Short-Term Investments

9 Months Ended

Mar. 31, 2023

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):

	March 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	535,186	$	293	$	(2,284)	$	533,195
U.S. treasury securities	412,097		297		(759)		411,635
Asset-backed securities	36,965		40		(117)		36,888
Certificates of deposit	52,786		—		—		52,786
U.S. agency securities	38,473		37		(1)		38,509
Total	$	1,075,507	$	667	$	(3,161)	$	1,073,013

	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 $3.9 million and $3.0 million as of March 31, 2023 and June 30, 2022, respectively.

As of March 31, 2023, the fair value of the Company’s short-term investments that mature within one year and thereafter was $856.7 million and $216.3 million, respectively, or 80% and 20%, 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 March 31, 2023, approximately 160 out of approximately 330 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):

	March 31, 2023
	Fair value		Unrealized losses
Corporate bonds	$	260,366	$	(2,284)
U.S. treasury securities	117,626		(759)
Asset-backed securities	30,610		(117)
U.S. agency securities	3,759		(1)
Total	$	412,361	$	(3,161)

	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)

The Company's investments balance with unrealized losses that had been in a continuous unrealized loss position for less than 12 months was $286.6 million and $851.8 million as of March 31, 2023 and June 30, 2022, respectively. Investments balance with unrealized losses that had been in a continuous unrealized loss position for more than 12 months was $123.5 million and not material as of March 31, 2023 and June 30, 2022, respectively. 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 nine months ended March 31, 2023 and 2022.

The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of March 31, 2023 and June 30, 2022 because they were not material.