v3.25.4

Investments | 6 Months Ended
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Dec. 31, 2025
Investments, All Other Investments [Abstract] |
Investments | Investments Cash and Cash Equivalents and Securities Available for Sale Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):
|  | December 31, 2025 |  | June 30, 2025
Cash and cash equivalents: |  |  |  |
Money market funds |  | $ | 63,182 |  |  | $ | 70,920 |
Agency bonds |  | — |  |  | 3,493 |
Commercial paper |  | — |  |  | 12,564 |
Government bonds - US |  | — |  |  | 4,995 |
Securities available for sale: |  |  |  |
Certificates of deposit |  | 36,552 |  |  | 39,008 |
Corporate bonds |  | 242,177 |  |  | 264,199 |
Commercial paper |  | 63,943 |  |  | 126,761 |
Agency bonds |  | 5,051 |  |  | 7,854 |
Municipal bonds |  | 8,435 |  |  | 6,076 |
Government bonds |  |  |  |
Non-US |  | 2,181 |  |  | 5,340 |
US (1) |  | 274,274 |  |  | 344,434 |
Securitization notes receivable and certificates (2) |  | 80,080 |  |  | 75,469 |
Residual interests in structured transactions |  | 5,436 |  |  | 2,284 |
Other |  | 5,246 |  |  | — |
Total marketable securities: |  | $ | 786,557 |  |  | $ | 963,397 |
(1)As of December 31, 2025 and June 30, 2025, these securities include $99.8 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2)These securities include $15.1 million and $34.5 million as of December 31, 2025 and June 30, 2025, 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, 2025 and June 30, 2025 were as follows (in thousands):
|  | December 31, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Certificates of deposit |  | $ | 36,500 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,552 |
Corporate bonds |  | 241,356 |  |  | 821 |  |  | — |  |  | — |  |  | 242,177 |
Commercial paper |  | 63,869 |  |  | 74 |  |  | — |  |  | — |  |  | 63,943 |
Agency bonds |  | 5,049 |  |  | 2 |  |  | — |  |  | — |  |  | 5,051 |
Municipal bonds |  | 8,410 |  |  | 25 |  |  | — |  |  | — |  |  | 8,435 |
Government bonds |  |  |  |  |  |  |  |  |  |
Non-US |  | 2,168 |  |  | 13 |  |  | — |  |  | — |  |  | 2,181 |
US (2) |  | 273,716 |  |  | 558 |  |  | — |  |  | — |  |  | 274,274 |
Securitization notes receivable and certificates (3) |  | 80,792 |  |  | 115 |  |  | (258) |  |  | (569) |  |  | 80,080 |
Residual interests in structured transactions |  | 4,876 |  |  | 560 |  |  |  |  | — |  |  | 5,436 |
Other |  | 5,000 |  |  | 246 |  |  | — |  |  | — |  |  | 5,246 |
Total securities available for sale |  | $ | 721,736 |  |  | $ | 2,466 |  |  | $ | (258) |  |  | $ | (569) |  |  | $ | 723,375 |
|  | June 30, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Certificates of deposit |  | $ | 38,990 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,008 |
Corporate bonds |  | 263,495 |  |  | 759 |  |  | (55) |  |  | — |  |  | 264,199 |
Commercial paper (1) |  | 139,336 |  |  | 7 |  |  | (18) |  |  | — |  |  | 139,325 |
Agency bonds (1) |  | 11,358 |  |  | — |  |  | (11) |  |  | — |  |  | 11,347 |
Municipal bonds |  | 6,057 |  |  | 19 |  |  | — |  |  | — |  |  | 6,076 |
Government bonds |  |  |  |  |  |  |  |  |  |
Non-US |  | 5,331 |  |  | 9 |  |  | — |  |  | — |  |  | 5,340 |
US (2) |  | 349,149 |  |  | 371 |  |  | (91) |  |  | — |  |  | 349,429 |
Securitization notes receivable and certificates (3) |  | 76,279 |  |  | 173 |  |  | (42) |  |  | (941) |  |  | 75,469 |
Residual interests in structured transactions |  | 2,173 |  |  | 111 |  |  | — |  |  | — |  |  | 2,284 |
Total securities available for sale |  | $ | 892,168 |  |  | $ | 1,467 |  |  | $ | (217) |  |  | $ | (941) |  |  | $ | 892,477 |
(1)As of June 30, 2025, Agency bonds, Commercial Paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2)As of December 31, 2025 and June 30, 2025, these securities include $99.8 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3)Approximately $15.1 million and $34.5 million as of December 31, 2025 and June 30, 2025, 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, 2025 and June 30, 2025, 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, 2025 and June 30, 2025, are as follows (in thousands):
|  | December 31, 2025
|  | Less than or equal to 1 year |  | Greater than 1 year |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securitization notes receivable and certificates |  | 47,563 |  |  | (140) |  |  | — |  |  | — |  |  | 47,563 |  |  | (140) |
Total securities available for sale (1) |  | $ | 47,563 |  |  | $ | (140) |  |  | $ | — |  |  | $ | — |  |  | $ | 47,563 |  |  | $ | (140) |
|  | June 30, 2025
|  | 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 |  | $ | 7,711 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,711 |  |  | $ | — |
Corporate bonds |  | 42,842 |  |  | (41) |  |  | 16,978 |  |  | (14) |  |  | 59,820 |  |  | (55) |
Commercial paper |  | 83,701 |  |  | (18) |  |  | — |  |  | — |  |  | 83,701 |  |  | (18) |
Agency bonds |  | 11,347 |  |  | (11) |  |  | — |  |  | — |  |  | 11,347 |  |  | (11) |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,163 |  |  | — |  |  | — |  |  | — |  |  | 3,163 |  |  | — |
US |  | 189,295 |  |  | (91) |  |  | — |  |  | — |  |  | 189,295 |  |  | (91) |
Total securities available for sale (1) |  | $ | 338,059 |  |  | $ | (161) |  |  | $ | 16,978 |  |  | $ | (14) |  |  | $ | 355,037 |  |  | $ | (175) |
(1)The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 8 and 67 as of December 31, 2025 and June 30, 2025, respectively. The length of time to contractual maturities of securities available for sale as of December 31, 2025 and June 30, 2025 were as follows (in thousands):
|  | December 31, 2025
|  | 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 |  | $ | 36,500 |  |  | $ | 36,552 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,500 |  |  | $ | 36,552 |
Corporate bonds |  | 153,866 |  |  | 154,144 |  |  | 87,490 |  |  | 88,033 |  |  | 241,356 |  |  | 242,177 |
Commercial paper |  | 63,869 |  |  | 63,943 |  |  | — |  |  | — |  |  | 63,869 |  |  | 63,943 |
Agency bonds |  | 5,049 |  |  | 5,051 |  |  | — |  |  | — |  |  | 5,049 |  |  | 5,051 |
Municipal bonds |  | 4,511 |  |  | 4,519 |  |  | 3,899 |  |  | 3,916 |  |  | 8,410 |  |  | 8,435 |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | — |  |  | — |  |  | 2,168 |  |  | 2,181 |  |  | 2,168 |  |  | 2,181 |
US |  | 234,545 |  |  | 234,941 |  |  | 39,171 |  |  | 39,333 |  |  | 273,716 |  |  | 274,274 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 80,792 |  |  | 80,080 |  |  | 80,792 |  |  | 80,080 |
Residual interests in structured transactions |  | — |  |  | — |  |  | 4,876 |  |  | 5,436 |  |  | 4,876 |  |  | 5,436 |
Other |  | — |  |  | — |  |  | 5,000 |  |  | 5,246 |  |  | 5,000 |  |  | 5,246 |
Total securities available for sale |  | $ | 498,340 |  |  | $ | 499,150 |  |  | $ | 223,396 |  |  | $ | 224,225 |  |  | $ | 721,736 |  |  | $ | 723,375 |
|  | June 30, 2025
|  | 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 |  | $ | 38,990 |  |  | $ | 39,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,990 |  |  | $ | 39,008 |
Corporate bonds |  | 149,435 |  |  | 149,675 |  |  | 114,060 |  |  | 114,524 |  |  | 263,495 |  |  | 264,199 |
Commercial paper (1) |  | 139,336 |  |  | 139,325 |  |  | — |  |  | — |  |  | 139,336 |  |  | 139,325 |
Agency bonds (1) |  | 11,358 |  |  | 11,347 |  |  | — |  |  | — |  |  | 11,358 |  |  | 11,347 |
Municipal bonds |  | 3,944 |  |  | 3,950 |  |  | 2,113 |  |  | 2,126 |  |  | 6,057 |  |  | 6,076 |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,162 |  |  | 3,162 |  |  | 2,169 |  |  | 2,178 |  |  | 5,331 |  |  | 5,340 |
US (1) |  | 326,884 |  |  | 327,076 |  |  | 22,265 |  |  | 22,353 |  |  | 349,149 |  |  | 349,429 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 76,279 |  |  | 75,469 |  |  | 76,279 |  |  | 75,469 |
Residual interests in structured transactions |  | — |  |  | — |  |  | 2,173 |  |  | 2,284 |  |  | 2,173 |  |  | 2,284 |
Total securities available for sale |  | $ | 673,109 |  |  | $ | 673,543 |  |  | $ | 219,059 |  |  | $ | 218,934 |  |  | $ | 892,168 |  |  | $ | 892,477 |
(1)As of June 30, 2025, Agency bonds, Commercial paper, and US government bonds included $21.1 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, 2025 and June 30, 2025. Gross proceeds from matured or redeemed securities were $184.4 million and $414.9 million for the three and six months ended December 31, 2025, respectively, and $403.1 million and $706.5 million for the three and six months ended December 31, 2024, respectively. For available for sale securities, no gains and losses were realized for the three and six months ended December 31, 2025 and $0.3 million for both the three and six months ended December 31, 2024. Equity Securities Held at Cost Equity security investments without a readily determinable fair value held at cost were $40.4 million and $40.3 million as of December 31, 2025 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets. We did not record any impairment during the three and six months ended December 31, 2025 or for 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. For the three and six months ended December 31, 2025, there were no upward or downward adjustments due to observable changes in orderly transactions. For the three and six months ended December 31, 2024, we recognized an upward adjustment of $2.4 million.

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