Short-Term Investments

3 Months Ended

Sep. 30, 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):

	September 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	454,350	$	75	$	(2,008)	$	452,417
U.S. treasury securities	484,895		17		(1,083)		483,829
Asset-backed securities	63,323		17		(120)		63,220
Certificates of deposit	65,904		—		—		65,904
U.S. agency securities	54,283		6		(203)		54,086
Total	$	1,122,755	$	115	$	(3,414)	$	1,119,456

	June 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	481,658	$	207	$	(2,382)	$	479,483
U.S. treasury securities	409,586		42		(1,260)		408,368
U.S. agency securities	58,166		—		(199)		57,967
Asset-backed securities	51,321		8		(136)		51,193
Certificates of deposit	46,099		—		—		46,099
Total	$	1,046,830	$	257	$	(3,977)	$	1,043,110

The amortized cost and fair value amounts included accrued interest receivables of $4.6 million and $4.3 million as of September 30, 2023 and June 30, 2023, respectively.

As of September 30, 2023, the fair value of the Company’s short-term investments that mature within one year and thereafter was $867.2 million and $252.3 million, respectively, or 77% and 23%, respectively, of the Company’s total short-term investments. As of June 30, 2023, the fair value of the Company’s short-term investments that mature within one year and thereafter was $758.1 million and $285.0 million, respectively, or 73% and 27%, respectively, of the Company’s total short-term investments.

As of September 30, 2023, approximately 200 out of approximately 354 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):

	September 30, 2023
	Fair value		Unrealized losses
Corporate bonds	$	292,968	$	(2,008)
U.S. treasury securities	298,908		(1,083)
Asset-backed securities	47,466		(120)
U.S. agency securities	49,275		(203)
Total	$	688,617	$	(3,414)

	June 30, 2023
	Fair value		Unrealized losses
Corporate bonds	$	296,562	$	(2,382)
U.S. treasury securities	213,726		(1,260)
Asset-backed securities	38,426		(136)
U.S. agency securities	57,967		(199)
Total	$	606,681	$	(3,977)

The Company's investments balance with unrealized losses that had been in a continuous unrealized loss position for less than 12 months was $585.1 million and $506.5 million as of September 30, 2023 and June 30, 2023, respectively. Investments balance with unrealized losses that had been in a continuous unrealized loss position for more than 12 months was $103.5 million and $100.2 million as of September 30, 2023 and June 30, 2023, respectively. Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. There have been no significant realized gains or losses on the short-term investments during the three months ended September 30, 2023 and 2022.