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Unaudited Consolidated Statements of Cash Flows
$ in Thousands
 9 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Cash flows from operating activities:    
Net income $ 75,631 $ 58,936
Adjustments to reconcile net income to net cash provided by operating activities    
Stock-based compensation expense 70,197 46,947
Depreciation and amortization expense 36,419 32,070
Deferred income tax benefit (10,882) (10,656)
Provision for credit losses 238 213
Net accretion of discounts and amortization of premiums on available-for-sale securities 342 315
Amortization of debt issuance costs 136 127
Other 286 545
Changes in operating assets and liabilities:    
Accounts receivable (9,654) (4,495)
Deferred contract costs (49,205) (39,621)
Prepaid expenses and other (9,418) (2,531)
Accounts payable 141 1,592
Accrued expenses and other 1,163 2,318
Net cash provided by operating activities 105,394 85,760
Cash flows from investing activities:    
Purchases of available-for-sale securities (215,538) 0
Proceeds from sales and maturities of available-for-sale securities 85,875 82,488
Capitalized internal-use software costs (26,285) (21,664)
Purchases of property and equipment (15,355) (8,155)
Acquisitions of businesses, net of cash acquired (107,576) (14,992)
Other investing activities (2,500) 0
Net cash provided by (used in) investing activities (281,379) 37,677
Cash flows from financing activities:    
Net change in client fund obligations 2,564,829 724,610
Borrowings under credit facility 50,000 0
Repayment of credit facility (50,000) (100,000)
Proceeds from exercise of stock options 0 146
Proceeds from employee stock purchase plan 7,216 6,100
Taxes paid related to net share settlement of equity awards (68,509) (51,828)
Payment of debt issuance costs (64) (56)
Net cash provided by financing activities 2,503,472 578,972
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents 2,327,487 702,409
Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of period 1,945,881 1,492,133
Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of period 4,273,368 2,194,542
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchases of property and equipment, accrued but not paid 1,251 0
Liabilities assumed for acquisitions 4,470 281
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 257 820
Refunds received for income taxes (115) (222)
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets    
Cash and cash equivalents 96,465 175,453
Funds held for clients' cash and cash equivalents 4,176,903 2,019,089
Total cash, cash equivalents and funds held for clients' cash and cash equivalents $ 4,273,368 $ 2,194,542