| BALANCE SHEET COMPONENTS |
BALANCE SHEET COMPONENTS Inventories
Inventories consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | | Finished goods | $ | 537,388 | | | $ | 387,447 | | | Raw materials | 53,089 | | | 74,585 | | | | | | | Total | $ | 590,477 | | | $ | 462,032 | |
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | | Prepaid income taxes | $ | 7,307 | | | $ | 6,766 | | | Prepaid expenses and other assets | 40,287 | | | 23,702 | | | Other taxes | 7,377 | | | 4,563 | | | Total | $ | 54,971 | | | $ | 35,031 | |
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | | Testing equipment | $ | 19,107 | | | $ | 18,964 | | | Tooling equipment | 23,380 | | | 26,892 | | | Leasehold improvements | 26,381 | | | 26,264 | | | Computer and other equipment | 7,932 | | | 10,482 | | | Software | 8,985 | | | 9,375 | | | Furniture and fixtures | 2,142 | | | 1,913 | | | Corporate aircraft | 65,807 | | | 65,807 | | | Property and equipment, gross | 153,734 | | | 159,697 | | | Less: Accumulated depreciation and amortization | (82,427) | | | (78,571) | | | Property and equipment, net | $ | 71,307 | | | $ | 81,126 | |
Other Long-term Assets
Other long-term assets consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | Hong Kong Tax deposit (1) | $ | 60,622 | | | $ | 60,402 | | Intangible assets, net (2) | 3,016 | | | 4,164 | | | Other long-term assets, net | 3,860 | | | 9,005 | | | Total | $ | 67,498 | | | $ | 73,571 | |
(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 11, "Income Taxes" to the consolidated financial statements for additional details regarding this ongoing tax audit. (2) Accumulated amortization was $8.6 million and $7.5 million as of March 31, 2025, and June 30, 2024, respectively.
Other Current Liabilities
Other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | | Deferred revenue — short-term | $ | 30,155 | | | 20,332 | | | Accrued expenses | 22,744 | | | 26,600 | | | Lease liability— current | 12,802 | | | 13,724 | | | Warranty accrual | 11,940 | | | 10,825 | | | Accrued compensation and benefits | 6,719 | | | 8,453 | | | Customer deposits | 1,433 | | | 1,283 | | | Reserve for sales returns | 3,286 | | | 3,906 | | | Inventory received not billed | 167,475 | | | 72,560 | | | Other payables | 29,198 | | | 16,030 | | | Total | $ | 285,752 | | | $ | 173,713 | |
Other Long-Term Liabilities
Other long-term liabilities consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2025 | | June 30, 2024 | | Deferred revenue — long-term | $ | 22,149 | | | $ | 13,416 | | | | | | | | | |
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