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Investments (Tables)

9 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Marketable Securities

Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):

						March 31, 2023						June 30, 2022
Cash and cash equivalents:
Money market funds						$	204,449					$	162,483
Certificates of deposit						—						16,026
Commercial paper						156,887						229,272
Government bonds
US						193,175						58,541
Securities available for sale:
Certificates of deposit						145,528						300,390
Corporate bonds						292,726						368,671
Commercial paper						186,143						478,293
Agency bonds						35,194						—
Government bonds
Non-US						6,108						17,955
US						367,081						378,386
Securitization notes receivable and certificates (1)						25,235						51,678
Other						1,016						—
Total marketable securities:						$	1,613,542					$	2,061,695

(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of March 31, 2023 and June 30, 2022 were as follows (in thousands):

						March 31, 2023
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Certificates of deposit						$	145,813					$	21					$	(306)					$	—					$	145,528
Corporate bonds						296,186						225						(3,685)						—						292,726
Commercial paper (1)						343,077						62						(109)						—						343,030
Agency bonds						35,092						102						—						—						35,194
Government bonds
Non-US						6,258						—						(150)						—						6,108
US (1)						561,761						366						(1,871)						—						560,256
Securitization notes receivable and certificates (2)						26,330						—						(616)						(479)						25,235
Other						1,016						—						—						—						1,016
Total securities available for sale						$	1,415,533					$	776					$	(6,737)					$	(479)					$	1,409,093

						June 30, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Certificates of deposit (1)						$	317,331					$	6					$	(921)					$	—					$	316,416
Corporate bonds (1)						371,907						7						(3,243)						—						368,671
Commercial paper (1)						708,694						16						(1,145)						—						707,565
Government bonds
Non-US						18,196						—						(241)						—						17,955
US (1)						438,947						—						(2,020)						—						436,927
Securitization notes receivable and certificates (2)						52,180						178						(659)						(21)						51,678
Total securities available for sale						$	1,907,255					$	207					$	(8,229)					$	(21)					$	1,899,212

(1)Certificates of deposit, corporate bonds, commercial paper, and US government bonds include $350.1 million and $303.8 million as of March 31, 2023 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.

Schedule of Available-for-sale Securities with Unrealized Losses

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of March 31, 2023 and June 30, 2022, are as follows (in thousands):

						March 31, 2023
						Less than or equal to 1 year												Greater than 1 year												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Certificates of deposit						$	123,816					$	(306)					$	—					$	—					$	123,816					$	(306)
Corporate bonds						243,747						(3,364)						29,672						(321)						273,419						(3,685)
Commercial paper						151,058						(109)						—						—						151,058						(109)
Government bonds
Non-US						2,089						(43)						4,018						(107)						6,107						(150)
US						201,831						(1,871)						—						—						201,831						(1,871)
Total securities available for sale (1)						$	722,541					$	(5,693)					$	33,690					$	(428)					$	756,231					$	(6,121)

						June 30, 2022
						Less than or equal to 1 year												Greater than 1 year												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Certificates of deposit						$	290,169					$	(921)					$	—					$	—					$	290,169					$	(921)
Corporate bonds						351,088						(3,243)						—						—						351,088						(3,243)
Commercial paper						679,272						(1,145)						—						—						679,272						(1,145)
Government bonds
Non-US						17,955						(241)						—						—						17,955						(241)
US						431,903						(2,020)						—						—						431,903						(2,020)
Securitization notes receivable and certificates						722						(45)						—						—						722						(45)
Total securities available for sale (1)						$	1,771,109					$	(7,615)					$	—					$	—					$	1,771,109					$	(7,615)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 133 and 270 as of March 31, 2023 and June 30, 2022, respectively.

Schedule of Length of Contractual Maturities of Securities Available for Sale

The length of time to contractual maturities of securities available for sale as of March 31, 2023 and June 30, 2022 were as follows (in thousands):

						March 31, 2023
						Within 1 year												Greater than 1 year, less than or equal to 5 years												Total
						Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Certificates of deposit (2)						$	145,813					$	145,528					$	—					$	—					$	145,813					$	145,528
Corporate bonds (2)						161,736						160,486						134,450						132,240						296,186						292,726
Commercial paper (2)						343,077						343,030						—						—						343,077						343,030
Agency bonds						31,411						31,511						3,681						3,683						35,092						35,194
Government bonds
Non-US						4,126						4,019						2,132						2,089						6,258						6,108
US (2)						491,446						490,718						70,315						69,538						561,761						560,256
Securitization notes receivable and certificates (1)						—						—						26,330						25,235						26,330						25,235
Other						1,016						1,016						—						—						1,016						1,016
Total securities available for sale						$	1,178,625					$	1,176,308					$	236,908					$	232,785					$	1,415,533					$	1,409,093

						June 30, 2022
						Within 1 year												Greater than 1 year, less than or equal to 5 years												Total
						Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Certificates of deposit (2)						$	317,331					$	316,416					$	—					$	—					$	317,331					$	316,416
Corporate bonds (2)						206,208						204,614						165,699						164,057						371,907						368,671
Commercial paper (2)						708,694						707,565						—						—						708,694						707,565
Government bonds
Non-US						11,895						11,813						6,301						6,142						18,196						17,955
US (2)						360,757						359,242						78,190						77,685						438,947						436,927
Securitization notes receivable and certificates (1)						—						—						52,180						51,678						52,180						51,678
Total securities available for sale						$	1,604,885					$	1,599,650					$	302,370					$	299,562					$	1,907,255					$	1,899,212

(1)Based on weighted average life of expected cash flows as of March 31, 2023 and June 30, 2022.

(2)Certificates of deposit, corporate bonds, commercial paper, and US government bonds include $350.1 million and $303.8 million as of March 31, 2023 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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