Funds Held for Customers (Tables)

9 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Funds Held For Customers

Funds held for customers consisted of the following as of the dates presented (in thousands):

	March 31,			June 30,
	2022			2021
Restricted cash	$	1,667,466		$	1,195,904
Restricted cash equivalents		124,132			86,322
Funds receivable		26,241			12,694
Corporate bonds		763,268			516,350
Certificates of deposit		390,144			326,927
Municipal bonds		9,512			42,957
Asset backed securities		57,397			25,085
U.S. treasury securities		6,074			3,009
Total funds held for customers		3,044,234			2,209,248
Less - income earned by the Company    included in other current assets		(694	)		(650	)
Total funds held for customers, net    of income earned by the Company	$	3,043,540		$	2,208,598

Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities

Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands):

	March 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Corporate bonds	$	764,208	$	4	$	(944	)	$	763,268
Certificates of deposit		390,145		—		(1	)		390,144
Municipal bonds		9,544		—		(32	)		9,512
Asset backed securities		57,802		—		(405	)		57,397
U.S. treasury securities		6,087		—		(13	)		6,074
Total	$	1,227,786	$	4	$	(1,395	)	$	1,226,395

	June 30, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Corporate bonds	$	516,364	$	24	$	(38	)	$	516,350
Certificates of deposit		326,927		—		—			326,927
Municipal bonds		42,952		5		—			42,957
Asset backed securities		25,081		4		—			25,085
U.S. treasury securities		3,010		—		(1	)		3,009
Total	$	914,334	$	33	$	(39	)	$	914,328

Summary of Gross Unrealized Losses And Fair Values

As of March 31, 2022, approximately 200 out of approximately 400 investment positions were in an unrealized loss position. The following tables present 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, 2022
	Fair value		Unrealized losses
Corporate bonds	$	267,969	$	(944	)
Certificates of deposit		2,055		(1	)
Municipal bonds		9,512		(32	)
Asset backed securities		57,397		(405	)
U.S. treasury securities		6,074		(13	)
Total	$	343,007	$	(1,395	)

	June 30, 2021
	Fair value		Unrealized losses
Corporate bonds	$	79,359	$	(38	)
U.S. treasury securities		2,501		(1	)
Total	$	81,860	$	(39	)