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Funds Held for Customers
 9 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Funds Held for Customers FUNDS HELD FOR CUSTOMERS
Funds held for customers consisted of the following as of the dates presented (in thousands):
March 31,
2023		June 30,
2022
Restricted cash$1,542,959 $1,685,937 
Restricted cash equivalents332,861 168,260 
Funds receivable13,401 6,747 
Corporate bonds632,183 807,685 
Certificates of deposit386,090 397,533 
Municipal bonds— 6,516 
Asset-backed securities90,217 69,912 
U.S. agency securities27,226 — 
U.S. treasury securities92,370 3,072 
Total funds held for customers3,117,307 3,145,662 
Less - income earned by the Company included in other current assets
(10,947)(3,002)
Total funds held for customers, net of income earned by the Company$3,106,360 $3,142,660 
Income earned by the Company that is included in other current assets 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. Earnings from these investments are contractually earned by the Company and are expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment.
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, 2023
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$632,293 $18 $(128)$632,183 
Certificates of deposit386,106 4 (20)386,090 
U.S. agency securities27,165 61 — 27,226 
Asset-backed securities90,636 — (419)90,217 
U.S. treasury securities92,397 41 (68)92,370 
Total$1,228,597 $124 $(635)$1,228,086 
June 30, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$809,113 $1 $(1,429)$807,685 
Certificates of deposit397,533 — — 397,533 
Municipal bonds6,542 — (26)6,516 
Asset backed securities70,574 — (662)69,912 
U.S. treasury securities3,082 — (10)3,072 
Total$1,286,844 $1 $(2,127)$1,284,718 
The amortized cost and fair value amounts include accrued interest receivable of $7.1 million and $3.0 million and as of March 31, 2023 and June 30, 2022, respectively.
As of March 31, 2023, approximately 93%, or $1.1 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 7% or $90.5 million mature thereafter. As of June 30, 2022, approximately 95%, or $1.2 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 5% or $69.9 million mature thereafter.
As of March 31, 2023, approximately 70 out of approximately 340 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, 2023
Fair valueUnrealized
losses
Corporate bonds$89,777 $(128)
Certificates of deposit7,950 (20)
Asset-backed securities90,217 (419)
U.S. treasury securities23,426 (68)
Total$211,370 $(635)
June 30, 2022
Fair valueUnrealized
losses
Corporate bonds$301,625 $(1,429)
Municipal bonds6,516 (26)
Asset backed securities64,361 (662)
U.S. treasury securities3,072 (10)
Total$375,574 $(2,127)
Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months was $199.1 million and $375.6 million as of March 31, 2023 and June 30, 2022, respectively. Investments balance with unrealized losses that had been in a continuous unrealized loss position for more than 12 months was not material and zero as of March 31, 2023 and June 30, 2022, respectively. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on funds held for customers that were invested in short-term marketable debt securities during the three and nine months ended March 31, 2023 and 2022.
The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of March 31, 2023 and June 30, 2022 because they were not material.