Leases

3 Months Ended

Sep. 30, 2026

Lessee Disclosure [Abstract]

Leases

11. Leases

We determine if a contract contains a lease at inception. We have entered into operating leases for academic sites, housing facilities, and office space which expire at various dates through December 2042, most of which include options to terminate for a fee or extend the leases for an additional five-year period. The lease term includes the noncancelable period of the lease, as well as any periods for which we are reasonably certain to exercise extension options. We account for lease and non-lease components (e.g., common-area maintenance costs) as a single lease component for all operating leases. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. We have not entered into any finance leases.

Operating lease assets represent our right to use an underlying asset during the lease term. Operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. Operating lease assets are adjusted for any prepaid or accrued lease payments, lease incentives, initial direct costs, and impairments. Our incremental borrowing rate is utilized in determining the present value of the lease payments based upon the information available at the commencement date. Our incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease. Operating lease expense is recognized on a straight-line basis over the lease term.

The components of lease cost were as follows (in thousands):

	Three Months Ended
	September 30,
	2026		2025
Operating lease cost	$	12,991	$	12,347
Sublease income		—		(1,072)
Total lease cost	$	12,991	$	11,275

Maturities of lease liabilities as of September 30, 2026 were as follows (in thousands):

	Operating
Fiscal Year	Leases
2027 (remaining)	$	38,125
2028		50,168
2029		43,681
2030		41,320
2031		35,625
Thereafter		189,482
Total lease payments		398,401
Less: lease incentives not yet received		(18,863)
Less: imputed interest		(126,180)
Present value of lease liabilities	$	253,358

Lease term and discount rate were as follows:

	September 30,
	2026
Weighted-average remaining operating lease term (years)		8.8
Weighted-average operating lease discount rate		7.7%

Supplemental disclosures of cash flow information related to leases were as follows (in thousands):

	Three Months Ended
	September 30,
	2026		2025
Cash (received) paid for amounts in the measurement of operating lease liabilities (net of sublease and lease incentive receipts)	$	(5,329)	$	7,843
Operating lease assets obtained in exchange for operating lease liabilities	$	165	$	5,784