Short-Term Investments and Funds Held for Customers (Tables)

9 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of 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 investments	1,125,349		601,535
Funds held for customers:
Restricted cash	478,641		779,838
Restricted cash equivalents	1,551,076		1,408,691
Funds receivable	21,756		11,870
Available-for-sale debt securities	1,627,587		1,515,330
Total funds held for customers	3,679,060		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.

Summary of Fair Value of Funds Held for Customers Invested In Short Term Marketable Debt Securities and 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 cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments:
Corporate bonds	$	766,200	$	1,777	$	(407)	$	767,570
U.S. treasury securities	228,638		66		(37)		228,667
Asset-backed securities	114,312		136		(23)		114,425
Certificates of deposit	14,688		—		(1)		14,687
Total short-term investments	1,123,838		1,979		(468)		1,125,349
Funds held for customers:
U.S. treasury securities	798,795		3,670		(514)		801,951
Corporate bonds	478,345		1,946		(3)		480,288
Asset-backed securities	187,169		816		(1)		187,984
Certificates of deposit	151,331		—		—		151,331
Municipal bonds	6,005		28		—		6,033
Total funds held for customers	$	1,621,645	$	6,460	$	(518)	$	1,627,587

	June 30, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments:
Corporate bonds	$	298,628	$	140	$	(566)	$	298,202
U.S. treasury securities	181,225		—		(242)		180,983
Asset-backed securities	59,340		68		(45)		59,363
Certificates of deposit	38,370		—		—		38,370
U.S. agency securities	24,669		—		(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 deposit	119,615		1		—		119,616
Asset-backed securities	116,542		11		(78)		116,475
U.S. treasury securities	342,202		1		(162)		342,041
Total funds held for customers	$	1,516,348	$	36	$	(1,054)	$	1,515,330

Summary of Fair Value of Available-for-Sale Debt Securities

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 years	1,746,690		409,309
Due in 5 years through 10 years	1,200		8,547
Total	$	2,752,936	$	2,116,865

Summary of Gross Unrealized Losses And Fair Values

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 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	197,133	$	(407)	$	—	$	—	$	197,133	$	(407)
U.S. treasury securities	120,047		(37)		—		—		120,047		(37)
Asset-backed securities	44,153		(23)		—		—		44,153		(23)
Certificates of deposit	3,919		(1)		—		—		3,919		(1)
Total short-term investments	365,252		(468)		—		—		365,252		(468)
Funds held for customers:
Corporate bonds	7,112		(3)		—		—		7,112		(3)
Asset-backed securities	13,766		(1)		—		—		13,766		(1)
U.S. treasury securities	137,237		(514)		—		—		137,237		(514)
Total funds held for customers	$	158,115	$	(518)	$	—	$	—	$	158,115	$	(518)

	June 30, 2024
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Short-term investments:
Corporate bonds	$	130,469	$	(333)	$	60,576	$	(232)	$	191,045	$	(565)
U.S. treasury securities	152,004		(156)		28,979		(86)		180,983		(242)
Asset-backed securities	24,149		(39)		2,155		(7)		26,304		(46)
U.S. agency securities	24,617		(52)		—		—		24,617		(52)
Total short-term investments	331,239		(580)		91,710		(325)		422,949		(905)
Funds held for customers:
Corporate bonds	506,540		(814)		—		—		506,540		(814)
Asset-backed securities	68,629		(76)		5,546		(2)		74,175		(78)
U.S. treasury securities	327,340		(162)		—		—		327,340		(162)
Total funds held for customers	$	902,509	$	(1,052)	$	5,546	$	(2)	$	908,055	$	(1,054)