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Short-Term Investments and Funds Held for Customers
 9 Months Ended
Mar. 31, 2025
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):
March 31,
2025		June 30,
2024
Short-term investments:
Available-for-sale debt securities$1,125,349 $601,535 
Total short-term investments1,125,349 601,535 
Funds held for customers:
Restricted cash478,641 779,838 
Restricted cash equivalents1,551,076 1,408,691 
Funds receivable21,756 11,870 
Available-for-sale debt securities1,627,587 1,515,330 
Total funds held for customers3,679,060 3,715,729 
Less - interest income included in other current assets (1)
(21,842)(10,822)
Total funds held for customers, net of income earned by the Company$3,657,218 $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):
March 31, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$766,200 $1,777 $(407)$767,570 
U.S. treasury securities228,638 66 (37)228,667 
Asset-backed securities114,312 136 (23)114,425 
Certificates of deposit14,688 — (1)14,687 
Total short-term investments1,123,838 1,979 (468)1,125,349 
Funds held for customers:
U.S. treasury securities798,795 3,670 (514)801,951 
Corporate bonds478,345 1,946 (3)480,288 
Asset-backed securities187,169 816 (1)187,984 
Certificates of deposit151,331 — — 151,331 
Municipal bonds6,005 28 — 6,033 
Total funds held for customers$1,621,645 $6,460 $(518)$1,627,587 
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 investments602,232 208 (905)601,535 
Funds held for customers:
Corporate bonds937,989 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 $7.7 million and $4.9 million as of March 31, 2025 and June 30, 2024, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $13.8 million and $6.8 million as of March 31, 2025 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):
March 31,
2025		June 30,
2024
Due within 1 year$1,005,046 $1,699,009 
Due in 1 year through 5 years1,746,690 409,309 
Due in 5 years through 10 years1,200 8,547 
Total$2,752,936 $2,116,865 
As of March 31, 2025, approximately 160 out of approximately 800 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):
March 31, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$197,133 $(407)$— $— $197,133 $(407)
U.S. treasury securities120,047 (37)— — 120,047 (37)
Asset-backed securities44,153 (23)— — 44,153 (23)
Certificates of deposit3,919 (1)— — 3,919 (1)
Total short-term investments365,252 (468)— — 365,252 (468)
Funds held for customers:
Corporate bonds7,112 (3)— — 7,112 (3)
Asset-backed securities13,766 (1)— — 13,766 (1)
U.S. treasury securities137,237 (514)— — 137,237 (514)
Total funds held for customers$158,115 $(518)$— $— $158,115 $(518)
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 and nine months ended March 31, 2025 and 2024.