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Investments (Tables)

6 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of 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.

Schedule of 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 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)As 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.

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 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.

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 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)As 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.

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
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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