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Short-Term Investments and Funds Held for Customers
 3 Months Ended
Sep. 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):
September 30,
2024		June 30,
2024
Short-term investments:
Available-for-sale debt securities$619,596 $601,535 
Total short-term investments619,596 601,535 
Funds held for customers:
Restricted cash772,444 779,838 
Restricted cash equivalents1,419,791 1,408,691 
Funds receivable12,033 11,870 
Available-for-sale debt securities1,597,825 1,515,330 
Total funds held for customers3,802,093 3,715,729 
Less - interest receivable included in other current assets(1)
(14,922)(10,822)
Total funds held for customers, net of income earned by the Company$3,787,171 $3,704,907 
(1) 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 interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.
The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term investments and funds held for customers as of the dates presented (in thousands):
September 30, 2024
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$387,792 $780 $(96)$388,476 
U.S. treasury securities137,780 63 (20)137,823 
Asset-backed securities65,757 181 (3)65,935 
Certificates of deposit12,690 — — 12,690 
U.S. agency securities14,651 21 — 14,672 
Total short-term investments618,670 1,045 (119)619,596 
Funds held for customers:
Corporate bonds868,685 2,489 (13)871,161 
Certificates of deposit116,837 1 — 116,838 
Municipal Bonds2,00629 — 2,035 
Asset-backed securities183,223 1,610 — 184,833 
U.S. treasury securities418,703 4,297 (42)422,958 
Total funds held for customers$1,589,454 $8,426 $(55)$1,597,825 
June 30, 2024
Amortized costGross unrealized gainsGross 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 
The amortized cost and fair value amounts for short-term investments include interest receivables of $4.0 million and $4.9 million as of September 30, 2024 and June 30, 2024, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $10.7 million and $6.8 million as of September 30, 2024 and June 30, 2024, respectively.
The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
September 30,
2024		June 30,
2024
Due within 1 year$1,398,152 $1,699,009 
Due in 1 year through 5 years811,548 409,309 
Due in 5 years through 10 years7,721 8,547 
Total$2,217,421 $2,116,865 
As of September 30, 2024, approximately 100 out of approximately 640 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):
September 30, 2024
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$88,005 $(76)$28,024 $(19)$116,029 $(95)
U.S. treasury securities49,656 (14)13,675 (6)63,331 (20)
Asset-backed securities5,298 (2)305 (2)5,603 (4)
Total short-term investments142,959 (92)42,004 (27)184,963 (119)
Funds held for customers:
Corporate bonds67,366 (13)— — 67,366 (13)
U.S. treasury securities31,078 (42)— — 31,078 (42)
Total funds held for customers$98,444 $(55)$— $— $98,444 $(55)
June 30, 2024
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair 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 investments331,239 (580)91,710 (325)422,949 (905)
Funds held for customers:
Corporate bonds506,540 (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)
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 the three months ended September 30, 2024 and 2023.