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Short-Term Investments and Funds Held for Customers | 6 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Short-Term Investments and Funds Held for Customers | SHORT-TERM INVESTMENTS AND FUNDS HELD FOR CUSTOMERS The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
| December 31, 2025 |  | June 30, 2025
Short-term investments: |  |  |
Available-for-sale debt securities | $ | 1,146,970 |  |  | $ | 1,180,110 |
Total short-term investments | 1,146,970 |  |  | 1,180,110 |
Funds held for customers: |  |  |
Restricted cash | 1,009,436 |  |  | 749,111 |
Restricted cash equivalents | 1,441,576 |  |  | 1,661,423 |
Funds receivable | 27,458 |  |  | 25,499 |
Available-for-sale debt securities | 1,581,778 |  |  | 1,628,767 |
Total funds held for customers | 4,060,248 |  |  | 4,064,800 |
Less - interest income included in other current assets (1) | (28,037) |  |  | (20,330) |
Total funds held for customers, net of income earned by the Company | $ | 4,032,211 |  |  | $ | 4,044,470 |
(1) Represents interest income, accretion of discount, and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers. The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):
| December 31, 2025
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Short-term investments: |  |  |  |  |  |  |
Corporate bonds | $ | 644,369 |  |  | $ | 3,435 |  |  | $ | (4) |  |  | $ | 647,800 |
U.S. treasury securities | 370,818 |  |  | 852 |  |  | (33) |  |  | 371,637 |
Asset-backed securities | 117,175 |  |  | 273 |  |  | (6) |  |  | 117,442 |
Certificates of deposit | 10,091 |  |  | — |  |  | — |  |  | 10,091 |
Total short-term investments | $ | 1,142,453 |  |  | $ | 4,560 |  |  | $ | (43) |  |  | $ | 1,146,970 |
Funds held for customers: |  |  |  |  |  |  |
U.S. treasury securities | $ | 902,124 |  |  | $ | 5,431 |  |  | $ | (11) |  |  | $ | 907,544 |
Corporate bonds | 436,225 |  |  | 3,201 |  |  | (2) |  |  | 439,424 |
Asset-backed securities | 125,435 |  |  | 759 |  |  | (7) |  |  | 126,187 |
Certificates of deposit | 90,290 |  |  | — |  |  | — |  |  | 90,290 |
Municipal bonds | 18,269 |  |  | 64 |  |  | — |  |  | 18,333 |
Total funds held for customers | $ | 1,572,343 |  |  | $ | 9,455 |  |  | $ | (20) |  |  | $ | 1,581,778 |
| June 30, 2025
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Short-term investments: |  |  |  |  |  |  |
Corporate bonds | $ | 756,009 |  |  | $ | 2,598 |  |  | $ | (274) |  |  | $ | 758,333 |
U.S. treasury securities | 287,356 |  |  | 261 |  |  | (58) |  |  | 287,559 |
Asset-backed securities | 118,074 |  |  | 177 |  |  | (15) |  |  | 118,236 |
Certificates of deposit | 15,982 |  |  | — |  |  | — |  |  | 15,982 |
Total short-term investments | $ | 1,177,421 |  |  | $ | 3,036 |  |  | $ | (347) |  |  | $ | 1,180,110 |
Funds held for customers: |  |  |  |  |  |  |
Corporate bonds | $ | 483,604 |  |  | $ | 2,759 |  |  | $ | (1) |  |  | $ | 486,362 |
Certificates of deposit | 99,138 |  |  | — |  |  | — |  |  | 99,138 |
Asset-backed securities | 167,179 |  |  | 791 |  |  | — |  |  | 167,970 |
Municipal bonds | 6,560 |  |  | 32 |  |  | — |  |  | 6,592 |
U.S. treasury securities | 864,602 |  |  | 4,319 |  |  | (216) |  |  | 868,705 |
Total funds held for customers | $ | 1,621,083 |  |  | $ | 7,901 |  |  | $ | (217) |  |  | $ | 1,628,767 |
The amortized cost and fair value amounts for short-term investments include interest receivables of $8.6 million and $8.9 million as of December 31, 2025 and June 30, 2025, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $13.3 million and $12.4 million as of December 31, 2025 and June 30, 2025, respectively. The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
| December 31, 2025 |  | June 30, 2025
Due within 1 year | $ | 1,400,134 |  |  | $ | 1,118,478 |
Due in 1 year through 5 years | 1,328,170 |  |  | 1,689,477 |
Due in 5 years through 10 years | 444 |  |  | 922 |
Total | $ | 2,728,748 |  |  | $ | 2,808,877 |
As of December 31, 2025, approximately 30 out of approximately 760 investments in available-for-sale debt securities were in an unrealized loss position. The following tables show gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
| December 31, 2025
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 31,314 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 31,314 |  |  | $ | (4) |
U.S. treasury securities | 31,677 |  |  | (33) |  |  | — |  |  | — |  |  | 31,677 |  |  | (33) |
Asset-backed securities | 3,015 |  |  | (6) |  |  | — |  |  | — |  |  | 3,015 |  |  | (6) |
Total short-term investments | $ | 66,006 |  |  | $ | (43) |  |  | $ | — |  |  | $ | — |  |  | $ | 66,006 |  |  | $ | (43) |
Funds held for customers: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 24,445 |  |  | $ | (11) |  |  | $ | — |  |  | $ | — |  |  | $ | 24,445 |  |  | $ | (11) |
Corporate bonds | 12,097 |  |  | (2) |  |  | — |  |  | — |  |  | 12,097 |  |  | (2) |
Asset-backed securities | 2,204 |  |  | (7) |  |  | — |  |  | — |  |  | 2,204 |  |  | (7) |
Total funds held for customers | $ | 38,746 |  |  | $ | (20) |  |  | $ | — |  |  | $ | — |  |  | $ | 38,746 |  |  | $ | (20) |
| June 30, 2025
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 209,648 |  |  | $ | (274) |  |  | $ | — |  |  | $ | — |  |  | $ | 209,648 |  |  | $ | (274) |
U.S. treasury securities | 139,598 |  |  | (58) |  |  | — |  |  | — |  |  | 139,598 |  |  | (58) |
Asset-backed securities | 30,362 |  |  | (15) |  |  | — |  |  | — |  |  | 30,362 |  |  | (15) |
Total short-term investments | $ | 379,608 |  |  | $ | (347) |  |  | $ | — |  |  | $ | — |  |  | $ | 379,608 |  |  | $ | (347) |
Funds held for customers: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 12,867 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 12,867 |  |  | $ | (1) |
Asset-backed securities | 4,576 |  |  | — |  |  | — |  |  | — |  |  | 4,576 |  |  | — |
U.S. treasury securities | 82,910 |  |  | (216) |  |  | — |  |  | — |  |  | 82,910 |  |  | (216) |
Total funds held for customers | $ | 100,353 |  |  | $ | (217) |  |  | $ | — |  |  | $ | — |  |  | $ | 100,353 |  |  | $ | (217) |
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. There have been no significant realized gains or losses on the short-term investments and funds held for customers during the three and six months ended December 31, 2025 and 2024.

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