XML 23 R13.htm IDEA: XBRL DOCUMENT

Marketable Securities & Fair Value Measurements

3 Months Ended

Sep. 30, 2022

Marketable Securities & Fair Value Measurements

6. Marketable Securities & Fair Value Measurements

The Company’s marketable securities are classified on the consolidated balance sheet as follows:


	September 30,		June 30,
	2022		2022
Short-term available-for-sale debt securities	$	78,361	$	88,375
Long-term available-for-sale debt securities	2,318		4,810
Available-for-sale debt securities	80,679		93,185
Mutual funds	219		224
Total marketable securities	$	80,898	$	93,409

Available-for-sale debt securities are invested in the following financial instruments:


			As of September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	33,575	$	—	$	—	$	33,575
U.S. government securities	24,058		3		(75)		23,986
Corporate debt	18,539		—		(162)		18,377
Asset backed securities	4,771		—		(30)		4,741
Total available-for-sale debt securities	$	80,943	$	3	$	(267)	$	80,679


			As of June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	36,800	$	—	$	—	$	36,800
U.S. government securities	14,994		—		(67)		14,927
Corporate debt	27,193		—		(142)		27,051
Asset backed securities	14,465		—		(58)		14,407
Total available-for-sale debt securities	$	93,452	$	—	$	(267)	$	93,185

The following table provides information by level for the Company’s marketable securities that were measured at fair value on a recurring basis:


			Fair Value Measurements as of September 30, 2022 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Commercial paper	$	33,575	$	—	$	33,575	$	—
U.S. government securities	23,986		—		23,986		—
Corporate debt	18,377		—		18,377		—
Asset backed securities	4,741		—		4,741		—
Mutual funds	219		103		116		—
Total marketable securities	$	80,898	$	103	$	80,795	$	—


			Fair Value Measurements as of June 30, 2022 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Commercial paper	$	36,800	$	—	$	36,800	$	—
U.S. government securities	14,927		—		14,927		—
Corporate debt	27,051		—		27,051		—
Asset backed securities	14,407		—		14,407		—
Mutual funds	224		108		116		—
Total marketable securities	$	93,409	$	108	$	93,301	$	—

The Company’s marketable securities classified within Level 1 are valued using real-time quotes for transactions in active exchange markets. Marketable securities within Level 2 are valued using readily available pricing sources. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended September 30, 2022. Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer.

Strategic Investments

The Company holds equity investments that do not have readily determined fair values. The Company has elected to measure these investments at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is reviewed each reporting period by performing a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.

As of September 30, 2022 and June 30, 2022, the carrying value of these investments was $12,312 and $12,333, respectively. During the three months ended September 30, 2022, no impairment indicators were noted. The Company is committed to funding an additional $1,410 into these investments in the future. The Company holds options to acquire all outstanding equity or certain developed technologies with respect to some of these strategic investments.

The Company also holds strategic investments accounted for as available-for-sale debt securities, which had carrying values and approximated fair values of $21,715 and $21,092 as of September 30, 2022 and June 30, 2022, respectively. The fair values of these investments are measured using Level 3 inputs and are not included in the tables above. Impairment is assessed similar to the Company's other strategic investments and no impairment indicators were noted during the three months ended September 30, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details