Fair Value Measurement (Tables)

9 Months Ended

Mar. 31, 2023

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,034,617	$	—	$	—	$	1,034,617
	1,034,617		—		—		1,034,617
Short-term investments:
Corporate bonds	—		533,195		—		533,195
U.S. treasury securities	411,635		—		—		411,635
U.S. agency securities	—		38,508		—		38,508
Asset-backed securities	—		36,889		—		36,889
Certificates of deposit	—		52,786		—		52,786
	411,635		661,378		—		1,073,013
Funds held for customers:
Restricted cash equivalents:
Money market funds	256,287		—		—		256,287
Corporate bonds	—		73,354		—		73,354
Certificates of deposit	—		3,220		—		3,220
	256,287		76,574		—		332,861
Short-term investments:
Corporate bonds	—		632,183		—		632,183
Certificates of deposit	—		386,090		—		386,090
U.S. agency securities	—		27,226		—		27,226
Asset-backed securities	—		90,217		—		90,217
U.S. treasury securities	92,370		—		—		92,370
	92,370		1,135,716		—		1,228,086
Total assets measured at fair value	$	1,794,909	$	1,873,668	$	—	$	3,668,577

Liabilities
Contingent consideration(1)	$	—	$	—	$	11,066	$	11,066
Total liabilities measured at fair value	$	—	$	—	$	11,066	$	11,066

(1) The Company used the probability-weighted discounted cash flow method to estimate the contingent consideration. The significant inputs used in the fair value measurement of the contingent consideration are the probability of payout and discount rate. As these inputs are not based on observable market data, the liability represents a Level 3 measurement within the fair value hierarchy.


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,435,111	$	—	$	—	$	1,435,111
Corporate bonds	—		11,430		—		11,430
	1,435,111		11,430		—		1,446,541
Short-term investments:
Corporate bonds	—		597,204		—		597,204
U.S. treasury securities	421,728		—		—		421,728
Asset-backed securities	—		51,406		—		51,406
Certificates of deposit	—		38,155		—		38,155
	421,728		686,765		—		1,108,493
Funds held for customers:
Restricted cash equivalents:
Money market funds	34,703		—		—		34,703
Corporate bonds	—		133,557		—		133,557
	34,703		133,557		—		168,260
Short-term investments:
Corporate bonds	—		807,685		—		807,685
Certificates of deposit	—		397,533		—		397,533
Municipal bonds	—		6,516		—		6,516
Asset-backed securities	—		69,912		—		69,912
U.S. treasury securities	3,072		—		—		3,072
	3,072		1,281,646		—		1,284,718
Beneficial interest derivative on card receivables sold	—		—		398		398
Total assets measured at fair value	$	1,894,614	$	2,113,398	$	398	$	4,008,410