The fair value level for the Company’s cash and cash equivalents and available-for-sale securities was as follows:


	June 30, 2024
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	401,811	$	401,811	$	—	$	—
Funds held for clients' cash and cash equivalents	2,443,858		2,443,858		—		—
Available-for-sale securities:

Corporate bonds	314,820		—		314,820		—
Asset-backed securities	40,682		—		40,682		—

U.S. treasury securities	123,952		—		123,952		—

Other	28,748		—		28,748		—
Total available-for-sale securities	508,202		—		508,202		—
Total investments	$	3,353,871	$	2,845,669	$	508,202	$	—


	June 30, 2025
	Total		Level 1		Level 2		Level 3
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	378,592		—		378,592		—
Asset-backed securities	52,178		—		52,178		—
Certificates of deposit	61,687		—		61,687		—
U.S. treasury securities	85,264		—		85,264		—

Commercial paper	17,272		—		17,272		—
Other	24,688		—		24,688		—
Total available-for-sale securities	619,681		—		619,681		—
Total investments	$	3,102,207	$	2,482,526	$	619,681	$	—