XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Unaudited Consolidated Statements of Cash Flows
$ in Thousands
 9 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash flows from operating activities:    
Net income $ 103,568 $ 75,631
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 116,002 70,197
Depreciation and amortization expense 44,481 36,419
Deferred income tax expense (benefit) 1,308 (10,882)
Provision for credit losses 864 238
Net amortization of premiums (accretion of discounts) on available-for-sale securities (3,602) 342
Amortization of debt issuance costs 221 136
Other 1,346 286
Changes in operating assets and liabilities:    
Accounts receivable (12,548) (9,654)
Deferred contract costs (62,929) (49,205)
Prepaid expenses and other 2,031 (9,418)
Accounts payable 10 141
Accrued expenses and other 15,355 1,163
Net cash provided by operating activities 206,107 105,394
Cash flows from investing activities:    
Purchases of available-for-sale securities (557,403) (215,538)
Proceeds from sales and maturities of available-for-sale securities 298,113 85,875
Capitalized internal-use software costs (30,726) (26,285)
Purchases of property and equipment (8,769) (15,355)
Acquisitions of businesses, net of cash acquired 0 (107,576)
Other investing activities 33 (2,500)
Net cash used in investing activities (298,752) (281,379)
Cash flows from financing activities:    
Net change in client fund obligations (785,361) 2,564,829
Borrowings under credit facility 0 50,000
Repayment of credit facility 0 (50,000)
Proceeds from employee stock purchase plan 8,450 7,216
Taxes paid related to net share settlement of equity awards (84,174) (68,509)
Payment of debt issuance costs (873) (64)
Net cash provided by (used in) financing activities (861,958) 2,503,472
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents (954,603) 2,327,487
Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of period 3,793,453 1,945,881
Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of period 2,838,850 4,273,368
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchases of property and equipment and internal-use software, accrued but not paid 3,115 1,251
Liabilities assumed for acquisitions 117 4,470
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 282 257
Cash paid (refunds received) for income taxes 573 (115)
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets    
Cash and cash equivalents 233,692 96,465
Funds held for clients' cash and cash equivalents 2,605,158 4,176,903
Total cash, cash equivalents and funds held for clients' cash and cash equivalents $ 2,838,850 $ 4,273,368