v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:      
Net income $ 227,127 $ 206,766 $ 140,822
Adjustments to reconcile net income to net cash provided by operating activities      
Stock-based compensation expense 142,820 146,032 147,300
Depreciation and amortization expense 99,636 76,426 60,866
Deferred income tax expense (benefit) (3,208) 27,835 13,540
Provision for credit losses 1,382 1,565 1,245
Net amortization of premiums (accretion of discounts) on available-for-sale securities (2,025) (4,378) (5,412)
Other 1,045 (962) 1,682
Changes in operating assets and liabilities:      
Accounts receivable (3,557) (8,186) (9,407)
Deferred contract costs (62,922) (70,337) (80,781)
Prepaid expenses and other (7,819) (5,829) (3,994)
Accounts payable 7,287 2,423 (1,554)
Accrued expenses and other 18,460 13,315 18,416
Net cash provided by operating activities 418,226 384,670 282,723
Cash flows from investing activities:      
Purchases of available-for-sale securities (260,997) (304,465) (598,895)
Proceeds from sales and maturities of available-for-sale securities 160,067 294,438 446,751
Capitalized internal-use software costs (62,402) (60,726) (45,004)
Purchases of property and equipment (13,073) (18,028) (21,910)
Acquisitions of businesses, net of cash acquired (277,851) (12,031) 0
Other investing activities (1,292) (1,079) (1,104)
Net cash used in investing activities (455,548) (101,891) (220,162)
Cash flows from financing activities:      
Net change in client fund obligations (297,923) 325,056 (1,362,421)
Borrowings under credit facility 325,000 0 0
Repayment of credit facility (162,500) 0 0
Repurchases of common shares (149,638) (150,000) 0
Proceeds from employee stock purchase plan 19,682 19,143 16,916
Taxes paid related to net share settlement of equity awards (60,034) (52,549) (88,312)
Other financing activities (408) (72) (885)
Net cash provided by (used in) financing activities (325,821) 141,578 (1,434,702)
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents (363,143) 424,357 (1,372,141)
Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of year 2,845,669 2,421,312 3,793,453
Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of year 2,482,526 2,845,669 2,421,312
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Purchases of property and equipment and internal-use software, accrued but not paid 1,833 1,118 0
Liabilities assumed for acquisitions 55,730 378 117
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest 12,758 494 404
Cash paid for income taxes 86,100 47,619 1,359
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets      
Cash and cash equivalents 398,070 401,811 288,767
Funds held for clients' cash and cash equivalents 2,084,456 2,443,858 2,132,545
Total cash, cash equivalents and funds held for clients' cash and cash equivalents $ 2,482,526 $ 2,845,669 $ 2,421,312