Funds Held for Customers (Tables)

3 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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


	September 30, 2022		June 30, 2022
Restricted cash	$	1,563,512	$	1,685,937
Restricted cash equivalents	174,291		168,260
Funds receivable	8,221		6,747
Corporate bonds	850,613		807,685
Certificates of deposit	413,178		397,533
Municipal bonds	5,020		6,516
Asset backed securities	77,594		69,912
U.S. treasury securities	37,258		3,072
Total funds held for customers	3,129,687		3,145,662
Less - income earned by the Company included in other current assets	(8,033)		(3,002)
Total funds held for customers, net of income earned by the Company	$	3,121,654	$	3,142,660

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):


	September 30, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	851,872	$	11	$	(1,270)	$	850,613
Certificates of deposit	413,178		—		—		413,178
Municipal bonds	5,026		—		(6)		5,020
Asset backed securities	78,291		—		(697)		77,594
U.S. treasury securities	37,366		1		(109)		37,258
Total	$	1,385,733	$	12	$	(2,082)	$	1,383,663


	June 30, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	809,113	$	1	$	(1,429)	$	807,685
Certificates of deposit	397,533		—		—		397,533
Municipal bonds	6,542		—		(26)		6,516
Asset backed securities	70,574		—		(662)		69,912
U.S. treasury securities	3,082		—		(10)		3,072
Total	$	1,286,844	$	1	$	(2,127)	$	1,284,718

Summary of Gross Unrealized Losses And Fair Values

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):


	September 30, 2022
	Fair value		Unrealized losses
Corporate bonds	$	242,360	$	(1,270)
Municipal bonds	630		(6)
Asset backed securities	77,594		(697)
U.S. treasury securities	33,817		(109)
Total	$	354,400	$	(2,082)


	June 30, 2022
	Fair value		Unrealized losses
Corporate bonds	$	301,625	$	(1,429)
Municipal bonds	6,516		(26)
Asset backed securities	64,361		(662)
U.S. treasury securities	3,072		(10)
Total	$	375,574	$	(2,127)