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Financial Assets and Liabilities (Tables)
 12 Months Ended
Jun. 30, 2020
Disclosure of detailed information about financial instruments [abstract]  
Schedule of sensitivity analysis for types of risk
The following table sets forth foreign currency sensitivity analysis of a hypothetical 10% change in exchange rate of the U.S. dollar against the Australian dollar to our cash flow hedging portfolio:
Foreign Currency SensitivityEffect on other comprehensive income, before tax
20202019
(U.S. $ in thousands)
Foreign currency forward contracts - cash flow hedging:
U.S. dollar +10%, decrease in fair value of foreign currency forward contracts
$(26,999) $(22,526) 
U.S. dollar -10%, increase in fair value of foreign currency forward contracts
26,999  22,526  
The following table sets forth equity price sensitivity analysis of a hypothetical 10% change in share prices:

Equity Price SensitivityEffect on other non-operating expense, netEffect on other comprehensive income, before tax
2020201920202019
(U.S. $ in thousands)
Fair Value change of the Exchange and Capped Call Derivatives:
Increase in our share price of 10%
$(192,641) $(122,443) $—  $—  
Decrease in our share price of 10%
184,784  116,343  —  —  
Fair value change of marketable equity investments:
Increase in respective share prices of 10%
—  —  10,019  5,893  
Decrease in respective share prices of 10%
—  —  (10,019) (5,893) 
The following table sets forth an interest rate sensitivity analysis of a hypothetical 100 basis point change in interest rates. This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur:
Interest Rate SensitivityEffect on other comprehensive income, before tax
20202019
(U.S. $ in thousands)
Change in market value of debt investments:
Interest Rate +100bps, decrease in market value of debt investments
$(5,397) $(2,285) 
Interest Rate -100bps, increase in market value of debt investments
1,617  2,285  
The table below present stock price volatility sensitivity analysis of the fair value change assume a 10% higher volatility, holding other inputs constant:
          Stock Price Volatility SensitivityEffect on Other non-operating expense, net
20202019
(U.S. $ in thousands)
Stock price volatility range as of fiscal year end
39.2% - 42.8%
43.8% - 47.3%
Fair Value change of the Exchange and Capped Call Derivatives:$(37,366) $(46,888) 
Schedule of contractual maturities of financial liabilities
Contractual maturities of financial liabilities are as follows:
Less than 1 year1 - 3 years3 - 5 yearsMore than 5 yearsTotal
(U.S. $ in thousands)
As of June 30, 2020
Financial liabilities:
Trade and other payables$202,570  $—  $—  $—  $202,570  
Lease liabilities (1)41,584  109,015  54,325  92,158  297,082  
Derivative liabilities1,507  2  —  —  1,509  
Exchangeable senior notes (2)2,211,244  —  —  —  2,211,244  
$2,456,905  $109,017  $54,325  $92,158  $2,712,405  
As of June 30, 2019
Financial liabilities:
Trade and other payables$159,487  $—  $—  $—  $159,487  
Derivative liabilities3,879  74  —  —  3,953  
Exchangeable senior notes (2)1,604,923  —  —  —  1,604,923  
$1,768,289  $74  $—  $—  $1,768,363  
(1) Lease liabilities represent undiscounted lease payments excluding certain low-value and short-term leases, refer to Note 12, “Leases” for details.
(2) The amount related to Notes represent the if-exchanged value using stock price as of June 30, 2020 and 2019, respectively. Refer to Note 16, “Exchangeable Senior Notes” for details.
Schedule of financial assets measured at fair value
The following table presents the Group’s financial assets and liabilities as of June 30, 2020, by level within the fair value hierarchy:
Level 1Level 2Level 3Total
(U.S. $ in thousands)
Description
Assets measured at fair value
Cash and cash equivalents:
Money market funds$439,947  $—  $—  $439,947  
U.S. treasury securities—  5,599  —  5,599  
Agency securities—  8,749  —  8,749  
Commercial paper—  167,248  —  167,248  
Corporate debt securities—  27,365  —  27,365  
Short-term investments:
U.S. treasury securities—  296,118  —  296,118  
Agency securities—  24,586  —  24,586  
Certificates of deposit and time deposits—  12,052  —  12,052  
Commercial paper—  31,937  —  31,937  
Corporate debt securities—  308,651  —  308,651  
Municipal securities—  2,728  —  2,728  
Current derivative assets:
Derivative assets - hedging—  16,879  —  16,879  
Derivative assets - capped call transactions—  310,608  310,608  
Other non-current assets:
Certificates of deposit and time deposits—  3,347  —  3,347  
Marketable equity securities100,187  —  —  100,187  
Non-marketable equity securities—  —  3,750  3,750  
Total assets measured at fair value$540,134  $905,259  $314,358  $1,759,751  
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - hedging$—  $1,507  $—  $1,507  
Derivative liabilities - exchangeable feature of Notes—  —  1,283,089  1,283,089  
Non-current derivative liabilities:
Derivative liabilities - hedging—  2  —  2  
Total liabilities measured at fair value$—  $1,509  $1,283,089  $1,284,598  
The following table presents the Group’s financial assets and liabilities as of June 30, 2019, by the level within the fair value hierarchy:
Level 1Level 2Level 3Total
(U.S. $ in thousands)
Description
Assets measured at fair value
Cash and cash equivalents:
Money market funds$593,696  $—  $—  $593,696  
U.S. treasury securities—  6,996  —  6,996  
Agency securities—  8,084  —  8,084  
Certificates of deposit and time deposits—  9,844  —  9,844  
Commercial paper—  67,327  —  67,327  
Corporate debt securities—  7,560  —  7,560  
Short-term investments:
U.S. treasury securities—  101,759  —  101,759  
Agency securities—  26,966  —  26,966  
Certificates of deposit and time deposits—  20,466  —  20,466  
Commercial paper—  94,035  —  94,035  
Corporate debt securities—  201,820  —  201,820  
Current derivative assets:
Derivative assets - hedging—  559  —  559  
Derivative assets - capped call transactions—  —  214,597  214,597  
Non-current derivative assets:
Derivative assets - hedging—  77  —  77  
Other non-current assets:
Certificates of deposit and time deposits—  3,660  —  3,660  
Marketable equity securities58,932  —  —  58,932  
Non-marketable equity securities—  —  3,000  3,000  
Total assets measured at fair value$652,628  $549,153  $217,597  $1,419,378  
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - hedging$—  $3,879  $—  $3,879  
Derivative liabilities - exchangeable feature of Notes—  —  851,126  851,126  
Non-current derivative liabilities:
Derivative liabilities - hedging—  74  —  74  
Total liabilities measured at fair value$—  $3,953  $851,126  $855,079  
The following table presents the reconciliations of Level 3 financial instrument fair values:
 Capped CallEmbedded exchange feature of NotesNon-marketable equity investments
 (U.S. $ in thousands)
Balance as of June 30, 2018$99,932  $(202,553) $—  
Purchases—  —  23,000  
Transfer out—  —  (20,942) 
Gains (losses)
Recognized in finance income—  —  270  
Recognized in other non-operating expense, net
114,665  (648,573) —  
Recognized in other comprehensive income—  —  672  
Balance as of June 30, 2019214,597  (851,126) 3,000  
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2019
Recognized in other non-operating expense, net
114,665  (648,573) —  
Balance as of June 30, 2019$214,597  $(851,126) $3,000  
Purchases—  1  750  
Gains (losses)
Recognized in other non-operating expense, net
96,011  (431,964) —  
Balance as of June 30, 2020$310,608  $(1,283,089) $3,750  
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2020
Recognized in other non-operating expense, net
96,011  (431,964) —  
As of June 30, 2020, the Group’s investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
Debt Investments
Marketable debt securities:
U.S. treasury securities$294,103  $2,017  $(2) $296,118  
Agency securities24,280  306  —  24,586  
Certificates of deposit and time deposits15,399  —  —  15,399  
Commercial paper31,937  —  —  31,937  
Corporate debt securities305,448  3,205  (2) 308,651  
Municipal securities2,700  28  —  2,728  
Total debt investments$673,867  $5,556  $(4) $679,419  
Equity Investments
Marketable equity securities$20,270  $79,917  $—  $100,187  
Non-marketable equity securities3,750  —  —  3,750  
Total equity investments$24,020  $79,917  $—  $103,937  
Total investments$697,887  $85,473  $(4) $783,356  
As of June 30, 2020, the Group had $676.1 million of investments which were classified as short-term investments on the Group’s consolidated statements of financial position. Additionally, the Group had marketable equity securities totaling $100.2 million, non-marketable equity securities totaling $3.8 million, and certificates of deposit and time deposits totaling $3.3 million which were classified as long-term and were included in other non-current assets on the Group’s consolidated statements of financial position.
As of June 30, 2019, the Group’s investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
Debt Investments
Marketable debt securities:
 U.S. treasury securities$101,563  $203  $(7) $101,759  
 Agency securities26,936  33  (3) 26,966  
 Certificates of deposit and time deposits24,126  —  —  24,126  
 Commercial paper94,035  —  —  94,035  
 Corporate debt securities201,552  292  (24) 201,820  
Total debt investments$448,212  $528  $(34) $448,706  
Equity Investments
Marketable equity securities$20,270  $38,662  $—  $58,932  
Non-marketable equity securities3,000  —  —  3,000  
Total equity investments$23,270  $38,662  $—  $61,932  
Total investments$471,482  $39,190  $(34) $510,638  
Schedule of financial liabilities measured at fair value
The following table presents the Group’s financial assets and liabilities as of June 30, 2020, by level within the fair value hierarchy:
Level 1Level 2Level 3Total
(U.S. $ in thousands)
Description
Assets measured at fair value
Cash and cash equivalents:
Money market funds$439,947  $—  $—  $439,947  
U.S. treasury securities—  5,599  —  5,599  
Agency securities—  8,749  —  8,749  
Commercial paper—  167,248  —  167,248  
Corporate debt securities—  27,365  —  27,365  
Short-term investments:
U.S. treasury securities—  296,118  —  296,118  
Agency securities—  24,586  —  24,586  
Certificates of deposit and time deposits—  12,052  —  12,052  
Commercial paper—  31,937  —  31,937  
Corporate debt securities—  308,651  —  308,651  
Municipal securities—  2,728  —  2,728  
Current derivative assets:
Derivative assets - hedging—  16,879  —  16,879  
Derivative assets - capped call transactions—  310,608  310,608  
Other non-current assets:
Certificates of deposit and time deposits—  3,347  —  3,347  
Marketable equity securities100,187  —  —  100,187  
Non-marketable equity securities—  —  3,750  3,750  
Total assets measured at fair value$540,134  $905,259  $314,358  $1,759,751  
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - hedging$—  $1,507  $—  $1,507  
Derivative liabilities - exchangeable feature of Notes—  —  1,283,089  1,283,089  
Non-current derivative liabilities:
Derivative liabilities - hedging—  2  —  2  
Total liabilities measured at fair value$—  $1,509  $1,283,089  $1,284,598  
The following table presents the Group’s financial assets and liabilities as of June 30, 2019, by the level within the fair value hierarchy:
Level 1Level 2Level 3Total
(U.S. $ in thousands)
Description
Assets measured at fair value
Cash and cash equivalents:
Money market funds$593,696  $—  $—  $593,696  
U.S. treasury securities—  6,996  —  6,996  
Agency securities—  8,084  —  8,084  
Certificates of deposit and time deposits—  9,844  —  9,844  
Commercial paper—  67,327  —  67,327  
Corporate debt securities—  7,560  —  7,560  
Short-term investments:
U.S. treasury securities—  101,759  —  101,759  
Agency securities—  26,966  —  26,966  
Certificates of deposit and time deposits—  20,466  —  20,466  
Commercial paper—  94,035  —  94,035  
Corporate debt securities—  201,820  —  201,820  
Current derivative assets:
Derivative assets - hedging—  559  —  559  
Derivative assets - capped call transactions—  —  214,597  214,597  
Non-current derivative assets:
Derivative assets - hedging—  77  —  77  
Other non-current assets:
Certificates of deposit and time deposits—  3,660  —  3,660  
Marketable equity securities58,932  —  —  58,932  
Non-marketable equity securities—  —  3,000  3,000  
Total assets measured at fair value$652,628  $549,153  $217,597  $1,419,378  
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - hedging$—  $3,879  $—  $3,879  
Derivative liabilities - exchangeable feature of Notes—  —  851,126  851,126  
Non-current derivative liabilities:
Derivative liabilities - hedging—  74  —  74  
Total liabilities measured at fair value$—  $3,953  $851,126  $855,079  
The following table presents the reconciliations of Level 3 financial instrument fair values:
 Capped CallEmbedded exchange feature of NotesNon-marketable equity investments
 (U.S. $ in thousands)
Balance as of June 30, 2018$99,932  $(202,553) $—  
Purchases—  —  23,000  
Transfer out—  —  (20,942) 
Gains (losses)
Recognized in finance income—  —  270  
Recognized in other non-operating expense, net
114,665  (648,573) —  
Recognized in other comprehensive income—  —  672  
Balance as of June 30, 2019214,597  (851,126) 3,000  
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2019
Recognized in other non-operating expense, net
114,665  (648,573) —  
Balance as of June 30, 2019$214,597  $(851,126) $3,000  
Purchases—  1  750  
Gains (losses)
Recognized in other non-operating expense, net
96,011  (431,964) —  
Balance as of June 30, 2020$310,608  $(1,283,089) $3,750  
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2020
Recognized in other non-operating expense, net
96,011  (431,964) —  
Schedule of valuation techniques and inputs used in fair value measurement
The following table sets forth a description of the valuation techniques and the inputs used in fair value measurement:
TypeValuation TechniqueInputs
Money market fundQuoted price in active marketN/A
Marketable debt securitiesQuoted market price to the extent possible or alternative pricing sources and models utilizing market observable inputsN/A
Marketable equity securitiesQuoted price in active marketN/A
Non-marketable equity securitiesPublicly available financing round valuationN/A
Foreign currency forward contractsDiscounted cash flowForeign currency spot and forward rate
Interest rate
Credit quality of counterparties
Exchange and Capped Call Derivatives
Black-Scholes option pricing modelsStock price
Time to expiration of the options
Stock price volatility
Interest rate
Exchangeable senior notesQuoted market priceN/A
Schedule of Group's investments
The effects of the Group’s investments on the consolidated financial statements were as follows (amounts presented are prior to any income tax effects):
Fiscal Year Ended June 30,
202020192018
(U.S. $ in thousands)
Unrealized gains (losses) recognized in other comprehensive income$46,975  $40,017  $(601) 
Gains (losses) recognized into profit or loss$697  $15  $(15) 
The table below summarizes the Group’s debt investments by remaining contractual maturity based on the effective maturity date:
 As of June 30,
20202019
 (U.S. $ in thousands)
Recorded as follows:   
Due in one year or less$443,324  $442,964  
Due after one year236,095  5,742  
Total investments$679,419  $448,706  
Schedule of fair value of derivative instruments
The fair value of the hedging derivative instruments were as follows:
As of June 30,
Statement of Financial Position Location20202019
(U.S. $ in thousands)
Derivative assets - hedging
Derivatives designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative assets$14,195  $247  
Foreign exchange forward contractsOther non-current assets—  77  
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative assets2,684  312  
Total derivative assets$16,879  $636  
Derivative liabilities - hedging
Derivatives designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative liabilities$1,164  $3,854  
Foreign exchange forward contractsOther non-current liabilities2  74  
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative liabilities343  25  
Total derivative liabilities$1,509  $3,953  
Schedule of notional amounts of derivative instruments
The following table sets forth the notional amounts of our hedging derivative instruments as of June 30, 2020 (U.S. $ in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
AUD/USD forward contracts:
Notional amount$393,705  $8,441  $402,146  $256,890  $145,256  $402,146  
Average forward rate0.6610  0.6844  —  0.6536  0.6754  —  
EUR/USD forward contracts:
Notional amount7,205  —  7,205  —  7,205  7,205  
Average forward rate1.1179  —  —  —  1.1179  —  
Total$400,910  $8,441  $409,351  $256,890  $152,461  $409,351  
The following table sets forth the notional amounts of our hedging derivative instruments as of June 30, 2019 (U.S. $ in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
AUD/USD forward contracts:
Notional amount$253,472  $14,477  $267,949  $230,264  $37,685  $267,949  
Average forward rate0.7156  0.7085  —  0.7181  0.6979  —  
EUR/USD forward contracts:
Notional amount6,202  —  6,202  —  6,202  6,202  
Average forward rate1.1302  —  —  —  1.1302  —  
Total$259,674  $14,477  $274,151  $230,264  $43,887  $274,151  
Schedule of effects of derivatives designated as hedging instruments on consolidated financial statements
The effects of derivatives designated as hedging instruments on our consolidated financial statements were as follows (amounts presented are prior to any income tax effects):
Fiscal Year Ended June 30,
202020192018
(U.S. $ in thousands)
Gains (losses) recognized into general and administrative - ineffective portion$(159) $24  $12  
Gross unrealized gains (losses) recognized in other comprehensive income (loss)$3,048  $(8,369) $(4,387) 
Net gains (losses) reclassified from cash flow hedge reserve into profit or loss - effective portion$(13,663) $(9,908) $3,954  
Recognized in cost of revenues(807) (713) 134  
Recognized in research and development(9,647) (6,935) 2,532  
Recognized in marketing and sales(273) (194) 112  
Recognized in general and administrative(2,936) (2,066) 1,176  
Change in fair value used for measuring ineffectiveness:
Cash flow hedging instruments$2,889  $(8,345) $(4,375) 
Hedged item - highly probable forecast purchases3,048  (8,369) (4,387)