v3.25.4

Derivatives and Hedging | 6 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | 12. Derivatives and Hedging The Company uses derivative financial instruments to manage exposures to foreign currency risk that may or may not be designated as hedging instruments. The Company’s objective for holding derivatives is to use the most effective methods to minimize the impact of these exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company enters into foreign exchange forward or zero-cost collar contracts to attempt to mitigate the effect of gains and losses generated by foreign currency transactions related to certain forecasted operating expenses and remeasurement of certain assets and liabilities denominated in foreign currencies. Foreign Exchange Forward Contracts For foreign exchange forward contracts not designated as hedging instruments, the fair value of the Company’s derivatives in a gain position are recorded in “Prepaid expenses and other current assets” and derivatives in a loss position are recorded in “Other accrued liabilities” in the accompanying condensed consolidated balance sheets. Changes in the fair value of derivatives are recorded in “Other income (expense), net” in the accompanying condensed consolidated statements of operations. As of December 31, 2025 and June 30, 2025, foreign exchange forward contracts not designated as hedging instruments had a total notional principal amount of $68.4 million and $57.2 million, respectively. For the three months ended December 31, 2025 and 2024, the net gains and losses recorded in the condensed consolidated statement of operations from these contracts were net losses of $0.4 million and $2.1 million, respectively. For the six months ended December 31, 2025 and 2024, the net gains and losses recorded in the condensed consolidated statement of operations were net losses of $1.8 million and $1.3 million, respectively. Changes in the fair value of these foreign exchange forward contracts are offset largely by remeasurement of the underlying assets and liabilities. Zero-Cost Collar Contracts During the three and six months ended December 31, 2025, the Company entered into zero-cost collar contracts that were designated as cash flow hedges, to hedge the foreign currency risk associated with forecasted foreign currency denominated operating expenses. The changes in fair value of these derivatives are recorded as a component of “Accumulated other comprehensive loss” in the condensed consolidated balance sheets. Amounts recorded in "Accumulated other comprehensive loss" related to the changes in the fair value of these derivatives are reclassified to the condensed consolidated statement of operations in the same period in which the underlying hedged transaction affects earnings. As of December 31, 2025, the Company had zero-cost collar contracts that were designated as hedging instruments with a total notional principal amount of $55.1 million and had maturities of less than twelve months. As of June 30, 2025, there were no outstanding zero-cost collar contracts that were designated as hedging instruments. For the three and six months ended December 31, 2025, these contracts had unrealized losses of $0.2 million which are recorded as a component of "Accumulated other comprehensive loss" and realized net losses of less than $0.1 million reclassified to the condensed consolidated statement of operations. Foreign Currency Transactions For the three months ended December 31, 2025 and 2024, the Company recognized foreign currency transaction net losses of less than $0.1 million and foreign currency transaction net gains of $2.8 million, respectively, and for the six months ended December 31, 2025 and 2024, the Company recognized foreign currency transaction net gains of $1.0 million and $1.4 million, respectively, related to the change in fair value of foreign currency denominated assets and liabilities.

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