OSI Systems (OSIS) 10-Q 30 Oct 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-23125
Entity Registrant Name	OSI SYSTEMS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0238801
Entity Address, Address Line One	12525 Chadron Avenue
Entity Address, City or Town	Hawthorne
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90250
City Area Code	(310)
Local Phone Number	978-0516
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	OSIS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,920,788
Entity Central Index Key	0001039065
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 76,925	$ 76,102
Accounts receivable, net	253,149	269,840
Inventories	255,434	241,226
Prepaid expenses and other current assets	29,285	30,541
Total current assets	614,793	617,709
Property and equipment, net	127,705	127,936
Goodwill	315,511	310,627
Intangible assets, net	134,781	128,279
Other assets	78,158	83,990
Total assets	1,270,948	1,268,541
CURRENT LIABILITIES:
Bank lines of credit	51,000	59,000
Current portion of long-term debt	898	926
Accounts payable	92,605	84,940
Accrued payroll and related expenses	31,816	46,127
Advances from customers	41,117	28,155
Other accrued expenses and current liabilities	116,501	110,953
Total current liabilities	333,937	330,101
Long-term debt	269,356	267,072
Deferred income taxes	3,153	5,846
Other long-term liabilities	106,962	93,370
Total liabilities	713,408	696,389
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value- 10,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value-100,000,000 shares authorized; issued and outstanding, 18,011,982 shares at June 30, 2020 and 17,912,541 shares at September 30, 2020	95,084	122,553
Retained earnings	484,137	474,793
Accumulated other comprehensive loss	(21,681)	(25,194)
Total stockholders' equity	557,540	572,152
Total liabilities and stockholders' equity	$ 1,270,948	$ 1,268,541

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	100,000,000	100,000,000
Common stock, shares issued	17,912,541	18,011,982
Common stock, shares outstanding	17,912,541	18,011,982

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net revenues:
Total net revenues	$ 254,908	$ 290,852
Cost of goods sold:
Total cost of goods sold	159,157	191,641
Gross profit	95,751	99,211
Operating expenses:
Selling, general and administrative	58,617	62,177
Research and development	12,082	14,246
Impairment, restructuring and other charges (benefit), net	8,359	(2,099)
Total operating expenses	79,058	74,324
Income from operations	16,693	24,887
Interest and other expense, net	(4,189)	(4,736)
Income before income taxes	12,504	20,151
(Provision) benefit for income taxes	(3,160)	592
Net income	$ 9,344	$ 20,743
Earnings per share:
Basic	$ 0.52	$ 1.14
Diluted	$ 0.51	$ 1.10
Shares used in per share calculation:
Basic	18,051	18,259
Diluted	18,335	18,903
Products
Net revenues:
Total net revenues	$ 182,747	$ 209,761
Cost of goods sold:
Total cost of goods sold	124,841	146,342
Services
Net revenues:
Total net revenues	72,161	81,091
Cost of goods sold:
Total cost of goods sold	$ 34,316	$ 45,299

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Net income	$ 9,344	$ 20,743
Other comprehensive income (loss):
Foreign currency translation adjustment	3,454	(3,052)
Other	59	10
Other comprehensive income (loss)	3,513	(3,042)
Comprehensive income	$ 12,857	$ 17,701

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Jun. 30, 2019	$ 168,913	$ 399,541	$ (16,727)	$ 551,727
Balance (in shares) at Jun. 30, 2019	18,167,020
Increase (Decrease) in Shareholders' Equity
Exercise of stock options	$ 2,832			2,832
Exercise of stock options (in shares)	167,306
Vesting of RSUs (in shares)	360,866
Shares issued under employee stock purchase program	$ 2,065			2,065
Shares issued under employee stock purchase program (in shares)	34,837
Stock-based compensation expense	$ 6,416			6,416
Repurchase of common stock	$ 13,262			13,262
Repurchase of common stock (in shares)	(126,051)
Taxes paid related to net share settlement of equity awards	$ (25,915)			(25,915)
Taxes paid related to net share settlement of equity awards (in shares)	(246,514)
Net income		20,743		20,743
Other comprehensive income (loss)			(3,042)	(3,042)
Balance at Sep. 30, 2019	$ 141,049	420,284	(19,769)	541,564
Balance (in shares) at Sep. 30, 2019	18,357,464
Balance at Jun. 30, 2020	$ 122,553	474,793	(25,194)	$ 572,152
Balance (in shares) at Jun. 30, 2020	18,011,982			18,011,982
Increase (Decrease) in Shareholders' Equity
Exercise of stock options	$ 80			$ 80
Exercise of stock options (in shares)	69,195
Vesting of RSUs (in shares)	286,701
Shares issued under employee stock purchase program	$ 2,022			2,022
Shares issued under employee stock purchase program (in shares)	32,641
Stock-based compensation expense	$ 6,109			6,109
Repurchase of common stock	$ 24,816			24,816
Repurchase of common stock (in shares)	(320,136)
Taxes paid related to net share settlement of equity awards	$ (10,864)			(10,864)
Taxes paid related to net share settlement of equity awards (in shares)	(167,842)
Net income		9,344		9,344
Other comprehensive income (loss)			3,513	3,513
Balance at Sep. 30, 2020	$ 95,084	$ 484,137	$ (21,681)	$ 557,540
Balance (in shares) at Sep. 30, 2020	17,912,541			17,912,541

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 9,344	$ 20,743
Adjustments to reconcile net income to net cash provided by operating activities, net of effects from acquisitions:
Depreciation and amortization	10,002	13,539
Stock-based compensation expense	6,109	6,416
Deferred income taxes	96	(3)
Amortization of debt discount and issuance costs	2,400	2,308
Impairment charges	552
Provision (benefit) for loss on accounts receivable	2,916	(221)
Other	16	160
Changes in operating assets and liabilities-net of business acquisitions:
Accounts receivable	14,356	(6,940)
Inventories	(14,278)	4,167
Prepaid expenses and other assets	3,377	(13,272)
Accounts payable	7,358	7,594
Accrued payroll and related expenses	(9,469)	(11,675)
Advances from customers	12,773	6,673
Deferred revenue	5,355	(4,459)
Other	2,925	(192)
Net cash provided by operating activities	53,832	24,838
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(3,780)	(6,026)
Purchases of certificates of deposit	(1,815)
Proceeds from maturities of certificates of deposit	700
Acquisition of businesses, net of cash acquired	(3,000)
Payments for intangible and other assets	(4,446)	(2,088)
Net cash used in investing activities	(12,341)	(8,114)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayments) on bank lines of credit	(8,000)	7,000
Proceeds from long-term debt	156	198
Payments on long-term debt	(303)	(253)
Proceeds from exercise of stock options and employee stock purchase plan	2,102	4,897
Payments of contingent consideration	(121)	(144)
Repurchases of common stock	(24,816)	(13,262)
Taxes paid related to net share settlement of equity awards	(10,864)	(25,915)
Net cash used in financing activities	(41,846)	(27,479)
Effect of exchange rate changes on cash	1,178	(419)
Net change in cash and cash equivalents	823	(11,174)
Cash and cash equivalents-beginning of period	76,102	96,316
Cash and cash equivalents-end of period	76,925	85,142
Cash paid, net during the period for:
Interest	3,015	2,986
Income taxes	$ 1,735	$ 4,098

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	1. Basis of Presentation ​ The condensed consolidated financial statements include the accounts of OSI Systems, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded in accordance with SEC rules and regulations and GAAP applicable to interim unaudited financial statements. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for audited annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. These unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the SEC. The results of operations for the three months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the full 2021 fiscal year or any future periods. ​ Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and costs of sales during the reporting period. The most significant of these estimates and assumptions for our company relate to contract revenue, profit and loss recognition, fair values of assets acquired and liabilities assumed in business combinations, values for inventories reported at lower of cost or net realizable value, stock-based compensation expense, income taxes, accrued warranty costs, and the recoverability, useful lives and valuation of recorded amounts of long-lived assets, identifiable intangible assets and goodwill. Changes in estimates are reflected in the periods during which they become known. Due to the inherent uncertainty involved in making estimates, our actual amounts reported in future periods could differ materially from these estimates. ​ Earnings Per Share Computations ​ We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income available to common stockholders by the sum of the weighted average number of common shares and dilutive potential common shares outstanding during the period. Potential common shares consist of the shares issuable upon the exercise of stock options and restricted stock unit awards under the treasury stock method. The underlying equity component of the 1.25% convertible senior notes due 2022 (the “Notes”) discussed in Note 8 to the condensed consolidated financial statements will have a net impact on diluted earnings per share when the average price of our common stock exceeds the conversion price because the principal amount of the Notes is intended to be settled in cash upon conversion. The dilutive effect of the Notes is included in the calculation below for the three months ended September 30, 2019. There was no dilutive effect of the Notes for the three months ended September 30, 2020. ​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Net income available to common stockholders ​ $ 20,743 ​ $ 9,344 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 18,259 ​ 18,051 Dilutive effect of equity awards ​ 628 ​ 284 Dilutive effect of the Notes ​ ​ 16 ​ ​ — Weighted average shares outstanding—diluted ​ 18,903 ​ 18,335 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.14 ​ $ 0.52 Diluted earnings per share ​ $ 1.10 ​ $ 0.51 Shares excluded from diluted earnings per share due to their anti-dilutive effect ​ ​ 84 ​ ​ 87 ​ Cash and Cash Equivalents ​ We consider all highly liquid investments with maturities of three months or less as of the acquisition date to be cash equivalents. ​ Our cash and cash equivalents totaled $76.9 million at September 30, 2020. Of this amount, approximately 76% was held by our foreign subsidiaries and subject to repatriation tax considerations. These foreign funds were held primarily by our subsidiaries in the United Kingdom, Malaysia, Canada, Singapore, India and Australia and to a lesser extent in Mexico, Germany and Albania among other countries. We have cash holdings in financial institutions that exceed insured limits for such institutions; however, we mitigate this risk by utilizing international financial institutions of high credit quality. ​ Fair Value of Financial Instruments ​ Our financial instruments consist primarily of cash and cash equivalents, insurance company contracts, accounts receivable, accounts payable, debt instruments and foreign currency forward contracts. The carrying values of financial instruments, other than long-term debt instruments, are representative of their fair values due to their short-term maturities. The carrying values of our long-term debt instruments are considered to approximate their fair values, as the interest rates of these instruments are variable or comparable to current rates for financing available to us. The fair values of our foreign currency forward contracts were not significant as of September 30, 2020. ​ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Level 1 category includes assets and liabilities measured at quoted prices in active markets for identical assets and liabilities. The Level 2 category includes assets and liabilities measured from observable inputs other than quoted market prices. The Level 3 category includes assets and liabilities for which valuation inputs are unobservable and significant to the fair value measurement. Our contingent payment obligations related to acquisitions, which are further discussed in Note 10 to the condensed consolidated financial statements, are in the Level 3 category for valuation purposes. ​ The fair values of our financial assets and liabilities are categorized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 September 30, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance company contracts ​ $ — ​ $ 37,155 ​ $ — ​ $ 37,155 ​ $ — ​ $ 39,724 ​ $ — ​ $ 39,724 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 13,867 ​ $ 13,867 ​ $ — ​ $ — ​ $ 21,015 ​ $ 21,015 ​ ​ Derivative Instruments and Hedging Activity ​ Our use of derivatives consists of foreign currency forward contracts. These forward contracts are utilized to partially mitigate certain balance sheet exposures and used as a net investment hedge for a foreign subsidiary to protect against potential changes resulting from short-term foreign currency fluctuations. These contracts have original maturities of up to three months. We do not use hedging instruments for speculative purposes. ​ The net investment hedge has been designated as a hedge instrument and accounted for under ASC 815 “Derivatives and Hedging” (ASC 815). Hedge effectiveness is assessed using the spot method, consistent with guidance in ASC 815 whereby the change in fair value of the forward contract is recorded in the same manner as the related currency translation adjustments, within other comprehensive income, as the hedging instrument is expected to be fully effective unless the amount hedged exceeds the net investment in the foreign operation, or the foreign operation is liquidated. We initiated the net investment hedge during the three months ended September 30, 2020 and the amount recorded in other comprehensive income was not significant for such period. ​ The net gains or losses from the foreign currency forward contracts for balance sheet exposures, which are not designated as hedge instruments, are reported in the consolidated income statement immediately. We initiated these forward contracts during the three months ended September 30, 2020 and the amounts reported in the consolidated income statement were not significant for such period. The fair value of our forward foreign exchange contracts is estimated using a standard valuation model and market-based observable inputs over the contractual term. Unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. As of September 30, 2020 we held foreign currency forward contracts with notional amounts totalling $37.5 million. Unrealized gains and losses from the forward currency forward contracts as of September 30, 2020 were not significant. There were no derivative instruments as of June 30, 2020. ​ Recently Adopted Accounting Pronouncements ​ Retirement Benefit Plans ​ In August 2018, the FASB issued authoritative guidance under Accounting Standards Update (“ASU”) 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other post-retirement plans. We adopted this new guidance in the first quarter of fiscal 2021, and it did not have a significant impact on our disclosures in the consolidated financial statements. ​ Intangibles ​ In August 2018, the FASB issued authoritative guidance under ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the noncancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. We adopted this new guidance in the first quarter of fiscal 2021, and it did not have a significant impact on our consolidated financial statements. ​ Recently Issued Accounting Pronouncements Not Yet Adopted ​ In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). Under ASU 2020-06, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. ASU 2020-06 also provides for certain disclosures with regard to convertible instruments and associated fair values. We are required to adopt this new guidance in the first quarter of fiscal 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the potential impact of adoption of this guidance on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which temporarily simplifies the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. Modifications to debt agreements for a change in the reference interest rate will be accounted for by prospectively adjusting the effective interest rate. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, however the adoption of this new guidance for modifications to contracts, if any, is not expected to have a significant impact on our consolidated financial statements. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles of ASC 740, and is intended to improve consistency and simplify GAAP by clarifying and amending existing guidance for income taxes and related topics. We are required to adopt this new guidance in the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We are currently evaluating the potential impact of adoption of this guidance on our consolidated financial statements.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 30, 2020
Business Combinations
Business Combinations	2 Business Combinations ​ Under ASC 805, Business Combinations, the acquisition method of accounting requires us to record assets acquired less liabilities assumed in an acquisition at their estimated fair values at the date of acquisition. Any excess of the total estimated purchase consideration over the estimated fair value of the assets acquired less liabilities assumed should be recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customers, acquired technology, trade names, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. We may record adjustments to the assets acquired and liabilities assumed, with corresponding adjustments to goodwill, during the one-year post-acquisition measurement period as additional information becomes available. Upon the conclusion of the measurement period, any subsequent adjustments are reflected in reported earnings. ​ Fiscal Year 2021 Business Acquisition ​ In July 2020 we (through our Healthcare division) acquired a privately-held software development company for $3.0 million, plus up to $12.0 million in potential contingent consideration. The goodwill recognized for this business is deductible for income tax purposes. This acquisition was financed with available cash on hand. This business acquisition was not material to our consolidated financial statements. Accordingly, pro-forma historical results of operations and certain other disclosures related to this business have not been presented.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Sep. 30, 2020
Balance Sheet Details
Balance Sheet Details	3. Balance Sheet Details ​ The following tables provide details of selected balance sheet accounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Accounts receivable, net 2020 2020 Accounts receivable ​ $ 287,488 $ 273,515 Less allowance for doubtful accounts ​ (17,648) ​ (20,366) Total ​ $ 269,840 ​ $ 253,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Inventories 2020 2020 Raw materials ​ $ 132,797 $ 142,404 Work-in-process ​ 50,023 ​ 58,363 Finished goods ​ 58,406 ​ 54,667 Total ​ $ 241,226 ​ $ 255,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Property and equipment, net ​ 2020 ​ 2020 Land $ 16,516 $ 16,523 Buildings, civil works and improvements ​ 57,709 ​ 57,796 Leasehold improvements ​ 9,052 ​ 9,158 Equipment, furniture and fixtures ​ 149,310 ​ 151,568 Computer software ​ 18,217 ​ 21,932 Computer software implementation in process ​ ​ 11,817 ​ ​ 10,131 Construction in process ​ 3,598 ​ 3,909 Total ​ 266,219 ​ 271,017 Less accumulated depreciation and amortization ​ (138,283) ​ (143,312) Property and equipment, net ​ $ 127,936 ​ $ 127,705 ​ Depreciation and amortization expense for property and equipment was $5.1 million and $5.2 million for the three months ended September 30, 2019 and 2020, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets
Goodwill and Intangible Assets	4. Goodwill and Intangible Assets ​ The changes in the carrying value of goodwill by segment for the three-month period ended September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Security ​ Healthcare ​ Manufacturing ​ ​ ​ ​ Division Division Division Consolidated Balance as of June 30, 2020 ​ $ 203,627 ​ $ 39,983 ​ $ 67,017 ​ $ 310,627 Goodwill acquired or adjusted during the period ​ 498 ​ 3,244 ​ — ​ 3,742 Foreign currency translation adjustment ​ 149 ​ 113 ​ 880 ​ 1,142 Balance as of September 30, 2020 ​ $ 204,274 ​ $ 43,340 ​ $ 67,897 ​ $ 315,511 ​ Intangible assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ September 30, 2020 ​ ​ Weighted ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Carrying ​ Accumulated ​ Intangibles ​ Carrying ​ Accumulated ​ Intangibles ​ Lives Value Amortization Net Value Amortization Net Amortizable assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software development costs 8 years ​ $ 41,332 ​ $ (16,295) ​ $ 25,037 ​ $ 44,436 ​ $ (16,344) ​ $ 28,092 Patents 19 years ​ 9,962 ​ (2,584) ​ 7,378 ​ 10,214 ​ (2,845) ​ 7,369 Developed technology 10 years ​ 55,719 ​ (19,556) ​ 36,163 ​ 60,945 ​ (21,167) ​ 39,778 Customer relationships/backlog 7 years ​ 64,128 ​ (32,110) ​ 32,018 ​ 63,550 ​ (33,172) ​ 30,378 Total amortizable assets ​ ​ ​ 171,141 ​ (70,545) ​ 100,596 ​ 179,145 ​ (73,528) ​ 105,617 Non-amortizable assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPR&D ​ ​ ​ ​ 533 ​ ​ — ​ ​ 533 ​ ​ 533 ​ ​ — ​ ​ 533 Trademarks ​ ​ ​ 27,150 ​ — ​ 27,150 ​ 28,631 ​ — ​ 28,631 Total intangible assets ​ ​ ​ $ 198,824 ​ $ (70,545) ​ $ 128,279 ​ $ 208,309 ​ $ (73,528) ​ $ 134,781 ​ Amortization expense related to intangible assets was $4.9 million and $4.8 million for the three-month periods ended September 30, 2019 and 2020, respectively. ​ At September 30, 2020, the estimated future amortization expense for intangible assets was as follows (in thousands): ​ ​ ​ ​ ​ 2021 (remaining 9 months) ​ $ 13,977 2022 ​ 17,804 2023 ​ 17,457 2024 ​ 16,774 2025 ​ 12,691 Thereafter ​ 26,914 Total ​ $ 105,617 ​ Software development costs for software products incurred before establishing technological feasibility are charged to operations. Software development costs incurred after establishing technological feasibility are capitalized on a product by product basis until the product is available for general release to customers at which time amortization begins. Annual amortization, charged to cost of goods sold, is the amount computed using the ratio that current revenues for a product bear to the total current and anticipated future revenues for that product. In the event that future revenues are not estimable, such costs are amortized on a straight-line basis over the remaining estimated economic life of the product. Amortizable assets that have not yet begun to be amortized are included in Thereafter in the table above. For the three months ended September 30, 2019 and 2020, we capitalized software development costs in the amounts of $1.3 million and $4.1 million, respectively.

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Sep. 30, 2020
Contract Assets and Liabilities
Contract Assets and Liabilities	5. Contract Assets and Liabilities ​ We enter into contracts to sell products and provide services, and we recognize contract assets and liabilities that arise from these transactions. We recognize revenue and corresponding accounts receivable according to ASC 606. When we recognize revenue in advance of the point in time at which contracts give us the right to invoice a customer, we record this as unbilled revenue, which is included in accounts receivable, net, on the consolidated balance sheet. We may also receive consideration, per the terms of a contract, from customers prior to transferring goods to the customer. We record customer deposits as contract liabilities. Additionally, we may receive payments, most typically under service and warranty contracts, at the onset of the contract and before services have been performed. In such instances, we record a deferred revenue liability. We recognize these contract liabilities as sales after all revenue recognition criteria are met. ​ Contract assets and liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ ​ Contract Assets: ​ 2020 ​ 2020 ​ Change ​ % Change Unbilled revenue ​ $ 43,011 ​ $ 53,463 ​ $ 10,452 24 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ Advances from customers ​ $ 28,155 ​ $ 41,117 ​ $ 12,962 ​ 46 % Deferred revenue—current ​ 32,863 ​ 37,508 ​ 4,645 ​ 14 % Deferred revenue—long-term ​ 13,214 ​ 14,029 ​ 815 ​ 6 % ​ Contract assets increased during the three months ended September 30, 2020 primarily due to satisfaction of performance obligations for cargo and vehicle inspection systems in our Security division which have not yet been billed to customers. The increase in contract liabilities was primarily due to receipt of contract deposits and additional performance obligations in our Security division. ​ Remaining Performance Obligations ​ Practical Expedients.

Leases

Leases	3 Months Ended
	Sep. 30, 2020
Leases
Leases	6. Leases ​ The components of operating lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2019 2020 Operating lease cost ​ $ 2,649 ​ $ 2,533 Variable lease cost ​ 138 ​ 258 Short-term lease cost ​ 209 ​ 212 ​ ​ $ 2,996 ​ $ 3,003 ​ Supplemental disclosures related to operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Category June 30, 2020 September 30, 2020 Operating lease ROU assets, net Other assets ​ $ 27,936 ​ $ 25,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities, current portion Other accrued expenses and current liabilities ​ $ 8,537 ​ $ 8,006 Operating lease liabilities, long-term Other long-term liabilities ​ 19,713 ​ 18,235 Total operating lease liabilities ​ ​ ​ $ 28,250 ​ $ 26,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ 4.5 years Weighted average discount rate ​ ​ ​ ​ ​ 4.3 % ​ Supplemental cash flow information related to operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2019 2020 Cash paid for operating lease liabilities ​ $ 2,572 ​ $ 2,580 ROU assets obtained in exchange for new lease obligations ​ 1,313 ​ 122 ​ Maturities of operating lease liabilities at September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ September 30, 2020 Less than one year ​ $ 8,919 1 – 2 years ​ 6,220 2 – 3 years ​ 4,377 3 – 4 years ​ 3,764 4 – 5 years ​ 2,399 Thereafter ​ 3,407 ​ ​ 29,086 Less: imputed interest ​ (2,845) Total lease liabilities ​ $ 26,241 ​

Impairment, Restructuring and O

Impairment, Restructuring and Other Charges	3 Months Ended
	Sep. 30, 2020
Impairment, Restructuring and Other Charges
Impairment, Restructuring and Other Charges	7. Impairment, Restructuring and Other Charges ​ We endeavor to align our global capacity and infrastructure with demand by our customers as well as fully integrate acquisitions and thereby improve operational efficiency. ​ During the quarter ended September 30, 2019, we recognized a net benefit of $2.1 million primarily related to reimbursements from our insurance carriers for covered legal charges, partially offset by additional legal fees related to class action litigation and government investigations. ​ During the three months ended September 30, 2020, we commenced exit activities associated with an expired turnkey contract in Mexico whereby we incurred non-recurring charges totaling $6.9 million comprised of exit costs of $2.5 million for employee terminations, facility closure and other exit costs of $1.1 million, direct transaction costs of $2.7 million and impairment of a right-of-use asset of $0.6 million. We also conducted other operational efficiency activites which resulted in employee termination costs of $1.4 million and other costs of $0.1 million. The following tables summarize impairment, restructuring and other charges (benefit), net for the periods set forth below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ Manufacturing ​ ​ ​ ​ ​ ​ ​ Security Division Division Division Corporate Total Employee termination costs (benefit) ​ $ — ​ $ — ​ $ (13) ​ $ 71 ​ $ 58 Legal recoveries, net ​ — ​ — ​ — ​ (2,157) ​ (2,157) ​ ​ $ — ​ $ — ​ $ (13) ​ $ (2,086) ​ $ (2,099) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ Manufacturing ​ ​ ​ ​ ​ ​ ​ Security Division Division Division Corporate Total Impairment charges ​ $ 552 ​ $ — ​ $ — ​ $ — ​ $ 552 Employee termination costs ​ ​ 3,737 ​ ​ — ​ ​ 146 ​ ​ — ​ ​ 3,883 Mexico transaction costs ​ ​ 2,692 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,692 Facility closures/consolidation ​ ​ 1,272 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,272 Legal recoveries, net ​ — ​ — ​ — ​ (40) ​ (40) Total expensed ​ $ 8,253 ​ $ — ​ $ 146 ​ $ (40) ​ $ 8,359 ​ The changes in the accrued liability for restructuring and other charges for the three-month period ended September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ Employee ​ Closure/ ​ ​ ​ ​ ​ ​ ​ Termination ​ Consolidation ​ Legal Costs and ​ ​ ​ ​ Costs Cost Settlements Total Balance as of June 30, 2020 ​ $ 545 ​ $ 201 ​ $ 1,882 ​ $ 2,628 Restructuring and other charges (benefit), net ​ 3,883 ​ 1,272 ​ (40) ​ 5,115 Payments, adjustments and reimbursements, net ​ (4,128) ​ (1,473) ​ (3) ​ (5,604) Balance as of September 30, 2020 ​ $ 300 ​ $ — ​ $ 1,839 ​ $ 2,139 ​

Borrowings

Borrowings	3 Months Ended
	Sep. 30, 2020
Borrowings
Borrowings	8. Borrowings ​ Revolving Credit Facility ​ We have a revolving credit facility with an aggregate committed amount of up to $535 million which matures in April 2024. The credit facility includes a $300 million sub-limit for letters of credit. Under certain circumstances, we have the ability to increase the facility by the greater of $250 million or such amount as would not cause our secured leverage ratio to exceed a specified level. Borrowings under this facility bear interest at LIBOR plus a margin of 1.0% as of September 30, 2020 (which margin can range from 1.0% to 1.75% based on our consolidated net leverage ratio as defined in the credit facility). The LIBOR index is expected to be discontinued by the end of calendar year 2021. The terms of our credit facility allow for replacement if that occurs. Letters of credit reduce the amount available to borrow under the credit facility by their face value amount. The unused portion of the facility bears a commitment fee of 0.10% as of September 30, 2020 (which fee can range from 0.10% to 0.25% based on our consolidated net leverage ratio as defined in the credit facility). Our borrowings under the credit agreement are guaranteed by certain of our U.S.-based subsidiaries and are secured by substantially all of our assets and substantially all the assets of certain of our subsidiaries. The credit facility contains various representations and warranties, affirmative, negative and financial covenants and events of default. As of September 30, 2020, there was $51.0 million of borrowings outstanding under the revolving credit facility and $75.4 million outstanding under the letters of credit sub facility. The amount available to borrow under the credit facility as of September 30, 2020 was $408.6 million. Loan amounts under the revolving credit facility may be borrowed, repaid and re-borrowed during the term. The principal amount of each revolving loan is due and payable in full on the maturity date. We have the right to repay each revolving loan in whole or in part from time to time without penalty. It is our practice to routinely borrow and repay several times per year under this revolving facility. Therefore, borrowings under the credit facility are included in current liabilities. As of September 30, 2020, we were in compliance with all covenants under this credit facility. ​ 1.25% Convertible Senior Notes Due 2022 ​ In February 2017, we issued $287.5 million of the Notes in a private offering. The Notes are governed by an indenture dated February 22, 2017. The maturity for the payment of principal is September 1, 2022. The Notes bear interest at the rate of 1.25% and are payable in cash semiannually in arrears on each March 1 and September 1. The Notes are senior unsecured obligations and rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries, as well as any of our existing and future indebtedness that may be guaranteed by our subsidiaries to the extent of such guarantees (including the guarantees of certain of our subsidiaries under our existing revolving credit facility). ​ The Notes are convertible prior to March 1, 2022 only upon specified events and during specified periods and are, thereafter convertible, at any time, in each case at an initial conversion rate of 9.3056 per $1,000 principal amount of the Notes, which is equal to an initial conversion price of approximately $107.46 per share or a 38.5% premium to our stock price at the time of the issuance. The conversion rate is subject to adjustment upon certain events. Upon conversion, the Notes may be settled, at our election, in shares of our common stock, cash or a combination of cash and shares of common stock. We have initially elected a combination settlement method to satisfy the conversion obligation, which allows us to settle the principal amount of the Notes in cash and to settle the excess conversion value, if any, in shares of common stock, as well as cash in lieu of fractional shares. ​ We may redeem the Notes if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any period of 30 consecutive trading days. If we undergo a fundamental change, as defined in the indenture for the Notes, subject to certain conditions, holders of the Notes may require us to repurchase all or part of the Notes for cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The occurrence of a fundamental change will also result in the Notes becoming immediately convertible. Since the last reported sales price of our common stock did not exceed 130% of the conversion price for at least 20 trading days within any applicable period of 30 consecutive trading days during fiscal year 2020, the Notes are not yet convertible. ​ Pursuant to ASC 470-20, we allocated the $287.5 million gross proceeds of the Notes between liability and equity components. The initial $242.4 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature for similar terms and priced on the same day the Notes were issued. The initial $45.1 million equity component represents the debt discount and was calculated as the difference between the fair value of the debt and the gross proceeds of the Notes. Issuance costs of $7.7 million were allocated between debt ($6.5 million) and equity ($1.2 million) components with the portion allocated to the debt presented as an offset against long -term debt in the consolidated balance sheet and being amortized as interest expense over the life of the Notes using the effective interest method. The total interest expense recognized for the three months ended September 30, 2020 related to the Notes was $3.3 million, which consisted of $0.9 million of contractual interest expense, $2.1 million of debt discount amortization and $0.3 million of amortization of debt issuance costs. For the three months ended September 30, 2019, the total interest expense was $3.2 million, which consisted of $0.9 million of contractual interest expense, $2.0 million of debt discount amortization and $0.3 million of amortization of debt issuance costs. As of June 30, 2020 and September 30, 2020, the respective unamortized debt discounts were $19.1 million and $17.0 million, which are being amortized over the remaining contractual term to maturity of the Notes using an effective interest rate of 4.5%. The unamortized debt issuance cost of $2.5 million and $2.3 million as of June 30, 2020 and September 30, 2020, respectively, is amortized on a straight-line basis, which approximates the effective interest method, over the life of the Notes. ​ Other Borrowings ​ Several of our foreign subsidiaries maintain bank lines-of-credit, denominated in local currencies and U.S. dollars, primarily for the issuance of letters-of-credit. As of September 30, 2020, $57.4 million was outstanding under these letter-of-credit facilities. As of September 30, 2020, the total amount available under these credit facilities was $14.7 million. ​ Long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ 2020 ​ 2020 1.25% convertible notes due 2022: ​ ​ ​ ​ ​ ​ Principal amount ​ $ 287,500 ​ $ 287,500 Unamortized discount ​ ​ (19,075) ​ ​ (16,969) Unamortized debt issuance costs ​ ​ (2,547) ​ ​ (2,253) ​ ​ ​ 265,878 ​ ​ 268,278 Other long-term debt ​ 2,120 ​ 1,976 ​ ​ 267,998 ​ 270,254 Less current portion of long-term debt ​ (926) ​ (898) Long-term portion of debt ​ $ 267,072 ​ $ 269,356 ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2020
Stockholders' Equity
Stockholders' Equity	9. Stockholders’ Equity ​ Stock-based Compensation ​ As of September 30, 2020, we maintained the Amended and Restated 2012 Incentive Award Plan (the "2012 Plan ") and the Amended and Restated 2006 Equity Participation Plan ("2006 Plan") as stock-based employee compensation plans. No further grants may be made under the 2006 Plan. The 2012 Plan and the 2006 Plan are collectively referred to as the "OSI Plans." ​ We recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Cost of goods sold ​ $ 171 ​ $ 179 Selling, general and administrative ​ 6,085 ​ 5,785 Research and development ​ 160 ​ 145 Stock-based compensation expense ​ $ 6,416 ​ $ 6,109 ​ As of September 30, 2020, total unrecognized compensation cost related to share-based compensation grants under the OSI Plans were estimated at $0.4 million for stock options and $27.7 million for RSUs. We expect to recognize these costs over a weighted average period of 1.8 years with respect to the stock options and 1.8 years for grants of RSUs. ​ The following summarizes stock option activity during the three months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted-Average ​ Aggregate ​ ​ Number of ​ Exercise ​ Remaining Contractual ​ Intrinsic Value ​ Options Price Term (in thousands) Outstanding at June 30, 2020 326,304 $ 44.41 ​ ​ ​ ​ Granted 526 ​ ​ 75.96 ​ ​ ​ ​ ​ Exercised (69,195) ​ ​ 27.42 ​ ​ ​ ​ ​ Expired or forfeited (1,009) ​ ​ 85.87 ​ ​ ​ ​ ​ Outstanding at September 30, 2020 256,626 ​ ​ 48.89 ​ 2.8 years ​ $ 7,814 Exercisable at September 30, 2020 ​ 228,022 ​ ​ 43.97 2.0 years ​ ​ 7,756 ​ The following summarizes RSU award activity during the three months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ Shares Fair Value Nonvested at June 30, 2020 423,590 ​ $ 88.68 Granted 303,071 ​ ​ 80.13 Vested (286,701) ​ ​ 86.38 Forfeited (2,270) ​ ​ 86.09 Nonvested at September 30, 2020 437,690 ​ $ 84.28 ​ As of September 30, 2020, there were approximately 0.5 million shares available for grant under the 2012 Plan. Under the terms of the 2012 Plan, RSUs and restricted stock granted from the pool of shares available for grant reduce the pool by 1.87 shares for each award granted. RSUs and restricted stock forfeited and returned to the pool of shares available for grant increase the pool by 1.87 shares for each award forfeited. ​ We granted 80,326 and 136,242 performance-based RSUs during the three months ended September 30, 2019 and 2020, respectively. These performance based RSU awards are contingent on the achievement of certain performance metrics. The payout related to these awards can range from zero to 280% of the original number of shares or units awarded. ​ Stock Repurchase Program ​ In April 2020, the Board of Directors authorized a share repurchase program of up to 1,000,000 shares of common stock. In August 2020, the Board of Directors increased the maximum number of shares to 3,000,000 shares authorized under the stock repurchase program. This program does not expire unless our Board of Directors acts to terminate the program. The timing and actual numbers of shares purchased depends on a variety of factors, including stock price, general business and market conditions and other investment opportunities. Repurchases may be made from time to time under the program through open-market purchases or privately-negotiated transactions at our discretion. Upon repurchase, the shares are restored to the status of authorized but unissued shares and we record them in our consolidated financial statements as a reduction in the number of shares of common stock issued and outstanding. ​ During the three months ended September 30, 2020, we repurchased 320,136 shares of our common stock. ​ Dividends ​ We have not paid any cash dividends since the consummation of our initial public offering in 1997 and we do not currently intend to pay any cash dividends in the foreseeable future. Our Board of Directors will determine the payment of future cash dividends, if any. Certain of our current bank credit facilities restrict the payment of cash dividends and future borrowings may contain similar restrictions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies ​ Acquisition-Related Contingent Obligations ​ Under the terms and conditions of the purchase agreements associated with certain acquisitions, we may be obligated to make additional payments based on the achievement of certain sales or profitability milestones through the acquired operations. For agreements that contain contingent consideration caps, the remaining maximum amount of such potential future payments is $35.1 million as of September 30, 2020. ​ We account for such contingent payments for acquisitions which occurred through the end of fiscal year 2009 as additions to the purchase price of the acquired business. We made contingent payments of $0.1 million relating to such acquisitions during each of the three months ended September 30, 2019 and 2020, respectively. ​ For acquisitions completed after fiscal 2009, pursuant to Financial Accounting Standard 141R, which was codified into ASC 805, the estimated fair value of these obligations is recorded as a liability at the time of the acquisition with subsequent revisions recorded in Selling, general and administrative expense in the consolidated financial statements. The estimated fair value measurements of contingent earn-out obligations are primarily based on unobservable inputs, which may include projected revenues, gross margins, operating income, and the estimated probability of achieving the earn-outs. ​ These projections and probabilities are used to estimate future contingent earnout payments, which are discounted back to present value to compute contingent earnout liabilities. The following table provides a roll-forward from June 30, 2020 to September 30, 2020 of the contingent consideration liability, which is included in other accrued expenses and current liabilities, and other long-term liabilities in our consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ Beginning fair value, June 30, 2020 ​ $ 13,867 Addition of contingent earnout obligations ​ ​ 7,304 Foreign currency translation adjustment ​ ​ 196 Changes in fair value for contingent earnout obligations ​ (352) Payments on contingent earnout obligations ​ — Ending fair value, September 30, 2020 ​ $ 21,015 ​ Advances from Customers ​ We receive advances from customers associated with certain contracts. These advances are paid in cash by customers, and we account for these as liabilities until our associated contractual obligations are complete. ​ Environmental Contingencies ​ We are subject to various environmental laws. Our practice is to conduct appropriate environmental investigations at our manufacturing facilities in North America, Asia-Pacific, and Europe, and, to the extent practicable, on all new properties in order to identify, as of the date of such investigation, potential areas of environmental concern related to past and present activities or from nearby operations. In certain cases, we have conducted further environmental assessments consisting of soil and groundwater testing and other investigations deemed appropriate by independent environmental consultants. ​ We continue to investigate contamination of the soil and groundwater beneath the Hawthorne, California facility that resulted from unspecified on-and off-site releases occurring prior to our occupancy. We believe the releases are of a historical nature and not uncommon to the region in general. We continue to take voluntary actions, in cooperation with the local governing agency, to fully investigate the site in order to develop appropriate remedial actions. ​ We have not accrued for loss contingencies relating to the Hawthorne facility or any other environmental matters because we believe that, although unfavorable outcomes may be possible, they are not considered by our management to be probable and reasonably estimable. If one or more of these environmental matters are resolved in a manner adverse to us, the impact on our business, financial condition, results of operations and cash flow could be material. ​ Indemnifications and Certain Employment-Related Contingencies ​ In the normal course of business, we have agreed to indemnify certain parties with respect to certain matters. We have agreed to hold certain parties harmless against losses arising from breaches of representations, warranties or covenants, or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, we have entered into indemnification agreements with our directors and certain of our officers. It is not possible to determine the maximum potential liability amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. We have not recorded any liability for costs related to contingent indemnification obligations as of September 30, 2020. ​ On December 31, 2017, we and Deepak Chopra, our Chief Executive Officer, entered into an amendment to Mr. Chopra's employment agreement that, among other things, provides for a $13.5 million bonus payment to Mr. Chopra on or within 45 days of January 1, 2024 contingent upon Mr. Chopra's continued employment with us through that date, subject to accelerated payout terms in the event of Mr. Chopra's death or disability. The bonus is recorded in the financial statements over the remaining term of the employment agreement and is included in other long-term liabilities. ​ Product Warranties ​ We offer our customers warranties on many of the products that we sell. These warranties typically provide for repairs and maintenance of the products if problems arise during a specified time period after original shipment. Concurrent with the sale of products, we record a provision for estimated warranty expenses with a corresponding increase in cost of goods sold. We periodically adjust this provision based on historical experience and anticipated expenses. We charge actual expenses of repairs under warranty, including parts and labor, to this provision when incurred. The current obligation for warranty provision is included in other accrued expenses and current liabilities and the noncurrent portion is included in other long-term liabilities in the consolidated balance sheets. ​ The following table presents changes in warranty provisions (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Balance at beginning of period ​ $ 21,724 ​ $ 20,825 Additions and adjustments ​ ​ 2,254 ​ ​ 930 Reductions for warranty repair costs ​ (2,291) ​ (1,180) Balance at end of period ​ $ 21,687 ​ $ 20,575 ​ Legal Proceedings ​ In December 2017, a short seller released a report regarding our compliance with the FCPA. Following that report, we and certain of our executive officers have been named as defendants in several lawsuits in the District Court that were filed in December 2017 and February 2018. Each of the complaints closely tracks the allegations set forth in the short seller's report. All of the actions, which were consolidated by the District Court in March 2018 in an action captioned Arkansas Teacher Retirement System et al. v. OSI Systems, Inc. et al. Kocen and Riley v. Chopra, et al. ​ The SEC and the DOJ are conducting an investigation of trading in our securities and have each subpoenaed information regarding trading by executives, directors, and employees, as well as our operations and disclosures in and around the time of certain trades. With respect to these trading related matters, in fiscal year 2018, we took action with respect to a senior level employee. At this time, we are unable to predict what, if any, action may be taken by the DOJ or SEC as a result of these trading related investigations, or any penalties or remedial measures these agencies may seek. We place a high priority on compliance with our anticorruption and securities trading policies and are cooperating with each of the government investigations. ​ We are involved in various other claims and legal proceedings arising in the ordinary course of business. In our opinion after consultation with legal counsel, the ultimate disposition of such proceedings is not likely to have a material adverse effect on our business, financial condition, results of operations or cash flows. We have not accrued for loss contingencies relating to any such matters because we believe that, although unfavorable outcomes in the proceedings are possible, they are not considered by management to be probable and reasonably estimable. If one or more of these matters are resolved in a manner adverse to our company, the impact on our business, financial condition, results of operations and cash flows could be material.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	11. Income Taxes ​ The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate, and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. ​ During the three months ended September 30, 2019 and 2020, we recognized discrete tax benefits related to equity-based compensation under ASU 2016-09 of $6.2 million and $0.3 million, respectively, resulting in an effective tax rate of -2.9% and 25.3%, respectively. Excluding the impact of the discrete tax items noted above, our effective tax rate for the three months ended September 30, 2020 was 27.5% as compared to 27.9% in the same prior-year period.

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 2020
Segment Information
Segment Information	12. Segment Information ​ We have determined that we operate in three identifiable industry segments: (a) security and inspection systems (Security division), (b) medical monitoring and diagnostic cardiology systems (Healthcare division) and (c) optoelectronic devices and manufacturing (Optoelectronics and Manufacturing division). We also have a corporate segment (Corporate) that includes executive compensation and certain other general and administrative expenses; expenses related to stock issuances and legal, audit and other professional service fees not allocated to industry segments. Both the Security and Healthcare divisions comprise primarily end-product businesses whereas the Optoelectronics and Manufacturing division primarily supplies components and subsystems to external OEM customers, as well as to the Security and Healthcare divisions. Sales between divisions are at transfer prices that approximate market values. All other accounting policies of the segments are the same as described in Note 1, Basis of Presentation. ​ The following tables present our results of operations and identifiable assets by industry segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Revenues (1) —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 188,964 ​ $ 134,775 Healthcare division ​ ​ 40,208 ​ ​ 51,503 Optoelectronics and Manufacturing division, including intersegment revenues ​ ​ 73,638 ​ ​ 79,914 Intersegment revenues elimination ​ ​ (11,958) ​ ​ (11,284) Total ​ $ 290,852 ​ $ 254,908 ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 20,318 ​ $ 8,906 Healthcare division ​ ​ 2,817 ​ ​ 8,984 Optoelectronics and Manufacturing division ​ ​ 8,769 ​ ​ 8,740 Corporate ​ ​ (7,337) ​ ​ (9,456) Eliminations ​ ​ 320 ​ ​ (481) Total ​ $ 24,887 ​ $ 16,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2020 2020 Assets (2) —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 758,054 ​ $ 739,269 Healthcare division ​ 208,857 ​ 215,320 Optoelectronics and Manufacturing division ​ 232,408 ​ 248,909 Corporate ​ 109,178 ​ 107,213 Eliminations (3) ​ (39,956) ​ (39,763) Total ​ $ 1,268,541 ​ $ 1,270,948 (1) (2) (3)

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	​ The condensed consolidated financial statements include the accounts of OSI Systems, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded in accordance with SEC rules and regulations and GAAP applicable to interim unaudited financial statements. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for audited annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. These unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the SEC. The results of operations for the three months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the full 2021 fiscal year or any future periods. ​
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and costs of sales during the reporting period. The most significant of these estimates and assumptions for our company relate to contract revenue, profit and loss recognition, fair values of assets acquired and liabilities assumed in business combinations, values for inventories reported at lower of cost or net realizable value, stock-based compensation expense, income taxes, accrued warranty costs, and the recoverability, useful lives and valuation of recorded amounts of long-lived assets, identifiable intangible assets and goodwill. Changes in estimates are reflected in the periods during which they become known. Due to the inherent uncertainty involved in making estimates, our actual amounts reported in future periods could differ materially from these estimates. ​
Earnings Per Share Computations	Earnings Per Share Computations ​ We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income available to common stockholders by the sum of the weighted average number of common shares and dilutive potential common shares outstanding during the period. Potential common shares consist of the shares issuable upon the exercise of stock options and restricted stock unit awards under the treasury stock method. The underlying equity component of the 1.25% convertible senior notes due 2022 (the “Notes”) discussed in Note 8 to the condensed consolidated financial statements will have a net impact on diluted earnings per share when the average price of our common stock exceeds the conversion price because the principal amount of the Notes is intended to be settled in cash upon conversion. The dilutive effect of the Notes is included in the calculation below for the three months ended September 30, 2019. There was no dilutive effect of the Notes for the three months ended September 30, 2020. ​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Net income available to common stockholders ​ $ 20,743 ​ $ 9,344 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 18,259 ​ 18,051 Dilutive effect of equity awards ​ 628 ​ 284 Dilutive effect of the Notes ​ ​ 16 ​ ​ — Weighted average shares outstanding—diluted ​ 18,903 ​ 18,335 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.14 ​ $ 0.52 Diluted earnings per share ​ $ 1.10 ​ $ 0.51 Shares excluded from diluted earnings per share due to their anti-dilutive effect ​ ​ 84 ​ ​ 87 ​
Cash and Cash Equivalents	Cash and Cash Equivalents ​ We consider all highly liquid investments with maturities of three months or less as of the acquisition date to be cash equivalents. ​ Our cash and cash equivalents totaled $76.9 million at September 30, 2020. Of this amount, approximately 76% was held by our foreign subsidiaries and subject to repatriation tax considerations. These foreign funds were held primarily by our subsidiaries in the United Kingdom, Malaysia, Canada, Singapore, India and Australia and to a lesser extent in Mexico, Germany and Albania among other countries. We have cash holdings in financial institutions that exceed insured limits for such institutions; however, we mitigate this risk by utilizing international financial institutions of high credit quality. ​
Fair Value of Financial Instruments	Fair Value of Financial Instruments ​ Our financial instruments consist primarily of cash and cash equivalents, insurance company contracts, accounts receivable, accounts payable, debt instruments and foreign currency forward contracts. The carrying values of financial instruments, other than long-term debt instruments, are representative of their fair values due to their short-term maturities. The carrying values of our long-term debt instruments are considered to approximate their fair values, as the interest rates of these instruments are variable or comparable to current rates for financing available to us. The fair values of our foreign currency forward contracts were not significant as of September 30, 2020. ​ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Level 1 category includes assets and liabilities measured at quoted prices in active markets for identical assets and liabilities. The Level 2 category includes assets and liabilities measured from observable inputs other than quoted market prices. The Level 3 category includes assets and liabilities for which valuation inputs are unobservable and significant to the fair value measurement. Our contingent payment obligations related to acquisitions, which are further discussed in Note 10 to the condensed consolidated financial statements, are in the Level 3 category for valuation purposes. ​ The fair values of our financial assets and liabilities are categorized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 September 30, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance company contracts ​ $ — ​ $ 37,155 ​ $ — ​ $ 37,155 ​ $ — ​ $ 39,724 ​ $ — ​ $ 39,724 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 13,867 ​ $ 13,867 ​ $ — ​ $ — ​ $ 21,015 ​ $ 21,015 ​
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity ​ Our use of derivatives consists of foreign currency forward contracts. These forward contracts are utilized to partially mitigate certain balance sheet exposures and used as a net investment hedge for a foreign subsidiary to protect against potential changes resulting from short-term foreign currency fluctuations. These contracts have original maturities of up to three months. We do not use hedging instruments for speculative purposes. ​ The net investment hedge has been designated as a hedge instrument and accounted for under ASC 815 “Derivatives and Hedging” (ASC 815). Hedge effectiveness is assessed using the spot method, consistent with guidance in ASC 815 whereby the change in fair value of the forward contract is recorded in the same manner as the related currency translation adjustments, within other comprehensive income, as the hedging instrument is expected to be fully effective unless the amount hedged exceeds the net investment in the foreign operation, or the foreign operation is liquidated. We initiated the net investment hedge during the three months ended September 30, 2020 and the amount recorded in other comprehensive income was not significant for such period. ​ The net gains or losses from the foreign currency forward contracts for balance sheet exposures, which are not designated as hedge instruments, are reported in the consolidated income statement immediately. We initiated these forward contracts during the three months ended September 30, 2020 and the amounts reported in the consolidated income statement were not significant for such period. The fair value of our forward foreign exchange contracts is estimated using a standard valuation model and market-based observable inputs over the contractual term. Unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. As of September 30, 2020 we held foreign currency forward contracts with notional amounts totalling $37.5 million. Unrealized gains and losses from the forward currency forward contracts as of September 30, 2020 were not significant. There were no derivative instruments as of June 30, 2020. ​
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ Retirement Benefit Plans ​ In August 2018, the FASB issued authoritative guidance under Accounting Standards Update (“ASU”) 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other post-retirement plans. We adopted this new guidance in the first quarter of fiscal 2021, and it did not have a significant impact on our disclosures in the consolidated financial statements. ​ Intangibles ​ In August 2018, the FASB issued authoritative guidance under ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the noncancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. We adopted this new guidance in the first quarter of fiscal 2021, and it did not have a significant impact on our consolidated financial statements. ​ Recently Issued Accounting Pronouncements Not Yet Adopted ​ In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). Under ASU 2020-06, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. ASU 2020-06 also provides for certain disclosures with regard to convertible instruments and associated fair values. We are required to adopt this new guidance in the first quarter of fiscal 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the potential impact of adoption of this guidance on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which temporarily simplifies the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. Modifications to debt agreements for a change in the reference interest rate will be accounted for by prospectively adjusting the effective interest rate. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, however the adoption of this new guidance for modifications to contracts, if any, is not expected to have a significant impact on our consolidated financial statements. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles of ASC 740, and is intended to improve consistency and simplify GAAP by clarifying and amending existing guidance for income taxes and related topics. We are required to adopt this new guidance in the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We are currently evaluating the potential impact of adoption of this guidance on our consolidated financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Sep. 30, 2020
Basis of Presentation
Schedule of computation of basic and diluted earnings per share	​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Net income available to common stockholders ​ $ 20,743 ​ $ 9,344 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 18,259 ​ 18,051 Dilutive effect of equity awards ​ 628 ​ 284 Dilutive effect of the Notes ​ ​ 16 ​ ​ — Weighted average shares outstanding—diluted ​ 18,903 ​ 18,335 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.14 ​ $ 0.52 Diluted earnings per share ​ $ 1.10 ​ $ 0.51 Shares excluded from diluted earnings per share due to their anti-dilutive effect ​ ​ 84 ​ ​ 87 ​
Summary of fair values of financial assets and liabilities	The fair values of our financial assets and liabilities are categorized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 September 30, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance company contracts ​ $ — ​ $ 37,155 ​ $ — ​ $ 37,155 ​ $ — ​ $ 39,724 ​ $ — ​ $ 39,724 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 13,867 ​ $ 13,867 ​ $ — ​ $ — ​ $ 21,015 ​ $ 21,015

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Sep. 30, 2020
Balance Sheet Details
Schedule of selected balance sheet accounts	​ The following tables provide details of selected balance sheet accounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Accounts receivable, net 2020 2020 Accounts receivable ​ $ 287,488 $ 273,515 Less allowance for doubtful accounts ​ (17,648) ​ (20,366) Total ​ $ 269,840 ​ $ 253,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Inventories 2020 2020 Raw materials ​ $ 132,797 $ 142,404 Work-in-process ​ 50,023 ​ 58,363 Finished goods ​ 58,406 ​ 54,667 Total ​ $ 241,226 ​ $ 255,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, Property and equipment, net ​ 2020 ​ 2020 Land $ 16,516 $ 16,523 Buildings, civil works and improvements ​ 57,709 ​ 57,796 Leasehold improvements ​ 9,052 ​ 9,158 Equipment, furniture and fixtures ​ 149,310 ​ 151,568 Computer software ​ 18,217 ​ 21,932 Computer software implementation in process ​ ​ 11,817 ​ ​ 10,131 Construction in process ​ 3,598 ​ 3,909 Total ​ 266,219 ​ 271,017 Less accumulated depreciation and amortization ​ (138,283) ​ (143,312) Property and equipment, net ​ $ 127,936 ​ $ 127,705

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets
Schedule of changes in the carrying value of goodwill by segment	The changes in the carrying value of goodwill by segment for the three-month period ended September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ Security ​ Healthcare ​ Manufacturing ​ ​ ​ ​ Division Division Division Consolidated Balance as of June 30, 2020 ​ $ 203,627 ​ $ 39,983 ​ $ 67,017 ​ $ 310,627 Goodwill acquired or adjusted during the period ​ 498 ​ 3,244 ​ — ​ 3,742 Foreign currency translation adjustment ​ 149 ​ 113 ​ 880 ​ 1,142 Balance as of September 30, 2020 ​ $ 204,274 ​ $ 43,340 ​ $ 67,897 ​ $ 315,511
Schedule of intangible assets	Intangible assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ September 30, 2020 ​ ​ Weighted ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Carrying ​ Accumulated ​ Intangibles ​ Carrying ​ Accumulated ​ Intangibles ​ Lives Value Amortization Net Value Amortization Net Amortizable assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software development costs 8 years ​ $ 41,332 ​ $ (16,295) ​ $ 25,037 ​ $ 44,436 ​ $ (16,344) ​ $ 28,092 Patents 19 years ​ 9,962 ​ (2,584) ​ 7,378 ​ 10,214 ​ (2,845) ​ 7,369 Developed technology 10 years ​ 55,719 ​ (19,556) ​ 36,163 ​ 60,945 ​ (21,167) ​ 39,778 Customer relationships/backlog 7 years ​ 64,128 ​ (32,110) ​ 32,018 ​ 63,550 ​ (33,172) ​ 30,378 Total amortizable assets ​ ​ ​ 171,141 ​ (70,545) ​ 100,596 ​ 179,145 ​ (73,528) ​ 105,617 Non-amortizable assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPR&D ​ ​ ​ ​ 533 ​ ​ — ​ ​ 533 ​ ​ 533 ​ ​ — ​ ​ 533 Trademarks ​ ​ ​ 27,150 ​ — ​ 27,150 ​ 28,631 ​ — ​ 28,631 Total intangible assets ​ ​ ​ $ 198,824 ​ $ (70,545) ​ $ 128,279 ​ $ 208,309 ​ $ (73,528) ​ $ 134,781
Schedule of estimated future amortization expense for intangible assets	​ At September 30, 2020, the estimated future amortization expense for intangible assets was as follows (in thousands): ​ ​ ​ ​ ​ 2021 (remaining 9 months) ​ $ 13,977 2022 ​ 17,804 2023 ​ 17,457 2024 ​ 16,774 2025 ​ 12,691 Thereafter ​ 26,914 Total ​ $ 105,617 ​

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Sep. 30, 2020
Contract Assets and Liabilities
Schedule of contract assets and contract liabilities	​ Contract assets and liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ ​ Contract Assets: ​ 2020 ​ 2020 ​ Change ​ % Change Unbilled revenue ​ $ 43,011 ​ $ 53,463 ​ $ 10,452 24 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ Advances from customers ​ $ 28,155 ​ $ 41,117 ​ $ 12,962 ​ 46 % Deferred revenue—current ​ 32,863 ​ 37,508 ​ 4,645 ​ 14 % Deferred revenue—long-term ​ 13,214 ​ 14,029 ​ 815 ​ 6 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2020
Leases
Schedule of components of operating lease expense	The components of operating lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2019 2020 Operating lease cost ​ $ 2,649 ​ $ 2,533 Variable lease cost ​ 138 ​ 258 Short-term lease cost ​ 209 ​ 212 ​ ​ $ 2,996 ​ $ 3,003
Schedule of supplemental balance sheet assets and liabilities related to operating leases	Supplemental disclosures related to operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Category June 30, 2020 September 30, 2020 Operating lease ROU assets, net Other assets ​ $ 27,936 ​ $ 25,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities, current portion Other accrued expenses and current liabilities ​ $ 8,537 ​ $ 8,006 Operating lease liabilities, long-term Other long-term liabilities ​ 19,713 ​ 18,235 Total operating lease liabilities ​ ​ ​ $ 28,250 ​ $ 26,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term ​ ​ ​ ​ ​ 4.5 years Weighted average discount rate ​ ​ ​ ​ ​ 4.3 %
Schedule of supplemental cash flow information related to operating leases	Supplemental cash flow information related to operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2019 2020 Cash paid for operating lease liabilities ​ $ 2,572 ​ $ 2,580 ROU assets obtained in exchange for new lease obligations ​ 1,313 ​ 122
Schedule of maturities of operating lease liabilities	Maturities of operating lease liabilities at September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ September 30, 2020 Less than one year ​ $ 8,919 1 – 2 years ​ 6,220 2 – 3 years ​ 4,377 3 – 4 years ​ 3,764 4 – 5 years ​ 2,399 Thereafter ​ 3,407 ​ ​ 29,086 Less: imputed interest ​ (2,845) Total lease liabilities ​ $ 26,241

Impairment, Restructuring and_2

Impairment, Restructuring and Other Charges (Tables)	3 Months Ended
	Sep. 30, 2020
Impairment, Restructuring and Other Charges
Summary of impairment, restructuring and other charges (benefit), net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ Manufacturing ​ ​ ​ ​ ​ ​ ​ Security Division Division Division Corporate Total Employee termination costs (benefit) ​ $ — ​ $ — ​ $ (13) ​ $ 71 ​ $ 58 Legal recoveries, net ​ — ​ — ​ — ​ (2,157) ​ (2,157) ​ ​ $ — ​ $ — ​ $ (13) ​ $ (2,086) ​ $ (2,099) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Optoelectronics and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ Manufacturing ​ ​ ​ ​ ​ ​ ​ Security Division Division Division Corporate Total Impairment charges ​ $ 552 ​ $ — ​ $ — ​ $ — ​ $ 552 Employee termination costs ​ ​ 3,737 ​ ​ — ​ ​ 146 ​ ​ — ​ ​ 3,883 Mexico transaction costs ​ ​ 2,692 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,692 Facility closures/consolidation ​ ​ 1,272 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,272 Legal recoveries, net ​ — ​ — ​ — ​ (40) ​ (40) Total expensed ​ $ 8,253 ​ $ — ​ $ 146 ​ $ (40) ​ $ 8,359 ​
Summary of changes in the accrued liability for restructuring and other charges	The changes in the accrued liability for restructuring and other charges for the three-month period ended September 30, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ Employee ​ Closure/ ​ ​ ​ ​ ​ ​ ​ Termination ​ Consolidation ​ Legal Costs and ​ ​ ​ ​ Costs Cost Settlements Total Balance as of June 30, 2020 ​ $ 545 ​ $ 201 ​ $ 1,882 ​ $ 2,628 Restructuring and other charges (benefit), net ​ 3,883 ​ 1,272 ​ (40) ​ 5,115 Payments, adjustments and reimbursements, net ​ (4,128) ​ (1,473) ​ (3) ​ (5,604) Balance as of September 30, 2020 ​ $ 300 ​ $ — ​ $ 1,839 ​ $ 2,139

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Sep. 30, 2020
Borrowings
Schedule of long-term debt	Long-term debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ 2020 ​ 2020 1.25% convertible notes due 2022: ​ ​ ​ ​ ​ ​ Principal amount ​ $ 287,500 ​ $ 287,500 Unamortized discount ​ ​ (19,075) ​ ​ (16,969) Unamortized debt issuance costs ​ ​ (2,547) ​ ​ (2,253) ​ ​ ​ 265,878 ​ ​ 268,278 Other long-term debt ​ 2,120 ​ 1,976 ​ ​ 267,998 ​ 270,254 Less current portion of long-term debt ​ (926) ​ (898) Long-term portion of debt ​ $ 267,072 ​ $ 269,356

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2020
Stockholders' Equity
Schedule of stock-based compensation expense in the consolidated statements of operations	​ We recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Cost of goods sold ​ $ 171 ​ $ 179 Selling, general and administrative ​ 6,085 ​ 5,785 Research and development ​ 160 ​ 145 Stock-based compensation expense ​ $ 6,416 ​ $ 6,109 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted-Average ​ Aggregate ​ ​ Number of ​ Exercise ​ Remaining Contractual ​ Intrinsic Value ​ Options Price Term (in thousands) Outstanding at June 30, 2020 326,304 $ 44.41 ​ ​ ​ ​ Granted 526 ​ ​ 75.96 ​ ​ ​ ​ ​ Exercised (69,195) ​ ​ 27.42 ​ ​ ​ ​ ​ Expired or forfeited (1,009) ​ ​ 85.87 ​ ​ ​ ​ ​ Outstanding at September 30, 2020 256,626 ​ ​ 48.89 ​ 2.8 years ​ $ 7,814 Exercisable at September 30, 2020 ​ 228,022 ​ ​ 43.97 2.0 years ​ ​ 7,756 ​
Summary of RSU award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ Shares Fair Value Nonvested at June 30, 2020 423,590 ​ $ 88.68 Granted 303,071 ​ ​ 80.13 Vested (286,701) ​ ​ 86.38 Forfeited (2,270) ​ ​ 86.09 Nonvested at September 30, 2020 437,690 ​ $ 84.28 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Schedule of roll-forward of the contingent consideration liability	​ ​ ​ ​ ​ Beginning fair value, June 30, 2020 ​ $ 13,867 Addition of contingent earnout obligations ​ ​ 7,304 Foreign currency translation adjustment ​ ​ 196 Changes in fair value for contingent earnout obligations ​ (352) Payments on contingent earnout obligations ​ — Ending fair value, September 30, 2020 ​ $ 21,015
Schedule of changes in warranty provisions	​ The following table presents changes in warranty provisions (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Balance at beginning of period ​ $ 21,724 ​ $ 20,825 Additions and adjustments ​ ​ 2,254 ​ ​ 930 Reductions for warranty repair costs ​ (2,291) ​ (1,180) Balance at end of period ​ $ 21,687 ​ $ 20,575 ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 2020
Segment Information
Schedule of results of operations and identifiable assets by industry segment	The following tables present our results of operations and identifiable assets by industry segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2019 2020 Revenues (1) —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 188,964 ​ $ 134,775 Healthcare division ​ ​ 40,208 ​ ​ 51,503 Optoelectronics and Manufacturing division, including intersegment revenues ​ ​ 73,638 ​ ​ 79,914 Intersegment revenues elimination ​ ​ (11,958) ​ ​ (11,284) Total ​ $ 290,852 ​ $ 254,908 ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 20,318 ​ $ 8,906 Healthcare division ​ ​ 2,817 ​ ​ 8,984 Optoelectronics and Manufacturing division ​ ​ 8,769 ​ ​ 8,740 Corporate ​ ​ (7,337) ​ ​ (9,456) Eliminations ​ ​ 320 ​ ​ (481) Total ​ $ 24,887 ​ $ 16,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2020 2020 Assets (2) —by Segment: ​ ​ ​ ​ ​ ​ Security division ​ $ 758,054 ​ $ 739,269 Healthcare division ​ 208,857 ​ 215,320 Optoelectronics and Manufacturing division ​ 232,408 ​ 248,909 Corporate ​ 109,178 ​ 107,213 Eliminations (3) ​ (39,956) ​ (39,763) Total ​ $ 1,268,541 ​ $ 1,270,948 (1) (2) (3)

Basis of Presentation - Per Sha

Basis of Presentation - Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Feb. 28, 2017
Computation of basic and diluted earnings per share
Net income available to common stockholders	$ 9,344	$ 20,743
Weighted average shares outstanding-basic	18,051	18,259
Dilutive effect of equity awards	284	628
Dilutive effect of the Notes	0	16
Weighted average shares outstanding-diluted	18,335	18,903
Basic earnings per share	$ 0.52	$ 1.14
Diluted earnings per share	$ 0.51	$ 1.10
Shares excluded from diluted earnings per share due to their anti-dilutive effect	87	84
1.25% Convertible Senior Notes Due 2022
Per Share Computations
Interest rate (as a percentage)	1.25%		1.25%

Basis of Presentation - Cash Eq

Basis of Presentation - Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Cash Equivalents
Cash and cash equivalents	$ 76,925	$ 76,102
Cash, cash equivalents, and investments held by our foreign subsidiaries and subject to repatriation tax considerations(as a percentage)	76.00%

Basis of Presentation - Fair Va

Basis of Presentation - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Fair Value of Financial Instruments
Liabilities-contingent consideration	$ 21,015	$ 13,867
Recurring
Fair Value of Financial Instruments
Assets - Insurance company contracts	39,724	37,155
Liabilities-contingent consideration	21,015	13,867
Recurring | Level 2
Fair Value of Financial Instruments
Assets - Insurance company contracts	39,724	37,155
Recurring | Level 3
Fair Value of Financial Instruments
Liabilities-contingent consideration	$ 21,015	$ 13,867

Basis of Presentation - Derivat

Basis of Presentation - Derivative Instruments and Hedging Activity (Details) $ in Millions	Sep. 30, 2020USD ($)
Foreign currency forward contracts
Derivative Instruments and Hedging Activity
Notional amounts	$ 37.5

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2020	Sep. 30, 2020
Business Combinations
Total purchase price	$ 3
Maximum contingent consideration	$ 12
Certain acquisitions
Business Combinations
Maximum contingent consideration		$ 35.1

Balance Sheet Details (Details)

Balance Sheet Details (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Accounts receivable, net
Accounts receivable	$ 273,515		$ 287,488
Less allowance for doubtful accounts	(20,366)		(17,648)
Total	253,149		269,840
Inventories
Raw materials	142,404		132,797
Work-in-process	58,363		50,023
Finished goods	54,667		58,406
Total	255,434		241,226
Property and equipment, net
Property and equipment, gross	271,017		266,219
Less accumulated depreciation and amortization	(143,312)		(138,283)
Property and equipment, net	127,705		127,936
Depreciation and amortization expense for property and equipment	5,200	$ 5,100
Land
Property and equipment, net
Property and equipment, gross	16,523		16,516
Buildings, civil works and improvements
Property and equipment, net
Property and equipment, gross	57,796		57,709
Leasehold improvements
Property and equipment, net
Property and equipment, gross	9,158		9,052
Equipment, furniture and fixtures
Property and equipment, net
Property and equipment, gross	151,568		149,310
Computer software
Property and equipment, net
Property and equipment, gross	21,932		18,217
Computer software implementation in process
Property and equipment, net
Property and equipment, gross	10,131		11,817
Construction in process
Property and equipment, net
Property and equipment, gross	$ 3,909		$ 3,598

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
Changes in the carrying value of goodwill
Balance at the beginning of the period	$ 310,627
Goodwill acquired or adjusted during the period	3,742
Foreign currency translation adjustment	1,142
Balance at the end of the period	315,511
Security Division
Changes in the carrying value of goodwill
Balance at the beginning of the period	203,627
Goodwill acquired or adjusted during the period	498
Foreign currency translation adjustment	149
Balance at the end of the period	204,274
Healthcare Division
Changes in the carrying value of goodwill
Balance at the beginning of the period	39,983
Goodwill acquired or adjusted during the period	3,244
Foreign currency translation adjustment	113
Balance at the end of the period	43,340
Optoelectronics and Manufacturing Division
Changes in the carrying value of goodwill
Balance at the beginning of the period	67,017
Foreign currency translation adjustment	880
Balance at the end of the period	$ 67,897

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Amortizable assets:
Gross Carrying Value	$ 179,145	$ 171,141
Accumulated Amortization	(73,528)	(70,545)
Total	105,617	100,596
Total intangible assets
Gross Carrying Value	208,309	198,824
Intangible assets, net	134,781	128,279
Amortization expense	4,800		$ 4,900
IPR&D
Non-amortizable assets:
Gross Carrying Value	533	533
Trademarks
Non-amortizable assets:
Gross Carrying Value	28,631	$ 27,150
Software development costs
Intangible assets
Weighted Average Lives (in Years)		8 years
Amortizable assets:
Gross Carrying Value	44,436	$ 41,332
Accumulated Amortization	(16,344)	(16,295)
Total	28,092	$ 25,037
Patents
Intangible assets
Weighted Average Lives (in Years)		19 years
Amortizable assets:
Gross Carrying Value	10,214	$ 9,962
Accumulated Amortization	(2,845)	(2,584)
Total	7,369	$ 7,378
Developed technology
Intangible assets
Weighted Average Lives (in Years)		10 years
Amortizable assets:
Gross Carrying Value	60,945	$ 55,719
Accumulated Amortization	(21,167)	(19,556)
Total	39,778	$ 36,163
Customer relationships/backlog
Intangible assets
Weighted Average Lives (in Years)		7 years
Amortizable assets:
Gross Carrying Value	63,550	$ 64,128
Accumulated Amortization	(33,172)	(32,110)
Total	$ 30,378	$ 32,018

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Estimated future amortization expense
2021 (remaining 9 months)	$ 13,977
2022	17,804
2023	17,457
2024	16,774
2025	12,691
Thereafter	26,914
Total	105,617		$ 100,596
Software development costs
Estimated future amortization expense
Total	28,092		$ 25,037
Capitalized software development costs	$ 4,100	$ 1,300

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Contract Assets
Unbilled revenue	$ 53,463	$ 43,011
Change in unbilled revenue	$ 10,452
Percentage of change in unbilled revenue	24.00%
Contract Liabilities
Advances from customers	$ 41,117	28,155
Deferred revenue - current	37,508	32,863
Deferred revenue - long-term	14,029	$ 13,214
Change in advances from customers	$ 12,962
Percentage of change in advances from customers	46.00%
Change in deferred revenue - current	$ 4,645
Percentage of change in deferred revenue - current	14.00%
Change in deferred revenue - long-term	$ 815
Percentage of change in deferred revenue - long-term	6.00%
Remaining Performance Obligations
Revenue remaining performance obligation	$ 297,600
Remaining performance obligation expected percentage recognized	51.00%
Recognized revenue from contract liabilities	$ 19,100
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false]	true
Revenue, Practical Expedient, Financing Component [true false]	true
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Remaining Performance Obligations
Remaining performance obligation expected timing of satisfaction period	12 months

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Operating lease expense
Operating lease cost	$ 2,533	$ 2,649
Variable lease cost	258	138
Short-term lease cost	212	209
Operating lease expense	3,003	2,996
Balance sheet assets and liabilities related to operating leases
Operating lease ROU assets, net	$ 25,417		$ 27,936
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent.
Operating lease liabilities, current portion	$ 8,006		8,537
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Operating lease liabilities, long-term	$ 18,235		19,713
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 26,241		$ 28,250
Weighted average remaining lease term	4 years 6 months
Weighted average discount rate	4.30%
Cash flow information related to operating leases
Cash paid for operating lease liabilities	$ 2,580	2,572
ROU assets obtained in exchange for new lease obligations	122	$ 1,313
Maturities of operating lease liabilities
Less than one year	8,919
1 - 2 years	6,220
2 - 3 years	4,377
3 - 4 years	3,764
4 - 5 years	2,399
Thereafter	3,407
Total	29,086
Less: imputed interest	(2,845)
Total lease liabilities	$ 26,241

Impairment, Restructuring and_3

Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Impairment, Restructuring and Other Charges
Net benefit recognized related to reimbursement from insurance	$ (8,359)	$ 2,099
Impairment charges	552
Employee termination costs	3,883	58
Mexico transaction costs	2,692
Facility closures / consolidation	1,272
Legal recoveries, net	(40)	(2,157)
Total expensed	8,359	(2,099)
Other operational efficiency activities
Impairment, Restructuring and Other Charges
Employee termination costs	1,400
Other charges	100
Security Division
Impairment, Restructuring and Other Charges
Impairment charges	552
Employee termination costs	3,737
Mexico transaction costs	2,692
Facility closures / consolidation	1,272
Total expensed	8,253
Optoelectronics and Manufacturing Division
Impairment, Restructuring and Other Charges
Employee termination costs	146	(13)
Total expensed	146	(13)
Corporate
Impairment, Restructuring and Other Charges
Employee termination costs		71
Legal recoveries, net	(40)	(2,157)
Total expensed	(40)	$ (2,086)
Turnkey Screening Program | Security Division
Impairment, Restructuring and Other Charges
Employee termination costs	2,500
Direct transaction costs	2,700
Impairment of right-of-use asset	600
Restructuring and other charges	6,900
Other charges	$ 1,100

Impairment, Restructuring and_4

Impairment, Restructuring and Other Charges - Changes in the accrued liability (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
Restructuring and other charges
Balance at the beginning of the period	$ 2,628
Restructuring and other charges (benefit), net	5,115
Payments, adjustments and reimbursements, net	(5,604)
Balance at the end of the period	2,139
Employee Termination Costs
Restructuring and other charges
Balance at the beginning of the period	545
Restructuring and other charges (benefit), net	3,883
Payments, adjustments and reimbursements, net	(4,128)
Balance at the end of the period	300
Facility Closure/ Consolidation Cost
Restructuring and other charges
Balance at the beginning of the period	201
Restructuring and other charges (benefit), net	1,272
Payments, adjustments and reimbursements, net	(1,473)
Legal Costs and Settlements
Restructuring and other charges
Balance at the beginning of the period	1,882
Restructuring and other charges (benefit), net	(40)
Payments, adjustments and reimbursements, net	(3)
Balance at the end of the period	$ 1,839

Borrowings (Details)

Borrowings (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)item$ / shares	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Apr. 30, 2019USD ($)	Feb. 28, 2017USD ($)
Borrowings
Borrowings outstanding	$ 51,000		$ 59,000
Revolving Credit Facility
Borrowings
Maximum borrowing capacity				$ 535,000
Sub-limit available for letters of credit				300,000
Unused commitment fee (as a percent)	0.10%
Amount outstanding under letters of credit	$ 75,400
Available credit facility	$ 408,600
Revolving Credit Facility | Minimum
Borrowings
Unused commitment fee (as a percent)	0.10%
Revolving Credit Facility | Maximum
Borrowings
Increase in the credit agreement's borrowing capacity available under certain circumstances				$ 250,000
Unused commitment fee (as a percent)	0.25%
Revolving Credit Facility | LIBOR
Borrowings
Interest rate margin (as a percent)	1.00%
Revolving Credit Facility | LIBOR | Minimum
Borrowings
Interest rate margin (as a percent)	1.00%
Revolving Credit Facility | LIBOR | Maximum
Borrowings
Interest rate margin (as a percent)	1.75%
1.25% Convertible Senior Notes Due 2022
Borrowings
Principal amount	$ 287,500				$ 287,500
Interest rate (as a percentage)	1.25%				1.25%
Conversion ratio	9.3056
Conversion price | $ / shares	$ 107.46
Premium on stock price	38.50%
Threshold percentage of stock price	130.00%		130.00%
Number of trading days | item	20		20
Number of consecutive trading days | item	30		30
Principal amount of the notes to be repurchased (as a percentage)	100.00%
Liability component of convertible debt	$ 242,400
Equity component of convertible debt	45,100
Debt issuance costs	7,700
Debt Component of debt issuance costs	6,500
Equity component of debt issuance costs	1,200
Total interest expense	3,300	$ 3,200
Contractual interest expense	900	900
Amortization of debt discount	2,100	2,000
Amortization of debt issuance costs	300	$ 300
Unamortized discount	16,969		$ 19,075
Unamortized debt issuance costs	$ 2,253		$ 2,547
Effective interest rate (as a percent)	4.50%
Bank lines of credit
Borrowings
Amount outstanding under letters of credit	$ 57,400
Available credit facility	$ 14,700

Borrowings - other borrowings (

Borrowings - other borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Components of long-term debt
Convertible notes	$ 268,278	$ 265,878
Other long-term debt	1,976	2,120
Total	270,254	267,998
Less current portion of long-term debt	(898)	(926)
Long-term portion of debt	269,356	267,072
1.25% Convertible Senior Notes Due 2022
Components of long-term debt
Principal amount	287,500	287,500
Unamortized discount	(16,969)	(19,075)
Unamortized debt issuance costs	$ (2,253)	$ (2,547)

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock-based Compensation
Stock-based compensation expense	$ 6,109	$ 6,416
RSU
Stock-based Compensation
Unrecognized compensation cost	$ 27,700
Weighted-average period	1 year 9 months 18 days
Shares
Nonvested at the beginning of the period (in shares)	423,590
Granted (in shares)	303,071
Vested (in shares)	(286,701)
Forfeited (in shares)	(2,270)
Nonvested at the end of the period (in shares)	437,690
Weighted-Average Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 88.68
Granted (in dollars per share)	80.13
Vested (in dollars per share)	86.38
Forfeited (in dollars per share)	86.09
Nonvested at the end of the period (in dollars per share)	$ 84.28
Stock options
Stock-based Compensation
Unrecognized compensation cost	$ 400
Weighted-average period	1 year 9 months 18 days
Number of Options
Outstanding at the beginning of the period (in shares)	326,304
Granted (in shares)	526
Exercised (in shares)	(69,195)
Expired or forfeited (in shares)	(1,009)
Outstanding at the end of the period (in shares)	256,626
Exercisable at the end of the period (in shares)	228,022
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 44.41
Granted (in dollars per share)	75.96
Exercised (in dollars per share)	27.42
Expired or forfeited (in dollars per share)	85.87
Outstanding at the end of the period (in dollars per share)	48.89
Exercisable at the end of the period (in dollars per share)	$ 43.97
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period	2 years 9 months 18 days
Exercisable at the end of the period	2 years
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 7,814
Exercisable at the end of the period	$ 7,756
Performance-based restricted stock units
Shares
Granted (in shares)	136,242	80,326
Performance-based restricted stock units | Minimum
Weighted-Average Fair Value
Payout as a percentage of the original number of shares awarded or units awarded, which are converted into shares of the Company's common stock	0.00%
Performance-based restricted stock units | Maximum
Weighted-Average Fair Value
Payout as a percentage of the original number of shares awarded or units awarded, which are converted into shares of the Company's common stock	280.00%
2012 Plan
Weighted-Average Fair Value
Shares available for grant	500,000
2012 Plan | RSU
Weighted-Average Fair Value
Number of shares available for grant reduced for each award granted	1.87
Number of shares available for grant increased for each award forfeited and returned	1.87
2006 Plan
Number of Options
Granted (in shares)	0
Cost of goods sold
Stock-based Compensation
Stock-based compensation expense	$ 179	$ 171
Selling, general and administrative
Stock-based Compensation
Stock-based compensation expense	5,785	6,085
Research and development
Stock-based Compensation
Stock-based compensation expense	$ 145	$ 160

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - Common stock - shares	3 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Apr. 30, 2020
Share Repurchase Program
Number of shares repurchased	320,136
Maximum
Share Repurchase Program
Number of repurchased shares authorized		3,000,000	1,000,000

Commitments and Contingencies -

Commitments and Contingencies - Contingent Acquisition Obligations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2020
Contingent Acquisition Obligations
Remaining maximum amount of contingent consideration				$ 12,000
Beginning fair value		$ 13,867
Addition of contingent earnout obligations		7,304
Foreign currency translation adjustment		196
Changes in fair value for contingent earnout obligations		(352)
Ending fair value		21,015
Certain acquisitions
Contingent Acquisition Obligations
Remaining maximum amount of contingent consideration		35,100
Contingent payment made		$ 100	$ 100
Mr. Chopra, Chief Executive Officer | Deferred bonus
Indemnifications and Certain Employment-Related Contingencies
Bonus payment on or within 45 days of January 1, 2024 contingent upon continued employment through that date	$ 13,500
Maximum number of days after January 1, 2024, bonus payment due	45 days

Commitments and Contingencies_2

Commitments and Contingencies - Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Changes in provision for warranties
Warranty provision at beginning of period	$ 20,825	$ 21,724
Additions and adjustments	930	2,254
Reductions for warranty repair costs	(1,180)	(2,291)
Warranty provision at end of period	$ 20,575	$ 21,687

Income Taxes - (Details)

Income Taxes - (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Effective income tax rate excluding certain discrete tax items (as a percent)	27.50%	27.90%
ASU 2016-09
Discrete tax benefit for equity-based compensation	$ 0.3	$ 6.2
Effective income tax rate (as a percent)	25.30%	(2.90%)

Segment Information - Operation

Segment Information - Operations and Identifiable Assets (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)customersegment	Sep. 30, 2019USD ($)customer	Jun. 30, 2020USD ($)customer
Operations and identifiable assets by industry segment
Number of identifiable industry segments | segment	3
Total revenues	$ 254,908	$ 290,852
Income (loss) from operations	16,693	$ 24,887
Segments assets	$ 1,270,948		$ 1,268,541
Revenue | Customer Concentration Risk
Operations and identifiable assets by industry segment
Number of major customers | customer	0	0
Concentration (as a percent)	10.00%	10.00%
Accounts receivable | Customer Concentration Risk
Operations and identifiable assets by industry segment
Number of major customers | customer	1		1
Concentration (as a percent)	11.00%		13.00%
Operating Segments | Security Division
Operations and identifiable assets by industry segment
Total revenues	$ 134,775	$ 188,964
Income (loss) from operations	8,906	20,318
Segments assets	739,269		$ 758,054
Operating Segments | Healthcare Division
Operations and identifiable assets by industry segment
Total revenues	51,503	40,208
Income (loss) from operations	8,984	2,817
Segments assets	215,320		208,857
Operating Segments | Optoelectronics and Manufacturing Division
Operations and identifiable assets by industry segment
Total revenues	79,914	73,638
Income (loss) from operations	8,740	8,769
Segments assets	248,909		232,408
Corporate
Operations and identifiable assets by industry segment
Income (loss) from operations	(9,456)	(7,337)
Segments assets	107,213		109,178
Eliminations
Operations and identifiable assets by industry segment
Total revenues	(11,284)	(11,958)
Income (loss) from operations	(481)	$ 320
Segments assets	$ (39,763)		$ (39,956)