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Revenues (Tables)
12 Months Ended
Jun. 30, 2018
Revenue From Contract With Customer [Abstract]  
Schedule of Revenue Disaggregated by Sales Channel and Geographic Region

The following tables set forth the Company’s revenue disaggregated by sales channel and geographic region based on the billing addresses of its customers (in thousands):

 

 

Year Ended June 30, 2018

 

Net Revenues

 

Distributor

 

 

Direct

 

 

Total

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

271,975

 

 

$

219,642

 

 

$

491,617

 

Other

 

 

19,414

 

 

 

25,274

 

 

 

44,688

 

Total Americas

 

 

291,389

 

 

 

244,916

 

 

 

536,305

 

EMEA:

 

 

218,682

 

 

 

136,064

 

 

 

354,746

 

APAC:

 

 

15,621

 

 

 

76,470

 

 

 

92,091

 

Total net revenues

 

$

525,692

 

 

$

457,450

 

 

$

983,142

 

 

 

 

Year Ended June 30, 2017 (As adjusted)

 

Net Revenues

 

Distributor

 

 

Direct

 

 

Total

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

146,805

 

 

$

161,175

 

 

$

307,980

 

Other

 

 

11,861

 

 

 

13,022

 

 

 

24,883

 

Total Americas

 

 

158,666

 

 

 

174,197

 

 

 

332,863

 

EMEA:

 

 

135,414

 

 

 

84,658

 

 

 

220,072

 

APAC:

 

 

8,953

 

 

 

45,196

 

 

 

54,149

 

Total net revenues

 

$

303,033

 

 

$

304,051

 

 

$

607,084

 

 

 

 

Year Ended June 30, 2016 (As adjusted)

 

Net Revenues

 

Distributor

 

 

Direct

 

 

Total

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

113,715

 

 

$

120,313

 

 

$

234,028

 

Other

 

 

21,246

 

 

 

22,479

 

 

 

43,725

 

Total Americas

 

 

134,961

 

 

 

142,792

 

 

 

277,753

 

EMEA:

 

 

106,853

 

 

 

86,064

 

 

 

192,917

 

APAC:

 

 

7,251

 

 

 

41,913

 

 

 

49,164

 

Total net revenues

 

$

249,065

 

 

$

270,769

 

 

$

519,834

 

 

Schedule of Adjustments to Previously Reported Financial Statements from Adoption of Accounting Pronouncements

The following table presents the effect of the adoption of ASU 2014-09 on the Company’s consolidated balance sheet as of June 30, 2017, (in thousands):

 

As of June 30, 2017

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

Accounts receivable, net

$

120,770

 

 

$

(27,655

)

 

$

93,115

 

Inventories

 

45,880

 

 

 

1,530

 

 

 

47,410

 

Total current assets

 

324,967

 

 

 

(26,125

)

 

 

298,842

 

Other assets

 

22,586

 

 

 

2,479

 

 

 

25,065

 

Total assets

$

483,346

 

 

$

(23,646

)

 

$

459,700

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued warranty

$

10,007

 

 

$

577

 

 

$

10,584

 

Other accrued liabilities

 

36,713

 

 

 

331

 

 

 

37,044

 

Deferred distributors revenue, net of cost of sales to distributors

 

43,525

 

 

 

(43,525

)

 

 

 

Total current liabilities

 

255,822

 

 

 

(42,617

)

 

 

213,205

 

Accumulated deficit

 

(800,257

)

 

 

18,971

 

 

 

(781,286

)

Total stockholders’ equity

 

106,707

 

 

 

18,971

 

 

 

125,678

 

Total liabilities and stockholders’ equity

$

483,346

 

 

$

(23,646

)

 

$

459,700

 

The following tables present the effect of the adoption of ASU 2014-09 on the Company’s consolidated statements of operations for the years ended June 30, 2017 and 2016 (in thousands, except per share amounts):

 

Year Ended June 30, 2017

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

   Product

$

451,459

 

 

$

8,966

 

 

$

460,425

 

   Service

 

146,659

 

 

 

 

 

 

146,659

 

        Total net revenues

 

598,118

 

 

 

8,966

 

 

 

607,084

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

   Product

 

217,727

 

 

 

2,494

 

 

 

220,221

 

   Service

 

55,906

 

 

 

 

 

 

55,906

 

        Total cost of revenues

 

273,633

 

 

 

2,494

 

 

 

276,127

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

   Product

 

233,732

 

 

 

6,472

 

 

 

240,204

 

   Service

 

90,753

 

 

 

 

 

 

90,753

 

        Total Gross profit

 

324,485

 

 

 

6,472

 

 

 

330,957

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

167,927

 

 

 

(301

)

 

 

162,626

 

Operating loss

 

(733

)

 

 

6,773

 

 

 

6,040

 

Net income (loss) before tax

 

(4,177

)

 

 

6,773

 

 

 

2,596

 

Net income (loss)

$

(8,517

)

 

$

6,773

 

 

$

(1,744

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic

$

(0.08

)

 

$

0.06

 

 

$

(0.02

)

Net loss per share - diluted

$

(0.08

)

 

$

0.06

 

 

$

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation - basic

 

108,273

 

 

 

108,273

 

 

 

108,273

 

Shares used in per share calculation - diluted

 

108,273

 

 

 

108,273

 

 

 

108,273

 

 

 

Year Ended June 30, 2016

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

   Product

$

395,464

 

 

$

(8,555

)

 

$

386,909

 

   Service

 

132,925

 

 

 

 

 

 

132,925

 

        Total net revenues

 

528,389

 

 

 

(8,555

)

 

 

519,834

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

   Product

 

208,739

 

 

 

(3,170

)

 

 

205,569

 

   Service

 

48,862

 

 

 

 

 

 

48,862

 

        Total cost of revenues

 

257,601

 

 

 

(3,170

)

 

 

254,431

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

   Product

 

186,725

 

 

 

(5,385

)

 

 

181,340

 

   Service

 

84,063

 

 

 

 

 

 

84,063

 

        Total Gross profit

 

270,788

 

 

 

(5,385

)

 

 

265,403

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

150,806

 

 

 

(906

)

 

 

149,900

 

Operating loss

 

(25,550

)

 

 

(4,479

)

 

 

(30,029

)

Net loss before tax

 

(27,548

)

 

 

(4,479

)

 

 

(32,027

)

Net loss

$

(31,884

)

 

$

(4,479

)

 

$

(36,363

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic

$

(0.31

)

 

$

(0.04

)

 

$

(0.35

)

Net loss per share - diluted

$

(0.31

)

 

$

(0.04

)

 

$

(0.35

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation - basic

 

103,074

 

 

 

103,074

 

 

 

103,074

 

Shares used in per share calculation - diluted

 

103,074

 

 

 

103,074

 

 

 

103,074

 

The following tables present the effect of the adoption of ASU 2014-09 on the Company’s consolidated statement of cash flows for the years ended June 30, 2017 and 2016 (in thousands):

 

Year Ended June 30, 2017

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(8,517

)

 

$

6,773

 

 

$

(1,744

)

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

 

 

      Accounts receivable

 

(25,050

)

 

 

11,099

 

 

 

(13,951

)

      Inventories

 

8,587

 

 

 

(1,174

)

 

 

7,413

 

      Prepaid expenses and other assets

 

8,018

 

 

 

(301

)

 

 

7,717

 

      Deferred distributors revenue, net of cost of sales to distributors

 

16,708

 

 

 

(16,708

)

 

 

 

      Other current and long-term liabilities

 

5,419

 

 

 

311

 

 

 

5,730

 

Net cash provided by operating activities

 

59,283

 

 

 

 

 

 

59,283

 

Net cash used in investing activities

 

(71,752

)

 

 

 

 

 

(71,752

)

Net cash provided by financing activities

 

48,708

 

 

 

 

 

 

48,708

 

Foreign currency effect on cash

 

89

 

 

 

 

 

 

89

 

Net increase in cash and cash equivalents

$

36,328

 

 

$

 

 

$

36,328

 

 

 

Year Ended June 30, 2016

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(31,884

)

 

$

(4,479

)

 

$

(36,363

)

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

 

 

      Accounts receivable

 

10,178

 

 

 

(9,552

)

 

 

626

 

      Inventories

 

17,025

 

 

 

1,171

 

 

 

18,196

 

      Prepaid expenses and other assets

 

100

 

 

 

(906

)

 

 

(806

)

      Deferred distributors revenue, net of cost of sales to distributors

 

(14,058

)

 

 

14,058

 

 

 

 

      Other current and long-term liabilities

 

(3,047

)

 

 

(292

)

 

 

(3,339

)

Net cash provided by operating activities

 

30,366

 

 

 

 

 

 

30,366

 

Net cash used in investing activities

 

(5,327

)

 

 

 

 

 

(5,327

)

Net cash used in financing activities

 

(6,738

)

 

 

 

 

 

(6,738

)

Foreign currency effect on cash

 

(404

)

 

 

 

 

 

(404

)

Net increase in cash and cash equivalents

$

17,897

 

 

$

 

 

$

17,897