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Funds Held for Customers
 12 Months Ended
Jun. 30, 2022
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):
June 30,
20222021
Restricted cash$1,685,937 $1,195,904 
Restricted cash equivalents168,260 86,322 
Funds receivable
6,747 12,694 
Corporate bonds807,685 516,350 
Certificates of deposit397,533 326,927 
Municipal bonds6,516 42,957 
Asset backed securities69,912 25,085 
U.S. treasury securities3,072 3,009 
Total funds held for customers3,145,662 2,209,248 
Less - income earned by the Company included in other current assets
(3,002)(650)
Total funds held for customers, net of income earned by the Company
$3,142,660 $2,208,598 
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 either transferred into the Company’s corporate deposit account or reinvested in the funds held for customers portfolios 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):
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 
June 30, 2021
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$516,364 $24 $(38)$516,350 
Certificates of deposit326,927 — — 326,927 
Municipal bonds42,952 5 — 42,957 
Asset backed securities25,081 4 — 25,085 
U.S. treasury securities3,010 — (1)3,009 
Total$914,334 $33 $(39)$914,328 
The amortized cost and estimated fair value amounts include accrued interest receivable of $3.0 million and $1.9 million at June 30, 2022 and 2021, respectively. See Note 4 for additional information about the fair value measurement of short-term investments.
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 June 30, 2021, 97%, or $882.4 million, of the funds held for customers invested in short-term marketable debt securities matured within one year and approximately 3% or $31.9 million mature thereafter.
As of June 30, 2022, approximately 180 of the more than 400 investment positions were in an unrealized loss position. The following tables present the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the dates presented (in thousands):
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)
June 30, 2021
Fair valueUnrealized
losses
Corporate bonds$79,359 $(38)
U.S. treasury securities2,501 (1)
Total$81,860 $(39)
Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months. 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 may 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 the short-term investments during the years ended June 30, 2022, 2021 and 2020.
The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of June 30, 2022 and 2021 because they were not material.