Investments

12 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

The Company’s investments consisted of the following:

	As of September 30, 2023
	(in thousands)
	Adjusted Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities	$	295,699	$	—	$	(2,964)	$	292,735
Total current investments	$	295,699	$	—	$	(2,964)	$	292,735

On September 30, 2023, the Company changed the classification of its investment securities from held-to-maturity to available-for-sale. This change enables the Company’s need to be able to respond to market and liquidity risks in managing its portfolio. Such investments are carried at fair value with any unrealized gains and losses reported as a component of other accumulated comprehensive loss. At the date of the transfer, the carrying value of the Company’s held-to-maturity securities was $295.7 million, and net unrealized losses of $3.0 million were recognized in accumulated other comprehensive loss. The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment as of September 30, 2023.

	As of September 30, 2022
	(in thousands)
	Adjusted Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments (due within one year)
Held-to-maturity debt securities	$	218,391	$	—	$	(3,661)	$	214,730
Held-to-maturity certificate of deposit	50,000		—		—		50,000
Total current investments	$	268,391	$	—	$	(3,661)	$	264,730
Long-term investments (Due within one through three years)
Held-to-maturity debt securities	$	105,872	$	—	$	(5,569)	$	100,303
Total long-term investments	$	105,872	$	—	$	(5,569)	$	100,303