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Debt - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2021
Debt Instrument [Line Items]
Increase to accumulated deficit	$ (500,179)		$ (492,522)
Decrease to additional paid in capital	550,288		543,211
Principal amount of the Notes	183,000		183,865
Unamortized debt costs	(3,196)		(3,395)
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	40,000
Principal amount of the Notes	10,000		5,000
Unamortized debt costs	$ (1,100)		(1,000)
Term Loan
Debt Instrument [Line Items]
Term of loan	5 years
Credit facility borrowing capacity	$ 80,000
Principal amount of the Notes	$ 73,000		76,000
3.75% Convertible Notes Due 2022
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 2,900	$ 2,900
Interest rate (as a percent)	3.75%	3.75%	3.75%
Principal amount of the Notes			$ 2,865
Unamortized debt costs			$ (1)
3.75% Convertible Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal amount of debt issued				$ 100,000
Interest rate (as a percent)	3.75%		3.75%	3.75%
Principal amount of the Notes	$ 100,000		$ 100,000
Unamortized debt costs	$ (2,099)		$ (2,381)

Leases

6 Months Ended

Dec. 31, 2022

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 that are considered operating leases. Some of the Company’s leases are non-cancellable operating lease agreements with various expiration dates through June 2035. 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. In August 2022, the Company entered into a material lease agreement to extend the lease term at its office building and manufacturing facility in Madison, Wisconsin through 2035.

Operating lease costs were $2.4 million and $4.7 million during the three and six months ended December 31, 2022, respectively, not including short-term operating lease costs of $0.1 million and $0.2 million, respectively. Operating lease costs were $2.4 million and $4.8 million during the three and six months ended December 31, 2021, respectively, not including short-term operating lease costs of $0.1 million and $0.2 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $2.2 million and $4.4 million during the three and six months ended December 31, 2022, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $2.4 million and $4.8 million during the three and six months ended December 31, 2021, respectively. Operating lease liabilities arising from obtaining operating right-of-use assets were $13.2 million and $4.9 million, during the six months ended December 31, 2022 and 2021, respectively.

Operating lease right-of-use assets and operating lease obligations consisted of the following (in thousands):


	December 31, 2022			June 30, 2022
Operating lease right-of-use assets
Balance at the beginning of period	$	16,798		$	22,522
Lease asset added		13,187			3,522
Amortization for the year		(4,651	)		(9,246	)
Balance at the end of period	$	25,334		$	16,798

Operating lease obligations
Balance at the beginning of period	$	19,020		$	25,609
Lease liability added		13,000			3,209
Repayment and interest accretion		(4,443	)		(9,798	)
Balance at the end of period	$	27,577		$	19,020

Current portion of operating lease obligations	$	4,913		$	8,567
Non-current portion of operating lease obligations		22,664			10,453

Maturities of operating lease liabilities as of December 31, 2022, are presented in the table below (dollars in thousands):


	Amount
2023 (remaining six months)	$	4,793
2024		2,839
2025		4,344
2026		3,315
2027		3,175
Thereafter		26,263
Total operating lease payments		44,729
Less: imputed interest		(17,152	)
Present value of operating lease liabilities	$	27,577
Weighted average remaining lease term (in years)		8.7
Weighted average discount rate		8.8	%

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Loss Contingencies [Line Items]
Accrued benefit		$ 1.1		$ 1.1
Restructuring Charges		1.9
License agreement \| WARF (Wisconsin Alumni Research Foundation)
Loss Contingencies [Line Items]
Royalty costs		0.6	$ 0.5	1.1	$ 0.9
Royalty amount accrued		3.1		3.1		$ 2.4
Subsequent Event [Member]
Loss Contingencies [Line Items]
Additional Restructuring Charges	$ 0.5
Financial Guarantee \| Various Customers
Loss Contingencies [Line Items]
Bank guarantees		$ 1.3		$ 1.3		$ 1.2
Workforce affected by cost saving initiative (as a percent)		4.50%
Expected Restructuring Cost		$ 2.4

Debt - Schedule of Carrying Values of All Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal amount of the Notes	$ 183,000	$ 183,865
Unamortized debt costs	(3,196)	(3,395)
Net carrying amount	179,804	180,470
Reported as:
Short-term debt	5,702	8,563
Long-term debt	174,102	171,907
Net carrying amount	179,804	180,470
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of the Notes	10,000	5,000
Unamortized debt costs	(1,100)	(1,000)
Net carrying amount	10,000	5,000
Reported as:
Net carrying amount	10,000	5,000
3.75% Convertible Notes Due 2022
Debt Instrument [Line Items]
Principal amount of the Notes		2,865
Unamortized debt costs		(1)
Net carrying amount		2,864
Reported as:
Net carrying amount		2,864
3.75% Convertible Notes Due 2026
Debt Instrument [Line Items]
Principal amount of the Notes	100,000	100,000
Unamortized debt costs	(2,099)	(2,381)
Net carrying amount	97,901	97,619
Reported as:
Net carrying amount	97,901	97,619
Term Loan Facility Due May 2026
Debt Instrument [Line Items]
Principal amount of the Notes	73,000	76,000
Unamortized debt costs	(1,097)	(1,013)
Net carrying amount	71,903	74,987
Reported as:
Net carrying amount	$ 71,903	$ 74,987

Joint Venture - Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity method goodwill	$ 57,776	$ 57,840	$ 57,960
Joint venture
Schedule of Equity Method Investments [Line Items]
Carrying value of investment in joint venture	12,276	13,879
Deferred intra-entity profit margin	4,469	5,456
Equity method goodwill	(4,720)	(4,720)
Proportional share of equity investment in joint venture	$ 12,025	$ 14,615

- Definition

+ References + Details

Fair Value Measurements

6 Months Ended

Dec. 31, 2022

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.

Assets and Liabilities That Are Measured at Fair Value

As of December 31, 2022, the Company had open currency forward contracts to purchase or sell foreign currencies with a stated, or notional, value of $57.7 million. The fair value of the underlying currency, based upon the December 31, 2022 exchange rate, was $57.7 million, which it considers to be a Level 2 fair value measurement.

As of June 30, 2022, the Company had open currency forward contracts to purchase or sell foreign currencies with a stated, or notional, value of $68.3 million. The fair value of the underlying currency, based upon the June 30, 2022 exchange rate, was $68.3 million, which it considers to be a Level 2 fair value measurement.

The Company’s debt is measured on a recurring basis using Level 2 inputs based upon observable inputs of the Company’s convertible debt. The Revolving Credit Facility (as defined in Note 10) and the Term Loan Facility (as defined in Note 10) reflects the bank quoted market rates, which the Company considers to be a Level 2 fair value measurement. The Company believes that the carrying value of these financial instruments approximates its estimated fair value based on the effective interest rate, compared to the current market rate available to the Company and analyzed at quarter-end.

The table below summarizes the carrying value and estimated fair value of the Term Loan Facility, the Revolving Credit Facility, the 3.75% Convertible Senior Notes due July 2022, and the 3.75% Convertible Senior Notes due July 2026 (in thousands) (see Note 10). In July 2022, the remaining outstanding amount of the 3.75% Convertible Senior Notes due 2022 was repaid in cash.


	December 31, 2022				June 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Notes Due 2022	$	—	$	—	$	2,863	$	2,729
3.75% Convertible Notes Due 2026		97,901		83,161		97,619		78,561
Term Loan Facility		71,903		71,903		74,988		74,988
Revolving Credit Facility		10,000		10,000		5,000		5,000
Total	$	179,804	$	165,064	$	180,470	$	161,278

- Definition

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

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Accounts receivable, allowance for credit losses (in dollars)	$ 910	$ 1,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	95,494,729	93,499,500
Common stock, outstanding shares	95,494,729	93,499,500
Accounts receivable from joint venture	$ 21,867	$ 24,828
Prepaid Expenses and Other Current Assets
Accounts receivable from joint venture	$ 487	$ 861

Recent Accounting Pronouncements

6 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent Accounting Pronouncements

Note 2. Recent Accounting Pronouncements

Accounting Pronouncement Recently Adopted

In March 2020, the FASB issued an update (ASU 2020-04) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. This accounting standard update was effective upon issuance and must be applied prospectively by December 31, 2022. The Company’s Term Loan Facility and Revolving Credit Facility previously applied the Eurodollar rate London Interbank Offer Rate ("LIBOR") to the variable component of the interest rate, but has moved away from the Eurodollar rate LIBOR in connection with reference rate reform. In October 2022, the Company began using the Secured Overnight Financing Rate ("SOFR") to calculate the variable component of the interest rate for its Term Loan and Revolving Credit Facility. The change to using SOFR did not have a material impact on the Company's financial statements.

Segment Information

6 Months Ended

Dec. 31, 2022

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 address of the Company’s customers. The following summarizes revenue by geographic region (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Americas	$	27,919	$	40,983	$	55,204	$	74,952
Europe, India, Middle East and Africa		39,664		33,931		76,410		64,031
Asia Pacific, excluding Japan and China		9,199		9,900		17,173		13,820
Japan		15,700		11,363		27,188		21,761
China		22,278		20,098		35,278		49,153
Total	$	114,760	$	116,275	$	211,253	$	223,717

Disaggregation of Long-Lived Assets

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


	December 31,		June 30,
	2022		2022
Americas	$	10,000	$	11,251
Europe, India, Middle East and Africa		190		228
Asia Pacific, excluding Japan and China		260		272
Japan		197		265
China		508		669
Total	$	11,155	$	12,685

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Joint Venture - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2022
Schedule Of Equity Method Investments [Line Items]
Currency translation adjustment		$ (64)	$ (120)
Impairment of goodwill	$ 0
Joint venture
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest in joint venture	49.00%	49.00%
Currency translation adjustment		$ (500)	$ 1,000

Goodwill and Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

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


	December 31, 2022			June 30, 2022
Balance at the beginning of the period	$	57,840		$	57,960
Currency translation		(64	)		(120	)
Balance at the end of the period	$	57,776		$	57,840

Schedule of carrying amount of acquired intangible assets, net

The Company’s carrying amount of acquired intangible assets, net, consisted of the following (in thousands):


	December 31, 2022							June 30, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount

Patent license	$	1,268	$	(1,000	)	$	268	$	1,170	$	(920	)	$	250

Schedule of estimated future amortization expense of acquired intangible assets, net

The estimated future amortization expense of acquired intangible assets, net, as of December 31, 2022, is as follows (in thousands):


	Amount
2023 (remaining six months)	$	88
2024		140
2025		32
2026		8
Total estimated future amortization expense	$	268

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (h)
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Supplemental Financial Information

6 Months Ended

Dec. 31, 2022

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 sheets. The Company’s financing receivables, consisting of its accounts receivable with contractual maturities of more than one year, totaled $3.0 million and $2.8 million as of December 31, 2022, and June 30, 2022, respectively, and are included in other assets on the unaudited condensed consolidated balance sheets. The Company evaluates the credit quality of a customer at contract inception and monitors credit quality over the term of the underlying transactions. The Company performs a credit analysis for all new orders and reviews payment history, current order backlog, financial performance of the customers and other variables that augment or mitigate the inherent credit risk of a particular transaction. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the contract term and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits. The Company classifies accounts as high risk when it considers the financing

receivable to be impaired or when management believes there is a significant near‑term risk of non‑payment. The Company performs an assessment each quarter of the allowance for credit losses related to its financing receivables.

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


	December 31, 2022			June 30, 2022
Financing receivables	$	6,165		$	6,137
Allowance for credit losses		(943	)		(943	)
Total, net	$	5,222		$	5,194
Reported as:
Current	$	2,245		$	2,435
Non-current		2,977			2,759
Total, net	$	5,222		$	5,194

The Company did not have any additions to the allowance for credit losses during the three and six months ended December 31, 2022 and 2021.

Inventories

Inventories consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Raw materials	$	65,463	$	61,871
Work-in-process		16,427		16,367
Finished goods		73,775		64,016
Inventories	$	155,665	$	142,254

The Company's inventories on the unaudited condensed consolidated balance sheets are net of reserves.

Property and equipment, net

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


	December 31, 2022			June 30, 2022
Furniture and fixtures	$	1,666		$	1,766
Computer and office equipment		8,454			8,605
Software		5,260			5,344
Leasehold improvements		26,777			26,659
Machinery and equipment		47,016			46,522
Construction in progress		2,768			2,999
		91,941			91,895
Less: Accumulated depreciation		(80,786	)		(79,210	)
Property and equipment, net	$	11,155		$	12,685

Depreciation expense related to property and equipment was $1.1 million and $2.2 million during the three and six months ended December 31, 2022, respectively, and $1.4 million and $2.8 million during the three and six months ended December 31, 2021, respectively.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (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 income (loss) in the stockholders' equity section of the Company’s unaudited condensed consolidated balance sheets are as follows (in thousands):


	December 31, 2022			June 30, 2022
Cumulative foreign currency translation adjustment	$	(2,406	)	$	(1,541	)
Defined benefit pension obligation		3,947			3,947
Accumulated other comprehensive income	$	1,541		$	2,406

Statements of Operations

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Interest expense	$	(2,644	)	$	(2,076	)	$	(4,906	)	$	(4,115	)
Foreign currency transaction loss		(33	)		(633	)		(284	)		(1,402	)
Other expense, net		(154	)		219			(199	)		359
Total other expense, net	$	(2,831	)	$	(2,490	)	$	(5,389	)	$	(5,158	)

Derivative Financial Instruments - Additional Information (Details)	6 Months Ended
	Dec. 31, 2022
Maximum
Length of forward contracts	three months

The Company and its Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2022
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 intercompany 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 three and six months ended December 31, 2022, are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023, 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, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on August 17, 2022.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties caused by events with significant geopolitical and macroeconomic impacts, including, but not limited to, the Russian invasion of Ukraine, inflation, actions taken to counter inflation and foreign currency exchange rate fluctuations. The ongoing COVID-19 pandemic has also created significant global economic uncertainty, adversely impacted the business of the Company's customers, partners and vendors, contributed to supply chain and labor issues, and has impacted the Company's business and results of operations in the past and could further impact its results of operations and cash flows in the future. These conditions have created and may continue to create significant disruptions with respect to demand for the Company's products and services, including reduced sales of such products and services as a result of COVID-19 related restrictions and lockdowns; the operating procedures and workflow of its customers, particularly hospitals; its ability to continue to manufacture its products; and the reliability of its supply chain, which have impacted and could continue to impact its revenue, expenses and operating results.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company. Key estimates and assumptions made by the Company relate to revenue recognition and the assessment of stand-alone selling price, assessment of recoverability of goodwill, valuation of its equity method investment in CNNC Accuray (Tianjin) Medical Technology Co. Ltd., the Company’s joint venture in China (the “JV”), valuation of inventories, annual performance related bonuses, allowance for credit losses and loss contingencies. Actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies during the six months ended December 31, 2022, compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

Joint Venture

6 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

Note 14. Joint Venture

The Company applies 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 such reporting period. As of December 31, 2022, the Company owned a 49% interest in the JV, which is reported as an investment in joint venture on the Company’s unaudited condensed consolidated balance sheets.

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


	December 31, 2022			June 30, 2022
Carrying value of investment in joint venture	$	12,276		$	13,879
Deferred intra-entity profit margin		4,469			5,456
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	12,025		$	14,615

As of December 31, 2022, the Company’s carrying value of the investment in the JV was decreased for the Company's proportional share of the JV's currency translation adjustment by $0.5 million. At June 30, 2022, the Company’s carrying value of the investment in the JV was increased for the Company's proportional share of the investee's currency translation adjustment by $1.0 million.

Summarized financial information of the JV, based on a one-quarter lag due to the timing of the availability of the JV’s financial records, is as follows (in thousands):


	Three Months Ended September 30,						Six Months Ended September 30,
Statement of Operations Data:	2022			2021			2022			2021
Revenue	$	23,983		$	8,123		$	50,723		$	15,792
Gross Profit		3,719			2,602			8,315			4,942
Net loss		(1,416	)		(1,698	)		(2,168	)		(2,391	)
Net loss attributable to the Company		(699	)		(832	)		(1,067	)		(1,172	)


Summarized Balance Sheet Data:	As of September 30, 2022		As of September 30, 2021
Assets
Current assets	$	74,525	$	59,250
Non-current assets		17,658		22,677
Total assets	$	92,183	$	81,927
Liabilities and Stockholders' Equity
Current liabilities	$	66,618	$	53,700
Non-current liabilities		669		1,147
Stockholders' equity		24,896		27,080
Total liabilities and stockholders' equity	$	92,183	$	81,927

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Previously deferred intra-entity profit margin from sales - recognized	$	(4,067	)	$	(1,002	)	$	(6,415	)	$	(1,217	)
Intra-entity profit margin from sales - deferred		3,042			219			5,429			2,172
Total change in deferred intra-entity profit margin from sales	$	(1,025	)	$	(783	)	$	(986	)	$	955

Derivative Financial Instruments - Summary of Outstanding Forward Currency Exchange Contracts (Details) - Forward Currency Exchange Contracts - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Outstanding forward currency exchange contracts	$ 57,678	$ 68,335
Swiss Franc
Outstanding forward currency exchange contracts	32,981	27,910
Chinese Yuan
Outstanding forward currency exchange contracts	1,759	2,524
Euro
Outstanding forward currency exchange contracts	1,462	16,307
British Pound
Outstanding forward currency exchange contracts	1,618	3,699
Indian Rupee
Outstanding forward currency exchange contracts	2,634	3,728
Japanese Yen
Outstanding forward currency exchange contracts	$ 17,224	$ 14,167

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net 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, except for per share amounts):


	Three Months Ended December 31,					Six Months Ended December 31,
	2022			2021		2022			2021
Numerator:
Net income (loss)	$	(1,874	)	$	179	$	(7,323	)	$	(849	)
Denominator:
Weighted average shares outstanding - basic		94,567			91,761		94,048			91,299
Dilutive effect of potential common shares		—			2,171		—			—
Weighted average shares outstanding - diluted		94,567			93,932		94,048			91,299
Basic net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)
Diluted net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)

Schedule of all potentially dilutive securities excluded from the computation of basic and diluted net income 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,
	2022		2021
Stock options		6,740		6,334
RSUs and PSUs		8,170		4,452
Notes		17,056		17,557
		31,966		28,343

Goodwill and Intangible Assets

6 Months Ended

Dec. 31, 2022

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, 2022			June 30, 2022
Balance at the beginning of the period	$	57,840		$	57,960
Currency translation		(64	)		(120	)
Balance at the end of the period	$	57,776		$	57,840

In the second quarter of fiscal year 2023, the Company performed its annual goodwill impairment test and determined that there was no impairment to goodwill. The Company will continue to monitor its recorded goodwill for indicators of impairment.

Purchased Intangible Assets

The Company’s carrying amount of acquired intangible assets, net, consisted of the following (in thousands):


	December 31, 2022							June 30, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount

Patent license	$	1,268	$	(1,000	)	$	268	$	1,170	$	(920	)	$	250

The Company did not identify any triggering events that would indicate a potential impairment of its definite-lived intangible and long-lived assets as of December 31, 2022.

The estimated future amortization expense of acquired intangible assets, net, as of December 31, 2022, is as follows (in thousands):


	Amount
2023 (remaining six months)	$	88
2024		140
2025		32
2026		8
Total estimated future amortization expense	$	268

Revenue (Tables)

6 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Contract with Customer, Asset and Liability

Changes in the contract assets and liabilities are as follows (dollars in thousands):


	December 31, 2022		June 30, 2022		Change
	Amount		Amount		$			%
Contract Assets:
Unbilled accounts receivable – current (1)	$	22,395	$	13,325		9,070			68	%
Interest receivable – current (2)		380		493		(113	)		(23	%)
Long-term accounts receivable (3)		5,387		5,301		86			2	%
Interest receivable – non-current (3)		726		683		43			6	%
Contract Liabilities:
Customer advances		17,169		25,290		(8,121	)		(32	%)
Deferred revenue – current		72,675		75,375		(2,700	)		(4	%)
Deferred revenue – non-current		30,357		24,694		5,663			23	%

(1)

Included in accounts receivable on the unaudited condensed consolidated balance sheets.

(2)

Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.

(3)

Included in other assets on the unaudited condensed consolidated balance sheets.

Schedule of Remaining Performance Obligations related to Warranty

The following table represents the Company's remaining performance obligations related to long-term warranty and non-cancellable post-warranty services as of December 31, 2022 (in thousands):


	Fiscal years of revenue recognition
	2023		2024		2025		Thereafter
Long-term warranty and non-cancellable post-warranty services	$	16,545	$	24,882	$	16,512	$	13,951

Supplemental Financial Information - Schedule Of Statement Of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Supplemental Financial Information Disclosure [Abstract]
Interest expense	$ (2,644)	$ (2,076)	$ (4,906)	$ (4,115)
Foreign currency transaction loss	(33)	(633)	(284)	(1,402)
Other expense, net	(154)	219	(199)	359
Total other expense, net	$ (2,831)	$ (2,490)	$ (5,389)	$ (5,158)

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 2.4	$ 2.4	$ 4.7	$ 4.8
Short-term operating lease costs	0.1	0.1	0.2	0.2
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2.2	$ 2.4	4.4	4.8
Operating lease liabilities arising from obtaining operating right of-use assets			$ 13.2	$ 4.9

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Carrying Values and Estimated Fair Values of Short-Term and Long-Term Debt


	December 31, 2022				June 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Convertible Notes Due 2022	$	—	$	—	$	2,863	$	2,729
3.75% Convertible Notes Due 2026		97,901		83,161		97,619		78,561
Term Loan Facility		71,903		71,903		74,988		74,988
Revolving Credit Facility		10,000		10,000		5,000		5,000
Total	$	179,804	$	165,064	$	180,470	$	161,278

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Foreign currency exchange gain (loss) on forward contracts	$ 180	$ (407)	$ (1,730)	$ (775)
Forward contracts
Foreign currency exchange gain (loss) on forward contracts	$ (213)	$ (226)	$ 1,446	$ (626)

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Income tax expense	$ 1,049	$ 480	$ 1,390	$ 911
Gross unrecognized tax benefits	19,800		19,800
Uncertain tax benefits that, if realized, would affect the effective tax rate	19,600		$ 19,600
Subsequent period within which no material changes in unrecognized tax benefits are expected			12 months
Foreign
Income Taxes [Line Items]
Income tax expense	$ 1,000	$ 500	$ 1,400	$ 900

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue - Additional Information (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations recognized period	12 months
Minimum
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	26.00%
Maximum
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations percentage	29.00%

Subsequent Events

6 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to its disclosures in the unaudited condensed consolidated financial statements.

Goodwill and Intangible Assets - Schedule of Carrying Amount of Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]
Total estimated future amortization expense	$ 268	$ 250
Patent license
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,268	1,170
Accumulated Amortization	(1,000)	(920)
Total estimated future amortization expense	$ 268	$ 250

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

3 Months Ended

6 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Total net revenue

$ 114,760

$ 116,275

$ 211,253

$ 223,717

Total cost of revenue

^[1]

71,793

73,648

133,689

141,566

Research and development

^[2]

14,641

14,697

28,733

29,079

Products

Total net revenue

^[3]

63,269

60,721

107,892

113,480

Total cost of revenue

39,248

35,520

68,098

67,029

Services

Total net revenue

^[4]

51,491

55,554

103,361

110,237

Total cost of revenue

32,545

38,128

65,591

74,537

Revenue from Joint Venture

Total cost of revenue

9,916

6,203

15,823

14,248

Research and development

487

415

1,266

994

Revenue from Joint Venture | Products

Total net revenue

16,715

8,816

25,584

14,735

Revenue from Joint Venture | Services

Total net revenue

$ 2,494

$ 2,679

$ 5,451

$ 5,494

[1]	Includes cost of revenue from sales to the China joint venture, an equity method investment, of $9,916 and $15,823 during the three and six months ended December 31, 2022, respectively, and $6,203 and $14,248 during the three and six months ended December 31, 2021, respectively.
[2]	Includes charge back to the China joint venture, an equity method investment, related to a research and development project of $487 and $1,266 during the three and six months ended December 31, 2022, respectively, and $415 and $994 during the three and six months ended December 31, 2021, respectively.
[3]	Includes sales to the China joint venture, an equity method investment, of $16,715 and $25,584 during the three and six months ended December 31, 2022, and $8,816 and $14,735 during the three and six months ended December 31, 2021, respectively. See Note 14.
[4]	Includes sales to the China joint venture, an equity method investment, of $2,494 and $5,451 during the three and six months ended December 31, 2022, respectively, and $2,679 and $5,494 during the three and six months ended December 31, 2021, respectively. See Note 14.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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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, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss)	$ (1,874)	$ (5,449)	$ 179	$ (1,028)	$ (7,323)	$ (849)
Denominator:
Weighted average shares outstanding - basic	94,567		91,761		94,048	91,299
Dilutive effect of potential common shares	0		2,171		0	0
Weighted average shares outstanding - diluted	94,567		93,932		94,048	91,299
Basic net income (loss) per share	$ (0.02)		$ 0.00		$ (0.08)	$ (0.01)
Diluted net income (loss) per share	$ (0.02)		$ 0.00		$ (0.08)	$ (0.01)

- Definition

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

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+ Details

Supplemental Financial Information - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Cumulative foreign currency translation adjustment	$ (2,406)	$ (1,541)
Defined benefit pension obligation	3,947	3,947
Accumulated other comprehensive income	$ 1,541	$ 2,406

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Segment Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Total net revenue	$ 114,760	$ 116,275	$ 211,253	$ 223,717
Americas
Segment Information
Total net revenue	27,919	40,983	55,204	74,952
Europe, India, Middle East, and Africa
Segment Information
Total net revenue	39,664	33,931	76,410	64,031
Asia Pacific, excluding Japan and China
Segment Information
Total net revenue	9,199	9,900	17,173	13,820
Japan
Segment Information
Total net revenue	15,700	11,363	27,188	21,761
China
Segment Information
Total net revenue	$ 22,278	$ 20,098	$ 35,278	$ 49,153

- Definition

+ References

+ Details

Debt - Summary of Interest Expense on Notes and Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense related to contractual interest coupon	$ 2,362	$ 1,824	$ 4,394	$ 3,711
Interest expense related to amortization of debt issuance costs	228	223	447	379
Total	$ 2,590	$ 2,047	$ 4,841	$ 4,090

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Recognition of deferred revenue	$ 20.6	$ 22.3	$ 55.5	$ 55.8
Remaining performance obligations amount	1,077.6		$ 1,077.6
Percentage of changes in operating results on entity's revenue			18.00%
Capitalized costs to obtain a contract	11.8		$ 11.8		$ 11.4
Impairment loss	0.2	0.2	0.4	0.3
Capitalized contract cost, amortization	1.0	$ 0.9	1.9	$ 1.8
Long-term Warranty and Service
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	71.9		71.9
Performance Obligations Other Than Warrant
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	1,005.7		1,005.7
Performance Obligations Service Contracts
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations amount	$ 953.2		$ 953.2

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

6 Months Ended

Dec. 31, 2022

Jun. 30, 2022

Contract Assets:

Unbilled accounts receivable - current

^[1]

$ 22,395

$ 13,325

Interest receivable - current

^[2]

380

493

Long-term accounts receivable

^[3]

5,387

5,301

Interest receivable - non-current

^[3]

726

683

Contract Liabilities:

Customer advances

17,169

25,290

Deferred revenue – current

72,675

75,375

Deferred revenue – non-current

30,357

$ 24,694

Change in assets, value:

Change in unbilled accounts receivable – current, value

^[1]

9,070

Change in interest receivable – current, value

^[2]

(113)

Change in long-term accounts receivable, value

^[3]

Change in Interest receivable – non-current, value

^[3]

Change in liabilities, value:

Change in customer advances, value

(8,121)

Change in deferred revenue – current, value

(2,700)

Change in deferred revenue – non-current, value

$ 5,663

Change in assets, percentage:

Change in unbilled accounts receivable – current, percentage

^[1]

68.00%

Change in interest receivable – current, percentage

^[2]

(23.00%)

Change in long-term accounts receivable, percentage

^[3]

2.00%

Change in Interest receivable – non-current, percentage

^[3]

6.00%

Change in liabilities, percentage:

Change in customer advances, percentage

(32.00%)

Change in deferred revenue – current, percentage

(4.00%)

Change in deferred revenue – non-current, percentage

23.00%

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

Stock Incentive Plan and Employee Stock Purchase Plan

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plan and Employee Stock Purchase Plan

Note 11. Stock Incentive Plan and Employee Stock Purchase Plan

The following table presents details of share-based compensation expenses, by functional line item noted within the Company's operating expenses (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Cost of revenue	$	443	$	431	$	809	$	804
Research and development		403		382		771		720
Selling and marketing		458		572		944		1,016
General and administrative		1,822		1,309		3,518		2,671
Total share-based compensation	$	3,126	$	2,694	$	6,042	$	5,211

In October 2022, the Company increased the number of shares of common stock available for issuance under its 2016 Equity Incentive Plan by 4.0 million shares, and increased the number of authorized shares of the Company's common stock that may be issued under its Amended and Restated 2007 Employee Stock Purchase Plan by 2.5 million shares.

Leases - Schedule of Operating Lease Right-of-use Assets and Operating Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Leases [Abstract]
Balance at the beginning of period-Operating lease right-of-use assets	$ 16,798	$ 22,522
Lease asset added	13,187	3,522
Amortization for the year	(4,651)	(9,246)
Balance at the end of period-Operating lease right-of-use assets	25,334	16,798
Balance at the beginning of period- Operating lease obligations	19,020	25,609
Lease liability added	13,000	3,209
Repayment and interest accretion	(4,443)	(9,798)
Balance at the end of period-Operating lease obligations	27,577	19,020
Current portion of operating lease obligations	4,913	8,567
Non-current portion of operating lease obligations	$ 22,664	$ 10,453

Net Income (Loss) Per Common Share - Additional Information (Details)	6 Months Ended
	Dec. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2021
3.75% Convertible Senior Notes due 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.75%	3.75%	3.75%
Convertible debt maturity period	2022
3.75% Convertible Notes Due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Interest rate (as a percent)	3.75%		3.75%	3.75%
Convertible debt maturity period	2026

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 4,793
2024	2,839
2025	4,344
2026	3,315
2027	3,175
Thereafter	26,263
Total operating lease payments	44,729
Less: imputed interest	(17,152)
Present value of operating lease liabilities	$ 27,577
Weighted average remaining lease term (in years)	8 years 8 months 12 days
Weighted average discount rate	8.80%

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Estimated future amortization expense of purchased intangible assets
2023 (remaining six months)	$ 88
2024	140
2025	32
2026	8
Total estimated future amortization expense	$ 268	$ 250

Stock Incentive Plan and Employee Stock Purchase Plan (Tables)

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expenses by Functional Line Item Noted Within Company's Operating Expenses

The following table presents details of share-based compensation expenses, by functional line item noted within the Company's operating expenses (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Cost of revenue	$	443	$	431	$	809	$	804
Research and development		403		382		771		720
Selling and marketing		458		572		944		1,016
General and administrative		1,822		1,309		3,518		2,671
Total share-based compensation	$	3,126	$	2,694	$	6,042	$	5,211

Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Jun. 30, 2022

Current assets:

Cash and cash equivalents

$ 67,729

$ 88,737

Restricted cash

189

204

Accounts receivable, net of allowance for credit losses of $910 and $1,000 as of December 31, 2022, and June 30, 2022, respectively (a)

^[1]

89,187

94,442

Inventories

155,665

142,254

Prepaid expenses and other current assets (b)

^[2]

23,536

23,794

Deferred cost of revenue

642

1,459

Total current assets

336,948

350,890

Property and equipment, net

11,155

12,685

Investment in joint venture

12,276

13,879

Operating lease right-of-use assets, net

25,334

16,798

Goodwill

57,776

57,840

Intangible assets, net

268

250

Long-term restricted cash

1,293

1,213

Other assets

23,719

19,294

Total assets

468,769

472,849

Current liabilities:

Accounts payable

33,861

31,337

Accrued compensation

20,099

29,441

Operating lease liabilities, current

4,913

8,567

Other accrued liabilities

30,301

30,285

Customer advances

17,169

25,290

Deferred revenue

72,675

75,375

Short-term debt

5,702

8,563

Total current liabilities

184,720

208,858

Long-term liabilities:

Operating lease liabilities, non-current

22,664

10,453

Long-term other liabilities

5,181

3,748

Deferred revenue, non-current

30,357

24,694

Long-term debt

174,102

171,907

Total liabilities

417,024

419,660

Commitments and contingencies (Note 9)

Stockholders' equity:

Common stock, $0.001 par value;authorized: 200,000,000 shares as of December 31, 2022, and June 30, 2022, respectively; issued and outstanding: 95,494,729 and 93,499,500 shares at December 31, 2022, and June 30, 2022, respectively

Additional paid-in-capital

550,288

543,211

Accumulated other comprehensive income

1,541

2,406

Accumulated deficit

(500,179)

(492,522)

Total stockholders' equity

51,745

53,189

Total liabilities and stockholders' equity

$ 468,769

$ 472,849

[1]	Includes trade receivable from the China joint venture, an equity method investment, of $21,867 and $24,828 at December 31, 2022, and June 30, 2022, respectively. See Note 14.
[2]	Includes other receivable from the China joint venture, an equity method investment, of $487 and $861 at December 31, 2022, and June 30, 2022, respectively.

Supplemental Financial Information - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Financing receivables
Accounts receivable with contractual maturities of more than one year	$ 2,977,000		$ 2,977,000		$ 2,759,000
Financing receivables, additions	0	$ 0	0	$ 0
Property and equipment, net
Depreciation expense	$ 1,100,000	$ 1,400,000	$ 2,200,000	$ 2,800,000

Revenue - Schedule of Remaining Performance Obligations related to Warranty (Details) - Long-term Warranty and Service $ in Thousands	Dec. 31, 2022 USD ($)
2023	$ 16,545
2024	24,882
2025	16,512
Thereafter	$ 13,951

Joint Venture - Summary of Financial Information of Joint Ventures (Operations Data) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Schedule Of Equity Method Investments [Line Items]
Revenue	$ 114,760		$ 116,275		$ 211,253		$ 223,717
Gross Profit	42,967		42,627		77,564		82,151
Net loss	$ (1,874)	$ (5,449)	$ 179	$ (1,028)	$ (7,323)		$ (849)
Joint venture
Schedule Of Equity Method Investments [Line Items]
Revenue		23,983		8,123		$ 50,723		$ 15,792
Gross Profit		3,719		2,602		8,315		4,942
Net loss		(1,416)		(1,698)		(2,168)		(2,391)
Net loss attributable to the Company		$ (699)		$ (832)		$ (1,067)		$ (1,172)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

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

Joint Venture (Tables)

6 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

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


	December 31, 2022			June 30, 2022
Carrying value of investment in joint venture	$	12,276		$	13,879
Deferred intra-entity profit margin		4,469			5,456
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	12,025		$	14,615

Summary of Financial Information of Joint Ventures (Operations Data)

Summarized financial information of the JV, based on a one-quarter lag due to the timing of the availability of the JV’s financial records, is as follows (in thousands):


	Three Months Ended September 30,						Six Months Ended September 30,
Statement of Operations Data:	2022			2021			2022			2021
Revenue	$	23,983		$	8,123		$	50,723		$	15,792
Gross Profit		3,719			2,602			8,315			4,942
Net loss		(1,416	)		(1,698	)		(2,168	)		(2,391	)
Net loss attributable to the Company		(699	)		(832	)		(1,067	)		(1,172	)

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


Summarized Balance Sheet Data:	As of September 30, 2022		As of September 30, 2021
Assets
Current assets	$	74,525	$	59,250
Non-current assets		17,658		22,677
Total assets	$	92,183	$	81,927
Liabilities and Stockholders' Equity
Current liabilities	$	66,618	$	53,700
Non-current liabilities		669		1,147
Stockholders' equity		24,896		27,080
Total liabilities and stockholders' equity	$	92,183	$	81,927

Schedule of Deferred Intra Entity Profit Margin from Sales

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Previously deferred intra-entity profit margin from sales - recognized	$	(4,067	)	$	(1,002	)	$	(6,415	)	$	(1,217	)
Intra-entity profit margin from sales - deferred		3,042			219			5,429			2,172
Total change in deferred intra-entity profit margin from sales	$	(1,025	)	$	(783	)	$	(986	)	$	955

Segment Information (Tables)

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Revenue by Geographic Region

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Americas	$	27,919	$	40,983	$	55,204	$	74,952
Europe, India, Middle East and Africa		39,664		33,931		76,410		64,031
Asia Pacific, excluding Japan and China		9,199		9,900		17,173		13,820
Japan		15,700		11,363		27,188		21,761
China		22,278		20,098		35,278		49,153
Total	$	114,760	$	116,275	$	211,253	$	223,717

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,
	2022		2022
Americas	$	10,000	$	11,251
Europe, India, Middle East and Africa		190		228
Asia Pacific, excluding Japan and China		260		272
Japan		197		265
China		508		669
Total	$	11,155	$	12,685

The Company and its Significant Accounting Policies

6 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 intercompany 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 three and six months ended December 31, 2022, are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023, 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, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on August 17, 2022.

Risks and Uncertainties

The Company is subject to risks and uncertainties caused by events with significant geopolitical and macroeconomic impacts, including, but not limited to, the Russian invasion of Ukraine, inflation, actions taken to counter inflation and foreign currency exchange rate fluctuations. The ongoing COVID-19 pandemic has also created significant global economic uncertainty, adversely impacted the business of the Company's customers, partners and vendors, contributed to supply chain and labor issues, and has impacted the Company's business and results of operations in the past and could further impact its results of operations and cash flows in the future. These conditions have created and may continue to create significant disruptions with respect to demand for the Company's products and services, including reduced sales of such products and services as a result of COVID-19 related restrictions and lockdowns; the operating procedures and workflow of its customers, particularly hospitals; its ability to continue to manufacture its products; and the reliability of its supply chain, which have impacted and could continue to impact its revenue, expenses and operating results.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company. Key estimates and assumptions made by the Company relate to revenue recognition and the assessment of stand-alone selling price, assessment of recoverability of goodwill, valuation of its equity method investment in CNNC Accuray (Tianjin) Medical Technology Co. Ltd., the Company’s joint venture in China (the “JV”), valuation of inventories, annual performance related bonuses, allowance for credit losses and loss contingencies. Actual results could differ materially from those estimates.

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies during the six months ended December 31, 2022, compared to the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

Segment Information - Schedule of Geographic Areas in Which the Company has Long-Lived Tangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Segment Information
Long lived tangible assets	$ 11,155	$ 12,685
Americas
Segment Information
Long lived tangible assets	10,000	11,251
Europe, India, Middle East, and Africa
Segment Information
Long lived tangible assets	190	228
Asia Pacific, excluding Japan and China
Segment Information
Long lived tangible assets	260	272
Japan
Segment Information
Long lived tangible assets	197	265
China
Segment Information
Long lived tangible assets	$ 508	$ 669

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Carrying Value
Fair value measurement
Long term debt	$ 179,804	$ 180,470
Fair Value
Fair value measurement
Long term debt	165,064	161,278
Non-recurring basis \| Carrying Value \| Level 2 \| 3.75% Convertible Notes Due 2022
Fair value measurement
Long term debt	0	2,863
Non-recurring basis \| Carrying Value \| Level 2 \| 3.75% Convertible Notes Due 2026
Fair value measurement
Long term debt	97,901	97,619
Non-recurring basis \| Fair Value \| Level 2 \| 3.75% Convertible Notes Due 2022
Fair value measurement
Long term debt	0	2,729
Non-recurring basis \| Fair Value \| Level 2 \| 3.75% Convertible Notes Due 2026
Fair value measurement
Long term debt	83,161	78,561
Term Loan Facility \| Non-recurring basis \| Carrying Value \| Level 2
Fair value measurement
Long term debt	71,903	74,988
Term Loan Facility \| Non-recurring basis \| Fair Value \| Level 2
Fair value measurement
Long term debt	71,903	74,988
Revolving Credit Facility \| Non-recurring basis \| Carrying Value \| Level 2
Fair value measurement
Long term debt	10,000	5,000
Revolving Credit Facility \| Non-recurring basis \| Fair Value \| Level 2
Fair value measurement
Long term debt	$ 10,000	$ 5,000

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

3 Months Ended

6 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Net revenue:

Total net revenue

$ 114,760

$ 116,275

$ 211,253

$ 223,717

Cost of revenue:

Total cost of revenue

^[1]

71,793

73,648

133,689

141,566

Gross profit

42,967

42,627

77,564

82,151

Operating expenses:

Research and development

^[2]

14,641

14,697

28,733

29,079

Selling and marketing

13,586

13,233

24,381

24,504

General and administrative

12,035

10,716

23,927

22,176

Total operating expenses

40,262

38,646

77,041

75,759

Income from operations

2,705

3,981

523

6,392

Loss on equity method investment, net

(699)

(832)

(1,067)

(1,172)

Other expense, net

(2,831)

(2,490)

(5,389)

(5,158)

Income (loss) before provision for income taxes

(825)

659

(5,933)

Provision for income taxes

1,049

480

1,390

911

Net income (loss)

$ (1,874)

$ 179

$ (7,323)

$ (849)

Net income (loss) per share - basic

$ (0.02)

$ 0.00

$ (0.08)

$ (0.01)

Net income (loss) per share - diluted

$ (0.02)

$ 0.00

$ (0.08)

$ (0.01)

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

Basic

94,567

91,761

94,048

91,299

Diluted

94,567

93,932

94,048

91,299

Net income (loss)

$ (1,874)

$ 179

$ (7,323)

$ (849)

Foreign currency translation adjustment

2,790

(108)

(865)

123

Comprehensive income (loss)

916

(8,188)

(726)

Products

Net revenue:

Total net revenue

^[3]

63,269

60,721

107,892

113,480

Cost of revenue:

Total cost of revenue

39,248

35,520

68,098

67,029

Services

Net revenue:

Total net revenue

^[4]

51,491

55,554

103,361

110,237

Cost of revenue:

Total cost of revenue

$ 32,545

$ 38,128

$ 65,591

$ 74,537

[1]	Includes cost of revenue from sales to the China joint venture, an equity method investment, of $9,916 and $15,823 during the three and six months ended December 31, 2022, respectively, and $6,203 and $14,248 during the three and six months ended December 31, 2021, respectively.
[2]	Includes charge back to the China joint venture, an equity method investment, related to a research and development project of $487 and $1,266 during the three and six months ended December 31, 2022, respectively, and $415 and $994 during the three and six months ended December 31, 2021, respectively.
[3]	Includes sales to the China joint venture, an equity method investment, of $16,715 and $25,584 during the three and six months ended December 31, 2022, and $8,816 and $14,735 during the three and six months ended December 31, 2021, respectively. See Note 14.
[4]	Includes sales to the China joint venture, an equity method investment, of $2,494 and $5,451 during the three and six months ended December 31, 2022, respectively, and $2,679 and $5,494 during the three and six months ended December 31, 2021, respectively. See Note 14.

Revenue

6 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

Contract Balances

The timing of revenue recognition, billings, and cash collections results in trade receivables, unbilled receivables, and deferred revenues on the unaudited condensed consolidated balance sheets. The Company may offer longer or extended payment terms of more than one year for qualified customers in some circumstances. At times, revenue recognition occurs before the 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.

When the Company receives advances or deposits from customers before revenue is recognized, this results in a contract liability. It can take up to two or more years from the time of order to revenue recognition due to the Company’s long sales cycle.

Changes in the contract assets and liabilities are as follows (dollars in thousands):


	December 31, 2022		June 30, 2022		Change
	Amount		Amount		$			%
Contract Assets:
Unbilled accounts receivable – current (1)	$	22,395	$	13,325		9,070			68	%
Interest receivable – current (2)		380		493		(113	)		(23	%)
Long-term accounts receivable (3)		5,387		5,301		86			2	%
Interest receivable – non-current (3)		726		683		43			6	%
Contract Liabilities:
Customer advances		17,169		25,290		(8,121	)		(32	%)
Deferred revenue – current		72,675		75,375		(2,700	)		(4	%)
Deferred revenue – non-current		30,357		24,694		5,663			23	%

(1)

Included in accounts receivable on the unaudited condensed consolidated balance sheets.

(2)

Included in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.

(3)

Included in other assets on the unaudited condensed consolidated balance sheets.

During the six months ended December 31, 2022, contract assets changed primarily due to changes in the timing of billings that occurred after revenues were recognized and changes in transactions with payment terms exceeding 12 months. During the six months ended December 31, 2022, contract liabilities changed due to changes in the timing of revenue recognition as a result of changes in transaction price, reduced customer deposits for system sales and for which the warranty was deferred.

During the three and six months ended December 31, 2022, the Company recognized revenue of $20.6 million and $55.5 million, respectively, which was included in the deferred revenue balances at June 30, 2022. During the three and six months ended December 31, 2021, the Company recognized revenue of $22.3 million and $55.8 million, which was included in the deferred revenue balances at June 30, 2021.

Remaining Performance Obligations

Remaining performance obligations represent deferred revenue from open contracts for which performance has already started and the transaction price from executed contracts for which performance has not yet started. Service contracts in general are considered month-to-month contracts.

As of December 31, 2022, total remaining performance obligations amounted to $1,077.6 million. Of this total amount, $71.9 million related to long-term warranty and non-cancellable post-warranty services, which is the estimated revenue expected to be recognized over the remaining service period and warranty period for systems that have been delivered (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). The Company has elected the practical expedient to not disclose the unsatisfied performance obligations of contracts with an original expected duration of one year or less.

The following table represents the Company's remaining performance obligations related to long-term warranty and non-cancellable post-warranty services as of December 31, 2022 (in thousands):


	Fiscal years of revenue recognition
	2023		2024		2025		Thereafter
Long-term warranty and non-cancellable post-warranty services	$	16,545	$	24,882	$	16,512	$	13,951

For the remaining $1,005.7 million of performance obligations (i.e., open systems sales, upgrades, training and other miscellaneous items), the Company estimates 26% to 29% will be recognized in the next 12 months, and the remaining portion will be recognized 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. The Company anticipates a portion of its open contracts may never result in revenue recognition primarily due to the long sales cycle and factors outside of its control, including changes in its customers' needs or financial condition, changes in government or health insurance reimbursement policies, or changes to regulatory requirements. Based on historical experience and management's best estimate, approximately 18% of the Company’s $953.2 million open system sales contracts as of December 31, 2022, may never result in revenue.

Capitalized Contract Costs

As of December 31, 2022, and June 30, 2022, the balance of capitalized costs to obtain a contract was $11.8 million and $11.4 million, 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 unaudited condensed consolidated balance sheets.

The Company incurred impairment losses of $0.2 million and $0.4 million during the three and six months ended December 31, 2022, respectively, and $0.2 million and $0.3 million during the three and six months ended December 31, 2021, respectively. The Company recognized expenses related to the amortization of the capitalized contract costs of $1.0 million and $1.9 million during the three and six months ended December 31, 2022, respectively, and $0.9 million and $1.8 million during the three and six months ended December 31, 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Income Tax

6 Months Ended

Dec. 31, 2022

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 $1.0 million and $1.4 million during the three and six months ended December 31, 2022, primarily related to foreign taxes. The Company recognized income tax expense of $0.5 million and $0.9 million during the three and six months ended December 31, 2021, respectively, primarily related to foreign taxes.

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 carryforward and is not expected to cause the Company to be in a U.S. taxable income position for fiscal year 2023.

There is currently no expected impact on the Company’s consolidated financial statements for fiscal year 2023 relating to the change in U.S. tax law that requires capitalization and amortization of research and experimental expenditures incurred after July 1, 2022. The Company will continue to evaluate the impact of this tax law change on future periods.

As of December 31, 2022, the Company’s gross unrecognized tax benefits were $19.8 million, of which $19.6 million would not affect income tax expense before consideration of any valuation allowance. The Company does not expect its unrecognized tax benefits 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Finite Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Joint Venture - Summary of Financial Information of Joint Ventures (Balance Sheet Data) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 336,948		$ 350,890
Total assets	468,769		472,849
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	184,720		208,858
Stockholder's equity	51,745	$ 46,991	53,189	$ 50,994	$ 45,765	$ 68,840
Total liabilities and stockholders' equity	$ 468,769		$ 472,849
Joint venture
Schedule Of Equity Method Investments [Line Items]
Current assets		74,525			59,250
Non current assets		17,658			22,677
Total assets		92,183			81,927
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities		66,618			53,700
Non current liabilities		669			1,147
Stockholder's equity		24,896			27,080
Total liabilities and stockholders' equity		$ 92,183			$ 81,927

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2022	Jan. 27, 2023
Cover [Abstract]
Entity Registrant Name	ACCURAY INCORPORATED
Entity Central Index Key	0001138723
Document Type	10-Q
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Trading Symbol	ARAY
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,494,729
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-33301
Entity Tax Identification Number	20-8370041
Entity Address, Address Line One	1310 Chesapeake Terrace
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	408
Local Phone Number	716-4600
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Commitments and Contingencies

6 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

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. To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, we will either disclose the estimated additional loss or state that such an estimate cannot be made. Currently, management believes the Company does not have any probable and reasonably estimable material 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, 2022.

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, 2022.

Guarantees

As of December 31, 2022 and June 30, 2022, the Company had various bank guarantees totaling $1.3 million and $1.2 million, respectively, primarily related to bidding processes with customers.

Royalty Agreement

The Company enters into software license agreements with third parties that may require royalty payments for each license used. In connection with such agreements, the Company recorded royalty costs of $0.6 million and $1.1 million during the three and six months ended December 31, 2022, and $0.5 million and $0.9 million during the three and six months ended December 31, 2021, respectively, which were recorded in cost of revenue or deferred cost of revenue. The Company had approximately $3.1 million and $2.4 million accrued liabilities as of December 31, 2022, and June 30, 2022, respectively, related to royalty agreements.

Restructuring

In the second quarter of fiscal 2023, the Company announced a cost saving initiative designed to reduce operating costs. This cost saving initiative resulted in the reduction of the Company’s global workforce by 4.5% and is expected to cost approximately $2.4 million. The Company charged $1.9 million during the three months ended December 31, 2022, and estimates an additional charge of $0.5 million in the third quarter of fiscal year 2023. These charges are cash-based charges primarily related to severance expenses and other one-time termination benefits. At December 31, 2022, the Company has a remaining accrual of $1.1 million, which is included in accrued compensation on the unaudited condensed consolidated balance sheets, and expects the remaining amounts to be paid in fiscal year 2023.

Recent Accounting Pronouncements (Policies)

6 Months Ended

Dec. 31, 2022

Accounting Pronouncement Recently Adopted

Fair Value Measurements - Additional Information (Details) - Forward Currency Exchange Contracts - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Financial assets
Outstanding forward currency exchange contracts	$ 57,678	$ 68,335
Level 2
Financial assets
Fair value of currency contract based on exchange rate	$ 57,700	$ 68,300

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Carrying Values of all Debt

The following table presents the carrying value of the Notes, the Revolving Credit Facility, and the Term Loan Facility (in thousands):


As of December 31, 2022	3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	100,000		$	10,000	$	73,000		$	183,000
Unamortized debt costs		(2,099	)		—		(1,097	)		(3,196	)
Net carrying amount	$	97,901		$	10,000	$	71,903		$	179,804
Reported as:
Short-term debt									$	5,702
Long-term debt										174,102
Total debt									$	179,804


As of June 30, 2022	3.75% Convertible Notes Due 2022			3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	2,865		$	100,000		$	5,000	$	76,000		$	183,865
Unamortized debt costs		(1	)		(2,381	)		—		(1,013	)		(3,395	)
Net carrying amount	$	2,864		$	97,619		$	5,000	$	74,987		$	180,470
Reported as:
Short-term debt												$	8,563
Long-term debt													171,907
Total debt												$	180,470

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,
	2022		2021		2022		2021
Interest expense related to contractual interest coupon	$	2,362	$	1,824	$	4,394	$	3,711
Interest expense related to amortization of debt issuance costs		228		223		447		379
Total	$	2,590	$	2,047	$	4,841	$	4,090

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (7,323)	$ (849)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,327	2,841
Share-based compensation	6,042	5,211
Amortization of debt issuance costs	447	379
Provision for credit losses	68	366
Provision for write-down of inventories	1,972	1,875
Loss on disposal of property and equipment	2	28
Loss on equity method investment	1,067	1,172
Deferral (release) of equity method investment intra-entity profit margin from sales	(986)	955
Changes in assets and liabilities:
Accounts receivable	5,701	2,954
Inventories	(14,237)	(550)
Prepaid expenses and other assets	(2,488)	(872)
Deferred cost of revenue	817	1,653
Accounts payable	3,037	10,182
Operating lease liabilities, net of operating lease right-of-use assets	23	(435)
Accrued liabilities	(8,123)	2,486
Customer advances	(8,203)	(314)
Deferred revenues	1,889	(3,071)
Net cash provided by (used in) operating activities	(17,968)	24,011
Cash flows from investing activities
Purchases of property and equipment	(2,773)	(2,259)
Purchase of intangible asset	(33)	0
Net cash used in investing activities	(2,806)	(2,259)
Cash flows from financing activities
Proceeds from employee stock plans	1,139	1,524
Proceeds from exercise of options	0	1,224
Taxes paid related to net share settlement of equity awards	(116)	(258)
Debt issuance costs	(248)	0
Paydown under Term Loan Facility	(3,000)	(2,000)
Repayments under the Notes	(2,865)	0
Borrowings (Repayments) under Revolving Credit Facility, net	5,000	(15,000)
Net cash used in financing activities	(90)	(14,510)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(79)	(747)
Net increase (decrease) in cash, cash equivalents and restricted cash	(20,943)	6,495
Cash, cash equivalents and restricted cash at beginning of period	90,154	118,201
Cash, cash equivalents and restricted cash at end of period	69,211	124,696
Supplemental disclosures of cash flow information:
Reclassification of equity component of convertible notes into liabilities upon adoption of ASU 2020-06	$ 0	$ 25,633

Net Income (Loss) Per Common Share

6 Months Ended

Dec. 31, 2022

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 net income (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, except for per share amounts):


	Three Months Ended December 31,					Six Months Ended December 31,
	2022			2021		2022			2021
Numerator:
Net income (loss)	$	(1,874	)	$	179	$	(7,323	)	$	(849	)
Denominator:
Weighted average shares outstanding - basic		94,567			91,761		94,048			91,299
Dilutive effect of potential common shares		—			2,171		—			—
Weighted average shares outstanding - diluted		94,567			93,932		94,048			91,299
Basic net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)
Diluted net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)

The potentially dilutive shares of the Company’s common stock resulting from the assumed exercise of outstanding stock options, the vesting of Restricted Stock Units (RSU), Performance Stock Units (PSU), and the purchase of shares under the Employee Stock Purchase Program, as determined under the treasury stock method, are excluded from the computation of diluted net income (loss) per share when their effect would have been anti‑dilutive. Additionally, the outstanding 3.75% Convertible Notes due 2022 and the 3.75% Convertible Notes due 2026 (collectively, the “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,
	2022		2021
Stock options		6,740		6,334
RSUs and PSUs		8,170		4,452
Notes		17,056		17,557
		31,966		28,343

Supplemental Financial Information - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventory, Net [Abstract]
Raw materials	$ 65,463	$ 61,871
Work-in-process	16,427	16,367
Finished goods	73,775	64,016
Inventories	$ 155,665	$ 142,254

Debt

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 10. Debt

3.75% Convertible Senior Notes due July 2022

As of June 30, 2022, the $2.9 million aggregate principal amount of the 3.75% Convertible Senior Notes due July 2022 (the “3.75% Convertible Notes due 2022”) remained outstanding. In July 2022, the remaining outstanding $2.9 million (principal and interest) of the 3.75% Convertible Senior Notes due 2022 was repaid in cash.

3.75% Convertible Senior Notes due July 2026

In May 2021, the Company issued $100.0 million aggregate principal amount of its 3.75% Convertible Senior Notes due July 2026 (the “3.75% Convertible Notes due 2026”) under an indenture agreement between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. As of December 31, 2022, the if-converted value of its 3.75% Convertible Notes due 2026 did not exceed the outstanding principal amount.

Credit Facilities

As of December 31, 2022, $10.0 million of aggregate principal amount was outstanding under the Company's $40.0 million revolving credit facility (the “Revolving Credit Facility”), $73.0 million aggregate principal amount was outstanding under the Company's five-year $80.0 million term loan (the "Term Loan Facility"), and $1.1 million of associated unamortized debt costs. As of June 30, 2022, $5.0 million of aggregate principal amount was outstanding under the Revolving Credit Facility, $76.0 million aggregate principal amount was outstanding under the Term Loan Facility, and $1.0 million of associated unamortized debt costs.

The following table presents the carrying value of the Notes, the Revolving Credit Facility, and the Term Loan Facility (in thousands):


As of December 31, 2022	3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	100,000		$	10,000	$	73,000		$	183,000
Unamortized debt costs		(2,099	)		—		(1,097	)		(3,196	)
Net carrying amount	$	97,901		$	10,000	$	71,903		$	179,804
Reported as:
Short-term debt									$	5,702
Long-term debt										174,102
Total debt									$	179,804


As of June 30, 2022	3.75% Convertible Notes Due 2022			3.75% Convertible Notes Due 2026			Revolving Credit Facility		Term Loan Facility			Total
Principal amount of the Notes	$	2,865		$	100,000		$	5,000	$	76,000		$	183,865
Unamortized debt costs		(1	)		(2,381	)		—		(1,013	)		(3,395	)
Net carrying amount	$	2,864		$	97,619		$	5,000	$	74,987		$	180,470
Reported as:
Short-term debt												$	8,563
Long-term debt													171,907
Total debt												$	180,470

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,
	2022		2021		2022		2021
Interest expense related to contractual interest coupon	$	2,362	$	1,824	$	4,394	$	3,711
Interest expense related to amortization of debt issuance costs		228		223		447		379
Total	$	2,590	$	2,047	$	4,841	$	4,090

In October 2022, the Company entered into the First Amendment to Credit Agreement (the “Amendment”) in respect of its Credit Agreement for the Revolving Credit Facility and Term Loan Facility (the “Existing Credit Agreement”) among the Company, the financial institutions party thereto as lenders and issuing lenders and Silicon Valley Bank as administrative agent, issuing lender and swingline lender. The principal purpose of the Amendment was to change the requirements of the financial maintenance covenants under the Existing Credit Agreement until the end of the fiscal quarter ending June 30, 2023. The Amendment increased the senior net leverage ratio required by the financial maintenance covenant from 3.00:1.00 to 3.50:1.00, for the fiscal quarter ending December 31, 2022, from 2.50:1.00 to 3.00:1.00 for the fiscal quarter ending March 31, 2023, and from 2.50:1.00 to 2.75:1.00 for the fiscal quarter ending June 30, 2023. The Amendment also reduced the consolidated fixed charge coverage ratio required by the financial maintenance covenants from 1.25:1.00 to 1.10:1.00, for the fiscal quarter ending December 31, 2022, from 1.25:1.00 to 1.15:1.00 for the fiscal quarter ending March 31, 2023, and from 1.25:1.00 to 1.20:1.00 for the fiscal quarter ending June 30, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Supplemental Financial Information - Summary of Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Financing receivables
Financing receivables	$ 6,165	$ 6,137
Allowance for credit losses	(943)	(943)
Total, net	5,222	5,194
Current	2,245	2,435
Non-current	$ 2,977	$ 2,759

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
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-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Forward Currency Exchange Contracts

The notional amount of the Company's outstanding forward currency exchange contracts consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Swiss Franc	$	32,981	$	27,910
Chinese Yuan		1,759		2,524
Euro		1,462		16,307
British Pound		1,618		3,699
Indian Rupee		2,634		3,728
Japanese Yen		17,224		14,167
Total outstanding forward currency exchange contracts	$	57,678	$	68,335

Schedule of Gain (loss) Associated With the Company's Derivative Financial Instruments

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


	Three Months Ended December 31,						Six Months Ended December 31,
	2022			2021			2022			2021
Foreign currency exchange gain (loss) on forward contracts	$	(213	)	$	(226	)	$	1,446		$	(626	)
Foreign currency transaction gain (loss)		180			(407	)		(1,730	)		(775	)

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative adjustment due to adoption of ASU No. 2020-06	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative adjustment due to adoption of ASU No. 2020-06	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative adjustment due to adoption of ASU No. 2020-06
Balance at Jun. 30, 2021	$ 68,840	$ (24,784)	$ 91	$ 554,680	$ (25,633)	$ 2,093	$ (488,024)	$ 849
Balance (in shares) at Jun. 30, 2021			90,822
Issuance of restricted stock (in shares)			97
Share-based compensation	2,506			2,506
Net income (loss)	(1,028)						(1,028)
Foreign currency translation adjustment	231					231
Balance at Sep. 30, 2021	45,765		$ 91	531,553		2,324	(488,203)
Balance (in shares) at Sep. 30, 2021			90,919
Balance at Jun. 30, 2021	68,840	$ (24,784)	$ 91	554,680	$ (25,633)	2,093	(488,024)	$ 849
Balance (in shares) at Jun. 30, 2021			90,822
Net income (loss)	(849)
Foreign currency translation adjustment	123
Balance at Dec. 31, 2021	50,994		$ 93	536,709		2,216	(488,024)
Balance (in shares) at Dec. 31, 2021			92,733
Balance at Sep. 30, 2021	45,765		$ 91	531,553		2,324	(488,203)
Balance (in shares) at Sep. 30, 2021			90,919
Exercise of stock options, net	1,224		$ 1	1,223
Exercise of stock options, net (in shares)			331
Issuance of restricted stock	(258)			(258)
Issuance of restricted stock (in shares)			1,061
Issuance of common stock under employee stock purchase plan	1,524		$ 1	1,523
Issuance of common stock under employee stock purchase plan, shares			422
Share-based compensation	2,668			2,668
Net income (loss)	179						179
Foreign currency translation adjustment	(108)					(108)
Balance at Dec. 31, 2021	50,994		$ 93	536,709		2,216	(488,024)
Balance (in shares) at Dec. 31, 2021			92,733
Balance at Jun. 30, 2022	$ 53,189		$ 94	543,211		2,406	(492,522)
Balance (in shares) at Jun. 30, 2022	93,499,500		93,500
Issuance of restricted stock (in shares)			279
Share-based compensation	$ 2,906			2,906
Net income (loss)	(5,449)						(5,449)
Foreign currency translation adjustment	(3,655)					(3,655)
Balance at Sep. 30, 2022	46,991		$ 94	546,117		(1,249)	(497,971)
Balance (in shares) at Sep. 30, 2022			93,779
Balance at Jun. 30, 2022	$ 53,189		$ 94	543,211		2,406	(492,522)
Balance (in shares) at Jun. 30, 2022	93,499,500		93,500
Net income (loss)	$ (7,323)
Foreign currency translation adjustment	(865)
Balance at Dec. 31, 2022	$ 51,745		$ 95	550,288		1,541	(500,179)
Balance (in shares) at Dec. 31, 2022	95,494,729		95,494
Balance at Sep. 30, 2022	$ 46,991		$ 94	546,117		(1,249)	(497,971)
Balance (in shares) at Sep. 30, 2022			93,779
Issuance of restricted stock	(116)			(116)
Issuance of restricted stock (in shares)			1,062
Issuance of common stock under employee stock purchase plan	1,139		$ 1	1,138
Issuance of common stock under employee stock purchase plan, shares			653
Share-based compensation	3,136			3,136
Net income (loss)	(1,874)						(1,874)
Foreign currency translation adjustment	2,790					2,790
Other	(321)			13			(334)
Balance at Dec. 31, 2022	$ 51,745		$ 95	$ 550,288		$ 1,541	$ (500,179)
Balance (in shares) at Dec. 31, 2022	95,494,729		95,494

Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of all Debt (Parenthetical) (Details)	Dec. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2021
3.75% Convertible Notes Due 2022
Fair value measurement
Interest rate (as a percent)	3.75%	3.75%	3.75%
3.75% Convertible Notes Due 2026
Fair value measurement
Interest rate (as a percent)	3.75%		3.75%	3.75%

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Property and equipment, net
Property and equipment, gross	$ 91,941	$ 91,895
Less: Accumulated depreciation	(80,786)	(79,210)
Property and equipment, net	11,155	12,685
Furniture and Fixtures
Property and equipment, net
Property and equipment, gross	1,666	1,766
Computer and Office Equipment
Property and equipment, net
Property and equipment, gross	8,454	8,605
Software
Property and equipment, net
Property and equipment, gross	5,260	5,344
Leasehold Improvements
Property and equipment, net
Property and equipment, gross	26,777	26,659
Machinery and Equipment
Property and equipment, net
Property and equipment, gross	47,016	46,522
Construction in Progress
Property and equipment, net
Property and equipment, gross	$ 2,768	$ 2,999

Net Income (Loss) Per Common Share - Schedule of all potentially dilutive securities excluded from the computation of basic and diluted net income per common share (Details) - shares shares in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income per share (in shares)	31,966	28,343
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income per share (in shares)	6,740	6,334
RSUs and PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income per share (in shares)	8,170	4,452
Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net income per share (in shares)	17,056	17,557