Funds Held for Customers (Tables)

12 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Funds held for customers consisted of the following as of the dates presented (in thousands):


	June 30,
	2022		2021
Restricted cash	$	1,685,937	$	1,195,904
Restricted cash equivalents	168,260		86,322
Funds receivable	6,747		12,694
Corporate bonds	807,685		516,350
Certificates of deposit	397,533		326,927
Municipal bonds	6,516		42,957
Asset backed securities	69,912		25,085
U.S. treasury securities	3,072		3,009
Total funds held for customers	3,145,662		2,209,248
Less - income earned by the Company included in other current assets	(3,002)		(650)
Total funds held for customers, net of income earned by the Company	$	3,142,660	$	2,208,598

Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities

Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands):


	June 30, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	809,113	$	1	$	(1,429)	$	807,685
Certificates of deposit	397,533		—		—		397,533
Municipal bonds	6,542		—		(26)		6,516
Asset backed securities	70,574		—		(662)		69,912
U.S. treasury securities	3,082		—		(10)		3,072
Total	$	1,286,844	$	1	$	(2,127)	$	1,284,718


	June 30, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate bonds	$	516,364	$	24	$	(38)	$	516,350
Certificates of deposit	326,927		—		—		326,927
Municipal bonds	42,952		5		—		42,957
Asset backed securities	25,081		4		—		25,085
U.S. treasury securities	3,010		—		(1)		3,009
Total	$	914,334	$	33	$	(39)	$	914,328

Summary of Gross Unrealized Losses And Fair Values

The following tables present the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the dates presented (in thousands):


	June 30, 2022
	Fair value		Unrealized losses
Corporate bonds	$	301,625	$	(1,429)
Municipal bonds	6,516		(26)
Asset backed securities	64,361		(662)
U.S. treasury securities	3,072		(10)
Total	$	375,574	$	(2,127)


	June 30, 2021
	Fair value		Unrealized losses
Corporate bonds	$	79,359	$	(38)
U.S. treasury securities	2,501		(1)
Total	$	81,860	$	(39)