Fair Value Measurement (Tables)

9 Months Ended

Mar. 31, 2025

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	March 31, 2025		June 30, 2024
Assets
Cash equivalents:
Money market funds	Level 1	$	310,977	$	522,618
Corporate bonds	Level 2	90,006		—
U.S. treasury securities	Level 2	35,936		—

Short-term investments:
Corporate bonds	Level 2	767,570		298,202
U.S. treasury securities	Level 2	228,667		180,983
Asset-backed securities	Level 2	114,425		59,363
Certificates of deposit	Level 2	14,687		38,370
U.S. agency securities	Level 2	—		24,617

Funds held for customers:
Restricted cash equivalents:
Money market funds	Level 1	1,530,908		1,319,609
Corporate bonds	Level 2	20,168		89,082

Short-term investments:
Corporate bonds	Level 2	480,288		937,198
U.S. treasury securities	Level 2	801,951		342,041
Certificates of deposit	Level 2	151,331		119,616
Asset-backed securities	Level 2	187,984		116,475
Municipal bonds	Level 2	6,033		—

Liabilities (1)
0% 2025 Notes	Level 2	32,250		154,933
0% 2027 Notes	Level 2	111,873		489,112
0% 2030 Notes	Level 2	$	1,142,036	$	—

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