Fair Value Measurement (Tables)

6 Months Ended

Dec. 31, 2023

Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands):


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	993,163	$	—	$	—	$	993,163
Corporate bonds	—		41,644		—		41,644
Certificates of deposit	—		2,097		—		2,097
U.S. agency securities	—		4,965		—		4,965
	993,163		48,706		—		1,041,869
Short-term investments:
Corporate bonds	—		424,434		—		424,434
U.S. treasury securities	—		372,197		—		372,197
Asset-backed securities	—		71,724		—		71,724
Certificates of deposit	—		58,811		—		58,811
U.S. agency securities	—		45,455		—		45,455
	—		972,621		—		972,621
Funds held for customers:
Restricted cash equivalents:
Money market funds	1,449,575		—		—		1,449,575
Corporate bonds	—		283,988		—		283,988
U.S. treasury securities	—		139,414		—		139,414

	1,449,575		423,402		—		1,872,977
Short-term investments:
Corporate bonds	—		338,855		—		338,855
U.S. treasury securities	—		182,430		—		182,430
Certificates of deposit	—		86,490		—		86,490
Asset-backed securities	—		30,771		—		30,771
U.S. agency securities	—		13,839		—		13,839
	—		652,385		—		652,385
Total assets measured at fair value	$	2,442,738	$	2,097,114	$	—	$	4,539,852

Liabilities
Contingent consideration(1)	$	—	$	—	$	(6,500)	$	(6,500)
Total liabilities measured at fair value	$	—	$	—	$	(6,500)	$	(6,500)

(1) The Company used the probability-weighted discounted cash flow method to estimate the contingent consideration. The significant inputs used in the fair value measurement of the contingent consideration are the probability of payout and discount rate. As these inputs are not based on observable market data, the liability represents a Level 3 measurement within the fair value hierarchy.


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,131,621	$	—	$	—	$	1,131,621
Corporate bonds	—		45,301		—		45,301
U.S. treasury securities	44,856		—		—		44,856
Certificates of deposit	—		2,578		—		2,578
	1,176,477		47,879		—		1,224,356
Short-term investments:
Corporate bonds	—		479,483		—		479,483
U.S. treasury securities	408,368		—		—		408,368
U.S. agency securities	—		57,967		—		57,967
Asset-backed securities	—		51,193		—		51,193
Certificates of deposit	—		46,099		—		46,099
	408,368		634,742		—		1,043,110
Funds held for customers:
Restricted cash equivalents:
Money market funds	713,469		—		—		713,469
	713,469		—		—		713,469
Short-term investments:
Corporate bonds	—		433,920		—		433,920
Certificates of deposit	—		233,291		—		233,291
U.S. treasury securities	81,074		—		—		81,074
Asset-backed securities	—		70,661		—		70,661
U.S. agency securities	—		27,458		—		27,458
	81,074		765,330		—		846,404
Total assets measured at fair value	$	2,379,388	$	1,447,951	$	—	$	3,827,339

Liabilities
Contingent consideration(1)	$	—	$	—	$	(12,035)	$	(12,035)
Total liabilities measured at fair value	$	—	$	—	$	(12,035)	$	(12,035)