Ubiquiti (UI) 10-Q4 Nov 222023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Focus	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35300
Entity Registrant Name	UBIQUITI INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0097377
Entity Address, Address Line One	685 Third Avenue
Entity Address, Address Line Two	27th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	646
Local Phone Number	780-7958
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	UI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,428,811
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001511737
Current Fiscal Year End Date	--06-30

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 136,519	$ 136,224
Investments — short-term	378	427
Accounts receivable, net of allowance for doubtful accounts of $55 and $52 at September 30, 2022 and June 30, 2022, respectively	147,567	119,627
Inventories	354,662	262,441
Vendor deposits	58,369	89,661
Prepaid expenses and other current assets	14,067	13,193
Total current assets	711,562	621,573
Property and equipment, net	85,170	80,232
Operating lease right-of-use assets, net	61,626	64,231
Deferred tax assets	6,483	6,618
Other long-term assets	72,398	72,058
Total assets	937,239	844,712
Current liabilities:
Accounts payable	93,987	83,663
Income taxes payable	35,133	14,061
Debt — short-term	24,410	23,865
Other current liabilities	207,964	189,361
Total current liabilities	361,494	310,950
Income taxes payable — long-term	77,547	94,169
Operating lease liabilities —long-term	51,649	54,025
Debt — long-term	766,019	762,622
Other long-term liabilities	6,002	5,822
Total liabilities	1,262,711	1,227,588
Commitments and contingencies (Note 10)
Stockholders’ deficit:
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: 60,428,811 and 60,420,525 outstanding as of September 30, 2022 and June 30, 2022, respectively	60	60
Additional paid–in capital	1,177	650
Accumulated other comprehensive (loss)	(523)	(474)
Retained (deficit)	(326,186)	(383,112)
Total stockholders’ (deficit)	(325,472)	(382,876)
Total liabilities and stockholders’ deficit	$ 937,239	$ 844,712

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 55	$ 52
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)	60,428,811	60,420,525

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 498,083	$ 458,914
Cost of revenues	326,715	249,451
Gross profit	171,368	209,463
Operating expenses:
Research and development	32,659	32,051
Sales, general and administrative	16,696	15,714
Total operating expenses	49,355	47,765
Income from operations	122,013	161,698
Interest expense and other, net	(10,651)	(3,815)
Income before income taxes	111,362	157,883
Provision for income taxes	18,180	25,733
Net income	$ 93,182	$ 132,150
Net income per share of common stock:
Basic (in usd per share)	$ 1.54	$ 2.11
Diluted (in usd per share)	$ 1.54	$ 2.11
Weighted average shares used in computing net income per share of common stock:
Basic (in shares)	60,427	62,519
Diluted (in shares)	60,446	62,561
Other comprehensive income:
Unrealized losses on available-for-sale securities	$ (49)	$ (1)
Other comprehensive loss	(49)	(1)
Comprehensive income	$ 93,133	$ 132,149

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Jun. 30, 2021		62,582,858
Beginning balance at Jun. 30, 2021	$ 2,699	$ 63	$ 0	$ 2,635	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	132,150			132,150
Other comprehensive income (loss)	(1)				(1)
Stock options exercised (in shares)		1,605
Stock options exercised	17		17
Restricted stock units issued, net of tax withholdings (in shares)		7,887
Restricted stock units issued, net of tax withholdings	(952)		(952)
Repurchases of Common Stock (in shares)		(130,994)
Repurchases of Common Stock	(39,252)	$ (1)	125	(39,376)
Stock-based compensation expense	810		810
Dividends Paid on Common Stock	(37,499)			(37,499)
Ending balance (in shares) at Sep. 30, 2021		62,461,356
Ending balance at Sep. 30, 2021	$ 57,972	$ 62	0	57,910	0
Beginning balance (in shares) at Jun. 30, 2022	60,420,525	60,420,525
Beginning balance at Jun. 30, 2022	$ (382,876)	$ 60	650	(383,112)	(474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	93,182			93,182
Other comprehensive income (loss)	$ (49)				(49)
Stock options exercised (in shares)	2,112	2,112
Stock options exercised	$ 23		23
Restricted stock units issued, net of tax withholdings (in shares)		6,174
Restricted stock units issued, net of tax withholdings	(544)		(544)
Stock-based compensation expense	1,048		1,048
Dividends Paid on Common Stock	$ (36,256)			(36,256)
Ending balance (in shares) at Sep. 30, 2022	60,428,811	60,428,811
Ending balance at Sep. 30, 2022	$ (325,472)	$ 60	$ 1,177	$ (326,186)	$ (523)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical)	3 Months Ended
	Sep. 30, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 0.6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 93,182	$ 132,150
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,686	3,244
Amortization of debt issuance costs	321	332
Non-cash lease expense	172	609
Provision for inventory obsolescence	1,576	64
Provision for loss on vendor deposits and purchase commitments	(2,090)	2,252
Stock-based compensation	1,048	810
Deferred taxes	135	23
Other, net	564	123
Changes in operating assets and liabilities:
Accounts receivable	(27,937)	(1,645)
Inventories	(94,244)	(27,588)
Vendor deposits	30,393	(20,333)
Prepaid income taxes	(36)	(3,703)
Prepaid expenses and other assets	(1,672)	(17,696)
Accounts payable	10,414	9,728
Income taxes payable	4,450	17,404
Deferred revenues	(1,744)	577
Accrued and other liabilities	23,766	4,587
Net cash provided by operating activities	41,984	100,938
Cash Flows from Investing Activities:
Purchase of property and equipment and other long-term assets	(8,662)	(2,971)
Purchase of investments	0	(569)
Proceeds from maturities of investments	0	550
Net cash (used in) investing activities	(8,662)	(2,990)
Cash Flows from Financing Activities:
Repurchases of common stock	0	(36,752)
Payment of common stock cash dividends	(36,256)	(37,499)
Proceeds from exercise of stock options	23	0
Tax withholdings related to net share settlements of restricted stock units	(544)	(935)
Net cash (used in) financing activities	(33,027)	(81,436)
Net increase in cash and cash equivalents	295	16,512
Cash and cash equivalents at beginning of period	136,224	249,418
Cash and cash equivalents at end of period	136,519	265,930
Supplemental Disclosure of Cash Flow Information:
Income taxes paid, net of refunds	13,780	11,964
Interest paid	6,738	2,501
Non-Cash Investing and Financing Activities:
Right-of-use asset recognized	236	24,344
Unpaid stock repurchases	0	2,497
Unpaid property and equipment and other long-term assets	421	580
Revolving credit facility
Cash Flows from Financing Activities:
Proceeds from borrowing under the credit facility- Revolver	50,000	0
Repayments of debt	(40,000)	0
Term Facility
Cash Flows from Financing Activities:
Repayments of debt	$ (6,250)	$ (6,250)

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF PRESENTATION	BUSINESS AND BASIS OF PRESENTATION Business — Ubiquiti 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 these notes, Ubiquiti refers to the fiscal years ending June 30, 2023 and 2022, as fiscal 2023 and fiscal 2022 respectively. Basis of Presentation — The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“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 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, 2022 balance sheet was derived from the audited consolidated 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, 2022, included in its Annual Report on Form 10-K, as filed with the SEC on August 26, 2022 (the “Annual Report”). The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results to be expected for any future periods.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
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 fiscal year ended June 30, 2022, included in the Annual Report on Form 10-K. Except as noted below, there have been no other changes to the Company’s significant accounting policies as discussed in the Annual Report. Use of Accounting Estimates

REVENUES

REVENUES	3 Months Ended
REVENUES	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenue is primarily generated from the sale of hardware as well as the related implied post contract services (“PCS”). Revenue is measured as the amount of consideration the Company expects 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 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 15 “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 our 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 non-current 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 non-current portion is included in other long-term liabilities in our consolidated balance sheets. As of September 30, 2022 and June 30, 2022, the Company’s customer deposits were $1.8 million and $1.1 million, respectively. As of September 30, 2022, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $18.9 million and $6.0 million, respectively. As of June 30, 2022, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $20.8 million and $5.8 million, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	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. The Company classifies its 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. The Company’s 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 the Company’s 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 held no Level 3 financial instruments as of September 30, 2022 and June 30, 2022. 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, 2022 and June 30, 2022 (in thousands): September 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents (1) Short-Term Investments Long-Term Investments Level 1 Corporate Securities $ 901 $ — $ (523) $ 378 $ — $ 378 $ — Total $ 901 $ — $ (523) $ 378 $ — $ 378 $ — (1) 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. June 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents (1) Short-Term Investments Long-Term Investments Level 1 Corporate securities $ 901 $ — $ (474) $ 427 $ — $ 427 $ — Total $ 901 $ — $ (474) $ 427 $ — $ 427 $ — (1) 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. For the three months ended September 30, 2022, the Company did not recognize any material net gains or losses from accumulated other comprehensive income related to realized gains or losses. During the three months ended September 30, 2022 and 2021, interest income on the Company’s investment securities was immaterial. The Company had no continuous unrealized loss position from corporate securities as of September 30, 2022. The following table represents the adjusted costs and fair value of cash equivalents and investments by contractual maturity as of September 30, 2022 (in thousands): Available-For-Sale Adjusted Cost Fair Value Due within 1 year and money market funds $ 901 $ 378 Total $ 901 $ 378 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, 2022 and June 30, 2022, the Company had outstanding loans associated with its credit facilities, which are 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, 2022 and June 30, 2022, the fair value of the Company’s debt, which is carried at historical cost was $792.5 million and $788.8 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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, 2022 2021 Numerator: Net income $ 93,182 $ 132,150 Denominator: Weighted-average shares used in computing basic earnings per share 60,427 62,519 Add—dilutive potential common shares: Stock options 2 10 Restricted stock units 17 32 Weighted-average shares used in computing diluted net income per share 60,446 62,561 Net income per share of common stock: Basic $ 1.54 $ 2.11 Diluted $ 1.54 $ 2.11 The Company excludes potentially dilutive securities from its diluted net income per share calculation when their effect would be anti-

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	3 Months Ended
BALANCE SHEET COMPONENTS	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Inventories Inventories consisted of the following (in thousands): September 30, 2022 June 30, 2022 Finished goods $ 344,349 $ 253,260 Raw materials 10,313 9,181 Total $ 354,662 $ 262,441 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2022 June 30, 2022 Testing equipment $ 19,260 $ 16,999 Tooling equipment 18,562 18,398 Leasehold improvements 20,391 18,589 Computer and other equipment 10,970 11,078 Software 10,540 10,509 Furniture and fixtures 1,818 2,668 Corporate aircraft 65,807 65,807 Property and equipment, gross 147,348 144,048 Less: Accumulated depreciation (62,178) (63,816) Property and equipment, net $ 85,170 $ 80,232 Other Long-term Assets Other long-term assets consisted of the following (in thousands): September 30, 2022 June 30, 2022 Hong Kong Tax deposit (1) 59,972 59,992 Intangible assets, net (2) 6,864 7,228 Other long-term assets, net 5,562 4,838 Total $ 72,398 $ 72,058 (1) The Company expects the deposits made with the Hong Kong Inland Revenue Department (“IRD”) to be refunded upon completion of the audit. See Note 14 to the consolidated financial statements for additional details regarding this ongoing tax audit. (2) Accumulated amortization was $4.7 million and $4.3 million as of September 30, 2022, and June 30, 2022, respectively. Other Current Liabilities Other current liabilities consisted of the following (in thousands): September 30, 2022 June 30, 2022 Deferred revenue — short-term $ 18,938 20,766 Accrued expenses 27,318 42,305 Lease liability— current 12,688 12,744 Warranty accrual 7,159 6,394 Accrued compensation and benefits 6,544 6,168 Customer deposits 1,821 1,059 Reserve for sales returns 4,104 4,297 Inventory received not billed 116,493 86,953 Other payables 12,899 8,675 Total $ 207,964 $ 189,361 Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): September 30, 2022 June 30, 2022 Deferred Revenue — long-term $ 6,002 $ 5,822

ACCRUED WARRANTY

ACCRUED WARRANTY	3 Months Ended
ACCRUED WARRANTY	Sep. 30, 2022
Product Warranties Disclosures [Abstract]
ACCRUED WARRANTY	ACCRUED WARRANTY The Company offers warranties on certain products, generally a period of one Warranty obligations, included in other current liabilities, were as follows (in thousands): Three Months Ended September 30, 2022 2021 Beginning balance $ 6,394 $ 4,812 Accruals for warranties issued during the period $ 2,824 2,054 Changes in liability for pre-existing warranties during the period $ 71 191 Settlements made during the period $ (2,130) (1,876) Ending balance $ 7,159 $ 5,181

DEBT

DEBT	3 Months Ended
DEBT	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT On March 30, 2021, the Company, as borrower and certain domestic subsidiaries entered into an amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), the other financial institutions named as lenders therein, and Wells Fargo as administrative agent and collateral agent for the lenders, that extended the $700 million senior secured revolving credit facility (the “Revolving Facility”) and provided a new $500 million senior secured term loan facility (the “Term Facility”, together with the Revolving Facility, the “Facilities”), and extended the maturity of the Facilities to March 30, 2026. In addition, the Facilities include an option to request increases in the amounts of such credit facilities by up to an additional $500 million in the aggregate. The Company has $2.1 million of debt issuance costs which are capitalized and are being amortized as interest expense over the remaining life of the facilities. The Company’s Debt consisted of the following (in thousands): September 30, 2022 June 30, 2022 Term Facility - short term $ 25,000 $ 25,000 Debt issuance costs, net (590) (1,135) Total Debt - short term 24,410 23,865 Term Facility - long term 437,500 443,750 Revolving Facility - long term 330,000 320,000 Debt issuance costs, net (1,481) (1,128) Total Debt - long term $ 766,019 $ 762,622 The Revolving Facility includes a sub-limit of $25.0 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 Third Amended and 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 Third Amended and Restated Credit Agreement, revolving loans and swingline loans may be borrowed, repaid and reborrowed until March 30, 2026, at which time all amounts borrowed must be repaid. The Term Facility is payable in quarterly installments of 1.25% of the original principal amount of the Term Facility, commencing with the quarter ending June 30, 2021. The Facilities may be prepaid at any time without penalty. Revolving and Term facilities 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 Third Amended and 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 Third Amended and Restated Credit Agreement requires the Company to maintain during the term of the Facilities a maximum consolidated total leverage ratio of 3.50 to 1.00 and a minimum consolidated interest coverage ratio of 3.5 to 1.00. In addition, the Third Amended and 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 Third Amended and 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 Third Amended and Restated Credit Agreement. The Facilities As of September 30, 2022, $462.5 million was outstanding on the Term Facility and $330 million outstanding on the Revolving Facility, leaving $370 million available on the Revolving Facility. Term Facility: During the three months ended September 30, 2022, the Company made aggregate payments of $10.7 million under the Term Facility, of which $6.3 million was repayment of principal and $4.4 million was payment of interest. As of September 30, 2022, the interest rate on the Term Facility was 4.87%. This interest rate will reset on October 31, 2022. Revolving Facility: Under the Third Amended and Restated Credit Agreement, during the three months ended September 30, 2022, the Company made aggregate payments of $42.8 million under the Revolving Facility, of which $40 million was a repayment of principal and $2.8 million was a payment of interest. As at September 30, 2022, the interest rates on the Revolving Facility were 4.45% - 4.87%. The following table summarizes the Company’s estimated debt and interest payment obligations as of September 30, 2022, for the remainder of fiscal 2023 and future fiscal years (in thousands): 2023 (remainder) 2024 2025 2026 2027 Thereafter Total Debt payment obligations $ 18,750 $ 25,000 $ 25,000 $ 723,750 $ — $ — $ 792,500 Interest and other payments on debt payment obligations (1) 29,711 38,751 37,412 27,176 — — 133,050 Total $ 48,461 $ 63,751 $ 62,412 $ 750,926 $ — $ — $ 925,550 (1) - Interest payments are calculated based on the applicable rates and payment dates as of September 30, 2022 and assumes the outstanding revolver balance remains at $330 million. Although the Company’s interest rates on debt obligations may vary, the Company has assumed the most recent available interest rates for all periods presented.

LEASES

LEASES	3 Months Ended
LEASES	Sep. 30, 2022
Leases [Abstract]
LEASES	LEASES The Company enters into agreements under which we lease various real estate spaces in North America, Europe and Asia Pacific, under non-cancellable leases that expire on various dates through fiscal 2036. Some of our leases include options to extend the term of such leases for a period from 12 months to 60 months, and/or have options to early terminate the lease. As of September 30, 2022, we included such options in determining the lease terms for certain of our leases because we were reasonably certain that we would exercise the extension options. Most of our leases require us to pay certain operating expenses in addition to base rent, such as taxes, insurance and maintenance costs. The following table summarizes our lease costs for the three months ended September 30, 2022 and 2021 (in thousands): Financial Statement Classification Three Months Ended September 30, 2022 2021 Operating lease costs: Fixed lease costs Operating expenses $ 2,804 $ 2,145 Fixed lease costs Cost of revenues 1,003 1,145 Variable lease costs Operating expenses — 144 Variable lease costs Cost of revenues 14 130 Total lease costs $ 3,821 $ 3,564 The operating lease costs in the table above include costs for long-term and short-term leases. Total short-term costs for three months ended September 30, 2022 and 2021 were immaterial. Variable lease costs primarily include maintenance, utilities and operating expenses that are incremental to the fixed base rent payments and are excluded from the calculation of operating lease liabilities and ROU assets. For the three months ended September 30, 2022 and 2021, cash paid for amounts associated with the Company’s operating lease liabilities were approximately $3.6 million and $3.0 million, respectively. Cash paid for amounts associated with the Company’s operating lease liabilities were classified as operating activities in the consolidated statement of cash flows. The following table shows the Company’s undiscounted future fixed payment obligations under the Company’s recognized operating leases and a reconciliation to the operating lease liabilities as of September 30, 2022: Remainder of Fiscal 2023 $ 10,591 Fiscal 2024 13,845 Fiscal 2025 12,625 Fiscal 2026 8,612 Fiscal 2027 4,922 Thereafter 18,544 Total future fixed operating lease payments $ 69,139 Less: Imputed interest $ 4,802 Total operating lease liabilities $ 64,337 Weighted-average remaining lease term - operating leases 7 years Weighted-average discount rate - operating leases 2.3 %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Leases See Note 9 - Leases for future minimum lease payments under non-cancelable operating leases as of September 30, 2022. Purchase Obligations We subcontract with third parties to manufacture our products and have purchase commitments with key component suppliers. During the normal course of business, the Company’s contract manufacturers procure components and manufacture products 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, 2022, we have recorded a purchase obligation liability of $7.7 million related to component purchase commitments. There have been no other significant liabilities for cancellations recorded as of September 30, 2022. 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. We may be subject to additional purchase obligations for supply agreements and components ordered by our contract manufacturers based on manufacturing forecasts we provide them each month. We estimate the amount of these additional purchase obligations to range from $1,697.7 million to $2,362.8 million as of September 30, 2022, depending upon the timing of orders placed for these components by our contract manufacturers. Other Obligations As of September 30, 2022, the Company has other obligations of $6.7 million 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. 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 7,062,29 6 (the “’296 Patent”), 7,729,728 (the “’728 Patent”), and 6,611,231 (the “’231 Patent” and, collectively, the “Patents-in-Suit”), (the “Original Action”). On April 11, 2018, the Court stayed the Original Action pending completion of certain inter partes review (“IPR”) proce edings before the Patent Trial and Appeal Board (“PTO”). The PTO invalidated asserted claims of two of the three Patents-in-Suit. The District Court lifted the stay on March 1, 2021 to resume proceedings on the ’ 231 Patent in the Original Action. On June 16, 2021, Vivato filed a new suit against the Company in the Central District of California, alleging that various Company products infringe some of the non-invalidated claims of the ’728 Patent and U.S. Patent No. 10,594,376 (the “New Action”). The New Action, as well as four similar new lawsuits filed by Vivato against other defendants in the same jurisdiction, were consolidated into the Original Action. On November 24, 2021, the Company and the remaining defendants in the Original Action filed a motion for judgment on the pleadings regarding the ’231 Patent. On January 4, 2022, the Court granted defendants’ motion and dismissed Vivato’s claims based on the ’231 Patent. That ruling is now on appeal. All claims asserted against the Company in the Original Action have been dismissed. On April 18, 2022, the court granted in part the motion for judgment on the pleadings with respect to the ’728 patent, dismissing one of the four remaining claims. On July 28, 2022, Vivato voluntarily dismissed, with prejudice, its remaining claims related to the ’728 patent, as well as claims 22-31 of the ‘376 Patent. On October 20, 2022, an IPR was instituted with respect to the asserted claims of the ’376 Patent. On October 26, 2022, the court stayed the case pending completion of the IPR. 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.

COMMON STOCK AND TREASURY STOCK

COMMON STOCK AND TREASURY STOCK	3 Months Ended
COMMON STOCK AND TREASURY STOCK	Sep. 30, 2022
Equity [Abstract]
COMMON STOCK AND TREASURY STOCK	COMMON STOCK AND TREASURY STOCKCommon Stock RepurchasesOn May 3, 2022, the Board of Directors of the Company approved a $200 million stock repurchase program (the “2022 May Program”). Under the 2022 May Program, the Company is authorized to repurchase up to $200 million of common stock. The 2022 May Program expires on September 30, 2023. The Company did not make any repurchases under the 2022 May Program during the three months ended September 30, 2022. As of September 30, 2022, the Company had $200 million available for share purchase under the 2022 May Program.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOMEComprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to unrealized gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income pursuant to GAAP. For the three months ended September 30, 2022 and 2021, the Company’s accumulated other comprehensive income includes net unrealized gains and losses from the Company’s available-for-sale securities, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
STOCK BASED COMPENSATION	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION Stock-Based Compensation Plans The Company’s 2020, 2010 and 2005 Equity Incentive Plan are described in the Company’s Annual Report. As of September 30, 2022, the Company had 4,959,923 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 and comprehensive income for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 2021 Cost of revenues $ 11 $ 22 Research and development 769 570 Sales, general and administrative 268 218 1,048 810 Stock Options The following is a summary of option activity for the Company’s stock incentive plans for the three months ended September 30, 2022: Common Stock Options Outstanding Number Weighted Weighted Aggregate Balance, June 30, 2022 2,112 $ 10.77 0.37 $ 584,982 Exercised (2,112) $ 10.77 Forfeitures and cancellations Balance, September 30, 2022 — $ — — $ — Vested as of September 30, 2022 — $ — — $ — Vested and exercisable as of September 30, 2022 — $ — — $ — During the three months ended September 30, 2022 and 2021, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $0.6 million and $0.5 million, respectively, as determined as of the date of option exercise. As of September 30, 2022, 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, 2022, and 2021. 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, 2022 53,374 $ 222.24 RSUs granted 9,091 $ 265.87 RSUs vested (8,381) $ 123.06 RSUs canceled (230) $ 206.58 Non-vested RSUs, September 30, 2022 53,854 $ 245.11 The intrinsic value of RSUs vested in the three months ended September 30, 2022 and 2021 was $2.1 million and $3.4 million, respectively. The total intrinsic value of all outstanding RSUs was $15.8 million as of September 30, 2022.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded tax provisions of $18.2 million for the three months ended September 30, 2022 as compared to $25.7 million for the three months ended September 30, 2021. The decrease is primarily related to the reduction in profit before tax and changes in the mix of profit before tax for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. The Company’s estimated fiscal year 2023 effective tax rate, before discrete items, 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, partially offset by additional U.S. tax related to our non-U.S. operations under Global Intangible Low-Taxes Income (GILTI) rules. As of September 30, 2022, the Company had approximately $33.4 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense. During the three months ended September 30, 2022, the Company recorded an increase of its unrecognized tax benefits of $1.1 million and a release of $(0.4) million of its unrecognized tax benefits due to the lapse of the application statute of limitations for the quarter ended September 30, 2022. 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 sheets. As of September 30, 2022, the Company had $3.6 million accrued interest related to uncertain tax matters. The Company and one or more 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 (“IRD”). All material consolidated federal, state and local income tax matters have been concluded for years 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 and is currently under audit for the 2010-2016 tax years. During fiscal years 2022, 2021, 2020, 2019, and 2018, the Company made a total of $3.0 million, $21.9 million, $15.5 million, $13.4 million, and $6.6 million of deposits with the Hong Kong IRD in connection with extending the statute of limitation for income tax examinations currently under audit for 2010-2016 tax years. On March 2, 2022, the Company received notification that the Hong Kong IRD is seeking an additional $23.5 million deposit covering the 2016 tax year. The Company filed a formal protest in response to this notice and the Assessor's office agreed to a reduced deposit of $3.0 million which was remitted on May 23, 2022. The refundable deposits are included within other long-term assets on our consolidated balance sheets. The IRD is examining the Company’s claims that its revenue is generated through activities performed wholly outside of the Hong Kong tax jurisdiction and are therefore exempt from Hong Kong tax. The Company is fully cooperating with the examination including submitting documentation in support of its position. The Company continues to believe that its tax positions filed with IRD are more likely than not to be sustained based on their technical merits and therefore no reserve has been provided for this tax uncertainty and we expect the $60.0 million (net of foreign currency impact) of deposits made with IRD to be refunded upon completion of the audit. However, there can be no assurance that this matter will be resolved in the Company’s favor and therefore it's possible that an adverse outcome of the matter could have a material effect on the Company’s results of operations and financial condition. In July 2018, the Company received a draft Notice of Proposed Adjustment (“Draft NOPA”) from the Internal Revenue Service (“IRS”) proposing an adjustment to income for the fiscal 2015 and fiscal 2016 tax years based on its interpretation of certain obligations of the non-US entities under the credit facility. This Draft NOPA was superseded by an Acknowledgement of Facts (“AOF”) issued to the Company by the IRS on January 17, 2020. The IRS in its AOF continued to propose an adjustment to the Company’s income for its fiscal 2015 and fiscal 2016 tax years based on the IRS’ interpretation of certain obligations of the Company’s foreign subsidiaries under the Company’s credit facilities. On May 12, 2020, the IRS issued a final Notice of Proposed Adjustment to the Company with respect to the 2015/2016 tax years. The Company formally protested the adjustment and the case was moved from the Examination Division to the IRS Appeals Division where a formal review of the facts and the applicable law took place on May 9, 2022. The Appeals Officer issued a Notice of Deficiency on August 3, 2022, which upheld the position of the Examination Division. The Company has filed a petition with the United States Tax Court seeking to have the Notice of Deficiency reversed. The Company strongly believes the position of the IRS with regard to this matter is without merit. 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. We estimate the incremental tax liability associated with the income adjustment proposed in the AOF would be approximately $50.0 million, excluding potential interest and penalties, after adjusting for the impact of an adjustment on the amount of transition tax payable in future years by the Company. As the Company believes that the tax originally paid in fiscal 2015 and fiscal 2016 is correct, it has not provided a reserve for this tax uncertainty. However, an adverse outcome may have a material and adverse effect on the Company’s results of operations

SEGMENT INFORMATION, REVENUES B

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS	3 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS	SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS Management has determined that the Company operates as one reportable and operating segment as the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, does not make decisions about resources to be allocated or assess performance on a segment basis. 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: Service Provider Technology and Enterprise Technology. Revenues by product type are as follows (in thousands, except percentages): Three Months Ended September 30, 2022 2021 Enterprise technology $ 426,298 86 % $ 346,773 76 % Service Provider Technology 71,785 14 % 112,141 24 % Total revenues $ 498,083 100 % $ 458,914 100 % Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages): Three Months Ended September 30, 2022 2021 North America (1) $ 225,713 45 % $ 209,073 46 % Europe, the Middle East and Africa (“EMEA”) 200,143 40 % 172,643 38 % Asia Pacific 45,332 9 % 42,939 9 % South America 26,895 6 % 34,259 7 % Total revenues $ 498,083 100 % $ 458,914 100 % (1) Revenue for the United States was $210.3 million and $190.6 million for the three months ended September 30, 2022 and 2021, respectively. For the periods presented, there were no customers with an accounts receivable balance of 10% or greater of total accounts receivable or customers with net revenues of 10% or greater of total revenues.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On November 4, 2022, the Company's Board of Directors had approved a quarterly cash dividend of $0.60 per share payable on November 21, 2022 to shareholders of record at the close of business on November 14, 2022. Any future dividends will be subject to the approval of the Company’s Board of Directors.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“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 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, 2022 balance sheet was derived from the audited consolidated 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, 2022, included in its Annual Report on Form 10-K, as filed with the SEC on August 26, 2022 (the “Annual Report”). The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results to be expected for any future periods.
Use of Accounting Estimates	Use of Accounting EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Those estimated assumptions include, but are not limited to, revenue recognition and deferred revenue; allowance for doubtful accounts and sales return reserves; inventory valuation and vendor deposits; accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions; determinations of fair value for stock-based awards; estimate of incremental borrowing rate for determining the present value of future lease payments; and valuation of warranty accruals. We evaluate our estimates based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.
Revenues	Disaggregation of Revenue See Note 15 “Segment Information” for disaggregation of revenue by product category and geography. Contract Balances
Accrued Warranty	The Company offers warranties on certain products, generally a period of one

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2022
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, 2022 and June 30, 2022 (in thousands): September 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents (1) Short-Term Investments Long-Term Investments Level 1 Corporate Securities $ 901 $ — $ (523) $ 378 $ — $ 378 $ — Total $ 901 $ — $ (523) $ 378 $ — $ 378 $ — (1) 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. June 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents (1) Short-Term Investments Long-Term Investments Level 1 Corporate securities $ 901 $ — $ (474) $ 427 $ — $ 427 $ — Total $ 901 $ — $ (474) $ 427 $ — $ 427 $ — (1) 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.
Amortized costs and fair value of investment securities by contractual maturity	The following table represents the adjusted costs and fair value of cash equivalents and investments by contractual maturity as of September 30, 2022 (in thousands): Available-For-Sale Adjusted Cost Fair Value Due within 1 year and money market funds $ 901 $ 378 Total $ 901 $ 378

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
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, 2022 2021 Numerator: Net income $ 93,182 $ 132,150 Denominator: Weighted-average shares used in computing basic earnings per share 60,427 62,519 Add—dilutive potential common shares: Stock options 2 10 Restricted stock units 17 32 Weighted-average shares used in computing diluted net income per share 60,446 62,561 Net income per share of common stock: Basic $ 1.54 $ 2.11 Diluted $ 1.54 $ 2.11

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	3 Months Ended
BALANCE SHEET COMPONENTS (Tables)	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Inventories	Inventories consisted of the following (in thousands): September 30, 2022 June 30, 2022 Finished goods $ 344,349 $ 253,260 Raw materials 10,313 9,181 Total $ 354,662 $ 262,441
Property and equipment, net	Property and equipment, net consisted of the following (in thousands): September 30, 2022 June 30, 2022 Testing equipment $ 19,260 $ 16,999 Tooling equipment 18,562 18,398 Leasehold improvements 20,391 18,589 Computer and other equipment 10,970 11,078 Software 10,540 10,509 Furniture and fixtures 1,818 2,668 Corporate aircraft 65,807 65,807 Property and equipment, gross 147,348 144,048 Less: Accumulated depreciation (62,178) (63,816) Property and equipment, net $ 85,170 $ 80,232
Other long-term assets	Other long-term assets consisted of the following (in thousands): September 30, 2022 June 30, 2022 Hong Kong Tax deposit (1) 59,972 59,992 Intangible assets, net (2) 6,864 7,228 Other long-term assets, net 5,562 4,838 Total $ 72,398 $ 72,058 (1) The Company expects the deposits made with the Hong Kong Inland Revenue Department (“IRD”) to be refunded upon completion of the audit. See Note 14 to the consolidated financial statements for additional details regarding this ongoing tax audit. (2) Accumulated amortization was $4.7 million and $4.3 million as of September 30, 2022, and June 30, 2022, respectively.
Other current liabilities	Other current liabilities consisted of the following (in thousands): September 30, 2022 June 30, 2022 Deferred revenue — short-term $ 18,938 20,766 Accrued expenses 27,318 42,305 Lease liability— current 12,688 12,744 Warranty accrual 7,159 6,394 Accrued compensation and benefits 6,544 6,168 Customer deposits 1,821 1,059 Reserve for sales returns 4,104 4,297 Inventory received not billed 116,493 86,953 Other payables 12,899 8,675 Total $ 207,964 $ 189,361
Other long-term liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, 2022 June 30, 2022 Deferred Revenue — long-term $ 6,002 $ 5,822

ACCRUED WARRANTY (Tables)

ACCRUED WARRANTY (Tables)	3 Months Ended
ACCRUED WARRANTY (Tables)	Sep. 30, 2022
Product Warranties Disclosures [Abstract]
Warranty obligations	Warranty obligations, included in other current liabilities, were as follows (in thousands): Three Months Ended September 30, 2022 2021 Beginning balance $ 6,394 $ 4,812 Accruals for warranties issued during the period $ 2,824 2,054 Changes in liability for pre-existing warranties during the period $ 71 191 Settlements made during the period $ (2,130) (1,876) Ending balance $ 7,159 $ 5,181

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt	The Company’s Debt consisted of the following (in thousands): September 30, 2022 June 30, 2022 Term Facility - short term $ 25,000 $ 25,000 Debt issuance costs, net (590) (1,135) Total Debt - short term 24,410 23,865 Term Facility - long term 437,500 443,750 Revolving Facility - long term 330,000 320,000 Debt issuance costs, net (1,481) (1,128) Total Debt - long term $ 766,019 $ 762,622
Schedule of estimated debt and interest payment obligations	The following table summarizes the Company’s estimated debt and interest payment obligations as of September 30, 2022, for the remainder of fiscal 2023 and future fiscal years (in thousands): 2023 (remainder) 2024 2025 2026 2027 Thereafter Total Debt payment obligations $ 18,750 $ 25,000 $ 25,000 $ 723,750 $ — $ — $ 792,500 Interest and other payments on debt payment obligations (1) 29,711 38,751 37,412 27,176 — — 133,050 Total $ 48,461 $ 63,751 $ 62,412 $ 750,926 $ — $ — $ 925,550 (1) - Interest payments are calculated based on the applicable rates and payment dates as of September 30, 2022 and assumes the outstanding revolver balance remains at $330 million. Although the Company’s interest rates on debt obligations may vary, the Company has assumed the most recent available interest rates for all periods presented.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Sep. 30, 2022
Leases [Abstract]
Lease costs	The following table summarizes our lease costs for the three months ended September 30, 2022 and 2021 (in thousands): Financial Statement Classification Three Months Ended September 30, 2022 2021 Operating lease costs: Fixed lease costs Operating expenses $ 2,804 $ 2,145 Fixed lease costs Cost of revenues 1,003 1,145 Variable lease costs Operating expenses — 144 Variable lease costs Cost of revenues 14 130 Total lease costs $ 3,821 $ 3,564
Undiscounted future fixed payment obligations under recognized operating leases and reconciliation of operating lease liabilities	The following table shows the Company’s undiscounted future fixed payment obligations under the Company’s recognized operating leases and a reconciliation to the operating lease liabilities as of September 30, 2022: Remainder of Fiscal 2023 $ 10,591 Fiscal 2024 13,845 Fiscal 2025 12,625 Fiscal 2026 8,612 Fiscal 2027 4,922 Thereafter 18,544 Total future fixed operating lease payments $ 69,139 Less: Imputed interest $ 4,802 Total operating lease liabilities $ 64,337 Weighted-average remaining lease term - operating leases 7 years Weighted-average discount rate - operating leases 2.3 %

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
STOCK BASED COMPENSATION (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	The following table shows total stock-based compensation expense included in the consolidated statements of operations and comprehensive income for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 2021 Cost of revenues $ 11 $ 22 Research and development 769 570 Sales, general and administrative 268 218 1,048 810
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, 2022: Common Stock Options Outstanding Number Weighted Weighted Aggregate Balance, June 30, 2022 2,112 $ 10.77 0.37 $ 584,982 Exercised (2,112) $ 10.77 Forfeitures and cancellations Balance, September 30, 2022 — $ — — $ — Vested as of September 30, 2022 — $ — — $ — Vested and exercisable as of September 30, 2022 — $ — — $ —
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, 2022 53,374 $ 222.24 RSUs granted 9,091 $ 265.87 RSUs vested (8,381) $ 123.06 RSUs canceled (230) $ 206.58 Non-vested RSUs, September 30, 2022 53,854 $ 245.11

SEGMENT INFORMATION, REVENUES_2

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS (Tables)	3 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Revenues by product	Revenues by product type are as follows (in thousands, except percentages): Three Months Ended September 30, 2022 2021 Enterprise technology $ 426,298 86 % $ 346,773 76 % Service Provider Technology 71,785 14 % 112,141 24 % Total revenues $ 498,083 100 % $ 458,914 100 %
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, 2022 2021 North America (1) $ 225,713 45 % $ 209,073 46 % Europe, the Middle East and Africa (“EMEA”) 200,143 40 % 172,643 38 % Asia Pacific 45,332 9 % 42,939 9 % South America 26,895 6 % 34,259 7 % Total revenues $ 498,083 100 % $ 458,914 100 % (1) Revenue for the United States was $210.3 million and $190.6 million for the three months ended September 30, 2022 and 2021, respectively.

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Customer deposits	$ 1,821	$ 1,059
Deferred revenue, current	18,938	20,766
Deferred Revenue — long-term	$ 6,000	$ 5,800

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Marketable Securities [Line Items]
Adjusted Cost	$ 901
Fair Value	378
Level 3
Marketable Securities [Line Items]
Adjusted Cost	0	$ 0
Fair value, measurements, recurring
Marketable Securities [Line Items]
Adjusted Cost	901	901
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(523)	(474)
Fair Value	378	427
Cash and Cash Equivalents	0	0
Short-Term Investments	378	427
Long-Term Investments	0	0
Fair value, measurements, recurring \| Corporate Securities \| Level 1
Marketable Securities [Line Items]
Adjusted Cost	901	901
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(523)	(474)
Fair Value	378	427
Cash and Cash Equivalents	0	0
Short-Term Investments	378	427
Long-Term Investments	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	$ 901
Unrealized gain (loss), realized and reclassified to earnings from AOCI	0
Fair value of marketable securities, continuous unrealized losses		$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 792,500	$ 788,800

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Investment Security by Contract Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Available-for-sale, amortized cost, due within 1 year and money market funds	$ 901
Adjusted Cost	901
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Available-for-sale, fair value, due within 1 year and money market funds	378
Fair Value	$ 378

EARNINGS PER SHARE - Computatio

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, 2022	Sep. 30, 2021
Numerator:
Net Income	$ 93,182	$ 132,150
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	60,427	62,519
Add—dilutive potential common shares:
Weighted-average shares used in computing diluted net income per share (in shares)	60,446	62,561
Net income per share of common stock:
Basic (in usd per share)	$ 1.54	$ 2.11
Diluted (in usd per share)	$ 1.54	$ 2.11
Stock options
Add—dilutive potential common shares:
Dilutive potential common shares (in shares)	2	10
Restricted stock units
Add—dilutive potential common shares:
Dilutive potential common shares (in shares)	17	32

BALANCE SHEET COMPONENTS - Inve

BALANCE SHEET COMPONENTS - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Inventories [Abstract]
Finished goods	$ 344,349	$ 253,260
Raw materials	10,313	9,181
Total	$ 354,662	$ 262,441

BALANCE SHEET COMPONENTS - Prop

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 147,348	$ 144,048
Less: Accumulated depreciation	(62,178)	(63,816)
Property and equipment, net	85,170	80,232
Testing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,260	16,999
Tooling equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,562	18,398
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,391	18,589
Computer and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,970	11,078
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,540	10,509
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,818	2,668
Corporate aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 65,807	$ 65,807

BALANCE SHEET COMPONENTS - Othe

BALANCE SHEET COMPONENTS - Other Long-term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Other Long-term Debt [Abstract]
Hong Kong Tax deposit	$ 59,972	$ 59,992
Intangible assets, net	6,864	7,228
Other long-term assets, net	5,562	4,838
Total	72,398	72,058
Accumulated amortization, intangible assets	$ 4,700	$ 4,300

BALANCE SHEET COMPONENTS - Ot_2

BALANCE SHEET COMPONENTS - Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Other Current Liabilities [Abstract]
Deferred revenue — short-term	$ 18,938	$ 20,766
Accrued expenses	27,318	42,305
Lease liability— current	12,688	12,744
Warranty accrual	7,159	6,394	$ 5,181	$ 4,812
Accrued compensation and benefits	6,544	6,168
Customer deposits	1,821	1,059
Reserve for sales returns	4,104	4,297
Inventory received not billed	116,493	86,953
Other payables	12,899	8,675
Total	$ 207,964	$ 189,361

BALANCE SHEET COMPONENTS - Ot_3

BALANCE SHEET COMPONENTS - Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Other Long-Term Liabilities [Abstract]
Deferred Revenue — long-term	$ 6,002	$ 5,822

ACCRUED WARRANTY - Narrative (D

ACCRUED WARRANTY - Narrative (Detail)	3 Months Ended
ACCRUED WARRANTY - Narrative (Detail)	Sep. 30, 2022
Distributors
Product Warranty Liability [Line Items]
Warranty period	1 year
Direct Sales
Product Warranty Liability [Line Items]
Warranty period	2 years
Minimum
Product Warranty Liability [Line Items]
Warranty period	1 year
Maximum
Product Warranty Liability [Line Items]
Warranty period	2 years

ACCRUED WARRANTY - Warranty Obl

ACCRUED WARRANTY - Warranty Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning balance	$ 6,394	$ 4,812
Accruals for warranties issued during the period	2,824	2,054
Changes in liability for pre-existing warranties during the period	71	191
Settlements made during the period	(2,130)	(1,876)
Warranty accrual, ending balance	$ 7,159	$ 5,181

DEBT - Narrative (Detail)

DEBT - Narrative (Detail) - USD ($)		3 Months Ended
DEBT - Narrative (Detail) - USD ($)	Mar. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Debt Instrument [Line Items]
Debt — long-term		$ 766,019,000		$ 762,622,000
Revolving credit facility
Debt Instrument [Line Items]
Debt — long-term		330,000,000		320,000,000
Principal payment		$ 40,000,000	$ 0
Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Interest rate		4.45%
Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Interest rate		4.87%
Revolving credit facility \| Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility	$ 700,000,000
Additional borrowing capacity	500,000,000
Debt issuance costs	$ 2,100,000
Issuance fees per annum	0.125%
Maximum leverage ratio	3.5
Minimum consolidated interest coverage ratio	3.5
Outstanding borrowing		$ 330,000,000
Available borrowing capacity		370,000,000
Repayment of outstanding balance		42,800,000
Principal payment		40,000,000
Interest payment		2,800,000
Revolving credit facility \| Amended and Restated Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings	0.20%
Revolving credit facility \| Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings	0.35%
Revolving credit facility \| Amended and Restated Credit Agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate	0.50%
Revolving credit facility \| Amended and Restated Credit Agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate	1.25%
Revolving credit facility \| Amended and Restated Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Debt basis spread on variable rate	1%
Revolving credit facility \| Amended and Restated Credit Agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate	1.50%
Revolving credit facility \| Amended and Restated Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate	2.25%
Revolving credit facility \| Amended and Restated Credit Agreement \| Federal funds rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	0.50%
Revolving credit facility \| Amended and Restated Credit Agreement \| Applicable interest rate
Debt Instrument [Line Items]
Debt basis spread over applicable interest rate	2%
Term Facility
Debt Instrument [Line Items]
Debt — long-term		437,500,000		$ 443,750,000
Principal payment		6,250,000	$ 6,250,000
Term Facility \| Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility	$ 500,000,000
Percentage of principal due quarterly	1.25%
Outstanding borrowing		462,500,000
Repayment of outstanding balance		10,700,000
Principal payment		6,300,000
Interest payment		$ 4,400,000
Interest rate		4.87%
Letters of credit \| Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility	$ 25,000,000
Letters of credit \| Amended and Restated Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings	1.50%
Letters of credit \| Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage of unused borrowings	2.25%
Sublimit for swingline loan advances \| Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility	$ 25,000,000
Sublimit for swingline loan advances \| Amended and Restated Credit Agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate	0.50%
Sublimit for swingline loan advances \| Amended and Restated Credit Agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate	1.25%

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Debt — short-term	$ 24,410	$ 23,865
Debt issuance costs, net	(590)	(1,135)
Debt — long-term	766,019	762,622
Debt issuance costs, net	(1,481)	(1,128)
Term Facility
Debt Instrument [Line Items]
Debt — short-term	25,000	25,000
Debt — long-term	437,500	443,750
Revolving Facility
Debt Instrument [Line Items]
Debt — long-term	$ 330,000	$ 320,000

DEBT - Summary of Debt and Inte

DEBT - Summary of Debt and Interest Payment Obligations (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Debt payment obligations
Debt payment obligations, 2023 (remainder)	$ 18,750
Debt payment obligations, 2024	25,000
Debt payment obligations, 2025	25,000
Debt payment obligations, 2026	723,750
Debt payment obligations, 2027	0
Debt payment obligations, thereafter	0
Debt payment obligations, total	792,500
Interest and other payments on debt payment obligations
Interest and other payments on debt payment obligations, 2023 (remainder)	29,711
Interest and other payments on debt payment obligations, 2024	38,751
Interest and other payments on debt payment obligations, 2025	37,412
Interest and other payments on debt payment obligations, 2026	27,176
Interest and other payments on debt payment obligations, 2027	0
Interest and other payments on debt payment obligations, thereafter	0
Interest and other payments on debt payment obligations, total	133,050
Total
Debt and interest payment obligations, 2023 (remainder)	48,461
Debt and interest payment obligations, 2024	63,751
Debt and interest payment obligations, 2025	62,412
Debt and interest payment obligations, 2026	750,926
Debt and interest payment obligations, 2027	0
Debt and interest payment obligations, thereafter	0
Debt and interest payment obligations, total	$ 925,550

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Short-term lease costs	$ 0	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease, extension of terms	12 months
Maximum
Lessee, Lease, Description [Line Items]
Lease, extension of terms	60 months

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Lease, Cost [Abstract]
Total lease costs	$ 3,821	$ 3,564
Operating lease payments	3,600	3,000
Operating expenses
Lease, Cost [Abstract]
Fixed lease costs	2,804	2,145
Variable lease costs	0	144
Cost of revenues
Lease, Cost [Abstract]
Fixed lease costs	1,003	1,145
Variable lease costs	$ 14	$ 130

LEASES - Operating Leases Futur

LEASES - Operating Leases Future Payment Obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of Fiscal 2023	$ 10,591,000
Fiscal 2024	13,845,000
Fiscal 2025	12,625,000
Fiscal 2026	8,612,000
Fiscal 2027	4,922,000
Thereafter	18,544,000
Total future fixed operating lease payments	69,139,000
Less: Imputed interest	4,802,000
Total operating lease liabilities	$ 64,337,000

LEASES - Weighted-Average Term

LEASES - Weighted-Average Term and Discount Rate (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term - operating leases	7 years
Weighted-average discount rate - operating leases	2.30%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 16, 2021 lawsuit	Apr. 19, 2017 lawsuit	Sep. 30, 2022 USD ($)	Apr. 18, 2022 claim	Apr. 11, 2018 lawsuit
Property Subject to or Available for Operating Lease [Line Items]
Other obligations \| $			$ 6.7
Loss Contingencies [Line Items]
Other lawsuits filed \| lawsuit	4
Number Of claims dismissing \| claim				1
Number Of claims remaining \| claim				4
Vivato X R
Loss Contingencies [Line Items]
Infringed number \| lawsuit		1
Number of lawsuits Invalidated \| lawsuit					2
Number of lawsuits \| lawsuit					3
Component purchase commitments
Property Subject to or Available for Operating Lease [Line Items]
Purchase obligation \| $			7.7
Components \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Purchase obligation \| $			1,697.7
Components \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Purchase obligation \| $			$ 2,362.8

COMMON STOCK AND TREASURY STO_2

COMMON STOCK AND TREASURY STOCK - Narrative (Detail) - Common Stock - 2022 May Program - USD ($)	Sep. 30, 2022	May 03, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 200,000,000
Share repurchased	$ 200,000,000

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - component	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Number Of Comprehensive Income Components	2	2

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Detail) - USD ($)	3 Months Ended		12 Months Ended
STOCK BASED COMPENSATION - Narrative (Detail) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares, stock incentive plans (in shares)	4,959,923
Options granted (in shares)	0	0
Options outstanding, weighted average remaining contractual life			4 months 13 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 600,000	$ 500,000
Unrecognized compensation costs	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of RSUs vested	2,100,000	$ 3,400,000
Intrinsic value of RSUs outstanding	15,800,000
Unrecognized compensation costs, RSUs	$ 9,400,000
Weighted-average period recognized (in years)	3 years 4 months 24 days

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,048	$ 810
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	11	22
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	769	570
Sales, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 268	$ 218

STOCK BASED COMPENSATION - Opti

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, 2022	Jun. 30, 2022
Number of Shares
Beginning balance (in shares)	2,112
Exercised (in shares)	(2,112)
Forfeitures and cancellations (in shares)
Ending balance (in shares)	0	2,112
Weighted Average Exercise Price
Beginning balance (in usd per share)	$ 10.77
Exercised (in usd per share)	10.77
Forfeitures and cancellations (in usd per share)
Ending balance (in usd per share)	$ 0	$ 10.77
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual life		4 months 13 days
Options outstanding, intrinsic value	$ 0	$ 584,982
Number of shares, vested and expected to vest, ending balance (in shares)	0
Options, weighted average exercise price, vested (in usd per share)	$ 0
Options, aggregate intrinsic value, vested	$ 0
Number of shares, vested and exercisable, ending balance (in shares)	0
Options, weighted average exercise price, vested and exercisable (in usd per share)	$ 0
Options, aggregate intrinsic value, vested and exercisable	$ 0

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of RSU Activity (Detail) - Restricted stock units	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Non-vested RSUs, beginning balance (in shares) \| shares	53,374
RSUs granted (in shares) \| shares	9,091
RSUs vested (in shares) \| shares	(8,381)
RSUs canceled (in shares) \| shares	(230)
Non-vested RSUs, ending balance (in shares) \| shares	53,854
Weighted Average Grant Date Fair Value Per Share
Non-vested RSUs, beginning balance (in usd per share) \| $ / shares	$ 222.24
RSUs granted (in usd per share) \| $ / shares	265.87
RSUs vested (in usd per share) \| $ / shares	123.06
RSUs canceled (in usd per share) \| $ / shares	206.58
Non-vested RSUs, ending balance (in usd per share) \| $ / shares	$ 245.11

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
INCOME TAXES (Detail) - USD ($) $ in Thousands	May 23, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Mar. 02, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes		$ 18,180	$ 25,733
Unrecognized tax benefits		33,400
Net increase (decrease) in unrecognized tax benefits		1,100
Release unrecognized tax benefit due to lapse of the applicable statute of limitations		(400)
Interest accrued related to uncertain tax matters		3,600
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Hong Kong Tax deposit		59,972		$ 59,992
IRS
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Loss contingency, estimate of possible loss		50,000
Hong Kong Inland Revenue Department
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Hong Kong Tax deposit		$ 60,000
Hong Kong Inland Revenue Department \| Tax Year 2010 - 2016
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Payment for tax deposit	$ 3,000			$ 3,000	$ 21,900	$ 15,500	$ 13,400	$ 6,600
Hong Kong Inland Revenue Department \| Tax Year 2016
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Additional tax deposit requested									$ 23,500

SEGMENT INFORMATION, REVENUES_3

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Narrative (Detail)	3 Months Ended
	Sep. 30, 2022 product segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of product types \| product	2

SEGMENT INFORMATION, REVENUES_4

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Revenues by Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 498,083	$ 458,914
Enterprise technology
Segment Reporting Information [Line Items]
Total revenues	426,298	346,773
Service Provider Technology
Segment Reporting Information [Line Items]
Total revenues	$ 71,785	$ 112,141
Product concentration risk \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	100%	100%
Product concentration risk \| Enterprise technology \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	86%	76%
Product concentration risk \| Service Provider Technology \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	14%	24%

SEGMENT INFORMATION, REVENUES_5

SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Revenues by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 498,083	$ 458,914
North America
Segment Reporting Information [Line Items]
Revenues	225,713	209,073
Europe, the Middle East and Africa (“EMEA”)
Segment Reporting Information [Line Items]
Revenues	200,143	172,643
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	45,332	42,939
South America
Segment Reporting Information [Line Items]
Revenues	26,895	34,259
United States
Segment Reporting Information [Line Items]
Revenues	$ 210,300	$ 190,600
Geographic concentration risk \| Revenues
Segment Reporting Information [Line Items]
Revenue percentage	100%	100%
Geographic concentration risk \| Revenues \| North America
Segment Reporting Information [Line Items]
Revenue percentage	45%	46%
Geographic concentration risk \| Revenues \| Europe, the Middle East and Africa (“EMEA”)
Segment Reporting Information [Line Items]
Revenue percentage	40%	38%
Geographic concentration risk \| Revenues \| Asia Pacific
Segment Reporting Information [Line Items]
Revenue percentage	9%	9%
Geographic concentration risk \| Revenues \| South America
Segment Reporting Information [Line Items]
Revenue percentage	6%	7%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Nov. 04, 2022 $ / shares
Subsequent event
Repurchase Agreement Counterparty [Line Items]
Dividends declared per share (in dollars per share)	$ 0.6