Funds Held for Customers (Tables)

6 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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


	December 31, 2022		June 30, 2022
Restricted cash	$	1,914,579	$	1,685,937
Restricted cash equivalents	266,743		168,260
Funds receivable	9,470		6,747
Corporate bonds	734,878		807,685
Certificates of deposit	426,189		397,533
Municipal bonds	635		6,516
Asset backed securities	81,680		69,912
U.S. treasury securities	53,221		3,072
Total funds held for customers	3,487,395		3,145,662
Less - income earned by the Company included in other current assets	(13,347)		(3,002)
Total funds held for customers, net of income earned by the Company	$	3,474,048	$	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):


	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	735,248	$	35	$	(405)	$	734,878
Certificates of deposit	426,230		—		(41)		426,189
Municipal bonds	638		—		(3)		635
Asset backed securities	82,258		32		(610)		81,680
U.S. treasury securities	53,351		2		(132)		53,221
Total	$	1,297,725	$	69	$	(1,191)	$	1,296,603


	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):


	December 31, 2022
	Fair value		Unrealized losses
Corporate bonds	$	171,981	$	(405)
Certificates of deposit	7,848		(41)
Municipal bonds	635		(3)
Asset backed securities	62,569		(610)
U.S. treasury securities	43,601		(132)
Total	$	286,634	$	(1,191)


	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)