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Financial Assets and Liabilities (Tables)
 12 Months Ended
Jun. 30, 2022
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
20222021
(U.S. $ in thousands)
Foreign currency forward contracts - cash flow hedging:
U.S. dollar +10%, decrease in fair value of foreign currency forward contracts
$(38,198)$(39,416)
U.S. dollar -10%, increase in fair value of foreign currency forward contracts
38,198 39,416 
The following table sets forth equity price sensitivity analysis of a hypothetical 10% change in share prices:

Equity Price SensitivityEffect on other comprehensive income, before tax
20222021
(U.S. $ in thousands)
Fair value change of marketable equity investments:
Increase in respective share prices of 10%
$3,080 $11,041 
Decrease in respective share prices of 10%
(3,080)(11,041)
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
20222021
(U.S. $ in thousands)
Change in market value of marketable debt investments:
Interest Rate +100bps, decrease in market value of marketable debt investments
$(284)$(1,888)
Interest Rate -100bps, increase in market value of marketable debt investments
284 259 
Change in market value of interest rate swap:
Interest Rate +100bps, increase in market value of interest rate swaps
$17,624 $24,845 
Interest Rate -100bps, decrease in market value of interest rate swaps
(18,789)(20,635)
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, 2022
Financial liabilities:
Trade and other payables$404,908 $— $— $— $404,908 
Lease liabilities (1)53,408 99,668 78,577 128,157 359,810 
Derivative liabilities23,288 812 — — 24,100 
Term loan facility— 87,500 912,500 — 1,000,000 
$481,604 $187,980 $991,077 $128,157 $1,788,818 
As of June 30, 2021
Financial liabilities:
Trade and other payables$266,497 $— $— $— $266,497 
Lease liabilities (1)48,297 77,768 65,227 91,131 282,423 
Derivative liabilities11,438 669 — — 12,107 
Exchangeable senior notes (2)1,109,593 — — — 1,109,593 
$1,435,825 $78,437 $65,227 $91,131 $1,670,620 
(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, 2021. Refer to Note 16, “Debt” 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, 2022, 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$555,247 $— $— $555,247 
Short-term investments:
U.S. treasury securities— 70,294 — 70,294 
Certificates of deposit and time deposits— 3,000 — 3,000 
Current derivative assets:
Derivative assets - foreign exchange hedging— 389 — 389 
Derivative assets - interest rate swaps— 13,296 — 13,296 
Non-current derivative assets:
Derivative assets - interest rate swaps— 30,367 — 30,367 
Other non-current assets:
Marketable equity securities30,801 — — 30,801 
Non-marketable equity securities— — 126,995 126,995 
Non-marketable debt securities— — 1,268 1,268 
Total assets measured at fair value$586,048 $117,346 $128,263 $831,657 
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - foreign exchange hedging$— $23,288 $— $23,288 
Non-current derivative liabilities:
Derivative liabilities - foreign exchange hedging— 812 — 812 
Total liabilities measured at fair value$— $24,100 $— $24,100 
The following table presents the Group’s financial assets and liabilities as of June 30, 2021, 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$20,966 $— $— $20,966 
Agency securities— 4,600 — 4,600 
Commercial paper— 149,347 — 149,347 
Short-term investments:
U.S. treasury securities— 209,948 — 209,948 
Agency securities— 5,752 — 5,752 
Certificates of deposit and time deposits— 6,653 — 6,653 
Corporate debt securities— 87,948 — 87,948 
Municipal securities— 2,700 — 2,700 
Current derivative assets:
Derivative assets - foreign exchange hedging— 3,333 — 3,333 
Derivative assets - capped call transactions— — 124,153 124,153 
Non-current derivative assets:
Derivative assets - interest rate swaps— 3,147 — 3,147 
Other non-current assets:
Certificates of deposit and time deposits— 2,600 — 2,600 
Marketable equity securities110,409 — — 110,409 
Non-marketable equity securities— — 11,750 11,750 
Total assets measured at fair value$131,375 $476,028 $135,903 $743,306 
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - foreign exchange hedging$— $8,058 $— $8,058 
Derivative liabilities - interest rate swaps— 3,380 — 3,380 
Derivative liabilities - exchangeable feature of exchangeable senior notes— — 760,689 760,689 
Non-current derivative liabilities:
Derivative liabilities - foreign exchange hedging— 669 — 669 
Total liabilities measured at fair value$— $12,107 $760,689 $772,796 
The following table presents the reconciliations of Level 3 financial instrument fair values:
 Capped CallEmbedded exchange feature of NotesNon-marketable investments
 (U.S. $ in thousands)
Balance as of June 30, 2020
$310,608 $(1,283,089)$3,750 
Purchases(203,093)1,155,484 10,250 
Gains (losses)
Recognized in other non-operating expense, net
16,638 (633,084)(2,000)
Recognized in other comprehensive income— — (250)
Balance as of June 30, 2021
$124,153 $(760,689)$11,750 
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2021
Recognized in other non-operating expense, net
$14,764 $(308,820)$(2,000)
Recognized in other comprehensive loss— — (250)
Balance as of June 30, 2021$124,153 $(760,689)$11,750 
Settlements or purchases
(135,497)1,196,515 111,668 
Gains (losses)
Recognized in other non-operating expense, net
11,344 (435,826)(2,100)
Recognized in other comprehensive income— — 6,945 
Balance as of June 30, 2022$— $— $128,263 
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2022
Recognized in other non-operating expense, net
$— $— $(2,100)
Recognized in other comprehensive income— — 6,945 
As of June 30, 2022, the Group’s investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
U.S. treasury securities$70,947 $— $(653)$70,294 
Certificates of deposit and time deposits3,000 — — 3,000 
Total marketable debt investments$73,947 $— $(653)$73,294 
As of June 30, 2021, the Group’s investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
U.S. treasury securities$209,567 $407 $(26)$209,948 
Agency securities5,750 2 — 5,752 
Certificates of deposit and time deposits9,253 — — 9,253 
Corporate debt securities87,626 322 — 87,948 
Municipal securities2,700 — — 2,700 
Total marketable debt investments$314,896 $731 $(26)$315,601 
As of June 30, 2022, the Group’s strategic investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
Marketable equity securities$10,270 $20,531 $— $30,801 
Non-marketable equity securities120,300 6,695 — 126,995 
Non-marketable debt securities5,368 — (4,100)1,268 
Total strategic investments$135,938 $27,226 $(4,100)$159,064 
As of June 30, 2021, the Group’s strategic investments consisted of the following:
 Amortized CostUnrealized GainsUnrealized LossesFair Value
 (U.S. $ in thousands)
Marketable equity securities$10,270 $100,139 $— $110,409 
Non-marketable equity securities12,000 — (250)11,750 
Non-marketable debt securities2,000 — (2,000)— 
Total strategic investments$24,270 $100,139 $(2,250)$122,159 
Schedule of financial liabilities measured at fair value The following table presents the Group’s financial assets and liabilities as of June 30, 2022, 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$555,247 $— $— $555,247 
Short-term investments:
U.S. treasury securities— 70,294 — 70,294 
Certificates of deposit and time deposits— 3,000 — 3,000 
Current derivative assets:
Derivative assets - foreign exchange hedging— 389 — 389 
Derivative assets - interest rate swaps— 13,296 — 13,296 
Non-current derivative assets:
Derivative assets - interest rate swaps— 30,367 — 30,367 
Other non-current assets:
Marketable equity securities30,801 — — 30,801 
Non-marketable equity securities— — 126,995 126,995 
Non-marketable debt securities— — 1,268 1,268 
Total assets measured at fair value$586,048 $117,346 $128,263 $831,657 
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - foreign exchange hedging$— $23,288 $— $23,288 
Non-current derivative liabilities:
Derivative liabilities - foreign exchange hedging— 812 — 812 
Total liabilities measured at fair value$— $24,100 $— $24,100 
The following table presents the Group’s financial assets and liabilities as of June 30, 2021, 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$20,966 $— $— $20,966 
Agency securities— 4,600 — 4,600 
Commercial paper— 149,347 — 149,347 
Short-term investments:
U.S. treasury securities— 209,948 — 209,948 
Agency securities— 5,752 — 5,752 
Certificates of deposit and time deposits— 6,653 — 6,653 
Corporate debt securities— 87,948 — 87,948 
Municipal securities— 2,700 — 2,700 
Current derivative assets:
Derivative assets - foreign exchange hedging— 3,333 — 3,333 
Derivative assets - capped call transactions— — 124,153 124,153 
Non-current derivative assets:
Derivative assets - interest rate swaps— 3,147 — 3,147 
Other non-current assets:
Certificates of deposit and time deposits— 2,600 — 2,600 
Marketable equity securities110,409 — — 110,409 
Non-marketable equity securities— — 11,750 11,750 
Total assets measured at fair value$131,375 $476,028 $135,903 $743,306 
Liabilities measured at fair value
Current derivative liabilities:
Derivative liabilities - foreign exchange hedging$— $8,058 $— $8,058 
Derivative liabilities - interest rate swaps— 3,380 — 3,380 
Derivative liabilities - exchangeable feature of exchangeable senior notes— — 760,689 760,689 
Non-current derivative liabilities:
Derivative liabilities - foreign exchange hedging— 669 — 669 
Total liabilities measured at fair value$— $12,107 $760,689 $772,796 
The following table presents the reconciliations of Level 3 financial instrument fair values:
 Capped CallEmbedded exchange feature of NotesNon-marketable investments
 (U.S. $ in thousands)
Balance as of June 30, 2020
$310,608 $(1,283,089)$3,750 
Purchases(203,093)1,155,484 10,250 
Gains (losses)
Recognized in other non-operating expense, net
16,638 (633,084)(2,000)
Recognized in other comprehensive income— — (250)
Balance as of June 30, 2021
$124,153 $(760,689)$11,750 
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2021
Recognized in other non-operating expense, net
$14,764 $(308,820)$(2,000)
Recognized in other comprehensive loss— — (250)
Balance as of June 30, 2021$124,153 $(760,689)$11,750 
Settlements or purchases
(135,497)1,196,515 111,668 
Gains (losses)
Recognized in other non-operating expense, net
11,344 (435,826)(2,100)
Recognized in other comprehensive income— — 6,945 
Balance as of June 30, 2022$— $— $128,263 
Change in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2022
Recognized in other non-operating expense, net
$— $— $(2,100)
Recognized in other comprehensive income— — 6,945 
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:
TypeLevelValuation TechniqueInputs
Money market fundLevel 1Quoted price in active marketN/A
Marketable equity securitiesLevel 1Quoted price in active marketN/A
Marketable debt securitiesLevel 2Quoted market price to the extent possible or alternative pricing sources and models utilizing market observable inputsN/A
Non-marketable equity securitiesLevel 3Last financing round valuationN/A
Non-marketable debt securitiesLevel 3Discounted cash flowTiming, probability, and amount of forecasted cash flows associated with liquidation of the securities
Foreign currency forward contractsLevel 2Discounted cash flowForeign currency spot and forward rate
Interest rate
Credit quality of counterparties
Interest rate swaps Level 2Discounted cash flowForward and contract interest rates
Credit quality of counterparties
Exchange feature of the Notes
Level 3Black-Scholes option pricing modelsStock price
Time to expiration of the options
Stock price volatility
Interest rate
Level 2September 30, 2021: Redemption
settlement price*
Stock price
Exchange ratio
Capped Call DerivativesLevel 3Non-binding quoted price obtained from counterparty banksN/A
*As of September 30, 2021, all outstanding Notes were called for redemption by the Company. As such, the Company used redemption settlement price as fair value.
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,
202220212020
(U.S. $ in thousands)
Unrealized fair value movements on marketable debt investments recognized in other comprehensive income$(831)$(4,779)$5,750 
Gains recognized into profit or loss on sale of debt investments527 65 697 
Unrealized fair value movements on non-marketable debt securities recognized in other non-operating expense, net(2,100)(2,000)— 
Fair value movements on marketable equity investments recognized in other comprehensive income(79,608)48,330 41,255 
Fair value movements on non-marketable equity investments recognized in other comprehensive income6,945 (250)— 
The table below summarizes the Group’s debt investments by remaining contractual maturity based on the effective maturity date:
 As of June 30,
20222021
 (U.S. $ in thousands)
Recorded as follows:   
Due in one year or less$73,294 $265,679 
Due after one year— 49,922 
Total investments$73,294 $315,601 
Schedule of fair value of derivative instruments The fair values of the hedging derivative instruments were as follows:
As of June 30,
Statement of Financial Position Location20222021
(U.S. $ in thousands)
Derivative assets - hedging
Derivatives designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative assets$— $3,325 
Interest rate swapsCurrent derivative assets13,296 — 
Interest rate swapsOther non-current assets30,367 3,147 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative assets389 8 
Total derivative assets$44,052 $6,480 
Derivative liabilities - hedging
Derivatives designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative liabilities$18,208 $5,336 
Foreign exchange forward contractsOther non-current liabilities812 669 
Interest rate swapsCurrent derivative liabilities— 3,380 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsCurrent derivative liabilities5,080 2,722 
Total derivative liabilities$24,100 $12,107 
Schedule of notional amounts of derivative instruments
The following table sets forth the notional amounts of our hedging derivative instruments as of June 30, 2022:
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
(U.S. $ in thousands except average forward rate and average interest rate)
Forward contracts:
AUD/USD forward contracts:
Notional amount$593,155 $37,015$630,170$401,534$228,636$630,170
Average forward rate0.7180 0.7038 0.7171 0.7248 0.7037 0.7171 
EUR/USD forward contracts:
Notional amount19,368 — 19,368 — 19,368 19,368 
Average forward rate1.0617 — 1.0617 — 1.0617 1.0617 
Total$612,523 $37,015$649,538$401,534$248,004 $649,538
Interest rate swaps:
Notional amount$— $650,000$650,000$650,000$—$650,000
Average interest rate0.81 %0.81 %0.81 %0.81 %
The following table sets forth the notional amounts of our hedging derivative instruments as of June 30, 2021:
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
(U.S. $ in thousands except average forward rate and average interest rate)
AUD/USD forward contracts:
Notional amount$623,321 $24,627 $647,948 $397,184 $250,764 $647,948
Average forward rate0.7563 0.7718 0.7569 0.7563 0.7579 0.7569 
EUR/USD forward contracts:
Notional amount11,040 — 11,040 — 11,040 11,040 
Average forward rate1.2025 — 1.2025 — 1.2025 1.2025 
Total$634,361 $24,627 $658,988 $397,184 $261,804 $658,988 
Interest rate swaps:
Notional amount$— $650,000$650,000$650,000$— $650,000
Average interest rate0.81 %0.81 %0.81 %0.81 %
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,
202220212020
(U.S. $ in thousands)
Forward contracts:
Gross unrealized gains (losses) recognized in other comprehensive income (loss)$(29,192)$19,302 $3,048 
Net gains (losses) reclassified from cash flow hedge reserve into profit or loss - effective portion$(12,864)$35,077 $(13,663)
Recognized in cost of revenues(525)1,326 (807)
Recognized in research and development(10,513)28,490 (9,647)
Recognized in marketing and sales(220)400 (273)
Recognized in general and administrative(1,606)4,861 (2,936)
Change in fair value used for measuring ineffectiveness:
Cash flow hedging instruments$(29,295)$19,312 $2,889 
Hedged item - highly probable forecast purchases(29,192)19,302 3,048 
Gains (losses) recognized into general and administrative - ineffective portion(103)10 (159)
Interest rate swaps:
Gross unrealized gain recognized in other comprehensive income$40,613 $(233)$— 
Net loss reclassified from interest rate swap reserve into finance cost(3,153)— —