v3.25.4

Investments (Tables)

6 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of 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.

Schedule of 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.

Schedule of Securities Available for Sale 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, 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.

Schedule of Contractual Maturities of Securities Available for Sale

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.

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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