Fair Value Measurement (Tables)

6 Months Ended

Dec. 31, 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	December 31, 2024		June 30, 2024
Assets
Cash equivalents:
Money market funds	Level 1	$	758,332	$	522,618
Corporate bonds	Level 2	44,820		—

Short-term investments:
Corporate bonds	Level 2	429,058		298,202
U.S. treasury securities	Level 2	124,921		180,983
Asset-backed securities	Level 2	66,199		59,363
Certificates of deposit	Level 2	14,535		38,370
U.S. agency securities	Level 2	9,959		24,617

Funds held for customers:
Restricted cash equivalents:
Money market funds	Level 1	1,545,501		1,319,609
Corporate bonds	Level 2	7,745		89,082

Short-term investments:
Corporate bonds	Level 2	588,244		937,198
U.S. treasury securities	Level 2	719,162		342,041
Certificates of deposit	Level 2	129,321		119,616
Asset-backed securities	Level 2	171,239		116,475
Municipal bonds	Level 2	2,013		—

Liabilities (1)
0% 2025 Notes	Level 2	32,211		154,933
0% 2027 Notes	Level 2	109,494		489,112
0% 2030 Notes	Level 2	$	1,390,004	$	—

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