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Funds Held for Customers
 3 Months Ended
Sep. 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):
September 30,
2023		June 30,
2023
Restricted cash$1,701,916 $1,793,088 
Restricted cash equivalents1,133,687 713,469 
Funds receivable11,611 12,822 
Corporate bonds199,128 433,920 
Certificates of deposit93,317 233,291 
Asset-backed securities49,087 70,661 
U.S. agency securities27,484 27,458 
U.S. treasury securities54,560 81,074 
Total funds held for customers3,270,790 3,365,783 
Less - income earned by the Company included in other current assets
(7,262)(9,874)
Total funds held for customers, net of income earned by the Company$3,263,528 $3,355,909 
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):
September 30, 2023
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$199,138 $5 $(15)$199,128 
Certificates of deposit93,316 1 — 93,317 
U.S. agency securities27,502 1 (19)27,484 
Asset-backed securities49,259 — (172)49,087 
U.S. treasury securities54,699 — (139)54,560 
Total$423,914 $7 $(345)$423,576 
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 
The amortized cost and fair value amounts include accrued interest receivable of $3.7 million and $6.9 million and as of September 30, 2023 and June 30, 2023, respectively.
As of September 30, 2023, approximately 90%, or $382.4 million, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 10% or $41.1 million mature thereafter. As of June 30, 2023, 93%, or $785.3 million, of the funds held for customers invested in short-term marketable debt securities mature within one year and approximately 7%, or $61.1 million, mature thereafter.
As of September 30, 2023, approximately 30 out of approximately 120 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):
September 30, 2023
Fair valueUnrealized
losses
Corporate bonds$9,522 $(15)
U.S. agency securities22,458 (19)
Asset-backed securities49,087 (172)
U.S. treasury securities54,560 (139)
Total$135,627 $(345)
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)
Investments with unrealized losses that have been in a continuous unrealized loss position for less than 12 months was $122.1 million and $191.0 million as of September 30, 2023 and June 30, 2023, respectively. Investments balance with unrealized losses that had been in a continuous unrealized loss position for more than 12 months was $13.5 million and $11.5 million as of September 30, 2023 and June 30, 2023, respectively. Unrealized losses have not been recognized into income as we neither intend to sell, nor anticipate that it is more likely than not that we will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. 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 months ended September 30, 2023 and 2022.