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Short-Term Investments and Funds Held for Customers
 6 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments and Funds Held for Customers 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):
December 31,
2025		June 30,
2025
Short-term investments:
Available-for-sale debt securities$1,146,970 $1,180,110 
Total short-term investments1,146,970 1,180,110 
Funds held for customers:
Restricted cash1,009,436 749,111 
Restricted cash equivalents1,441,576 1,661,423 
Funds receivable27,458 25,499 
Available-for-sale debt securities1,581,778 1,628,767 
Total funds held for customers4,060,248 4,064,800 
Less - interest income included in other current assets (1)
(28,037)(20,330)
Total funds held for customers, net of income earned by the Company$4,032,211 $4,044,470 
(1) Represents interest income, accretion of discount, 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.
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):
December 31, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$644,369 $3,435 $(4)$647,800 
U.S. treasury securities370,818 852 (33)371,637 
Asset-backed securities117,175 273 (6)117,442 
Certificates of deposit10,091 — — 10,091 
Total short-term investments$1,142,453 $4,560 $(43)$1,146,970 
Funds held for customers:
U.S. treasury securities$902,124 $5,431 $(11)$907,544 
Corporate bonds436,225 3,201 (2)439,424 
Asset-backed securities125,435 759 (7)126,187 
Certificates of deposit90,290 — — 90,290 
Municipal bonds18,269 64 — 18,333 
Total funds held for customers$1,572,343 $9,455 $(20)$1,581,778 
June 30, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$756,009 $2,598 $(274)$758,333 
U.S. treasury securities287,356 261 (58)287,559 
Asset-backed securities118,074 177 (15)118,236 
Certificates of deposit15,982 — — 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 deposit99,138 — — 99,138 
Asset-backed securities167,179 791 — 167,970 
Municipal bonds6,560 32 — 6,592 
U.S. treasury securities864,602 4,319 (216)868,705 
Total funds held for customers$1,621,083 $7,901 $(217)$1,628,767 
The amortized cost and fair value amounts for short-term investments include interest receivables of $8.6 million and $8.9 million as of December 31, 2025 and June 30, 2025, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $13.3 million and $12.4 million as of December 31, 2025 and June 30, 2025, respectively.
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):
December 31,
2025		June 30,
2025
Due within 1 year$1,400,134 $1,118,478 
Due in 1 year through 5 years1,328,170 1,689,477 
Due in 5 years through 10 years444 922 
Total$2,728,748 $2,808,877 
As of December 31, 2025, approximately 30 out of approximately 760 investments in available-for-sale debt securities were in an unrealized loss position. 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):
December 31, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$31,314 $(4)$— $— $31,314 $(4)
U.S. treasury securities31,677 (33)— — 31,677 (33)
Asset-backed securities3,015 (6)— — 3,015 (6)
Total short-term investments$66,006 $(43)$— $— $66,006 $(43)
Funds held for customers:
U.S. treasury securities$24,445 $(11)$— $— $24,445 $(11)
Corporate bonds12,097 (2)— — 12,097 (2)
Asset-backed securities2,204 (7)— — 2,204 (7)
Total funds held for customers$38,746 $(20)$— $— $38,746 $(20)
June 30, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$209,648 $(274)$— $— $209,648 $(274)
U.S. treasury securities139,598 (58)— — 139,598 (58)
Asset-backed securities30,362 (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 securities4,576 — — — 4,576 — 
U.S. treasury securities82,910 (216)— — 82,910 (216)
Total funds held for customers$100,353 $(217)$— $— $100,353 $(217)
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company 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 and funds held for customers during the three and six months ended December 31, 2025 and 2024.