Assets Held for Sale

6 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

During the fourth quarter of the fiscal year 2021, the Company committed to a plan to sell its controlling interest of its subsidiary, VFT, which was established for the construction project associated with the Australian HQ Property. In July 2021, the Company entered into a term sheet with a third-party buyer to effect the sale. The term sheet provided a framework for the buyer to invest in and develop the Australian HQ Property. In March 2022, the Company entered into a series of agreements with the buyer, including an AFL. On July 20, 2022, the Company completed a non-cash sale of its controlling interest of VFT to the buyer and recognized a gain of $2.1 million and $45.2 million, respectively, from the sale in other income (expense), net, in the condensed consolidated statements of operations during the three and six months ended December 31, 2022, representing the difference between the fair value of the Company’s retained investment and the derecognized VFT assets and liabilities upon loss of control. Please refer to Note 5, “Investments” for additional details.

The major assets classified as held for sale as of December 31, 2022 and June 30, 2022 were as follows (in thousands):


	December 31, 2022		June 30, 2022
Cash and cash equivalents	$	—	$	2,701
Property and equipment, net	$	—	$	57,482