Investments (Tables)

6 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities Reconciliation

The Company’s investments of marketable securities as of December 31, 2022, consisted of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury securities	$	26,250	$	—	$	(181)	$	26,069
Certificates of deposit and time deposits	10,000		—		—		10,000
Total marketable securities	$	36,250	$	—	$	(181)	$	36,069

The Company’s investments of marketable securities as of June 30, 2022, consisted of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. treasury securities	$	70,947	$	—	$	(653)	$	70,294
Certificates of deposit and time deposits	3,000		—		—		3,000
Total marketable securities	$	73,947	$	—	$	(653)	$	73,294

Investments Classified by Contractual Maturity Date

The table below summarizes the Company’s marketable securities by remaining contractual maturity based on their effective maturity dates (in thousands):

	December 31, 2022		June 30, 2022
Due in one year or less	$	36,069	$	73,294

Schedule of Strategic Investments

Carrying value of privately held debt securities

The Company’s investments of privately held debt securities as of December 31, 2022, consisted of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Privately held debt securities	$	5,462	$	—	$	(3,503)	$	1,959

The Company’s investments of privately held debt securities as of June 30, 2022, consisted of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Privately held debt securities	$	5,486	$	—	$	(4,218)	$	1,268

The carrying values for publicly traded and privately held equity securities as of December 31, 2022 are summarized below (in thousands):

	Publicly traded equity securities		Privately held equity securities		Total
Initial total cost	$	10,270	$	128,800	$	139,070
Cumulative net gain (loss)	9,055		(687)		8,368
Carrying Value	$	19,325	$	128,113	$	147,438

The carrying values for publicly traded and privately held equity securities as of June 30, 2022 are summarized below (in thousands):

	Publicly traded equity securities		Privately held equity securities		Total
Initial total cost	$	10,270	$	120,300	$	130,570
Cumulative net gain	20,531		6,695		27,226
Carrying Value	$	30,801	$	126,995	$	157,796

Unrealized Gain (Loss) on Investments

The components of gains and losses on strategic investments were as follows (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Unrealized losses recognized on publicly traded equity securities	$	(1,669)	$	(22,135)	$	(11,477)	$	(57,945)
Unrealized gains recognized on privately held equity securities	260		—		260		4,388
Unrealized losses recognized on privately held equity securities including impairment	(5,927)		—		(7,642)		—
Unrealized gains (losses), net	$	(7,336)	$	(22,135)	$	(18,859)	$	(53,557)
Realized losses on debt securities	(212)		—		(212)		—
Losses on strategic investments, net	$	(7,548)	$	(22,135)	$	(19,071)	$	(53,557)
Unrealized gains and losses recognized during the reporting period on privately held equity securities still held at the reporting date	$	(5,667)	$	—	$	(7,382)	$	4,388

Equity Method Investments

The following table sets forth the carrying amounts of the equity method investment and the movements during the six months ended December 31, 2022 (in thousands):

	Equity Method Investment
Balance as of July 20, 2022	$	88,853
Effect of change in exchange rates	(1,069)
Balance as of December 31, 2022	$	87,784