Balance Sheet Components | Balance Sheet Components Cash, Cash Equivalents, and Restricted Cash The following table provides a summary of the cash, cash equivalents, and restricted cash reported within our unaudited condensed consolidated balance sheets that reconciles to the corresponding amount in our unaudited condensed consolidated statement of cash flows: (In thousands) December 30, July 1, Cash and cash equivalents $ 21,360 $ 36,877 Restricted cash included in other assets 194 227 Total cash, cash equivalents, and restricted cash in the Statement of Cash Flows $ 21,554 $ 37,104 Accounts Receivable, net Our net accounts receivable are summarized below: (In thousands) December 30, July 1, Accounts receivable $ 92,289 $ 74,102 Less: Allowances for collection losses (918) (934) Total accounts receivable, net $ 91,371 $ 73,168 Inventories Our inventories are summarized below (In thousands) December 30, July 1, Finished products $ 21,396 $ 14,916 Raw materials and supplies 13,789 10,478 Total inventories $ 35,185 $ 25,394 Consigned inventories included within raw materials and supplies $ 9,590 $ 9,796 We record charges to adjust our inventory and customer service inventory due to excess and obsolete inventory resulting from lower sales forecasts, product transitioning, or discontinuance. The charges during the three and six months ended December 30, 2022 and December 31, 2021 consisted of the following which were recorded in cost of product sales: Three Months Ended Six Months Ended (In thousands) December 30, December 31, December 30, December 31, Excess and obsolete inventory $ 411 $ 107 $ 581 $ 240 Customer service inventory write-downs 322 170 557 418 Total inventory charges $ 733 $ 277 $ 1,138 $ 658 Assets Held for Sale We consider properties to be Assets held for sale when management approves and commits to a plan to dispose of a property or group of properties. The property held for sale prior to the sale date is separately presented on the balance sheet as Assets held for sale. During the second quarter of fiscal 2021 management initiated the sale of our facility located in the United Kingdom. We completed the sale during the third quarter of fiscal 2022 with proceeds of $2.3 million, reflecting a gain of $0.1 million We have no assets held for sale as of December 30, 2022. Property, Plant and Equipment, net Our property, plant and equipment, net are summarized below: (In thousands) December 30, July 1, Land $ 210 $ 210 Buildings and leasehold improvements 5,889 5,796 Software 17,073 21,368 Machinery and equipment 48,128 49,584 Total property, plant and equipment, gross 71,300 76,958 Less: Accumulated depreciation and amortization (59,884) (68,071) Total property, plant and equipment, net $ 11,416 $ 8,887 Included in the total plant, property and equipment above there was $0.7 million of assets in progress which have not been placed in service as of December 30, 2022 and $1.2 million as of July 1, 2022. Depreciation and amortization expense related to property, plant and equipment, including amortization of software developed for internal use, was as follows: Three Months Ended Six Months Ended (In thousands) December 30, December 31, December 30, December 31, Depreciation and amortization $ 1,421 $ 1,129 $ 2,765 $ 2,393 Accrued Expenses Our accrued expenses are summarized below: (In thousands) December 30, July 1, Accrued compensation and benefits $ 8,182 $ 11,625 Accrued agent commissions 1,370 1,864 Accrued warranties 2,549 2,913 Other 11,504 10,049 Total accrued expenses $ 23,605 $ 26,451 Accrued Warranties We accrue for the estimated cost to repair or replace products under warranty. Changes in our warranty liability, which are included as a component of accrued expenses in our unaudited condensed consolidated balance sheets were as follows: Three Months Ended Six Months Ended (In thousands) December 30, December 31, December 30, December 31, Balance as of the beginning of the period $ 2,755 $ 3,318 $ 2,913 $ 3,228 Warranty provision recorded during the period 199 341 374 839 Assumed in Redline acquisition — — 55 — Consumption during the period (405) (461) (793) (869) Balance as of the end of the period $ 2,549 $ 3,198 $ 2,549 $ 3,198 Advance Payments and Unearned Revenue Our advance payments and unearned revenue are summarized below: (In thousands) December 30, July 1, Advance payments $ 2,884 $ 1,870 Unearned revenue 35,986 31,870 Total advance payments and unearned revenue $ 38,870 $ 33,740 Excluded from the balances above are $7.8 million and $8.9 million in long-term unearned revenue as of December 30, 2022 and July 1, 2022, respectively. |