Funds Held for Customers (Tables)

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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 equivalents	1,133,687		713,469
Funds receivable	11,611		12,822
Corporate bonds	199,128		433,920
Certificates of deposit	93,317		233,291

Asset-backed securities	49,087		70,661
U.S. agency securities	27,484		27,458
U.S. treasury securities	54,560		81,074
Total funds held for customers	3,270,790		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

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):


	September 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	199,138	$	5	$	(15)	$	199,128
Certificates of deposit	93,316		1		—		93,317
U.S. agency securities	27,502		1		(19)		27,484
Asset-backed securities	49,259		—		(172)		49,087
U.S. treasury securities	54,699		—		(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 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

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):


	September 30, 2023
	Fair value		Unrealized losses
Corporate bonds	$	9,522	$	(15)

U.S. agency securities	22,458		(19)
Asset-backed securities	49,087		(172)
U.S. treasury securities	54,560		(139)
Total	$	135,627	$	(345)


	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)