Corporate Investments and Funds Held For Clients (Tables)

9 Months Ended

Mar. 31, 2022

Corporate Investments and Funds Held for Clients [Abstract]

Schedule of corporate investments and funds held for clients

Corporate investments and funds held for clients consist of the following:


	June 30, 2021
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	202,287	$	—	$	—	$	202,287
Funds held for clients' cash and cash equivalents	1,743,594		—		—		1,743,594
Available-for-sale securities:
Corporate bonds	13,390		70		—		13,460
Asset-backed securities	7,062		17		—		7,079
Total available-for-sale securities (1)	20,452		87		—		20,539
Total investments	$	1,966,333	$	87	$	—	$	1,966,420


			(1)			Included within the fair value of total available-for-sale securities above is $4,456 of corporate investments and $16,083 of funds held for clients.


	March 31, 2022
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	96,465	$	—	$	—	$	96,465
Funds held for clients' cash and cash equivalents	4,176,903		—		—		4,176,903
Available-for-sale securities:
Commercial paper	49,440		—		(113)		49,327
Corporate bonds	54,607		1		(1,289)		53,319
Asset-backed securities	8,082		—		(135)		7,947
Certificates of deposit	23,785		—		(50)		23,735
U.S treasury securities	4,036		—		(90)		3,946
U.S government agency securities	7,000		—		(372)		6,628
Other	2,823		—		(61)		2,762
Total available-for-sale securities (2)	149,773		1		(2,110)		147,664
Total investments	$	4,423,141	$	1	$	(2,110)	$	4,421,032


			(2)			All available-for-sale securities are included in funds held for clients.

Schedule of the classification of investments

Classification of investments on the unaudited consolidated balance sheets is as follows:


	June 30, 2021		March 31, 2022
Cash and cash equivalents	$	202,287	$	96,465
Corporate investments	4,456		—
Funds held for clients	1,759,677		4,324,567

Total investments	$	1,966,420	$	4,421,032

Schedule of available-for-sale securities that have been in an unrealized loss position for less than 12 months

Available-for-sale securities that have been in an unrealized loss position for a period of less than 12 months as of March 31, 2022 had fair market value as follows:


	March 31, 2022
	Securities in an unrealized loss position for less than 12 months
	Gross unrealized losses		Fair Value
Commercial paper	$	(113)	$	49,327
Corporate bonds	(1,289)		51,909
Asset-backed securities	(135)		7,826
Certificates of deposit	(50)		22,734
U.S. treasury securities	(90)		3,946
U.S. government agency securities	(372)		6,628
Other	(61)		2,762
Total available-for-sale securities	$	(2,110)	$	145,132

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at March 31, 2022 are as follows:


	Amortized cost		Fair value
One year or less	$	98,775	$	98,392
One year to two years	26,988		26,369
Two years to three years	20,000		19,138
Three years to five years	4,010		3,765
Total available-for-sale securities	$	149,773	$	147,664