Short-Term Investments and Funds Held for Customers (Tables)

3 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investments and Funds Held for Customers

The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):

	September 30, 2025		June 30, 2025
Short-term investments:
Available-for-sale debt securities	$	1,215,339	$	1,180,110
Total short-term investments	1,215,339		1,180,110
Funds held for customers:
Restricted cash	572,575		749,111
Restricted cash equivalents	1,755,709		1,661,423
Funds receivable	24,106		25,499
Available-for-sale debt securities	1,648,776		1,628,767
Total funds held for customers	4,001,166		4,064,800
Less - interest income included in other current assets (1)	(26,492)		(20,330)
Total funds held for customers, net of income earned by the Company	$	3,974,674	$	4,044,470

(1) Represents interest income, accretion of discount (offset by amortization of premium), and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.

Schedule of Available-for-Sale Debt Securities

The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):

	September 30, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments:
Corporate bonds	$	708,261	$	3,408	$	(26)	$	711,643
U.S. treasury securities	347,382		629		(72)		347,939
Asset-backed securities	129,998		308		(9)		130,297
Certificates of deposit	25,460		—		—		25,460
Total short-term investments	$	1,211,101	$	4,345	$	(107)	$	1,215,339
Funds held for customers:
U.S. treasury securities	$	887,211	$	4,952	$	(79)	$	892,084
Corporate bonds	495,245		3,320		—		498,565
Asset-backed securities	147,684		898		—		148,582
Certificates of deposit	94,136		—		—		94,136
Municipal bonds	15,361		51		(3)		15,409
Total funds held for customers	$	1,639,637	$	9,221	$	(82)	$	1,648,776

	June 30, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments:
Corporate bonds	$	756,009	$	2,598	$	(274)	$	758,333
U.S. treasury securities	287,356		261		(58)		287,559
Asset-backed securities	118,074		177		(15)		118,236
Certificates of deposit	15,982		—		—		15,982
Total short-term investments	$	1,177,421	$	3,036	$	(347)	$	1,180,110
Funds held for customers:
Corporate bonds	$	483,604	$	2,759	$	(1)	$	486,362
Certificates of deposit	99,138		—		—		99,138
Asset-backed securities	167,179		791		—		167,970
Municipal bonds	6,560		32		—		6,592
U.S. treasury securities	864,602		4,319		(216)		868,705
Total funds held for customers	$	1,621,083	$	7,901	$	(217)	$	1,628,767

Schedule of Fair Value of Available-for-Sale Debt Securities

The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):

	September 30, 2025		June 30, 2025
Due within 1 year	$	731,480	$	1,118,478
Due in 1 year through 5 years	2,131,953		1,689,477
Due in 5 years through 10 years	682		922
Total	$	2,864,115	$	2,808,877

Schedule of Gross Unrealized Loss and Fair Values

The following tables show 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, 2025
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	69,353	$	(25)	$	1,721	$	(1)	$	71,074	$	(26)
U.S. treasury securities	55,619		(72)		—		—		55,619		(72)
Asset-backed securities	19,714		(9)		—		—		19,714		(9)
Certificates of deposit	2,599		—		—		—		2,599		—
Total short-term investments	$	147,285	$	(106)	$	1,721	$	(1)	$	149,006	$	(107)
Funds held for customers:
Municipal bonds	$	2,004	$	(3)	$	—	$	—	$	2,004	$	(3)
U.S. treasury securities	56,753		(49)		12,069		(30)		68,822		(79)
Total funds held for customers	$	58,757	$	(52)	$	12,069	$	(30)	$	70,826	$	(82)

	June 30, 2025
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	209,648	$	(274)	$	—	$	—	$	209,648	$	(274)
U.S. treasury securities	139,598		(58)		—		—		139,598		(58)
Asset-backed securities	30,362		(15)		—		—		30,362		(15)
Total short-term investments	$	379,608	$	(347)	$	—	$	—	$	379,608	$	(347)
Funds held for customers:
Corporate bonds	$	12,867	$	(1)	$	—	$	—	$	12,867	$	(1)
Asset-backed securities	4,576		—		—		—		4,576		—
U.S. treasury securities	82,910		(216)		—		—		82,910		(216)
Total funds held for customers	$	100,353	$	(217)	$	—	$	—	$	100,353	$	(217)