BALANCE SHEET COMPONENTS
 12 Months Ended
Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Inventories
Inventories consisted of the following (in thousands):
June 30, 
2019 2018 
Finished goods$260,895 $96,747 
Raw materials3,386 5,473 
Total$264,281 $102,220 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
June 30, 
2019 2018 
Testing equipment$10,258 $8,577 
Computer and other equipment7,264 6,265 
Tooling equipment10,624 9,594 
Furniture and fixtures2,083 1,890 
Leasehold improvements11,712 10,106 
Software6,870 6,032 
Property and Equipment, Gross48,811 42,464 
Less: Accumulated depreciation(35,193)(28,136)
Property and Equipment, net$13,618 $14,328 
The Company recorded depreciation expense of $7.5 million, $7.2 million and $6.8 million in fiscal 2019, 2018 and 2017, respectively.
Other Long-term Assets
Other long-term assets consisted of the following (in thousands):
June 30, 
2019 2018 
Intangible assets, net (1)
$3,257 $460 
Private equity investment (2)
5,000 — 
Hong Kong tax deposit (3)
19,960 — 
Deposit on long term asset (4)
42,000 — 
Other long-term assets3,724 3,331 
Total$73,941 $3,791 
(1) - Accumulated amortization was $1.6 million and $1.3 million as of June 30, 2019 and June 30, 2018, respectively.
(2) - During the second quarter of fiscal 2019, the Company entered into a $5.0 million strategic cost method investment where the Company acquired preferred stock. As of June 30, 2019, the shares are recorded at cost in Other Long-Term Assets on our Consolidated Balance Sheet. We elected to use the measurement alternative, defined as cost, less impairments, as adjusted up or down based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments resulting from impairments and/or observable price changes are to be recorded as other income (expense) on a prospective basis. The carrying amount of our equity investments and any related gain or loss may fluctuate in the future as a result of the re-measurement of such equity investments upon the occurrence of observable price changes and/or impairments.
(3) The Company made a total of $20.0 million of deposits with the Hong Kong Inland Revenue Department in connection with extending the statute of limitation for income tax examinations currently under audit for 2010-2012 tax years. Of that amount, $13.4 million was made during fiscal year 2019 and $6.6 million made during fiscal year 2018. The deposits of $6.6 million were included within Prepaid expense and other current assets as of June 30, 2018 and are included in Other long-term assets on our Consolidated Balance sheet as of June 30, 2019. We expect the $20 million of deposits made with IRD to be refunded upon completion of the audit. See Note 13, to the consolidated financial statements, for additional details regarding this ongoing tax audit.
(4) The Company made $42.0 million deposit for a purchase commitment on long-term asset.
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
June 30, 
2019 2018 
Accrued expense$14,203 $18,241 
Accrued compensation and benefits3,866 3,091 
Warranty accrual4,518 3,840 
Deferred revenue — short term15,338 8,509 
Customer deposits2,982 770 
Reserve for sales returns783 1,219 
Other payables42,543 32,943 
Total$84,233 $68,613 
Other Long-Term Liabilities
June 30, 
2019 2018 
Deferred Revenue — long term$6,525 $4,275 
Other long-term liabilities1,915 1,567 
Total$8,440 $5,842