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Investments | 3 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments We have equity investments in privately and publicly held companies that are unconsolidated entities. The following discusses our investments in marketable equity securities, non-marketable equity securities, and investments accounted for under the equity method. Our marketable equity securities are publicly traded stocks measured at fair value and classified within Level 1 in the fair value hierarchy because we use quoted prices for identical assets in active markets. Marketable equity securities are recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values and are recorded in prepaid taxes and other non-current assets on the condensed consolidated balance sheets. Non-marketable equity securities are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. We assess non-marketable equity securities at least quarterly for impairment and consider qualitative and quantitative factors including the investee's financial metrics, product and commercial outlook and cash usage. All gains and losses on marketable and non-marketable equity securities, realized and unrealized, are recognized in gain (loss) on equity investments as a component of other income (loss), net on the condensed consolidated statements of operations. Equity investments whereby we have significant influence, but not control over the investee and are not the primary beneficiary of the investee’s activities, are accounted for under the equity method and are recorded in prepaid taxes and other non-current assets on the condensed consolidated balance sheets. Under this method, we record our share of gains or losses attributable to equity method investments as a component of other income (loss), net on the condensed consolidated statements of operations. Equity investments by measurement category were as follows (in thousands):
Measurement category | September 30, 2025 |  | June 30, 2025
Fair value | $ | 8,018 |  |  | $ | 13,080 |
Measurement alternative | 64,527 |  |  | 63,642 |
Equity method | 77,599 |  |  | 76,178 |
Total | $ | 150,144 |  |  | $ | 152,900 |
The following tables show a reconciliation of the changes in our equity investments (in thousands):
| Three Months Ended September 30, 2025
| Non-marketable securities |  | Marketable securities |  | Equity method investments |  | Total
Balance at the beginning of the period | $ | 63,642 |  |  | $ | 13,080 |  |  | $ | 76,178 |  |  | $ | 152,900 |
Additions to investments | 2,017 |  |  | — |  |  | 156 |  |  | 2,173 |
Impairment of investments | (1,128) |  |  | — |  |  | — |  |  | (1,128) |
Unrealized gains (losses) on marketable equity securities | — |  |  | (5,062) |  |  | — |  |  | (5,062) |
Gain attributable to equity method investments | — |  |  | — |  |  | 1,489 |  |  | 1,489 |
Foreign currency translation adjustments | (4) |  |  | — |  |  | (224) |  |  | (228) |
Carrying value at the end of the period | $ | 64,527 |  |  | $ | 8,018 |  |  | $ | 77,599 |  |  | $ | 150,144 |
| Three Months Ended September 30, 2024
| Non-marketable securities |  | Marketable securities |  | Equity method investments |  | Total
Balance at the beginning of the period | $ | 73,739 |  |  | $ | 12,026 |  |  | $ | 65,462 |  |  | $ | 151,227 |
Additions to investments | 1,000 |  |  | — |  |  | 350 |  |  | 1,350 |
Realized gains on marketable and non-marketable equity securities | 389 |  |  | — |  |  | — |  |  | 389 |
Proceeds from exits of investments | (4,128) |  |  | — |  |  | — |  |  | (4,128) |
Impairment of investments | (5,259) |  |  | — |  |  | — |  |  | (5,259) |
Unrealized gains (losses) on marketable equity securities | — |  |  | 4,190 |  |  | — |  |  | 4,190 |
Gain attributable to equity method investments | — |  |  | — |  |  | 963 |  |  | 963 |
Foreign currency translation adjustments | 43 |  |  | — |  |  | 2,512 |  |  | 2,555 |
Carrying value at the end of the period | $ | 65,784 |  |  | $ | 16,216 |  |  | $ | 69,287 |  |  | $ | 151,287 |
Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2025 for the three months ended September 30, 2025 were $6.2 million. Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2024 for the three months ended September 30, 2024 were $1.1 million.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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