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Funds Held for Customers
 12 Months Ended
Jun. 30, 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):
June 30,
20232022
Restricted cash$1,793,088 $1,685,937 
Restricted cash equivalents713,469 168,260 
Funds receivable
12,822 6,747 
Corporate bonds433,920 807,685 
Certificates of deposit233,291 397,533 
Municipal bonds— 6,516 
Asset-backed securities70,661 69,912 
U.S. agency securities27,458 — 
U.S. treasury securities81,074 3,072 
Total funds held for customers3,365,783 3,145,662 
Less - income earned by the Company included in other current assets
(9,874)(3,002)
Total funds held for customers, net of income earned by the Company
$3,355,909 $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, and are not considered funds held for customers.
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, 2023
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$433,936 $18 $(34)$433,920 
Certificates of deposit233,290 1 — 233,291 
Asset-backed securities70,993 — (332)70,661 
U.S. agency securities27,484 5 (31)27,458 
U.S. treasury securities81,309 1 (236)81,074 
Total$847,012 $25 $(633)$846,404 
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 $6.9 million and $3.0 million at June 30, 2023 and 2022, respectively.
As of June 30, 2023, approximately 93%, or $785.3 million, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 7%, or $61.1 million, mature thereafter. As of June 30, 2022, 95%, or $1.2 billion, of the funds held for customers invested in short-term marketable debt securities matured within one year and approximately 5%, or $69.9 million, mature thereafter.
As of June 30, 2023, approximately 50 out of approximately 230 investment positions were in an unrealized loss position. The following tables present the gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
June 30, 2023
Fair valueUnrealized
losses
Corporate bonds$34,530 $(34)
Asset-backed securities70,661 (332)
U.S. agency securities22,494 (31)
U.S. treasury securities74,888 (236)
Total$202,573 $(633)
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 $191.0 million and $375.6 million as of June 30, 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 as of June 30, 2023 and 2022. 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 each of the years ended June 30, 2023, 2022, and 2021.
The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of each of June 30, 2023 and 2022 because they were not material.