| 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 consolidated balance sheets (in thousands):
| | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Cash and cash equivalents: | | | | | | Money market funds | | $ | 237,815 | | | $ | 70,920 | | | Agency bonds | | — | | | 3,493 | | | Commercial paper | | 25,979 | | | 12,564 | | | Government bonds - US | | 5,987 | | | 4,995 | | | Securities, available for sale: | | | | | | Certificates of deposit | | 71,857 | | | 39,008 | | | Corporate bonds | | 316,840 | | | 264,199 | | | Commercial paper | | 197,114 | | | 126,761 | | | Agency bonds | | — | | | 7,854 | | | Municipal bonds | | 8,655 | | | 6,076 | | | Government bonds | | | | | | Non-US | | 2,169 | | | 5,340 | | US (1) | | 296,344 | | | 344,434 | | Securitization notes receivable and certificates (2) | | 68,358 | | | 75,469 | | | Residual interests in structured transactions | | 5,582 | | | 2,284 | | | Other | | 5,723 | | | — | | | Total cash and cash equivalents and securities available for sale: | | $ | 1,242,423 | | | $ | 963,397 | |
(1)As of June 30, 2026 and 2025, these securities include $101.3 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 $5.6 million and $34.5 million as of June 30, 2026 and 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 June 30, 2026 and 2025 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Fair Value | | Certificates of deposit | | $ | 71,905 | | | $ | 5 | | | $ | (53) | | | $ | — | | | $ | 71,857 | | | Corporate bonds | | 317,417 | | | 127 | | | (704) | | | — | | | 316,840 | | Commercial paper (1) | | 223,276 | | | 7 | | | (190) | | | — | | | 223,093 | | | | | | | | | | | | | | Municipal bonds | | 8,664 | | | 2 | | | (11) | | | — | | | 8,655 | | | Government bonds | | | | | | | | | | | | Non-US | | 2,169 | | | — | | | — | | | — | | | 2,169 | | US (1)(2) | | 303,038 | | | 18 | | | (725) | | | — | | | 302,331 | | Securitization notes receivable and certificates (3) | | 68,322 | | | 333 | | | (79) | | | (218) | | | 68,358 | | | Residual interests in structured transactions | | 4,946 | | | 636 | | | — | | | — | | | 5,582 | | | Other | | 5,000 | | | 723 | | | — | | | — | | | 5,723 | | | Total securities available for sale | | $ | 1,004,737 | | | $ | 1,851 | | | $ | (1,762) | | | $ | (218) | | | $ | 1,004,608 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 (1)(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, 2026 and 2025, Agency bonds, Commercial paper, and US government bonds included $32.0 million and $21.1 million, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2)As of June 30, 2026 and 2025, these securities include $101.3 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 $5.6 million and $34.5 million as of June 30, 2026 and 2025, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt. As of June 30, 2026 and 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 June 30, 2026 and 2025, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | 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 | | $ | 45,011 | | | $ | (53) | | | $ | — | | | $ | — | | | $ | 45,011 | | | $ | (53) | | | Corporate bonds | | 200,787 | | | (704) | | | — | | | — | | | 200,787 | | | (704) | | | Commercial paper | | 160,424 | | | (190) | | | — | | | — | | | 160,424 | | | (190) | | | | | | | | | | | | | | | | Municipal bonds | | 6,540 | | | (11) | | | — | | | — | | | 6,540 | | | (11) | | | Government bonds | | | | | | | | | | | | | | Non-US | | 2,169 | | | — | | | — | | | — | | | 2,169 | | | — | | | US | | 273,527 | | | (725) | | | — | | | — | | | 273,527 | | | (725) | | | | | | | | | | | | | | | Total securities available for sale (1) | | $ | 688,458 | | | $ | (1,683) | | | $ | — | | | $ | — | | | $ | 688,458 | | | $ | (1,683) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 181 and 67 as of June 30, 2026 and 2025, respectively. The length of time to contractual maturities of securities available for sale as of June 30, 2026 and 2025, were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | 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 | | $ | 71,905 | | | $ | 71,857 | | | $ | — | | | $ | — | | | $ | 71,905 | | | $ | 71,857 | | | Corporate bonds | | 174,814 | | | 174,782 | | | 142,603 | | | 142,058 | | | 317,417 | | | 316,840 | | Commercial paper (1) | | 223,276 | | | 223,093 | | | — | | | — | | | 223,276 | | | 223,093 | | | | | | | | | | | | | | | | Municipal bonds | | 5,635 | | | 5,637 | | | 3,029 | | | 3,018 | | | 8,664 | | | 8,655 | | | Government bonds | | | | | | | | | | | | | | Non-US | | 2,169 | | | 2,169 | | | — | | | — | | | 2,169 | | | 2,169 | | US (1) | | 202,318 | | | 202,239 | | | 100,720 | | | 100,092 | | | 303,038 | | | 302,331 | | Securitization notes receivable and certificates (2) | | — | | | — | | | 68,322 | | | 68,358 | | | 68,322 | | | 68,358 | | | Residual interests in structured transactions | | — | | | — | | | 4,946 | | | 5,582 | | | 4,946 | | | 5,582 | | | Other | | — | | | — | | | 5,000 | | | 5,723 | | | 5,000 | | | 5,723 | | | Total securities available for sale | | $ | 680,117 | | | $ | 679,777 | | | $ | 324,620 | | | $ | 324,831 | | | $ | 1,004,737 | | | $ | 1,004,608 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2026 and 2025, Agency bonds, Commercial paper, and US government bonds included $32.0 million and $21.1 million, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2)Based on weighted average life of expected cash flows as of June 30, 2026 and 2025.
Gross proceeds from matured or redeemed securities were $1.0 billion, $1.3 billion, and $1.5 billion for the years ended June 30, 2026, 2025, and 2024, respectively. For available for sale securities, realized gains and losses were immaterial for the years ended June 30, 2026, 2025, and 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 June 30, 2026 and June 30, 2025, respectively, and are included in other assets within the consolidated balance sheets.
We did not record any impairment during the year ended June 30, 2026. We recognized an impairment of $4.6 million and $14.1 million for the years ended June 30, 2025 and 2024, respectively, within other income, net in the consolidated statements of operations and comprehensive income (loss) in connection with our equity security investments.
For the year ended June 30, 2026, there were no upward or downward adjustments due to observable changes in orderly transactions. For the year ended June 30, 2025, we recognized an upward adjustment of $2.6 million within other income, net in the consolidated statement of operations and comprehensive income (loss). For the year ended June 30, 2024, there were no upward or downward adjustments due to observable changes in orderly transactions.
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