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Cash and Cash Equivalents and Funds Held for Clients | 12 Months Ended
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Jun. 30, 2026
Cash and Cash Equivalents and Funds Held for Clients [Abstract] |
Cash and Cash Equivalents and Funds Held for Clients | (4) Cash and Cash Equivalents and Funds Held for Clients Cash and cash equivalents and Funds held for clients consisted of the following:
|  | June 30, 2025
Type of Issue |  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Cash and cash equivalents |  | $ | 398,070 |  | $ | — |  | $ | — |  | $ | 398,070
Funds held for clients' cash and cash equivalents |  | 2,084,456 |  | — |  | — |  | 2,084,456
Available-for-sale securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 372,171 |  | 6,497 |  | (76) |  | 378,592
Asset-backed securities |  | 51,709 |  | 476 |  | (7) |  | 52,178
Certificates of deposit |  | 61,681 |  | 9 |  | (3) |  | 61,687
U.S treasury securities |  | 84,889 |  | 402 |  | (27) |  | 85,264
Commercial paper |  | 17,273 |  | — |  | (1) |  | 17,272
Other |  | 24,378 |  | 310 |  | — |  | 24,688
Total available-for-sale securities |  | 612,101 |  | 7,694 |  | (114) |  | 619,681
Total investments |  | $ | 3,094,627 |  | $ | 7,694 |  | $ | (114) |  | $ | 3,102,207
|  | June 30, 2026
Type of Issue |  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Cash and cash equivalents |  | $ | 271,917 |  | $ | — |  | $ | — |  | $ | 271,917
Funds held for clients' cash and cash equivalents |  | 2,598,049 |  | — |  | — |  | 2,598,049
Available-for-sale securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 506,538 |  | 2,571 |  | (3,439) |  | 505,670
Asset-backed securities |  | 38,987 |  | 97 |  | (107) |  | 38,977
U.S treasury securities |  | 38,800 |  | 41 |  | (19) |  | 38,822
Other |  | 29,016 |  | 154 |  | (184) |  | 28,986
Total available-for-sale securities |  | 613,341 |  | 2,863 |  | (3,749) |  | 612,455
Total investments |  | $ | 3,483,307 |  | $ | 2,863 |  | $ | (3,749) |  | $ | 3,482,421
All available-for-sale securities were included in Funds held for clients at June 30, 2025 and 2026. Cash and cash equivalents and funds held for clients’ cash and cash equivalents included demand deposit accounts and money market funds as of June 30, 2025 and 2026. Classification of investments on the consolidated balance sheets was as follows:
| June 30,
| 2025 |  | 2026
Cash and cash equivalents | $ | 398,070 |  | $ | 271,917
Funds held for clients | 2,704,137 |  | 3,210,504
Total investments | $ | 3,102,207 |  | $ | 3,482,421
Available-for-sale securities that have been in an unrealized loss position for a period of less and greater than 12 months as of June 30, 2025 and 2026 had fair market value as follows:
| June 30, 2025
| Securities in an unrealized loss position for less than 12 months |  | Securities in an unrealized loss position for greater than 12 months |  | Total
| Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value
Corporate bonds | $ | (9) |  | $ | 10,002 |  | $ | (67) |  | $ | 8,279 |  | $ | (76) |  | $ | 18,281
Asset-backed securities | (4) |  | 4,154 |  | (3) |  | 2,948 |  | (7) |  | 7,102
Certificates of deposit | (3) |  | 19,468 |  | — |  | — |  | (3) |  | 19,468
U.S. treasury securities | (25) |  | 37,581 |  | (2) |  | 998 |  | (27) |  | 38,579
Commercial paper | (1) |  | 17,272 |  | — |  | — |  | (1) |  | 17,272
Total available-for-sale securities | $ | (42) |  | $ | 88,477 |  | $ | (72) |  | $ | 12,225 |  | $ | (114) |  | $ | 100,702
| June 30, 2026
| Securities in an unrealized loss position for less than 12 months |  | Securities in an unrealized loss position for greater than 12 months |  | Total
| Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value
Corporate bonds | $ | (3,431) |  | 253,572 |  | $ | (8) |  | $ | 1,947 |  | $ | (3,439) |  | $ | 255,519
Asset-backed securities | (107) |  | 18,105 |  | — |  | — |  | (107) |  | 18,105
U.S. treasury securities | (19) |  | 31,823 |  | — |  | — |  | (19) |  | 31,823
Other | (184) |  | 12,235 |  | — |  | — |  | (184) |  | 12,235
Total available-for-sale securities | $ | (3,741) |  | $ | 315,735 |  | $ | (8) |  | $ | 1,947 |  | $ | (3,749) |  | $ | 317,682
The Company regularly reviews the composition of its portfolio to determine the existence of credit impairment. The Company did not recognize any credit impairment losses during the years ended June 30, 2024, 2025 or 2026. All securities in the Company's portfolio held an A rating or better as of June 30, 2026. The Company did not make any material reclassification adjustments out of Accumulated other comprehensive income for realized gains and losses on the sale of available-for-sale securities during the years ended June 30, 2024, 2025 or 2026. Gross realized gains and losses on the sale of available-for-sale securities were immaterial for the years ended June 30, 2024, 2025 and 2026. Expected maturities of available-for-sale securities at June 30, 2026 were as follows:
| Amortized cost |  | Fair value
One year or less | $ | 65,383 |  | $ | 65,587
One year to two years | 49,381 |  | 49,489
Two years to three years | 191,146 |  | 192,912
Three years to five years | 297,696 |  | 294,659
Five years and thereafter | 9,735 |  | 9,808
Total available-for-sale securities | $ | 613,341 |  | $ | 612,455

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