Funds Held for Customers (Tables)

12 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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


	June 30,
	2023		2022
Restricted cash	$	1,793,088	$	1,685,937
Restricted cash equivalents	713,469		168,260
Funds receivable	12,822		6,747
Corporate bonds	433,920		807,685
Certificates of deposit	233,291		397,533
Municipal bonds	—		6,516
Asset-backed securities	70,661		69,912
U.S. agency securities	27,458		—
U.S. treasury securities	81,074		3,072
Total funds held for customers	3,365,783		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

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):


	June 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	433,936	$	18	$	(34)	$	433,920
Certificates of deposit	233,290		1		—		233,291
Asset-backed securities	70,993		—		(332)		70,661
U.S. agency securities	27,484		5		(31)		27,458
U.S. treasury securities	81,309		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 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 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 value		Unrealized losses
Corporate bonds	$	34,530	$	(34)
Asset-backed securities	70,661		(332)
U.S. agency securities	22,494		(31)
U.S. treasury securities	74,888		(236)
Total	$	202,573	$	(633)


	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)