Fair Value Measurement (Tables)

12 Months Ended

Jun. 30, 2025

Schedule 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	June 30, 2025		June 30, 2024
Assets
Cash equivalents:
Money market funds	Level 1	$	365,456	$	522,618
Corporate bonds	Level 2	69,956		—
Certificates of deposit	Level 2	2,216		—

Short-term investments:
Corporate bonds	Level 2	758,333		298,202
U.S. treasury securities	Level 2	287,559		180,983
Asset-backed securities	Level 2	118,236		59,363
Certificates of deposit	Level 2	15,982		38,370
U.S. agency securities	Level 2	—		24,617

Funds held for customers:
Restricted cash equivalents
Money market funds	Level 1	1,642,494		1,319,609
Corporate bonds	Level 2	18,929		89,082

Short-term investments
Corporate bonds	Level 2	486,362		937,198
U.S. treasury securities	Level 2	868,705		342,041
Asset-backed securities	Level 2	167,970		116,475
Certificates of deposit	Level 2	99,138		119,616
Municipal bonds	Level 2	6,592		—

Liabilities (1)
0% 2025 Notes	Level 2	32,567		154,933
0% 2027 Notes	Level 2	112,738		489,112
0% 2030 Notes	Level 2	$	1,185,128	$	—

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