Short-Term Investments

6 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

SHORT-TERM INVESTMENTS

Short-term investments consisted of the following as of the dates presented (in thousands):

	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	644,658	$	70	$	(3,461)	$	641,267
U.S. treasury securities	315,325		21		(1,641)		313,705
Asset-backed securities	31,368		10		(108)		31,270
Certificates of deposit	54,178		—		—		54,178
U.S. agency securities	26,079		51		(11)		26,119
Total	$	1,071,607	$	152	$	(5,221)	$	1,066,538

	June 30, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	601,987	$	3	$	(4,786)	$	597,204
U.S. treasury securities	424,644		1		(2,917)		421,728
Asset-backed securities	51,622		—		(216)		51,406
Certificates of deposit	38,155		—		—		38,155
Total	$	1,116,408	$	4	$	(7,919)	$	1,108,493

The amortized cost and fair value amounts include accrued interest receivable of $3.4 million and $3.0 million as of December 31, 2022 and June 30, 2022, respectively.

As of December 31, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $915.9 million and $150.7 million, respectively, or 86% and 14%, respectively, of the Company’s total short-term investments. As of June 30, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $961.8 million and $146.7 million, respectively, or 87% and 13%, respectively, of the Company’s total short-term investments.

As of December 31, 2022, approximately 210 out of approximately 350 investment positions were in an unrealized loss position. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):

	December 31, 2022
	Fair value		Unrealized losses
Corporate bonds	$	354,715	$	(3,461)
U.S. treasury securities	223,429		(1,641)
Asset backed securities	27,508		(108)
U.S. agency securities	8,769		(11)
Total	$	614,421	$	(5,221)

	June 30, 2022
	Fair value		Unrealized losses
Corporate bonds	$	392,699	$	(4,786)
U.S. treasury securities	411,787		(2,917)
Asset backed securities	51,406		(216)
Total	$	855,892	$	(7,919)

Most of the Company investments with unrealized losses had been in a continuous unrealized loss position for less than 12 months. Investments with unrealized losses that had been in a continuous unrealized loss position for more than 12 months have not been material. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the three and six months ended December 31, 2022 and 2021.

The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of December 31, 2022 and June 30, 2022 because they were not material.