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Segment Information
 12 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We have two operating segments, which are the Sleep and Respiratory Care segment and the SaaS segment. We evaluate the performance of our segments based on net sales and income from operations. The accounting policies of the segments are the same as those described in note 2 – Summary of Significant Accounting Policies. Segment net sales and segment income from operations do not include inter-segment profits and revenue is allocated to a geographic area based on where the products are shipped to or where the services are performed.
Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include corporate headquarters costs, stock-based compensation, amortization expense from acquired intangibles, acquisition related expenses, net interest expense (income), loss attributable to equity method investments, gains and losses on equity investments, and other, net. We neither discretely allocate assets to our operating segments, nor does our Chief Operating Decision Maker evaluate the operating segments using discrete asset information.
Additionally, effective in the first quarter of fiscal year 2023, we updated the extent of allocation and method of attribution of certain shared costs that are principally managed at the corporate level as part of our evaluation of segment operating performance. As a result, certain shared administrative costs, including shared IT, legal and other administrative functions, which were previously included in segment operating results, are now reported in Corporate costs within our reconciliation of segment operating profit to income before income taxes. The financial information presented herein reflects the impact of the preceding reporting change for all periods presented.
The table below presents a reconciliation of net revenues, depreciation and amortization and net operating profit by reportable segments for the years ended June 30, 2023, 2022 and 2021 (in thousands):
202320222021
Net revenue by segment
Sleep and Respiratory Care$3,725,017 $3,177,298 $2,823,235 
Software as a Service497,976 400,829 373,590 
Total$4,222,993 $3,578,127 $3,196,825 
Depreciation and amortization by segment
Sleep and Respiratory Care$82,544 $79,367 $73,151 
Software as a Service9,119 7,315 5,230 
Amortization of acquired intangible assets and corporate assets73,493 72,927 78,377 
Total$165,156 $159,609 $156,758 
Net operating profit by segment
Sleep and Respiratory Care$1,502,475 $1,311,559 $1,170,305 
Software as a Service115,529 93,044 92,357 
Total$1,618,004 $1,404,603 $1,262,662 
Reconciling items
Corporate costs$393,591 $331,725 $268,874 
Amortization of acquired intangible assets72,416 70,728 76,205 
Restructuring expenses9,177 — 13,905 
Acquisition related expenses10,949 1,864 — 
Interest expense (income), net47,379 22,312 23,627 
Loss attributable to equity method investments7,265 8,486 11,205 
(Gain) loss on equity investments(9,922)12,202 (14,515)
Gain on insurance recoveries(20,227)— — 
Other, net5,712 (3,197)(301)
Income before income taxes$1,101,664 $960,483 $883,662 
The following table summarizes our net revenue disaggregated by segment, product and region for the years ended June 30, 2023, 2022 and 2021 (in thousands):
202320222021
U.S., Canada and Latin America
Devices$1,444,361 $1,070,420 $863,661 
Masks and other1,039,026 911,387 841,452 
Total U.S., Canada and Latin America$2,483,387 $1,981,807 $1,705,113 
Combined Europe, Asia and other markets
Devices$826,341 $796,488 $746,379 
Masks and other415,289 399,003 371,743 
Total Combined Europe, Asia and other markets$1,241,630 $1,195,491 $1,118,122 
Global revenue
Devices$2,270,702 $1,866,908 $1,610,040 
Masks and other1,454,315 1,310,390 1,213,195 
Total Sleep and Respiratory Care$3,725,017 $3,177,298 $2,823,235 
Software as a Service497,976 400,829 373,590 
Total$4,222,993 $3,578,127 $3,196,825 
Revenue information by geographic area for the years ended June 30, 2023, 2022 and 2021 is summarized below (in thousands):
202320222021
United States$2,719,923 $2,249,381 $1,962,721 
Rest of the World1,503,070 1,328,746 1,234,104 
Total$4,222,993 $3,578,127 $3,196,825 
Long-lived assets of geographic areas are those assets used in our operations in each geographical area, and excludes goodwill, other intangible assets, and deferred tax assets. Long-lived assets by geographic area as of June 30, 2023 and 2022 is summarized below (in thousands):
20232022
Australia$200,752 $192,833 
United States164,448 169,090 
Singapore83,711 72,821 
Rest of the World88,945 63,437 
Total$537,856 $498,181