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Fair Value Measurements
 9 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company’s valuation techniques and inputs used to measure fair value and the definition of the three levels (Level 1, Level 2, and Level 3) of the fair value hierarchy are disclosed in Note 10 - Fair Value Measurements of Notes to Consolidated Financial Statements of Part IV, “Item 15. Exhibits and Financial Statement Schedules” of its Annual Report
on Form 10-K for the fiscal year ended September 30, 2025.
The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. .
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company:
June 30, 2026
Level 1Level 2Level 3Total
(in thousands)
Available-for-sale securities
U.S. government and agency securities$— $251,437 $— $251,437 
Commercial notes— 111,916 — 111,916 
Corporate debt securities— 1,183,848 — 1,183,848 
Total available-for-sale securities— 1,547,201 — 1,547,201 
Cash equivalents
Money market instruments15,635 — — 15,635 
Term deposit— 16,586 — 16,586 
Total cash equivalents
15,635 16,586 — 32,221 
Total financial assets$15,635 $1,563,787 $— $1,579,422 
September 30, 2025
Level 1Level 2Level 3Total
(in thousands)
Available-for-sale securities
U.S. government and agency securities$— $150,695 $— $150,695 
Certificate of deposits— 12,019 — 12,019 
Municipal securities— 7,046 — 7,046 
Commercial notes— 13,801 — 13,801 
Corporate debt securities— 509,257 — 509,257 
Total available-for-sale securities
— 692,818 — 692,818 
Cash equivalents
Money market instruments64,460 — — 64,460 
Term deposit— 134,357 — 134,357 
Certificate of deposits— 3,001 — 3,001 
Corporate debt securities— 16,182 — 16,182 
Total cash equivalents
64,460 153,540 — 218,000 
Total financial assets$64,460 $846,358 $— $910,818 
Convertible Notes
The Company's Convertible Notes (see Note 14) are carried at amortized cost and is not measured at fair value on a recurring basis. As of June 30, 2026, the carrying value of the Convertible Notes was $682.7 million, and its estimated fair value was $843.7 million. We determine the fair value of the Convertible Notes based on quoted market prices for these notes, which are Level 2 measurements because the Convertible Notes do not trade regularly.
Credit Facility
The Company’s credit facility (see Note 13) is carried at amortized cost and is not measured at fair value on a recurring basis. As of June 30, 2026, the aggregate carrying amount of the current and noncurrent portions of the facility was $181.4 million, and its estimated fair value was approximately $416.0 million.
The estimated fair value was determined using an income approach based on the present value of expected cash flows associated with the facility’s contractual terms, including its scheduled repayments, paid-in-kind interest and multiple-on-invested-capital provisions. Because the valuation included significant unobservable inputs, the estimated fair value was categorized within Level 3 of the fair value hierarchy.