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Investments | 6 Months Ended
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Dec. 31, 2024
Investments, All Other Investments [Abstract] |
Investments | Investments 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):
|  | December 31, 2024 |  | June 30, 2024
Cash and cash equivalents: |  |  |  |
Money market funds |  | $ | 115,063 |  |  | $ | 63,389 |
Commercial paper |  | — |  |  | 57,964 |
Government bonds - US |  | — |  |  | 3,492 |
Securities available for sale: |  |  |  |
Certificates of deposit |  | 17,347 |  |  | 34,473 |
Corporate bonds |  | 204,294 |  |  | 242,660 |
Commercial paper |  | 51,293 |  |  | 239,882 |
Agency bonds |  | 13,319 |  |  | 15,159 |
Municipal bonds |  | 5,195 |  |  | 3,953 |
Government bonds |  |  |  |
Non-US |  | 3,156 |  |  | 5,275 |
US (1) |  | 303,029 |  |  | 538,556 |
Securitization notes receivable and certificates (2) |  | 69,051 |  |  | 51,670 |
Total marketable securities: |  | $ | 781,747 |  |  | $ | 1,256,473 |
(1)As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2)These securities include $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of December 31, 2024 and June 30, 2024 were as follows (in thousands):
|  | December 31, 2024
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Certificates of deposit |  | $ | 17,327 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,347 |
Corporate bonds |  | 203,942 |  |  | 613 |  |  | (261) |  |  | — |  |  | 204,294 |
Commercial paper |  | 51,248 |  |  | 45 |  |  | — |  |  | — |  |  | 51,293 |
Agency bonds |  | 13,324 |  |  | 13 |  |  | (18) |  |  | — |  |  | 13,319 |
Municipal bonds |  | 5,184 |  |  | 11 |  |  | — |  |  | — |  |  | 5,195 |
Government bonds |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,161 |  |  | — |  |  | (5) |  |  | — |  |  | 3,156 |
US (2) |  | 302,799 |  |  | 517 |  |  | (287) |  |  | — |  |  | 303,029 |
Securitization notes receivable and certificates (3) |  | 70,273 |  |  | 70 |  |  | (49) |  |  | (1,243) |  |  | 69,051 |
Total securities available for sale |  | $ | 667,258 |  |  | $ | 1,289 |  |  | $ | (620) |  |  | $ | (1,243) |  |  | $ | 666,684 |
|  | June 30, 2024
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Certificates of deposit |  | $ | 34,468 |  |  | $ | 9 |  |  | $ | (4) |  |  | $ | — |  |  | $ | 34,473 |
Corporate bonds |  | 243,639 |  |  | 95 |  |  | (1,074) |  |  | — |  |  | 242,660 |
Commercial paper (1) |  | 298,005 |  |  | 7 |  |  | (166) |  |  | — |  |  | 297,846 |
Agency bonds |  | 15,283 |  |  | — |  |  | (124) |  |  | — |  |  | 15,159 |
Municipal bonds |  | 3,943 |  |  | 10 |  |  | — |  |  | — |  |  | 3,953 |
Government bonds |  |  |  |  |  |  |  |  |  |
Non-US |  | 5,310 |  |  | — |  |  | (35) |  |  | — |  |  | 5,275 |
US (1) (2) |  | 543,421 |  |  | 33 |  |  | (1,406) |  |  | — |  |  | 542,048 |
Securitization notes receivable and certificates (3) |  | 51,726 |  |  | 699 |  |  | (91) |  |  | (664) |  |  | 51,670 |
Total securities available for sale |  | $ | 1,195,795 |  |  | $ | 853 |  |  | $ | (2,900) |  |  | $ | (664) |  |  | $ | 1,193,084 |
(1)A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2)As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3)Approximately $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt. As of December 31, 2024 and June 30, 2024, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. 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 December 31, 2024 and June 30, 2024, are as follows (in thousands):
|  | December 31, 2024
|  | Less than or equal to 1 year |  | Greater than 1 year |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds |  | $ | 15,319 |  |  | $ | (98) |  |  | $ | 44,094 |  |  | $ | (163) |  |  | $ | 59,413 |  |  | $ | (261) |
Agency bonds |  | 4,881 |  |  | (18) |  |  | — |  |  | — |  |  | 4,881 |  |  | (18) |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,156 |  |  | (5) |  |  | — |  |  | — |  |  | 3,156 |  |  | (5) |
US |  | 36,301 |  |  | (151) |  |  | 49,344 |  |  | (136) |  |  | 85,645 |  |  | (287) |
Total securities available for sale (1) |  | $ | 59,657 |  |  | $ | (272) |  |  | $ | 93,438 |  |  | $ | (299) |  |  | $ | 153,095 |  |  | $ | (571) |
|  | June 30, 2024
|  | 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 |  | $ | 9,647 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 9,647 |  |  | $ | (4) |
Corporate bonds |  | 119,353 |  |  | (252) |  |  | 57,846 |  |  | (822) |  |  | 177,199 |  |  | (1,074) |
Commercial paper |  | 245,536 |  |  | (166) |  |  |  |  |  |  | 245,536 |  |  | (166) |
Agency bonds |  | 10,417 |  |  | (41) |  |  | 4,743 |  |  | (83) |  |  | 15,160 |  |  | (124) |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | — |  |  | — |  |  | 5,275 |  |  | (35) |  |  | 5,275 |  |  | (35) |
US |  | 251,113 |  |  | (185) |  |  | 123,633 |  |  | (1,221) |  |  | 374,746 |  |  | (1,406) |
Total securities available for sale (1) |  | $ | 636,066 |  |  | $ | (648) |  |  | $ | 191,497 |  |  | $ | (2,161) |  |  | $ | 827,563 |  |  | $ | (2,809) |
(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 22 and 137 as of December 31, 2024 and June 30, 2024, respectively. The length of time to contractual maturities of securities available for sale as of December 31, 2024 and June 30, 2024 were as follows (in thousands):
|  | December 31, 2024
|  | 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 |  | $ | 17,327 |  |  | $ | 17,347 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,327 |  |  | $ | 17,347 |
Corporate bonds |  | 114,636 |  |  | 114,625 |  |  | 89,306 |  |  | 89,669 |  |  | 203,942 |  |  | 204,294 |
Commercial paper |  | 51,248 |  |  | 51,293 |  |  | — |  |  | — |  |  | 51,248 |  |  | 51,293 |
Agency bonds |  | 8,425 |  |  | 8,438 |  |  | 4,899 |  |  | 4,881 |  |  | 13,324 |  |  | 13,319 |
Municipal bonds |  | 674 |  |  | 679 |  |  | 4,510 |  |  | 4,516 |  |  | 5,184 |  |  | 5,195 |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,161 |  |  | 3,156 |  |  | — |  |  | — |  |  | 3,161 |  |  | 3,156 |
US |  | 218,711 |  |  | 218,753 |  |  | 84,088 |  |  | 84,276 |  |  | 302,799 |  |  | 303,029 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 70,273 |  |  | 69,051 |  |  | 70,273 |  |  | 69,051 |
Total securities available for sale |  | $ | 414,182 |  |  | $ | 414,291 |  |  | $ | 253,076 |  |  | $ | 252,393 |  |  | $ | 667,258 |  |  | $ | 666,684 |
|  | June 30, 2024
|  | 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 |  | $ | 34,468 |  |  | $ | 34,473 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,468 |  |  | $ | 34,473 |
Corporate bonds |  | 118,547 |  |  | 118,039 |  |  | 125,092 |  |  | 124,621 |  |  | 243,639 |  |  | 242,660 |
Commercial paper (1) |  | 298,005 |  |  | 297,846 |  |  | — |  |  | — |  |  | 298,005 |  |  | 297,846 |
Agency bonds |  | 10,457 |  |  | 10,416 |  |  | 4,826 |  |  | 4,743 |  |  | 15,283 |  |  | 15,159 |
Municipal bonds |  | — |  |  | — |  |  | 3,943 |  |  | 3,953 |  |  | 3,943 |  |  | 3,953 |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 2,150 |  |  | 2,150 |  |  | 3,160 |  |  | 3,125 |  |  | 5,310 |  |  | 5,275 |
US (1) |  | 465,338 |  |  | 464,298 |  |  | 78,083 |  |  | 77,750 |  |  | 543,421 |  |  | 542,048 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 51,726 |  |  | 51,670 |  |  | 51,726 |  |  | 51,670 |
Total securities available for sale |  | $ | 928,965 |  |  | $ | 927,222 |  |  | $ | 266,830 |  |  | $ | 265,862 |  |  | $ | 1,195,795 |  |  | $ | 1,193,084 |
(1)A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2)Based on weighted average life of expected cash flows as of December 31, 2024 and June 30, 2024. Gross proceeds from matured or redeemed securities were $403.1 million and $706.5 million for the three and six months ended December 31, 2024, respectively, and $344.2 million and $726.0 million for the three and six months ended December 31, 2023, respectively. For available for sale securities had realized gains of $0.3 million for both the three and six months ended December 31, 2024 and immaterial realized gains and losses for the three and six months ended December 31, 2023. Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $41.9 million and $37.8 million as of December 31, 2024 and June 30, 2024, respectively, and are included in other assets within the interim condensed consolidated balance sheets. We did not record any impairment during the three months ended December 31, 2024. We recognized an impairment of $3.0 million for the six months ended December 31, 2024 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments. The fair value of the investment was determined utilizing a methodology based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. During the three and six months ended December 31, 2023, we recognized an impairment of $14.1 million within other income, net in the interim consolidated statements of operations in connection with one of our non-marketable equity security investments. For the three and six months ended December 31, 2024, we recognized an upward adjustment of $2.4 million within other income, net in the interim consolidated statement of operations and comprehensive income (loss). For the three and six months ended December 31, 2023, there have been no upward or downward adjustments due to observable changes in orderly transactions. Fixed Term Deposits Fixed term deposits were $22.0 million and $35.2 million as of December 31, 2024 and June 30, 2024, respectively, consist of interest bearing deposits held at financial institutions with original maturities greater than three months but no more than twelve months. These deposits are carried at cost, which approximates fair value, and are included in other assets within the interim condensed consolidated balance sheets.

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