v3.26.1
Fair Value Measurements
 12 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$727,056 $— $727,056 
Derivative financial instruments— 17,506 17,506 
Total assets measured at fair value$727,056 $17,506 $744,562 
Liabilities measured at fair value
Derivative financial instruments$— $17,005 $17,005 
Total liabilities measured at fair value$— $17,005 $17,005 
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$1,774,138 $— $1,774,138 
Corporate debt securities— 382 382 
Marketable securities:
U.S. treasury securities— 176,661 176,661 
Agency securities— 3,216 3,216 
Certificates of deposit and time deposits— 10,000 10,000 
Commercial paper— 19,697 19,697 
Corporate debt securities— 214,694 214,694 
Derivative financial instruments— 23,234 23,234 
Total assets measured at fair value$1,774,138 $447,884 $2,222,022 
Liabilities measured at fair value
Derivative financial instruments$— $2,445 $2,445 
Total liabilities measured at fair value$— $2,445 $2,445 
Due to the short-term nature of accounts receivable, net, contract assets, accounts payable, accrued expenses, and other current liabilities, their carrying amount is assumed to approximate their fair value.
Determination of Fair Value
The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company’s Level 1 investments. The fair value of the Company’s Level 2 investments is determined based on quoted market prices or alternative market observable inputs.
Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis
The Company’s investments in privately held companies are not included in the tables above and are discussed in Note 4, “Investments.” The carrying value of the Company’s privately held equity securities are adjusted on a non-recurring basis upon observable price changes in orderly transactions for identical or similar investments of the same issuer, or impairment (referred to as the measurement alternative). Privately held equity securities that have been remeasured during the period based on observable price changes in orderly transactions are classified within Level 2 or Level 3 in the fair value hierarchy because the Company estimates the value based
on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights and preferences of the investments, and obligations of the securities the Company holds. The fair value of privately held equity securities that have been remeasured due to impairment is classified within Level 3. The Company’s privately held debt and equity securities amounted to $157.3 million and $168.8 million as of June 30, 2026 and June 30, 2025, respectively.