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


	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	$	—


	June 30, 2026
	Total		Level 1		Level 2		Level 3
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	505,670		—		505,670		—
Asset-backed securities	38,977		—		38,977		—

U.S. treasury securities	38,822		—		38,822		—


Other	28,986		—		28,986		—
Total available-for-sale securities	612,455		—		612,455		—
Total investments	$	3,482,421	$	2,869,966	$	612,455	$	—