Short-Term Investments And Funds Held For Customers (Tables)

12 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of 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 investments	601,535		1,043,110
Funds held for customers:
Restricted cash	779,838		1,793,088
Restricted cash equivalents	1,408,691		713,469
Funds receivable	11,870		12,822
Available-for-sale debt securities	1,515,330		846,404
Total funds held for customers	3,715,729		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

Schedule of Short-Term Investments

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 securities	181,225		—		(242)		180,983
Asset-backed securities	59,340		68		(45)		59,363
Certificates of deposit	38,370		—		—		38,370
U.S. agency securities	24,669		—		(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 deposit	119,615		1		—		119,616
Asset-backed securities	116,542		11		(78)		116,475
U.S. treasury securities	342,202		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 securities	409,586		42		(1,260)		408,368
U.S. agency securities	58,166		—		(199)		57,967
Asset-backed securities	51,321		8		(136)		51,193
Certificates of deposit	46,099		—		—		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 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 funds held for customers	$	847,012	$	25	$	(633)	$	846,404

Summary of Fair Value of Available-for-Sale Debt Securities

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

Schedule of Gross Unrealized Loss and Fair Values

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 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	130,469	$	(333)	$	60,576	$	(232)	$	191,045	$	(565)
U.S. treasury securities	152,004		(156)		28,979		(86)		180,983		(242)
Asset-backed securities	24,149		(39)		2,155		(7)		26,304		(46)
U.S. agency securities	24,617		(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 securities	68,629		(76)		5,546		(2)		74,175		(78)
U.S. treasury securities	327,340		(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 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	213,373	$	(1,421)	$	83,189	$	(961)	$	296,562	$	(2,382)
U.S. treasury securities	199,440		(976)		14,286		(284)		213,726		(1,260)
Asset-backed securities	35,719		(103)		2,707		(33)		38,426		(136)
U.S. agency securities	57,967		(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 securities	59,128		(258)		11,533		(74)		70,661		(332)
U.S. agency securities	22,494		(31)		—		—		22,494		(31)
U.S. treasury securities	74,888		(236)		—		—		74,888		(236)
Total funds held for customers	$	191,040	$	(559)	$	11,533	$	(74)	$	202,573	$	(633)