The following table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):


		Fair Value at
	Pricing Category	June 30, 2026		June 30, 2025
Assets
Cash equivalents:
Money market funds	Level 1	$	378,254	$	365,456
Corporate bonds	Level 2	—		69,956
Certificates of deposit	Level 2	—		2,216

Short-term investments:
Corporate bonds	Level 2	409,323		758,333
U.S. treasury securities	Level 2	436,610		287,559
Asset-backed securities	Level 2	50,255		118,236
Certificates of deposit	Level 2	10,268		15,982
U.S. agency securities	Level 2	—		—

Funds held for customers:
Restricted cash equivalents
Money market funds	Level 1	1,653,401		1,642,494
Corporate bonds	Level 2	—		18,929

Short-term investments
Corporate bonds	Level 2	403,016		486,362
U.S. treasury securities	Level 2	1,201,563		868,705
Asset-backed securities	Level 2	64,939		167,970
Certificates of deposit	Level 2	47,865		99,138
Municipal bonds	Level 2	19,726		6,592

Liabilities (1)
0% 2025 Notes	Level 2	—		32,567
0% 2027 Notes	Level 2	119,606		112,738
0% 2030 Notes	Level 2	$	1,208,480	$	1,185,128