Cash, cash equivalents and short-term investments

12 Months Ended

Jun. 30, 2020

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2020 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash	$	20,323	$	—	$	—	$	20,323
Cash equivalents:
Money market mutual funds	195		—		—		195
Total cash equivalents	195		—		—		195
Total cash and cash equivalents	20,518		—		—		20,518
Short-term investments:
U.S. treasury securities	3,712		41		—		3,753
U.S. agency securities	5,004		54		—		5,058
Asset-backed securities	20,392		434		—		20,826
Municipal securities	9,464		78		—		9,542
Corporate bonds	50,173		963		—		51,136
Total short-term investments	88,745		1,570		—		90,315
Cash, cash equivalents and short-term investments	$	109,263	$	1,570	$	—	$	110,833

Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2019 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash	$	25,987	$	—	$	—		$	25,987
Cash equivalents:
Money market mutual funds	790		—		—			790
Commercial paper	498		—		—			498
Total cash equivalents	1,288		—		—			1,288
Total cash and cash equivalents	27,275		—		—			27,275
Short-term investments:
U.S. treasury securities	3,570		6		(4		)	3,572
U.S. agency securities	3,002		9		(2		)	3,009
Asset-backed securities	12,319		104		(10		)	12,413
Municipal securities	4,124		16		—			4,140
Commercial paper	1,986		—		—			1,986
Corporate bonds	45,492		269		(27		)	45,734
Total debt securities	70,493		404		(43		)	70,854
Marketable equity securities⁽¹⁾	250		1,099		—			1,349
Total short-term investments	70,743		1,503		(43		)	72,203
Cash, cash equivalents and short-term investments	$	98,018	$	1,503	$	(43	)	$	99,478

⁽¹⁾ Consist of Chess Depository Interests held in an Australian Stock Exchange traded company. Investment was sold subsequent to June 30, 2019.

There were no available-for-sale securities that were in an unrealized loss position as of June 30, 2020.

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that had been in an unrealized loss position for less than 12 months or a continuous unrealized loss position for 12 months or greater, as of June 30, 2019 (in thousands):



	June 30, 2019
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. treasury securities	$	—	$	—		$	2,992	$	(5	)	$	2,992	$	(5	)
U.S. agency securities	—		—			998		(1		)	998		(1		)
Asset-backed securities	—		—			3,537		(11		)	3,537		(11		)
Municipal securities	—		—			—		—			—		—
Commercial paper	493		(1		)	—		—			493		(1		)
Corporate bonds	4,600		(3		)	14,615		(24		)	19,215		(27		)
Total	$	5,093	$	(4	)	$	22,142	$	(41	)	$	27,235	$	(45	)

There were zero securities and 11 securities in an unrealized loss position for less than 12 months at June 30, 2020 and 2019, respectively, and zero securities and 51 securities in an unrealized loss position for 12 months or greater at June 30, 2020 and 2019, respectively.

The following table summarizes the cost and estimated fair value of fixed income securities classified as short-term investments based on stated maturities as of June 30, 2020 (in thousands):



	Amortized Cost		Estimated Fair Value
Due within one year	$	36,976	$	37,358
Due between one and two years	36,748		37,635
Due between two and three years	15,021		15,321
Total	$	88,745	$	90,314

Declines in fair value judged to be other-than-temporary on securities available for sale are included as a component of other income, net. In order to determine whether a decline in value is other-than-temporary, we evaluate, among other factors: the duration and extent to which the fair value has been less than the carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair market value. As of June 30, 2020 and 2019, we did not consider any of our short-term investments to be other-than-temporarily impaired.