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Short-Term Investments And Funds Held For Customers
 12 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments And Funds Held For Customers SHORT-TERM INVESTMENTS AND FUNDS HELD FOR CUSTOMERS
The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
June 30,
2024		June 30,
2023
Short-term investments:
Available-for-sale debt securities$601,535 $1,043,110 
Total short-term investments601,535 1,043,110 
Funds held for customers:
Restricted cash779,838 1,793,088 
Restricted cash equivalents1,408,691 713,469 
Funds receivable11,870 12,822 
Available-for-sale debt securities1,515,330 846,404 
Total funds held for customers3,715,729 3,365,783 
Less - income earned by the Company included in other current assets(10,822)(9,874)
Total funds held for customers, net of income earned by the Company$3,704,907 $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. The Company contractually earns income from these investments, which 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.
The following table summarizes the estimated fair value of available-for-sale debt securities included within funds held for customers and short-term investments as of the dates presented (in thousands):
June 30, 2024
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Short-term investments:
Corporate bonds$298,628 $140 $(566)$298,202 
U.S. treasury securities181,225 — (242)180,983 
Asset-backed securities59,340 68 (45)59,363 
Certificates of deposit38,370 — — 38,370 
U.S. agency securities24,669 — (52)24,617 
Total short-term investments$602,232 $208 $(905)$601,535 
Funds held for customers:
Corporate bonds$937,989 $23 $(814)$937,198 
Certificates of deposit119,615 1 — 119,616 
Asset-backed securities116,542 11 (78)116,475 
U.S. treasury securities342,202 1 (162)342,041 
Total funds held for customers$1,516,348 $36 $(1,054)$1,515,330 
June 30, 2023
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair value
Short-term investments:
Corporate bonds$481,658 $207 $(2,382)$479,483 
U.S. treasury securities409,586 42 (1,260)408,368 
U.S. agency securities58,166 — (199)57,967 
Asset-backed securities51,321 8 (136)51,193 
Certificates of deposit46,099 — — 46,099 
Total short-term investments$1,046,830 $257 $(3,977)$1,043,110 
Funds held for customers:
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 funds held for customers$847,012 $25 $(633)$846,404 
The amortized cost and fair value amounts for short-term investments include accrued interest receivables of $4.9 million and $4.3 million at June 30, 2024 and 2023, respectively. The amortized cost and fair value amounts for funds held for customers include accrued interest receivable of $6.8 million and $6.9 million as of June 30, 2024 and 2023, respectively.
The following table summarizes fair value of the Company's available-for-sale debt securities included within funds held for customers and short-term investments by remaining contractual maturity as of the dates presented (in thousands):
June 30,
2024		June 30,
2023
Due within 1 year
$1,699,009 $1,543,379 
Due in 1 year through 5 years
409,309 346,135 
Due in 5 year through 10 years
8,547 — 
Total
$2,116,865 $1,889,514 
As of June 30, 2024, approximately 340 out of approximately 580 investments in available-for-sale debt securities were in an unrealized loss position. The following table shows 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, 2024
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$130,469 $(333)$60,576 $(232)$191,045 $(565)
U.S. treasury securities152,004 (156)28,979 (86)180,983 (242)
Asset-backed securities24,149 (39)2,155 (7)26,304 (46)
U.S. agency securities24,617 (52)— — 24,617 (52)
Total short-term investments$331,239 $(580)$91,710 $(325)$422,949 $(905)
Funds held for customers:
Corporate bonds$506,540 $(814)$— $— $506,540 $(814)
Asset-backed securities68,629 (76)5,546 (2)74,175 (78)
U.S. treasury securities327,340 (162)— — 327,340 (162)
Total funds held for customers$902,509 $(1,052)$5,546 $(2)$908,055 $(1,054)
June 30, 2023
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$213,373 $(1,421)$83,189 $(961)$296,562 $(2,382)
U.S. treasury securities199,440 (976)14,286 (284)213,726 (1,260)
Asset-backed securities35,719 (103)2,707 (33)38,426 (136)
U.S. agency securities57,967 (199)— — 57,967 (199)
Total short-term investments$506,499 $(2,699)$100,182 $(1,278)$606,681 $(3,977)
Funds held for customers:
Corporate bonds$34,530 $(34)$— $— $34,530 $(34)
Asset-backed securities59,128 (258)11,533 (74)70,661 (332)
U.S. agency securities22,494 (31)— — 22,494 (31)
U.S. treasury securities74,888 (236)— — 74,888 (236)
Total funds held for customers$191,040 $(559)$11,533 $(74)$202,573 $(633)
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company 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 the short-term investments and funds held for customers during each of the years ended June 30, 2024, 2023, and 2022.