Fair Value Measurement (Tables)

3 Months Ended

Sep. 30, 2024

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

The following table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):


		Fair Value at
	Pricing Category	September 30, 2024		June 30, 2024
Assets
Cash equivalents:
Money market funds	Level 1	$	225,696	$	522,618
U.S. treasury securities	Level 2	11,919		—
Corporate bonds	Level 2	58,573		—

Short-term investments:
Corporate bonds	Level 2	388,476		298,202
U.S. treasury securities	Level 2	137,823		180,983
Asset-backed securities	Level 2	65,935		59,363
Certificates of deposit	Level 2	12,690		38,370
U.S. agency securities	Level 2	14,672		24,617

Funds held for customers:
Restricted cash equivalents:
Money market funds	Level 1	1,407,086		1,319,609
Corporate bonds	Level 2	12,705		89,082

Short-term investments:
Corporate bonds	Level 2	871,161		937,198
U.S. treasury securities	Level 2	422,958		342,041
Certificates of deposit	Level 2	116,838		119,616
Asset-backed securities	Level 2	184,833		116,475
Municipal Bonds	Level 2	2,035		—

Liabilities (1)
0% 2027 Notes	Level 2	508,904		489,112
0% 2025 Notes	Level 2	$	157,192	$	154,933

(1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying condensed consolidated balance sheets.