Sec filings

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 07, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Focus	Sep. 30, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	UBNT
Entity Registrant Name	Ubiquiti Networks, Inc.
Entity Central Index Key	0001511737
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		70,835,239

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 480,812	$ 666,681
Investments — short-term	96,266	0
Accounts receivable, net of allowance for doubtful accounts of $394 and $453 at September 30, 2018 and June 30, 2018, respectively	165,294	174,521
Inventories	139,926	102,220
Vendor deposits	33,045	39,029
Prepaid expenses and other current assets	16,403	18,901
Total current assets	931,746	1,001,352
Property and equipment, net	13,471	14,328
Deferred tax assets — long-term	3,106	3,106
Investments — long-term	48,445	0
Other long-term assets	6,729	3,791
Total assets	1,003,497	1,022,577
Current liabilities:
Accounts payable	43,071	14,098
Income taxes payable	23,982	5,780
Debt — short-term	24,425	24,425
Other current liabilities	60,682	68,613
Total current liabilities	152,160	112,916
Income taxes payable — long-term	119,122	127,719
Debt — long-term	454,253	460,352
Other long-term liabilities	7,323	5,842
Total liabilities	732,858	706,829
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock—$0.001 par value; 50,000,000 shares authorized; none issued	0	0
Common stock—$0.001 par value; 500,000,000 shares authorized: 72,857,887 and 74,072,521 outstanding at September 30, 2018 and June 30, 2018, respectively	73	74
Additional paid–in capital	0	393
Accumulated other comprehensive income (loss)	(146)	0
Retained earnings	270,712	315,281
Total stockholders’ equity	270,639	315,748
Total liabilities and stockholders’ equity	$ 1,003,497	$ 1,022,577

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 394	$ 453
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	72,857,887	74,072,521

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenues	$ 282,905	$ 245,868
Cost of revenues	151,299	134,212
Gross profit	131,606	111,656
Operating expenses:
Research and development	18,222	16,928
Sales, general and administrative	13,766	7,665
Total operating expenses	31,988	24,593
Income from operations	99,618	87,063
Interest expense and other, net	(2,527)	(1,361)
Income before income taxes	97,091	85,702
Provisions for income taxes	11,388	10,777
Net income	$ 85,703	$ 74,925
Net income per share of common stock:
Basic (in usd per share)	$ 1.16	$ 0.93
Diluted (in usd per share)	$ 1.16	$ 0.92
Weighted average shares used in computing net income per share of common stock:
Basic (in shares)	73,774	80,135
Diluted (in shares)	73,963	81,748
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Unrealized (loss) on available-for-sale securities	$ (146)	$ 0
Other comprehensive income (loss)	(146)	0
Comprehensive income	$ 85,557	$ 74,925

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 85,703	$ 74,925
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,794	1,591
Amortization of debt issuance costs	281	64
Premium amortization and (discount accretion), net	(127)	0
Provision for inventory obsolescence	252	324
Provision/(recovery) for loss on vendor deposits	(855)	376
Stock-based compensation	775	912
Other, net	(21)	103
Changes in operating assets and liabilities:
Accounts receivable	9,287	12,017
Inventories	(37,948)	19,421
Vendor deposits	6,838	(15,836)
Prepaid income taxes	0	4
Prepaid expenses and other assets	2,393	1,288
Accounts payable	29,086	(22,408)
Income taxes payable	9,605	7,061
Deferred revenues	3,306	1,376
Accrued and other liabilities	(16,428)	15,702
Net cash provided by operating activities	93,941	96,920
Cash Flows from Investing Activities:
Purchase of property and equipment and other long-term assets	(4,035)	(2,932)
Purchase of investments	(147,934)	0
Proceeds from sale of investments	3,850	0
Net cash (used in) investing activities	(148,119)	(2,932)
Cash Flows from Financing Activities:
Repurchases of common stock	(106,764)	(107,997)
Payment of common stock cash dividends	(18,506)	0
Proceeds from exercise of stock options	194	722
Tax withholdings related to net share settlements of restricted stock units	(365)	(351)
Net cash (used in) financing activities	(131,691)	(66,376)
Net (decrease) increase in cash and cash equivalents	(185,869)	27,612
Cash and cash equivalents at beginning of period	666,681	604,198
Cash and cash equivalents at end of period	480,812	631,810
Supplemental Disclosure of Cash Flow Information:
Income taxes paid, net of refunds	1,929	3,524
Interest paid	8,204	1,792
Non-Cash Investing and Financing Activities:
Unpaid stock repurchases	6,000	8,765
Unpaid property and equipment and other long-term assets	30	178
Unpaid investment purchases	646	0
Second Amended & Restated Credit Agreement \| Term loan facility
Cash Flows from Financing Activities:
Principal payment	(6,250)	0
Amended Credit Agreement \| Term loan facility
Cash Flows from Financing Activities:
Principal payment	0	(3,750)
Amended Credit Agreement \| Revolving credit facility
Cash Flows from Financing Activities:
Proceeds from borrowing under the Amended Credit Facility- Revolver	$ 0	$ 45,000

BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF PRESENTATION	BUSINESS AND BASIS OF PRESENTATION Business— Ubiquiti Networks, Inc. and its wholly owned subsidiaries (collectively, “Ubiquiti” or the “Company”) develop high performance networking technology for service providers, enterprises, and consumers globally. The Company operates on a fiscal year ending June 30. In this Quarterly Report, the fiscal year ending June 30, 2019 is referred to as “fiscal 2019” and the fiscal year ended June 30, 2018 is referred to as “fiscal 2018”. Basis of Presentation— The Company's consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) related to interim financial statements based on applicable Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements reflect all adjustments, which are, in the opinion of the Company, of a normal and recurring nature and those necessary to state fairly the statements of financial position, results of operations and cash flows for the dates and periods presented. The June 30, 2018 balance sheet was derived from the audited financial statements as of that date. All significant intercompany transactions and balances have been eliminated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2018, included in its Annual Report on Form 10-K, as filed with the SEC on August 24, 2018 (the “Annual Report”). The results of operations for the three months ended September 30, 2018 are not necessarily indicative of the results to be expected for any future periods.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are disclosed in its audited consolidated financial statements for the year ended June 30, 2018, included in the Annual Report. Except as noted below, there have been no changes to the Company’s significant accounting policies as discussed in the Annual Report. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which has been codified as Accounting Standards Codification 606 (“ASC 606”). ASC 606 requires the Company’s revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. ASC 606 outlines a five-step model to make the revenue recognition determination and requires enhanced financial statement disclosures. We adopted the updated guidance in the first quarter of fiscal 2019 using the modified retrospective method, which did not have a material impact on the consolidated financial statements. Additional information and disclosures required by this new standard are contained in note 3 of Notes to Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Effective In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. In addition, interest on lease liabilities is to be recognized separately from the amortization of right-of-use assets in the statement of operations. Further, payments of the principal portion of lease liabilities are to be classified as financing activities while payments of interest on lease liabilities and variable lease payments are to be classified as operating activities in the statement of cash flows. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. We expect the adoption of the issued lease guidance will result in an increase in the assets and liabilities on our consolidated balance sheets, and we are currently evaluating the extent of this increase.

REVENUES	3 Months Ended
REVENUES	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES On July 1, 2018, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts not completed as of the date of adoption using the modified retrospective method. As a result of our adoption of this standard, there was no adjustment recorded to the opening balance of retained earnings as there was no cumulative effect of adoption of the new revenue standard. As we elected the modified retrospective method of adoption, comparative information from prior periods has not been restated and continues to be reported under the ASC 605, “Revenue Recognition”. Accordingly, the adoption of the new revenue standard did not have a material impact to our results of operations or financial position, equity of cash flows as of the adoption date or for the three months ended September 30, 2018. The Company has made the following accounting policy elections and elected to use certain practical expedients, as permitted by the FASB, in applying Topic 606: (1) the Company accounts for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) the Company expenses costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) the Company accounts for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service and these fulfillment costs fall within cost of revenue; and (5) the Company does not disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. Revenue is primarily generated from the sale of hardware and management tools (products), as well as the related implied post contract services (“PCS”). The Company determines revenue recognition through the five step model under ASC 606 which includes i) identification of the contract, or contracts, with a customer, ii) identification of the performance obligation in the contract, iii) determination of the transaction price, iv) allocation of the transaction price to the performance obligation within the contract, v) recognition of revenue when, or as, a performance obligation is satisfied. Contracts and Performance Obligations The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. The Company's distinct performance obligations consist mainly of transferring control of its products identified in the contracts, purchase orders or invoices and implied PCS services. Transaction price and allocation to performance obligations Transaction prices are typically based on contracted rates. Generally, payment is due from customers within 60 days of the invoice date and the contracts do not have significant financing components or include extended payment terms. The Company is directly responsible for fulfilling its performance obligations in contracts with customers and does not rely on another party to fulfill its promise. We use observable prices to determine the stand-alone selling price of our performance obligation related to our products, and we utilize a cost plus margin approach to estimate the stand-along selling price of our implied PCS obligation. When our contracts contain multiple performance obligation, we allocate the transaction price based on the estimated standalone selling prices of the promised products or services underlying each performance obligation. The expected costs associated with our base warranties continue to be recognized as an expense when the products are sold and is not considered a separate performance obligation. Revenue Recognition Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products and PCS to our customers. Transfer of control to the customer for products generally occurs at the point in time when products have been shipped to our customer by third party carriers as this represents the point in time when the customer has a present obligation to pay and physical possession including title and risk of loss have been transferred to the customer. Revenue for PCS is recognized ratably over time over the estimated period for which implied PCS services will be delivered. Disaggregation of Revenue See note 14 of Notes to Consolidated Financial Statements “Segment Information” for disaggregation of revenue by product category and geography. Contract Balances The timing of revenue recognition, billing and cash collections results in billed accounts receivable, deferred revenue primarily attributable to PCS and customer deposits on the Consolidated Balance Sheets. Accounts receivable are recognized in the period the Company’s right to the consideration is unconditional. Our contract liabilities consist of advance payments (Customer deposits) as well as billing in excess of revenue recognized primarily related to deferred revenue. We classify customer deposits as a current liability, and deferred revenue as a current or noncurrent liability based on the timing of when we expect to fulfill these remaining performance obligations. The current portion of deferred revenue is included in other current liabilities and the noncurrent portion is included in other long-term liabilities in our consolidated balance sheets. As of September 30, 2018, the Company’s customer deposits were $0.7 million. As of September 30, 2018, the Company’s deferred revenue, included in current liabilities and noncurrent liabilities, was $10.5 million and $5.6 million, respectively. Variable Consideration The Company does provide for rights of return to certain customers on product sales and therefore records a provision for returns related to this variable consideration based upon its historical returns experience with these customers. The Company also provides certain customers with discounts that are recorded as a reduction of revenue in the period the related product revenue is recognized and are reflected as a reduction of outstanding accounts receivable. The Company’s contracts with customers generally do not contain other forms of variable consideration, however when additional variable consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. These reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The accounting guidance establishes a three-tier fair value hierarchy that requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. A financial instrument's classification within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities;

Level 2—inputs other than the quoted prices in active markets, that are observable either directly or indirectly;

Level 3—Unobservable inputs based on the Company's own assumption.

The Company records securities available-for-sale at fair value on a recurring basis. We classify our investments within Level 1 or 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.

Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of our marketable securities incorporate bond terms and conditions, current performance data, proprietary pricing models, real time quotes from contributing dealers, trade prices and, other market data.

The Company began investing cash in various fixed income available-for-sale securities in the first quarter of fiscal 2019, therefore no comparative tables as of the fiscal year ending June 30, 2018 have been disclosed.

The Company held no Level 3 financial instruments as of September 30, 2018.

The following tables summarize the Company's financial instruments' adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of September 30, 2018 (in thousands):



	September 30, 2018
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents (1)		Short-Term Investments		Long-Term Investments
Level 1														—
Money market funds	$	50,896	$	—	$	—		$	50,896	$	50,896	$	—	$	—
Subtotal	$	50,896	$	—	$	—		$	50,896	$	50,896	$	—	$	—

Level 2
Commercial paper	$	5,553	$	—	$	—		$	5,553	$	—	$	5,553	$	—
Corporate securities	113,724		8		(143		)	113,589		595		69,299		43,695
U.S agency securities	7,069		—		(7		)	7,062		—		7,062		—
US Government Bonds	22,878		—		(4		)	22,874		3,772		14,352		4,750
Subtotal	$	149,224	$	8	$	(154	)	$	149,078	$	4,367	$	96,266	$	48,445

Total	$	200,120	$	8	$	(154	)	$	199,974	$	55,263	$	96,266	$	48,445

(1) Cash, which is included in cash and cash equivalents on the consolidated balance sheets, includes securities that have a maturity of three months or less at the date of purchase. The carrying amount approximates fair value, primarily due to the short maturity of cash equivalent instruments.

During the three months ended September 30, 2018, we did not reclassify any amount to earnings from accumulated other comprehensive loss related to unrealized gains or losses.

The following table represents the Company's marketable securities that had been in continuous unrealized loss position for less than 12 months and for 12 months or greater as of September 30, 2018 (in thousands):



	September 30, 2018
	Continuous Unrealized Losses
	Less than 12 Months			12 Months or Greater		Total
Fair Value of marketable securities	$	133,930		$	—	$	133,930
Unrealized Loss	$	(154	)	$	—	$	(154	)

Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three months ended September 30, 2018.

The following table represents the adjusted costs and fair value of investment by contractual maturity as of September 30, 2018 (in thousands):



	Available-For-Sale
	Adjusted Cost		Fair Value
Due within 1 year	$	151,603	$	151,529
Due after 1 year through 5 years	48,517		48,445
Total	$	200,120	$	199,974

For certain of the Company’s financial instruments, other than those presented in the disclosures above, including cash, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate fair value due to their short maturities.

As of September 30, 2018 and June 30, 2018, the Company had debt associated with its Second Amended & Restated Credit Agreement (See Note 8), which is carried at historical cost. The fair value of the Company’s debt disclosed below was estimated based on the current rates offered to the Company for debt with similar terms and remaining maturities and was a Level 2 measurement. As of September 30, 2018 and June 30, 2018, the fair value of the Company's debt carried at historical cost was $481.3 million and $487.5 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):



	Three Months Ended September 30,
	2018		2017
Numerator:
Net income	$	85,703	$	74,925
Denominator:
Weighted-average shares used in computing basic earnings per share	73,774		80,135
Add—dilutive potential common shares:
Stock options	118		1,538
Restricted stock units	71		75
Weighted-average shares used in computing diluted net income per share	73,963		81,748
Net income per share of common stock:
Basic	$	1.16	$	0.93
Diluted	$	1.16	$	0.92

The Company excludes potentially dilutive securities from its diluted net income per share calculation when their effect would be anti-dilutive to net income per share amounts. The following table summarizes the total potential shares of common stock that were excluded from the diluted per share calculation as including them would have been anti-dilutive for the period (in thousands):



	Three Months Ended September 30,
	2018	2017
Restricted stock units	1	—

BALANCE SHEET COMPONENTS

3 Months Ended

Sep. 30, 2018

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

Inventories

Inventories consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Finished goods	$	134,854	$	96,747
Raw materials	5,072		5,473
Total	$	139,926	$	102,220

Property and Equipment, Net

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



	September 30, 2018			June 30, 2018
Testing equipment	$	8,843		$	8,577
Computer and other equipment	6,465			6,265
Tooling equipment	9,807			9,594
Furniture and fixtures	1,897			1,890
Leasehold improvements	10,183			10,106
Software	6,067			6,032
Property and Equipment, Gross	43,262			42,464
Less: Accumulated depreciation	(29,791		)	(28,136		)
Property and Equipment, Net	$	13,471		$	14,328

Other Long-term Assets

Other long-term assets consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Intangible assets, net⁽¹⁾	$	3,423	$	460
Other long-term assets	3,306		3,331
Total	$	6,729	$	3,791

(1) - Accumulated amortization was $1.4 million and $1.3 million as of September 30, 2018 and June 30, 2018, respectively.

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Accrued expenses	$	15,471	$	18,241
Accrued compensation and benefits	3,240		3,091
Warranty accrual	4,094		3,840
Deferred revenue — short-term	10,455		8,509
Customer deposits	698		770
Reserve for sales returns	1,269		1,219
Other payables	25,455		32,943
Total	$	60,682	$	68,613

Other Long Term Liabilities

Other long-term liabilities consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Deferred Revenue — long-term	$	5,635	$	4,275
Other long-term liabilities	1,688		1,567
Total	$	7,323	$	5,842

ACCRUED WARRANTY

3 Months Ended

Sep. 30, 2018

Product Warranties Disclosures [Abstract]

ACCRUED WARRANTY

The Company offers warranties on certain products and records a liability for the estimated future costs associated with potential warranty claims. The warranty costs are reflected in the Company’s consolidated statements of operations and comprehensive income within cost of revenues. The warranties are typically in effect for twelve months from the distributor’s purchase date of the product. The Company assesses the adequacy of its accrued warranty liabilities and adjusts the amounts as necessary based on historical experience factors and changes in future estimates. Historical factors include product failure rates, material usage and service delivery costs incurred in correcting product failures. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.

Warranty obligations, included in other current liabilities, were as follows (in thousands):



	Three Months Ended September 30,
	2018			2017
Beginning balance	$	3,840		$	3,601
Accruals for warranties issued during the period	1,699			1,912
Changes in liability for pre-existing warranties during the period	126			(100		)
Settlements made during the period	(1,571		)	(1,318		)
Ending balance	$	4,094		$	4,095

DEBT

3 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

DEBT

On January 17, 2018, Ubiquiti Networks, Inc., the Cayman Borrower and certain subsidiaries entered into an amended and restated credit agreement (the "Second Amended & Restated Credit Agreement") with Wells Fargo, the other financial institutions named as lenders therein, and Wells Fargo as administrative agent for the lenders, that provides for a $400 million senior secured revolving credit facility (the "Revolving Facility") and a $500 million senior secured term loan facility (the "Term Facility", together with the Revolving Facility, the "Facilities"), with an option to request increases in the amounts of such credit facilities by up to an additional $300 million in the aggregate (any such increase to be in each lender's sole discretion). The maturity date of the Facilities is January 17, 2023.

The Term Facility was fully drawn at the closing of the Second Amended & Restated Credit Agreement, of which $354.5 million and $68.9 million was used to repay the prior revolver facility and term facility, respectively. The Company incurred $4.6 million of debt issuance costs which are capitalized and amortized as interest expense over the life of the facilities.

On June 29, 2018, Ubiquiti Networks, Inc., the Cayman Borrower and certain subsidiaries entered into the First Amendment to the Second Amended and Restated Credit Agreement and Joinder Agreement (the “Joinder Agreement”). The Joinder Agreement added certain subsidiary of Cayman Borrower to the loan documents as a guarantor.

Our Debt consisted of the following (in thousands):



	September 30, 2018			June 30, 2018
Term Loan - short term	$	25,000		$	25,000
Debt issuance costs, net	(575		)	(575		)
Total Debt - short term	24,425			24,425
Term Loan - long term	456,250			462,500
Debt issuance costs, net	(1,997		)	(2,148		)
Total Debt - long term	$	454,253		$	460,352

The Revolving Facility includes a sub-limit of $10.0 million for letters of credit and a sub-limit of $25.0 million for swingline loans. The Facilities are available for working capital and general corporate purposes that comply with the terms of the Second Amended & Restated Credit Agreement, including to finance the repurchase of the Company's common stock or to make dividends to the holders of the Company's common stock. Under the Second Amended & Restated Credit Agreement, revolving loans and swingline loans may be borrowed, repaid and reborrowed until January 17, 2023, at which time all amounts borrowed must be repaid. The term loan is payable in quarterly installments of 1.25% of the original principal amount of the term loan until December 31, 2019, thereafter increasing to 1.875% until December 31, 2020, and thereafter increasing to 2.50% of the original principal amount of the term loan. Revolving, swingline and term loans may be prepaid at any time without penalty.

Revolving and term loans bear interest, at the Company’s option, at either (i) a floating rate per annum equal to the base rate plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter or (ii) a floating per annum rate equal to the applicable LIBOR rate (or replacement rate) for a specified period, plus a margin of between 1.50% and 2.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Swingline loans bear interest at a floating rate per annum equal to the base rate plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Base rate is defined as the greatest of (A) Wells Fargo's prime rate, (B) the federal funds rate plus 0.50% or (C) the applicable LIBOR rate (or replacement rate) for a period of one month plus 1.00%. A default interest rate shall apply on all obligations during certain events of default under the Second Amended & Restated Credit Agreement at a rate per annum equal to 2.00% above the applicable interest rate. The Company will pay to each lender a facility fee on a quarterly basis based on the unused amount of each lender's commitment to make revolving loans, of between 0.20% and 0.35%, depending on the Company's consolidated total leverage ratio as of the most recently ended fiscal quarter. The Company will also pay to the applicable lenders on a quarterly basis certain fees based on the daily amount available to be drawn under each outstanding letter of credit, including aggregate letter of credit commissions of between 1.50% and 2.25%, depending on the Company's consolidated total leverage ratio as of the most recently ended fiscal quarter, and issuance fees of 0.125% per annum. The Company is also obligated to pay Wells Fargo, as agent, fees customary for a credit facility of this size and type. The Second Amended & Restated Credit Agreement requires the Company to maintain during the term of the Facilities (i) a maximum consolidated total leverage ratio of 3.25 to 1.00 and (ii) minimum liquidity of $250.0 million, which can be satisfied with unrestricted cash and cash equivalents and up to $50.0 million of availability under the Revolving Facility. In addition, the Second Amended & Restated Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the ability of the Company and its subsidiaries to, among other things, grant liens or enter into agreements restricting their ability to grant liens on property, enter into mergers, dispose of assets, change their accounting or reporting policies, change their business and incur indebtedness, in each case subject to customary exceptions for a credit facility of this size and type. The Second Amended & Restated Credit Agreement includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the Second Amended & Restated Credit Agreement. The obligations of Ubiquiti Networks, Inc. and certain domestic subsidiaries, if any, under the Second Amended & Restated Credit Agreement are required to be guaranteed by such domestic subsidiaries (the "Domestic Guarantors") and are collateralized by substantially all assets (excluding intellectual property) of Ubiquiti Networks, Inc. and the Domestic Guarantors. The obligations of the Cayman Borrower and certain foreign subsidiaries under the Second Amended & Restated Credit Agreement are required to be guaranteed by certain domestic and material foreign subsidiaries (the "Guarantors") and are collateralized by substantially all assets (excluding intellectual property) of Ubiquiti Networks, Inc. and the Guarantors.

Second Amended & Restated Credit Agreement

Under the Second Amended & Restated Credit Agreement, during the three months ended September 30, 2018, the Company made aggregate payments of $14.5 million against the balance under the Term Facility, of which $6.3 million was repayment of principal and $8.2 million was payment of interest.

As of September 30, 2018, we had no outstanding borrowings on our $400 million Revolving Facility.

As of September 30, 2018, the interest rate on the Term Facility was 3.99%. As of October 31, 2018, the most currently available reset date, the Term Facility has an interest rate of 4.05%.

The following table summarizes our estimated debt and interest payment obligations as of September 30, 2018, for the remainder of fiscal 2019 and future fiscal years (in thousands):



	2019 (remainder)		2020		2021		2022		2023		Thereafter		Total
Debt payment obligations	$	18,750	$	31,250	$	43,750	$	50,000	$	337,500	$	—	$	481,250
Interest and other payments on debt payment obligations⁽¹⁾	15,139		19,378		17,871		15,943		7,906		—		76,237
Total	$	33,889	$	50,628	$	61,621	$	65,943	$	345,406	$	—	$	557,487

(1) - Interest payments are calculated based on the applicable rates and payment dates as of September 30, 2018.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Operating Leases

Certain facilities and equipment are leased under non-cancelable operating leases. The Company generally pays taxes, insurance and maintenance costs on leased facilities and equipment. The Company leases its headquarters in New York, New York and other locations under non-cancelable operating leases that expire at various dates through fiscal 2024.

As of September 30, 2018, future minimum annual payments under operating leases for the remainder of fiscal 2019 and future fiscal years are as follows (in thousands):



	2019 (remainder)		2020		2021		2022		2023		Thereafter		Total
Operating leases	$	5,619	$	6,532	$	4,615	$	1,790	$	1,376	$	314	$	20,246

Purchase Obligations

We subcontract with third parties to manufacture our products. During the normal course of business, our contract manufacturers procure components and manufacture product based upon orders placed by us. If we cancel all or part of the orders, we may still be liable to the contract manufacturers for the cost of the components purchased by the subcontractors to manufacture our products. We periodically review the potential liability, and as of September 30, 2018, we have $3.3 million recorded purchase obligation liability related to FrontRow. There have been no other significant liabilities for cancellations recorded as of September 30, 2018. Our consolidated financial position and results of operations could be negatively impacted if we were required to compensate the contract manufacturers for any unrecorded liabilities incurred. The Company had inventory purchase obligations of $37.5 million for finished goods and $1.3 million for raw materials as of September 30, 2018. Additionally, we may be subject to additional purchase obligations for components ordered by our contract manufacturers based on manufacturing forecasts we provide them each month. We estimate the amount of these additional purchase obligation to range from $147 million to $244 million as of September 30, 2018, depending upon the timing of orders placed for these components by our manufacturers.

Other Obligations

The Company had other obligations of $1.6 million as of September 30, 2018, which consisted primarily of commitments related to research and development projects.

Indemnification Obligations

The Company enters into standard indemnification agreements with many of its business partners in the ordinary course of business. These agreements include provisions for indemnifying the business partner against any claim brought by a third-party to the extent any such claim alleges that a Company product infringes a patent, copyright or trademark, or violates any other proprietary rights of that third-party. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not estimable and the Company has not incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements to date.

Legal Matters

The Company may be involved, from time to time, in a variety of claims, lawsuits, investigations, and proceedings relating to contractual disputes, intellectual property rights, employment matters, regulatory compliance matters and other litigation matters relating to various claims that arise in the normal course of business. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company assesses its potential liability by analyzing specific litigation and regulatory matters using available information. The Company develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies. Taking all of the above factors into account, the Company records an amount where it is probable that the Company will incur a loss and where that loss can be reasonably estimated. However, the Company’s estimates may be incorrect and the Company could ultimately incur more or less than the amounts initially recorded. The Company may also incur significant legal fees, which are expensed as incurred, in defending against these claims. The Company is not currently aware of any pending or threatened litigation that would have a material adverse effect on the Company's financial statements.

Synopsys

On February 3, 2017, Synopsys, Inc. (“Synopsys”) filed a complaint against the Company, one of our subsidiaries and an employee in the United States District Court for the Northern District of California, alleging claims under the Digital Millennium Copyright Act (“DMCA”). On March 28, 2017, Synopsys filed an amended complaint alleging (i) additional claims under the DMCA, (ii) claims under the Anti-Counterfeiting Act, and (iii) claims for label trafficking, fraud, civil RICO and negligent misrepresentation. On April 11, 2017, the Company moved to dismiss all but the initial DMCA claim in the amended complaint and its subsidiary moved to dismiss for lack of personal jurisdiction and joined the Company’s motion to dismiss certain claims. On August 15, 2017, the court issued an order granting the Company’s motion to dismiss the Anti- Counterfeiting Act claim and certain of the predicate acts alleged under the civil RICO claim. The court denied the motion to dismiss the remaining claims, and denied the subsidiary’s motion to dismiss for lack of jurisdiction. On September 5, 2017, Synopsys filed a Second Amended Complaint. On September 19, 2017, the defendants answered, and Ubiquiti Networks International Limited (“UNIL”) filed counterclaims for (1) declaratory judgment under 17 U.S.C. § 1201, (2) violation of 18 U.S.C. § 1030, the Computer Fraud and Abuse Act, (3) violation of California Penal Code § 502, the Computer Data Access Fraud Act, (4) trespass to personal property and chattels, (5) conversion, (6) civil RICO pursuant to 18 U.S.C. § 1962(c), (7) RICO conspiracy pursuant to 18 U.S.C. § 1962(d), and (8) common law fraud. The Company also moved for leave to amend its existing counterclaims against Synopsys, for breach of contract and declaratory judgment under 17 U.S.C. § 1201, to include the counterclaims filed by UNIL. On October 3, 2017, Synopsys filed its opposition to the Company’s motion for leave to amend its counterclaims, as well as a motion to dismiss UNIL’s counterclaims and an anti-SLAPP motion to strike state law claims by both the Company and UNIL. On March 13, 2018, the Judge granted the motion to dismiss UNIL's counterclaims and denied the Company's request for leave to amend its counterclaims. On June 7, 2018, Synopsys filed a Third Amended Complaint. The Third Amended Complaint includes new allegations relating to alleged predicate acts for the RICO claims but it does not add any new causes of action beyond those that were included in the Second Amended Complaint. The Company answered the Third Amended Complaint on June 21, 2018. The Company plans to vigorously defend itself against these claims; however, there can be no assurance that the Company will prevail in the lawsuit. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this litigation.

Vivato/XR

On April 19, 2017, XR Communications, LLC, d/b/a Vivato Technologies (“Vivato”), filed a complaint against the Company in the United States District Court for the Central District of California, alleging that at least one of the Company’s products infringes United States Patent Numbers 7,062,296 (the “’296 Patent”), 7,729,728 (the “’728 Patent”), and 6,611,231 (the “’231 Patent and, collectively, the “Patents-in-Suit”). The ‘296 and ‘728 Patents are entitled “Forced Beam Switching in Wireless Communication Systems Having Smart Antennas.” The ‘231 Patent is entitled “Wireless Packet Switched Communications Systems and Networks Using Adaptively Steered Antenna Arrays.” Vivato amended its complaint on June 23, 2017 and again on July 6, 2017. According to the complaint, the products accused of infringing the Patents-in-Suit include Wi-Fi access points and routers supporting MU-MIMO, including without limitation access points and routers utilizing the IEEE 802.11ac-2013 standard. Vivato has also filed nine other lawsuits asserting the same patents against other defendants in the Central District of California. On October 2, 2017, the ten cases were consolidated into a single action for all purposes except trial. On March 19, 2018, the Company and the remaining defendants in the consolidated action moved to stay the case (the “Motion to Stay”) pending completion of certain inter partes review proceedings before the Patent Trial and Appeal Board. On April 9, 2018, the Court held a hearing on the Motion to Stay, and, on April 11, 2018, the Court granted the motion. On October 22, 2018, the Court maintained the stay pending a status conference scheduled for February 11, 2019.

The Company plans to vigorously defend itself against these claims; however, there can be no assurance that the Company will prevail in the lawsuit. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this litigation.

SEC Subpoena

As previously disclosed on the Form 8-K filed by the Company on February 20, 2018, on February 13, 2018, the Securities and Exchange Commission (the “SEC”) issued subpoenas to the Company and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties. The Company is in the process of responding to the requests and intends to cooperate fully with the SEC. As the SEC’s investigation is ongoing, we cannot currently predict the timing or the outcome of such investigation.

Shareholder Class Actions

On February 21, 2018, a purported class action, captioned Paul Vanderheiden v. Ubiquiti Networks, Inc. et al., No. 18-cv-01620 (the "Vanderheiden Action"), was filed in the United States District Court for the Southern District of New York against the Company and certain of its current and former officers. The Vanderheiden Action complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making false and/or misleading statements, including purported overstatements of the Company’s online community user engagement metrics and accounts receivable. On February 28, 2018 and March 13, 2018, substantially similar purported class actions, captioned Xiya Qian v. Ubiquiti Networks, Inc. et al., No. 18-cv-01841 (the “Qian Action”) and John Kho v. Ubiquiti Networks, Inc. et al., No. 18-cv-02242 (the "Kho Action", together with the Vanderheiden Action and the Qian Action, the “Class Actions”), respectively, were filed in the United States District Court for the Southern District of New York. On October 24, 2018, the court consolidated the Class Actions and appointed lead plaintiff and lead counsel (the “Consolidated Class Action”). The deadline for lead plaintiff to file an amended and consolidated complaint (the “Amended Complaint”) is December 26, 2018. Defendants will have 60 days from the date on which the Amended Complaint is filed in which to respond.

While the Company believes that the Consolidated Class Action is without merit and plans to vigorously defend itself, there can be no assurance that the Company will prevail. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this litigation.

Shareholder Derivative Action & Section 220 Demand

On March 13, 2018, Anthony Franchi filed a shareholder derivative complaint in the Superior Court of the State of California, County of San Mateo against the Company’s directors, and certain of its officers (the "Franchi Action"). The Company is named as a nominal defendant. The complaint asserts claims against all individual defendants for breach of fiduciary duty for disseminating false and misleading information and failure to maintain internal controls and unjust enrichment. Additional claims are asserted against Robert Pera for breach of fiduciary duty for insider selling and misappropriation of information, as well as the violation of California Corporations Code § 25402. The allegations in support of these claims are similar to the allegations made in the Class Actions. Plaintiff seeks a judgment on behalf of the Company for all damages incurred or that will be incurred as a result of the alleged breaches of fiduciary duty by the individual defendants, a judgment ordering disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, a judgment directing the Company to reform its governance and internal procedures, and attorneys’ fees and other costs. The Company moved for a stay of the derivative action pending resolution of the Consolidated Class Action. The court denied the Company's motion, but stayed discovery until the resolution of any motion to dismiss the Consolidated Class Action. On August 27, 2018, the individual defendants and nominal defendant Ubiquiti demurred to dismiss the Franchi Action. Plaintiff filed an omnibus response on October 5, 2018 and defendants filed replies on October 22, 2018. Oral argument on the motions to dismiss is presently scheduled for November 30, 2018.

On June 4, 2018, alleged Ubiquiti stockholder Richard Gericke served a demand to inspect the Company’s books and records pursuant to Section 220 of the Delaware General Corporation Law. The Company commenced its production of documents responding to Mr. Gericke’s requests for records on August 22, 2018 and completed its production on October 10, 2018. In addition to serving his Section 220 demand, Mr. Gericke has moved for leave to intervene in the Franchi Action. Oral argument on Mr. Gericke’s motion to intervene is currently scheduled for November 30, 2018.

On June 1, 2018, a second shareholder derivative complaint was filed in the Supreme Court of the State of New York, County of New York by Eric Carlson against the Company’s directors and certain of its officers. The Company was named as a nominal defendant. The complaint asserted claims against all defendants for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. As with the complaint in the Franchi Action, the allegations in support of these claims were similar to the allegations made in the Class Actions. Plaintiff sought a declaration that the individual defendants had breached and/or aided and abetted the breach of their fiduciary duties to the Company, a judgment on behalf of the Company of the damages sustained by the individual defendants’ alleged wrongdoing, a declaration that the Company and individual defendants take action to reform and improve corporate governance and internal procedures, an award to the Company of restitution from the individual defendants, and an award to Plaintiff of the costs and disbursements of the action, including attorneys’ fees. On September 11, 2018, Plaintiff voluntarily dismissed the action in its entirety without prejudice.

COMMON STOCK AND TREASURY STOCK	3 Months Ended
COMMON STOCK AND TREASURY STOCK	Sep. 30, 2018
Equity [Abstract]
COMMON STOCK AND TREASURY STOCK	COMMON STOCK AND TREASURY STOCK Common Stock Repurchases On March 13, 2018, the Board of Directors of the Company approved a $200 million stock repurchase program (the "March Repurchase Program"). Under the March Repurchase Program, the Company is authorized to repurchase up to $200 million of its common stock. On May 8, 2018, the Board of Directors of the Company approved a new $200 million stock repurchase program (the "May Repurchase Program"). Under the May Repurchase Program, the Company is authorized to repurchase up to an additional $200 million of its common stock, along with any remaining balances under the March Repurchase Program. During the third and fourth quarters of fiscal 2018, the Company repurchased and retired 757,219 and 586,924 shares of common stock at an average price of $69.48 and $70.11 for an aggregate amount of $52.6 million and $41.1 million respectively. Both the March and May Repurchase Programs expire on June 30, 2019. During the first quarter of fiscal 2019, the Company repurchased and retired an additional 1,238,163 shares of common stock at an average price of $91.07 for an aggregate amount of $112.8 million. This included unpaid stock repurchases of $6.0 million relating to repurchases executed on or prior to September 30, 2018 for trades settled in the second quarter of fiscal 2019. As of September 30, 2018, there was no remaining balance available for share repurchases under the March Repurchase Program and $193.5 million available for repurchases under the May Repurchase Program. On November 6, 2018, the Board of Directors of the Company approved a new $200 million stock repurchase program ("November Repurchase Program"). Under the November Repurchase Program, the Company is authorized to repurchase up to $200 million of its common stock. The November Repurchase Program expires on December 31, 2019. See note 16 of Notes to Consolidated Financial Statements for additional information.

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that are recorded as an element of stockholders' equity but are excluded from net income pursuant to GAAP. As of September 30, 2018, the Company's accumulated other comprehensive income includes $0.1 million of net unrealized loss from our available-for-sale securities.

STOCK BASED COMPENSATION

3 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK BASED COMPENSATION

Stock-Based Compensation Plans

The Company’s 2010 Equity Incentive Plan and 2005 Equity Incentive Plan are described in its Annual Report. As of September 30, 2018, the Company had 10,570,839 authorized shares available for future issuance under all of its stock incentive plans.

Stock-Based Compensation

The following table shows total stock-based compensation expense included in the Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017 (in thousands):



	Three Months Ended September 30,
	2018		2017
Cost of revenues	$	33	$	245
Research and development	467		456
Sales, general and administrative	275		211
	$	775	$	912

Stock Options

The following is a summary of option activity for the Company’s stock incentive plans for the three months ended September 30, 2018:



	Common Stock Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands)
Balance, June 30, 2018	137,491		$	9.15	3.62	$	10,390
Exercised	(17,378	)	$	11.17
Forfeitures and cancellations	(1,980	)	$	11.09
Balance, September 30, 2018	118,133		$	8.83	3.24	$	10,636
Vested as of September 30, 2018	118,133		$	8.83	3.24	$	10,636
Vested and exercisable as of September 30, 2018	118,133		$	8.83	3.24	$	10,636

During the three months ended September 30, 2018 and 2017, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $1.3 million and $3.9 million, respectively, as determined as of the date of option exercise.

As of September 30, 2018, the Company had no unrecognized compensation costs related to stock options.

The Company did not grant any employee stock options during the three months ended September 30, 2018 and 2017.

Restricted Stock Units (“RSUs”)

The following table summarizes the activity of the RSUs made by the Company:



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Non-vested RSUs, June 30, 2018	144,100		$	53.24
RSUs granted	25,759		$	85.38
RSUs vested	(10,131	)	$	41.90
RSUs canceled	(2,841	)	$	43.11
Non-vested RSUs, September 30, 2018	156,887		$	59.44

The intrinsic value of RSUs vested in the three months ended September 30, 2018 and 2017 was $0.9 million and $1.3 million, respectively. The total intrinsic value of all outstanding RSUs was $15.5 million as of September 30, 2018.

As of September 30, 2018, there were unrecognized compensation costs related to RSUs of $6.7 million which the Company expects to recognize over a weighted average period of 3.7 years.

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a tax provisions of $11.4 million for the three months ended September 30, 2018 as compared to $10.8 million for the three months ended September 30, 2017. The increase is primarily related to a change in pre-tax profit mix from jurisdiction with lower tax rates to higher tax rate jurisdictions for the three months ended September 30, 2018 as compared to the three months ended September 30, 2017. The Company’s estimated fiscal year 2019 effective tax rate differs from the U.S. statutory rate primarily due to profits earned in jurisdictions where the tax rate is lower than the U.S. tax rate, excess tax benefit from stock-based compensation and the impact of the 2017 Tax Act. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued by the SEC to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. Because the Company is still in the process of analyzing certain provisions of the 2017 Tax Act, in accordance with SAB 118, the Company has determined that the adjustments to its deferred taxes and its estimated Transition Tax remain at September 30, 2018, as the company continues to refine its computations of earnings and profits and related tax pools. Additionally, the 2017 Tax Act creates a new requirement that certain income (i.e., GILTI) earned by controlled foreign corporations (“CFCs”) after July 1, 2018, must be included currently in the gross income of the CFCs’ U.S. shareholders. The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Since the Company is not yet able to reasonably estimate the effect of this provision of the 2017 Tax Act, the Company has not made a policy decision regarding whether to record deferred taxes on GILTI. As of September 30, 2018, the Company had approximately $29.3 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense. The Company recorded a net increase of its unrecognized tax benefits of $0.1 million for the three months ended September 30, 2018. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statement of Operations and Comprehensive Income. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheet. As of September 30, 2018, the Company had $3.4 million accrued interest related to uncertain tax matters. The Company, or one of its subsidiaries, files income tax returns in the United States federal jurisdiction, and various state, local, and foreign jurisdictions and is currently undergoing income tax examinations by the U.S. Internal Revenue Service and the Hong Kong Inland Revenue Department. All material consolidated federal income tax matters have been concluded for years through 2014. All material state and local income tax matters have been concluded through 2014. The majority of the Company’s foreign jurisdictions have been concluded through 2014, with the exception of Hong Kong which has been reviewed through 2009. The Company believes that within the next twelve months, it is reasonably possible that a decrease of up to $3.2 million in unrecognized tax benefits may occur due to settlements with tax authorities or statute lapse. In July 2018, the Company received a draft Notice of Proposed Adjustment (“NOPA”) from the Internal Revenue Service (IRS) proposing an adjustment to income for the fiscal 2015 and 2016 tax years based on its interpretation of certain obligations of the non-US entities under the credit facility. The incremental tax liability associated with the income adjustment proposed in the draft NOPA would be approximately $50 million, excluding interest and penalties. The Company strongly believes the position of the IRS with regard to this matter is inconsistent with the provisions of the credit facility and applicable tax laws. However, there can be no assurance that this matter will be resolved in the Company’s favor. Regardless of whether the matter is resolved in the Company’s favor, the final resolution of this matter could be expensive and time-consuming to defend and/or settle. While the Company believes that the tax originally paid in fiscal 2015 and 2016 is correct, it has not provided an additional reserve for this tax uncertainty. However, there is still a possibility that an adverse outcome of the matter could have a material effect on the Company’s results of operations and financial condition. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued a decision related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement, holding that the Treasury Regulations under which the compensation was mandatorily included as costs were invalid. On June 27, 2016, the Internal Revenue Service (IRS) appealed the court's decision to the Ninth Circuit Court of Appeals. On July 24, 2018 the Ninth Circuit Court of Appeals overturned the U.S. Tax Court's decision reversing in favor of the IRS, and holding that the Regulations were valid. On August 8, 2018, the Ninth Circuit Court of Appeals withdrew this decision, and assigned a new panel to consider the appeal. We will continue to monitor ongoing developments and potential impacts of this case on our consolidated financial statements, and intercompany arrangements.

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS

3 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS

Management has determined that the Company operates as one reportable and operating segment as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s Chief Operating Decision Maker. Furthermore, the Company does not organize or report its costs on a segment basis. The Company presents its revenues by product type in two primary categories, including Service Provider Technology and Enterprise Technology.


•	Service Provider Technology includes our airMAX, EdgeMAX, UFiber, and airFiber platforms, as well as embedded

radio products and other 802.11 standard products including base stations, radios, backhaul equipment and CPE.

Additionally, Service Provider Technology includes antennas and other products primarily in the 0.9 to 6.0 GHz

spectrum and miscellaneous products such as mounting brackets, cables and power over Ethernet adapters.


•	Enterprise Technology our UniFi and mFi platforms, including UniFi enterprise Wi-Fi, UniFi Video

Products, UniFi switching and routing solutions, including AmpliFi.

Revenues by product type are as follows (in thousands, except percentages):



	Three Months Ended September 30,
	2018				2017
Service Provider Technology	$	104,957	37	%	$	119,915	49	%
Enterprise Technology	177,948		63	%	125,953		51	%
Total revenues	$	282,905	100	%	$	245,868	100	%

Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages):



	Three Months Ended September 30,
	2018				2017
North America⁽¹⁾	$	119,371	42	%	$	96,170	39	%
South America	14,176		5	%	31,053		13	%
Europe, the Middle East and Africa ("EMEA")	124,931		44	%	93,314		38	%
Asia Pacific	24,427		9	%	25,331		10	%
Total revenues	$	282,905	100	%	$	245,868	100	%

(1) Revenue for the United States was $112.3 million and $91.8 million for the three months ended September 30, 2018 and 2017, respectively.

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:



	Percentage of Revenues		Percentage of Accounts Receivable
	Three Months Ended September 30,		September 30,	June 30,
	2018	2017	2018	2018
Customer A	10%	*	11%	12%
Customer B	12%	12%	16%	15%

* denotes less than 10%

RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS	3 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS	RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS Aircraft Lease Agreement On November 13, 2013, the Company entered into an aircraft lease agreement (the “Aircraft Lease Agreement”) with RJP Manageco LLC (the “Lessor”), a limited liability company owned by the Company’s CEO, Robert J. Pera. Pursuant to the Aircraft Lease Agreement, the Company may lease an aircraft owned by the Lessor for Company business purposes. Under the Aircraft Lease Agreement, the aircraft may be leased at a rate of $5,000 per flight hour. This hourly rate does not include the cost of flight crew or on-board services, which the Company purchases from a third-party provider. The Company recognized a total of approximately $0.4 million and $0.4 million in expenses pursuant to the Aircraft Lease Agreement during the three months ended September 30, 2018 and 2017, respectively. All expenses pursuant to the Aircraft Lease Agreement have been included in the Company’s sales, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Repurchase Program On November 6, 2018, the Board of Directors of the Company approved a new $200 million stock repurchase program ("November Repurchase Program"). Under the November Repurchase Program, the Company is authorized to repurchase up to $200 million of its common stock. The November Repurchase Program expires on December 31, 2019. Subsequent to September 30, 2018, the Company repurchased and retired an additional 2,022,648 shares of common stock at an average price of $89.30 for an aggregate amount of $180.6 million. As of November 7, 2018, the Company had $12.9 million and $200 million available under the May Repurchase Program and November Repurchase Program, respectively. Dividends On November 9, 2018, the Company announced that its Board of Directors had approved a quarterly cash dividend of $0.25 per share payable on November 26, 2018 to shareholders of record at the close of business on November 19, 2018. The Company intends to pay regular quarter cash dividends of at least $0.25 per share for the remainder of fiscal year 2019. Any future dividends will be subject to the approval of the Company's Board of Directors.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation— The Company's consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) related to interim financial statements based on applicable Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements reflect all adjustments, which are, in the opinion of the Company, of a normal and recurring nature and those necessary to state fairly the statements of financial position, results of operations and cash flows for the dates and periods presented. The June 30, 2018 balance sheet was derived from the audited financial statements as of that date. All significant intercompany transactions and balances have been eliminated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2018, included in its Annual Report on Form 10-K, as filed with the SEC on August 24, 2018 (the “Annual Report”). The results of operations for the three months ended September 30, 2018 are not necessarily indicative of the results to be expected for any future periods.
New Accounting Updates Recently Adopted and Recent Accounting Standards or Updates Not Yet Effective	Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which has been codified as Accounting Standards Codification 606 (“ASC 606”). ASC 606 requires the Company’s revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. ASC 606 outlines a five-step model to make the revenue recognition determination and requires enhanced financial statement disclosures. We adopted the updated guidance in the first quarter of fiscal 2019 using the modified retrospective method, which did not have a material impact on the consolidated financial statements. Additional information and disclosures required by this new standard are contained in note 3 of Notes to Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Effective In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. In addition, interest on lease liabilities is to be recognized separately from the amortization of right-of-use assets in the statement of operations. Further, payments of the principal portion of lease liabilities are to be classified as financing activities while payments of interest on lease liabilities and variable lease payments are to be classified as operating activities in the statement of cash flows. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. We expect the adoption of the issued lease guidance will result in an increase in the assets and liabilities on our consolidated balance sheets, and we are currently evaluating the extent of this increase.
Revenues	On July 1, 2018, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts not completed as of the date of adoption using the modified retrospective method. As a result of our adoption of this standard, there was no adjustment recorded to the opening balance of retained earnings as there was no cumulative effect of adoption of the new revenue standard. As we elected the modified retrospective method of adoption, comparative information from prior periods has not been restated and continues to be reported under the ASC 605, “Revenue Recognition”. Accordingly, the adoption of the new revenue standard did not have a material impact to our results of operations or financial position, equity of cash flows as of the adoption date or for the three months ended September 30, 2018. The Company has made the following accounting policy elections and elected to use certain practical expedients, as permitted by the FASB, in applying Topic 606: (1) the Company accounts for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) the Company expenses costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) the Company accounts for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service and these fulfillment costs fall within cost of revenue; and (5) the Company does not disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. Revenue is primarily generated from the sale of hardware and management tools (products), as well as the related implied post contract services (“PCS”). The Company determines revenue recognition through the five step model under ASC 606 which includes i) identification of the contract, or contracts, with a customer, ii) identification of the performance obligation in the contract, iii) determination of the transaction price, iv) allocation of the transaction price to the performance obligation within the contract, v) recognition of revenue when, or as, a performance obligation is satisfied. Contracts and Performance Obligations The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. The Company's distinct performance obligations consist mainly of transferring control of its products identified in the contracts, purchase orders or invoices and implied PCS services. Transaction price and allocation to performance obligations Transaction prices are typically based on contracted rates. Generally, payment is due from customers within 60 days of the invoice date and the contracts do not have significant financing components or include extended payment terms. The Company is directly responsible for fulfilling its performance obligations in contracts with customers and does not rely on another party to fulfill its promise. We use observable prices to determine the stand-alone selling price of our performance obligation related to our products, and we utilize a cost plus margin approach to estimate the stand-along selling price of our implied PCS obligation. When our contracts contain multiple performance obligation, we allocate the transaction price based on the estimated standalone selling prices of the promised products or services underlying each performance obligation. The expected costs associated with our base warranties continue to be recognized as an expense when the products are sold and is not considered a separate performance obligation. Revenue Recognition Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products and PCS to our customers. Transfer of control to the customer for products generally occurs at the point in time when products have been shipped to our customer by third party carriers as this represents the point in time when the customer has a present obligation to pay and physical possession including title and risk of loss have been transferred to the customer. Revenue for PCS is recognized ratably over time over the estimated period for which implied PCS services will be delivered. Disaggregation of Revenue See note 14 of Notes to Consolidated Financial Statements “Segment Information” for disaggregation of revenue by product category and geography. Contract Balances The timing of revenue recognition, billing and cash collections results in billed accounts receivable, deferred revenue primarily attributable to PCS and customer deposits on the Consolidated Balance Sheets. Accounts receivable are recognized in the period the Company’s right to the consideration is unconditional. Our contract liabilities consist of advance payments (Customer deposits) as well as billing in excess of revenue recognized primarily related to deferred revenue. We classify customer deposits as a current liability, and deferred revenue as a current or noncurrent liability based on the timing of when we expect to fulfill these remaining performance obligations. The current portion of deferred revenue is included in other current liabilities and the noncurrent portion is included in other long-term liabilities in our consolidated balance sheets. As of September 30, 2018, the Company’s customer deposits were $0.7 million. As of September 30, 2018, the Company’s deferred revenue, included in current liabilities and noncurrent liabilities, was $10.5 million and $5.6 million, respectively. Variable Consideration The Company does provide for rights of return to certain customers on product sales and therefore records a provision for returns related to this variable consideration based upon its historical returns experience with these customers. The Company also provides certain customers with discounts that are recorded as a reduction of revenue in the period the related product revenue is recognized and are reflected as a reduction of outstanding accounts receivable. The Company’s contracts with customers generally do not contain other forms of variable consideration, however when additional variable consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. These reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Financial instruments' amortized cost, gross unrealized gains and losses, and fair value

The following tables summarize the Company's financial instruments' adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of September 30, 2018 (in thousands):



	September 30, 2018
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents (1)		Short-Term Investments		Long-Term Investments
Level 1														—
Money market funds	$	50,896	$	—	$	—		$	50,896	$	50,896	$	—	$	—
Subtotal	$	50,896	$	—	$	—		$	50,896	$	50,896	$	—	$	—

Level 2
Commercial paper	$	5,553	$	—	$	—		$	5,553	$	—	$	5,553	$	—
Corporate securities	113,724		8		(143		)	113,589		595		69,299		43,695
U.S agency securities	7,069		—		(7		)	7,062		—		7,062		—
US Government Bonds	22,878		—		(4		)	22,874		3,772		14,352		4,750
Subtotal	$	149,224	$	8	$	(154	)	$	149,078	$	4,367	$	96,266	$	48,445

Total	$	200,120	$	8	$	(154	)	$	199,974	$	55,263	$	96,266	$	48,445

(1) Cash, which is included in cash and cash equivalents on the consolidated balance sheets, includes securities that have a maturity of three months or less at the date of purchase. The carrying amount approximates fair value, primarily due to the short maturity of cash equivalent instruments.

Marketable securities in continuous unrealized loss position

The following table represents the Company's marketable securities that had been in continuous unrealized loss position for less than 12 months and for 12 months or greater as of September 30, 2018 (in thousands):



	September 30, 2018
	Continuous Unrealized Losses
	Less than 12 Months			12 Months or Greater		Total
Fair Value of marketable securities	$	133,930		$	—	$	133,930
Unrealized Loss	$	(154	)	$	—	$	(154	)

Amortized costs and fair value of investment securities by contractual maturity

The following table represents the adjusted costs and fair value of investment by contractual maturity as of September 30, 2018 (in thousands):



	Available-For-Sale
	Adjusted Cost		Fair Value
Due within 1 year	$	151,603	$	151,529
Due after 1 year through 5 years	48,517		48,445
Total	$	200,120	$	199,974

EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):



	Three Months Ended September 30,
	2018		2017
Numerator:
Net income	$	85,703	$	74,925
Denominator:
Weighted-average shares used in computing basic earnings per share	73,774		80,135
Add—dilutive potential common shares:
Stock options	118		1,538
Restricted stock units	71		75
Weighted-average shares used in computing diluted net income per share	73,963		81,748
Net income per share of common stock:
Basic	$	1.16	$	0.93
Diluted	$	1.16	$	0.92

Potential shares of common stock excluded from diluted per share calculation

The following table summarizes the total potential shares of common stock that were excluded from the diluted per share calculation as including them would have been anti-dilutive for the period (in thousands):



	Three Months Ended September 30,
	2018	2017
Restricted stock units	1	—

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Sep. 30, 2018

Balance Sheet Related Disclosures [Abstract]

Inventories

Inventories consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Finished goods	$	134,854	$	96,747
Raw materials	5,072		5,473
Total	$	139,926	$	102,220

Property and equipment, net

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



	September 30, 2018			June 30, 2018
Testing equipment	$	8,843		$	8,577
Computer and other equipment	6,465			6,265
Tooling equipment	9,807			9,594
Furniture and fixtures	1,897			1,890
Leasehold improvements	10,183			10,106
Software	6,067			6,032
Property and Equipment, Gross	43,262			42,464
Less: Accumulated depreciation	(29,791		)	(28,136		)
Property and Equipment, Net	$	13,471		$	14,328

Other Long-term Assets

Other long-term assets consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Intangible assets, net⁽¹⁾	$	3,423	$	460
Other long-term assets	3,306		3,331
Total	$	6,729	$	3,791

(1) - Accumulated amortization was $1.4 million and $1.3 million as of September 30, 2018 and June 30, 2018, respectively.

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Accrued expenses	$	15,471	$	18,241
Accrued compensation and benefits	3,240		3,091
Warranty accrual	4,094		3,840
Deferred revenue — short-term	10,455		8,509
Customer deposits	698		770
Reserve for sales returns	1,269		1,219
Other payables	25,455		32,943
Total	$	60,682	$	68,613

Other Long Term Liabilities

Other long-term liabilities consisted of the following (in thousands):



	September 30, 2018		June 30, 2018
Deferred Revenue — long-term	$	5,635	$	4,275
Other long-term liabilities	1,688		1,567
Total	$	7,323	$	5,842

ACCRUED WARRANTY (Tables)

3 Months Ended

Sep. 30, 2018

Product Warranties Disclosures [Abstract]

Warranty obligations

Warranty obligations, included in other current liabilities, were as follows (in thousands):



	Three Months Ended September 30,
	2018			2017
Beginning balance	$	3,840		$	3,601
Accruals for warranties issued during the period	1,699			1,912
Changes in liability for pre-existing warranties during the period	126			(100		)
Settlements made during the period	(1,571		)	(1,318		)
Ending balance	$	4,094		$	4,095

DEBT (Tables)

3 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

Our Debt consisted of the following (in thousands):



	September 30, 2018			June 30, 2018
Term Loan - short term	$	25,000		$	25,000
Debt issuance costs, net	(575		)	(575		)
Total Debt - short term	24,425			24,425
Term Loan - long term	456,250			462,500
Debt issuance costs, net	(1,997		)	(2,148		)
Total Debt - long term	$	454,253		$	460,352

The following table summarizes our estimated debt and interest payment obligations as of September 30, 2018, for the remainder of fiscal 2019 and future fiscal years (in thousands):



	2019 (remainder)		2020		2021		2022		2023		Thereafter		Total
Debt payment obligations	$	18,750	$	31,250	$	43,750	$	50,000	$	337,500	$	—	$	481,250
Interest and other payments on debt payment obligations⁽¹⁾	15,139		19,378		17,871		15,943		7,906		—		76,237
Total	$	33,889	$	50,628	$	61,621	$	65,943	$	345,406	$	—	$	557,487

(1) - Interest payments are calculated based on the applicable rates and payment dates as of September 30, 2018.

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Future minimum annual payments under operating leases

September 30, 2018, future minimum annual payments under operating leases for the remainder of fiscal 2019 and future fiscal years are as follows (in thousands):



	2019 (remainder)		2020		2021		2022		2023		Thereafter		Total
Operating leases	$	5,619	$	6,532	$	4,615	$	1,790	$	1,376	$	314	$	20,246

STOCK BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based compensation expense

The following table shows total stock-based compensation expense included in the Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017 (in thousands):



	Three Months Ended September 30,
	2018		2017
Cost of revenues	$	33	$	245
Research and development	467		456
Sales, general and administrative	275		211
	$	775	$	912

Summary of option activity for the company's stock incentive plans

The following is a summary of option activity for the Company’s stock incentive plans for the three months ended September 30, 2018:



	Common Stock Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands)
Balance, June 30, 2018	137,491		$	9.15	3.62	$	10,390
Exercised	(17,378	)	$	11.17
Forfeitures and cancellations	(1,980	)	$	11.09
Balance, September 30, 2018	118,133		$	8.83	3.24	$	10,636
Vested as of September 30, 2018	118,133		$	8.83	3.24	$	10,636
Vested and exercisable as of September 30, 2018	118,133		$	8.83	3.24	$	10,636

Activity of RSUs

The following table summarizes the activity of the RSUs made by the Company:



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Non-vested RSUs, June 30, 2018	144,100		$	53.24
RSUs granted	25,759		$	85.38
RSUs vested	(10,131	)	$	41.90
RSUs canceled	(2,841	)	$	43.11
Non-vested RSUs, September 30, 2018	156,887		$	59.44

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS (Tables)

3 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Revenues by product

Revenues by product type are as follows (in thousands, except percentages):



	Three Months Ended September 30,
	2018				2017
Service Provider Technology	$	104,957	37	%	$	119,915	49	%
Enterprise Technology	177,948		63	%	125,953		51	%
Total revenues	$	282,905	100	%	$	245,868	100	%

Revenues by geography

Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages):



	Three Months Ended September 30,
	2018				2017
North America⁽¹⁾	$	119,371	42	%	$	96,170	39	%
South America	14,176		5	%	31,053		13	%
Europe, the Middle East and Africa ("EMEA")	124,931		44	%	93,314		38	%
Asia Pacific	24,427		9	%	25,331		10	%
Total revenues	$	282,905	100	%	$	245,868	100	%

(1) Revenue for the United States was $112.3 million and $91.8 million for the three months ended September 30, 2018 and 2017, respectively.

Percentage of revenue and accounts receivable

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:



	Percentage of Revenues		Percentage of Accounts Receivable
	Three Months Ended September 30,		September 30,	June 30,
	2018	2017	2018	2018
Customer A	10%	*	11%	12%
Customer B	12%	12%	16%	15%

* denotes less than 10%

REVENUES (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Customer deposits	$ 698	$ 770
Deferred revenue — short-term	10,455	8,509
Deferred Revenue — long-term	$ 5,635	$ 4,275

FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2017
Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 481.3	$ 487.5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2018 USD ($)
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 200,120
Debt Securities, Available-for-sale	199,974
Fair value, measurements, recurring
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	200,120
Debt Securities, Available-for-sale, Unrealized Gain	8
Debt Securities, Available-for-sale, Unrealized Loss	(154)
Debt Securities, Available-for-sale	199,974
Cash and Cash Equivalents, Fair Value Disclosure	55,263
Short-Term Investments	96,266
Long-Term Investments	48,445
Fair value, measurements, recurring \| Fair value, inputs, level 1
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	50,896
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	0
Debt Securities, Available-for-sale	50,896
Cash and Cash Equivalents, Fair Value Disclosure	50,896
Short-Term Investments	0
Long-Term Investments	0
Fair value, measurements, recurring \| Fair value, inputs, level 2
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	149,224
Debt Securities, Available-for-sale, Unrealized Gain	8
Debt Securities, Available-for-sale, Unrealized Loss	(154)
Debt Securities, Available-for-sale	149,078
Cash and Cash Equivalents, Fair Value Disclosure	4,367
Short-Term Investments	96,266
Long-Term Investments	48,445
Fair value, measurements, recurring \| Money market funds \| Fair value, inputs, level 1
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	50,896
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	0
Debt Securities, Available-for-sale	50,896
Cash and Cash Equivalents, Fair Value Disclosure	50,896
Short-Term Investments	0
Long-Term Investments	0
Fair value, measurements, recurring \| Commercial paper \| Fair value, inputs, level 2
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	5,553
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	0
Debt Securities, Available-for-sale	5,553
Cash and Cash Equivalents, Fair Value Disclosure	0
Short-Term Investments	5,553
Long-Term Investments	0
Fair value, measurements, recurring \| Corporate securities \| Fair value, inputs, level 2
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	113,724
Debt Securities, Available-for-sale, Unrealized Gain	8
Debt Securities, Available-for-sale, Unrealized Loss	(143)
Debt Securities, Available-for-sale	113,589
Cash and Cash Equivalents, Fair Value Disclosure	595
Short-Term Investments	69,299
Long-Term Investments	43,695
Fair value, measurements, recurring \| U.S agency securities \| Fair value, inputs, level 2
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	7,069
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	(7)
Debt Securities, Available-for-sale	7,062
Cash and Cash Equivalents, Fair Value Disclosure	0
Short-Term Investments	7,062
Long-Term Investments	0
Fair value, measurements, recurring \| US Government Bonds \| Fair value, inputs, level 2
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	22,878
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	(4)
Debt Securities, Available-for-sale	22,874
Cash and Cash Equivalents, Fair Value Disclosure	3,772
Short-Term Investments	14,352
Long-Term Investments	$ 4,750

FAIR VALUE OF FINANCIAL INSTRUMENTS - Continuous Loss Position (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Fair value of marketable securities, continuous unrealized losses, less than 12 months	$ 133,929,604
Fair value of marketable securities, continuous unrealized losses, 12 months or greater	0
Fair value of marketable securities, continuous unrealized losses	133,929,604
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Unrealized loss, continuous unrealized losses, less than 12 months	(154,280)
Unrealized loss, continuous unrealized losses, 12 months or greater	0
Unrealized loss, continuous unrealized losses	$ (154,280)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Investment Security by Contract Maturity (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Available-for-sale, amortized cost, due within 1 year	$ 151,603
Available-for-sale, amortized cost, due after 1 year through 5 years	48,517
Available-for-sale, amortized cost, total	200,120
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Available-for-sale, fair value, due within 1 year	151,529
Available-for-sale, fair value, due after 1 year through 5 years	48,445
Available-for-sale, fair value, total	$ 199,974

EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income	$ 85,703	$ 74,925
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	73,774	80,135
Add—dilutive potential common shares:
Weighted-average shares used in computing diluted net income per share (in shares)	73,963	81,748
Net income per share of common stock:
Basic (in usd per share)	$ 1.16	$ 0.93
Diluted (in usd per share)	$ 1.16	$ 0.92
Stock options
Add—dilutive potential common shares:
Dilutive potential common shares (in shares)	118	1,538
Restricted stock units
Add—dilutive potential common shares:
Dilutive potential common shares (in shares)	71	75

EARNINGS PER SHARE - Anti-dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock excluded from the EPS calculation (in shares)	1	0

BALANCE SHEET COMPONENTS - Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Finished goods	$ 134,854	$ 96,747
Raw materials	5,072	5,473
Total	$ 139,926	$ 102,220

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 43,262	$ 42,464
Less: Accumulated depreciation	(29,791)	(28,136)
Property and Equipment, Net	13,471	14,328
Testing equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	8,843	8,577
Computer and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	6,465	6,265
Tooling equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	9,807	9,594
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	1,897	1,890
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	10,183	10,106
Software
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 6,067	$ 6,032

BALANCE SHEET COMPONENTS - Other Long-term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Intangible assets, net (1)	$ 3,423	$ 460
Other long-term assets	3,306	3,331
Total	6,729	3,791
Accumulated amortization, intangible assets	$ 1,400	$ 1,300

BALANCE SHEET COMPONENTS - Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Accrued expenses	$ 15,471	$ 18,241
Accrued compensation and benefits	3,240	3,091
Warranty accrual	4,094	3,840	$ 4,095	$ 3,601
Deferred revenue — short-term	10,455	8,509
Customer deposits	698	770
Reserve for sales returns	1,269	1,219
Other payables	25,455	32,943
Total	$ 60,682	$ 68,613

BALANCE SHEET COMPONENTS - Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Deferred Revenue — long-term	$ 5,635	$ 4,275
Other long-term liabilities	1,688	1,567
Total	$ 7,323	$ 5,842

ACCRUED WARRANTY - Additional Information (Detail)	3 Months Ended
ACCRUED WARRANTY - Additional Information (Detail)	Sep. 30, 2018
Product Warranties Disclosures [Abstract]
Warranty period (in years)	12 months

ACCRUED WARRANTY - Warranty Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning balance	$ 3,840	$ 3,601
Accruals for warranties issued during the period	1,699	1,912
Changes in liability for pre-existing warranties during the period	126	(100)
Settlements made during the period	(1,571)	(1,318)
Warranty accrual, ending balance	$ 4,094	$ 4,095

DEBT - Additional Information (Detail) - USD ($)				3 Months Ended			12 Months Ended
DEBT - Additional Information (Detail) - USD ($)	Jan. 01, 2021	Oct. 31, 2018	Mar. 03, 2015	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Dec. 31, 2020	Jan. 17, 2018
Debt Instrument [Line Items]
Debt issuance cost					$ 4,600,000
Revolving credit facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Repayment of outstanding balance					354,500,000
Issuance fees per annum			0.125%
Revolving credit facility \| Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings			0.20%
Revolving credit facility \| Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings			0.35%
Revolving credit facility \| Amended Credit Agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate			0.50%
Revolving credit facility \| Amended Credit Agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.25%
Revolving credit facility \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.00%
Revolving credit facility \| Amended Credit Agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.50%
Revolving credit facility \| Amended Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate			2.25%
Revolving credit facility \| Amended Credit Agreement \| Federal funds rate
Debt Instrument [Line Items]
Debt basis spread on variable rate			0.50%
Revolving credit facility \| Amended Credit Agreement \| Applicable interest rate
Debt Instrument [Line Items]
Debt basis spread over applicable interest rate			2.00%
Revolving credit facility \| Second Amended & Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility				$ 400,000,000				$ 400,000,000
Additional borrowing capacity								300,000,000
Repayment of outstanding balance					$ 68,900,000
Maximum leverage ratio			3.25
Minimum liquidity to satisfy covenant terms			$ 250,000,000.0
Availability of revolving credit facility to satisfy covenant term			$ 50,000,000.0
Outstanding borrowing				0
Term loan facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Percentage of principal due quarterly			1.25%
Principal payment				0		$ 3,750,000
Term loan facility \| Second Amended & Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility								$ 500,000,000
Repayment of outstanding balance				14,500,000
Principal payment				6,250,000		$ 0
Interest payment				$ 8,200,000
Interest rate percentage on term loan				3.99%
Letters of credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Credit facility			$ 10,000,000.0
Letters of credit \| Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings			1.50%
Letters of credit \| Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings			2.25%
Sublimit for swingline loan advances \| Amended Credit Agreement
Debt Instrument [Line Items]
Credit facility			$ 25,000,000.0
Sublimit for swingline loan advances \| Amended Credit Agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate			0.50%
Sublimit for swingline loan advances \| Amended Credit Agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.25%
Forecast \| Term loan facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Percentage of principal due quarterly	2.50%						1.875%
Subsequent event \| Term loan facility \| Second Amended & Restated Credit Agreement
Debt Instrument [Line Items]
Interest rate percentage on term loan		4.05%

DEBT - Summary of debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Debt Instrument [Line Items]
Debt — short-term	$ 24,425	$ 24,425
Debt issuance costs, net	(575)	(575)
Debt — long-term	454,253	460,352
Debt issuance costs, net	(1,997)	(2,148)
Term loan facility
Debt Instrument [Line Items]
Debt — short-term	25,000	25,000
Debt — long-term	$ 456,250	$ 462,500

DEBT - Summary of debt and interest payment obligations (Detail) $ in Thousands	Sep. 30, 2018 USD ($)
Debt payment obligations
Debt payment obligations, 2019 (remainder)	$ 18,750
Debt payment obligations, 2020	31,250
Debt payment obligations, 2021	43,750
Debt payment obligations, 2022	50,000
Debt payment obligations, 2023	337,500
Debt payment obligations, thereafter	0
Debt payment obligations, total	481,250
Interest and other payments on debt payment obligations (1)
Interest and other payments on debt payment obligations, 2019 (remainder)	15,139
Interest and other payments on debt payment obligations, 2020	19,378
Interest and other payments on debt payment obligations, 2021	17,871
Interest and other payments on debt payment obligations, 2022	15,943
Interest and other payments on debt payment obligations, 2023	7,906
Interest and other payments on debt payment obligations, thereafter	0
Interest and other payments on debt payment obligations, total	76,237
Total
Debt and interest payment obligations, 2018 (remainder)	33,889
Debt and interest payment obligations, 2019	50,628
Debt and interest payment obligations, 2020	61,621
Debt and interest payment obligations, 2021	65,943
Debt and interest payment obligations, 2022	345,406
Debt and interest payment obligations, thereafter	0
Debt and interest payment obligations, total	$ 557,487

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	Sep. 30, 2018 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Other obligations	$ 1.6
Finished goods
Property Subject to or Available for Operating Lease [Line Items]
Inventory purchase obligation	37.5
Raw materials
Property Subject to or Available for Operating Lease [Line Items]
Inventory purchase obligation	1.3
FrontRow
Property Subject to or Available for Operating Lease [Line Items]
Inventory purchase obligation	3.3
Minimum \| Components
Property Subject to or Available for Operating Lease [Line Items]
Inventory purchase obligation	147.0
Maximum \| Components
Property Subject to or Available for Operating Lease [Line Items]
Inventory purchase obligation	$ 244.0

COMMITMENTS AND CONTINGENCIES - Future minimum annual payments under operating leases (Detail) $ in Thousands	Sep. 30, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating leases, 2019 (remainder)	$ 5,619
Operating leases, 2020	6,532
Operating leases, 2021	4,615
Operating leases, 2022	1,790
Operating leases, 2023	1,376
Operating leases, thereafter	314
Operating leases, total	$ 20,246

COMMON STOCK AND TREASURY STOCK (Detail) - Common Stock - USD ($)	1 Months Ended	3 Months Ended
	Nov. 09, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 06, 2018	May 08, 2018	Mar. 13, 2018
March Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock							$ 200,000,000
Number of shares repurchased and retired (in shares)				757,219
Common stock repurchased, average price per share (in usd per share)				$ 69.48
Value of total number of shares purchased				$ 52,600,000
May Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock						$ 200,000,000
Number of shares repurchased and retired (in shares)		1,238,163	586,924
Common stock repurchased, average price per share (in usd per share)		$ 91.07	$ 70.11
Value of total number of shares purchased		$ 112,800,000	$ 41,100,000
Stock repurchase cost incurred but not yet paid		6,000,000
Remaining authorization at the end of the period		$ 193,500,000
May Repurchase Program \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased and retired (in shares)	2,022,648
Common stock repurchased, average price per share (in usd per share)	$ 89.30
Value of total number of shares purchased	$ 180,600,000
Remaining authorization at the end of the period	0
November Repurchase Program \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock					$ 200,000,000
Remaining authorization at the end of the period	$ 200,000,000

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Unrealized (loss) on available-for-sale securities	$ (146)	$ 0

STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares, stock incentive plans (in shares)	10,570,839
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 1,300,000	$ 3,900,000
Unrecognized compensation costs	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of RSUs vested	900,000	$ 1,300,000
Intrinsic value of RSUs outstanding	15,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 6,700,000
Weighted-average period recognized (in years)	3 years 8 months 12 days

STOCK BASED COMPENSATION - Stock-based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 775	$ 912
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	33	245
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	467	456
Sales, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 275	$ 211

STOCK BASED COMPENSATION - Option activity for company's stock incentive plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Number of Shares
Beginning balance (in shares)	137,491
Exercised (in shares)	(17,378)
Forfeitures and cancellations (in shares)	(1,980)
Ending balance (in shares)	118,133	137,491
Number of shares, vested, ending balance (in shares)	118,133
Number of shares, vested and exercisable, ending balance (in shares)	118,133
Weighted Average Exercise Price
Beginning balance (in usd per share)	$ 9.15
Exercised (in usd per share)	11.17
Forfeitures and cancellations (in usd per share)	11.09
Ending balance (in usd per share)	8.83	$ 9.15
Options, weighted average exercise price, vested, ending balance (in usd per share)	8.83
Options, weighted average exercise price, vested and exercisable, ending balance (in usd per share)	$ 8.83
Options outstanding, weighted average remaining contractual term, ending balance (in years)	3 years 2 months 27 days	3 years 7 months 13 days
Options, remaining contractual term, vested, ending balance (in years)	3 years 2 months 27 days
Options, weighted average remaining contractual term, vested and exercisable, ending balance (in years)	3 years 2 months 27 days
Options outstanding, aggregate intrinsic value, ending balance	$ 10,636	$ 10,390
Options, aggregate intrinsic value, vested, ending balance	10,636
Options, aggregate intrinsic value, vested and exercisable, ending balance	$ 10,636

STOCK BASED COMPENSATION - Summary of RSU activity (Detail) - Restricted stock units	3 Months Ended
	Sep. 30, 2018 $ / shares shares
Number of Shares
Non-vested RSUs, beginning balance (in shares) \| shares	144,100
RSUs granted (in shares) \| shares	25,759
RSUs vested (in shares) \| shares	(10,131)
RSUs canceled (in shares) \| shares	(2,841)
Non-vested RSUs, ending balance (in shares) \| shares	156,887
Weighted Average Grant Date Fair Value Per Share
Non-vested RSUs, weighted average grant date fair value, beginning balance (in usd per share) \| $ / shares	$ 53.24
RSUs granted, weighted average grant date fair value (in usd per share) \| $ / shares	85.38
RSUs vested, weighted average grant date fair value (in usd per share) \| $ / shares	41.90
RSUs canceled, weighted average grant date fair value (in usd per share) \| $ / shares	43.11
Non-vested RSUs, weighted average grant date fair value, ending balance (in usd per share) \| $ / shares	$ 59.44

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Provisions for income taxes	$ 11,388	$ 10,777
Unrecognized tax benefits	29,300
Net increase (decrease) in unrecognized tax benefits	100
Interest accrued related to uncertain tax matters	3,400
Settlement With Taxing Authority of Statute Lapses
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits, decrease is reasonably possible	3,200
IIRS
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 50,000

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2018 segment revenue_category
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of primary categories \| revenue_category	2

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Revenues by product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 282,905	$ 245,868
Revenues
Segment Reporting Information [Line Items]
Revenue percentage	100.00%	100.00%
Service Provider Technology
Segment Reporting Information [Line Items]
Total revenues	$ 104,957	$ 119,915
Service Provider Technology \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	37.00%	49.00%
Enterprise Technology
Segment Reporting Information [Line Items]
Total revenues	$ 177,948	$ 125,953
Enterprise Technology \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	63.00%	51.00%

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Revenues by geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Revenues	$ 282,905	$ 245,868
North America
Segment Reporting Information [Line Items]
Revenues	119,371	96,170
South America
Segment Reporting Information [Line Items]
Revenues	14,176	31,053
Europe, the Middle East and Africa (EMEA)
Segment Reporting Information [Line Items]
Revenues	124,931	93,314
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	24,427	25,331
United States
Segment Reporting Information [Line Items]
Revenues	$ 112,300	$ 91,800
Reportable Geographical Components
Segment Reporting Information [Line Items]
Revenue percentage	100.00%	100.00%
Reportable Geographical Components \| North America
Segment Reporting Information [Line Items]
Revenue percentage	42.00%	39.00%
Reportable Geographical Components \| South America
Segment Reporting Information [Line Items]
Revenue percentage	5.00%	13.00%
Reportable Geographical Components \| Europe, the Middle East and Africa (EMEA)
Segment Reporting Information [Line Items]
Revenue percentage	44.00%	38.00%
Reportable Geographical Components \| Asia Pacific
Segment Reporting Information [Line Items]
Revenue percentage	9.00%	10.00%

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Percentage of Revenues, Accounts Receivable (Detail)	3 Months Ended			12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2016
Revenues
Revenue, Major Customer [Line Items]
Concentration percentage	100.00%		100.00%
Revenues \| Customer A
Revenue, Major Customer [Line Items]
Concentration percentage	10.00%
Revenues \| Customer B
Revenue, Major Customer [Line Items]
Concentration percentage	12.00%		12.00%
Accounts Receivable \| Customer A
Revenue, Major Customer [Line Items]
Concentration percentage	11.00%			12.00%
Accounts Receivable \| Customer B
Revenue, Major Customer [Line Items]
Concentration percentage	16.00%	15.00%

RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS (Details) - Chief Executive Officer - Aircraft lease agreement - USD ($)		3 Months Ended
	Nov. 13, 2013	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Rate to lease aircraft	$ 5,000
Sales, general and administrative
Related Party Transaction [Line Items]
Aircraft leasing expenses		$ 400,000	$ 400,000

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Nov. 09, 2018	Nov. 09, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Nov. 06, 2018	May 08, 2018
Forecast
Repurchase Agreement Counterparty [Line Items]
Dividends declared per share (in usd per share)			$ 0.25
May Repurchase Program \| Common Stock
Repurchase Agreement Counterparty [Line Items]
Repurchase of common stock							$ 200,000,000
Stock repurchased and retired (in shares)				1,238,163	586,924
Common stock repurchased, average price per share (in usd per share)				$ 91.07	$ 70.11
Value of total number of shares purchased				$ 112,800,000	$ 41,100,000
Remaining authorization at the end of the period				$ 193,500,000
Subsequent event
Repurchase Agreement Counterparty [Line Items]
Dividends declared per share (in usd per share)	$ 0.25
Subsequent event \| May Repurchase Program \| Common Stock
Repurchase Agreement Counterparty [Line Items]
Stock repurchased and retired (in shares)		2,022,648
Common stock repurchased, average price per share (in usd per share)		$ 89.30
Value of total number of shares purchased		$ 180,600,000
Remaining authorization at the end of the period	$ 0	0
Subsequent event \| November Repurchase Program \| Common Stock
Repurchase Agreement Counterparty [Line Items]
Repurchase of common stock						$ 200,000,000
Remaining authorization at the end of the period	$ 200,000,000	$ 200,000,000