Bill.com (BILL) 10-Q 5 Nov 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	BILL.COM HOLDINGS, INC.
Entity Central Index Key	0001786352
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		102,553,713
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39149
Entity Tax Identification Number	83-2661725
Entity Address, Address Line One	6220 America Center Drive, Suite 100
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
City Area Code	650
Local Phone Number	621-7700
Entity Address, Postal Zip Code	95002
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.00001 par value
Security Exchange Name	NYSE
Trading Symbol	BILL

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 2,013,433	$ 509,615
Short-term investments	821,554	655,314
Accounts receivable, net	19,815	18,222
Acquired card receivables, net	174,338	147,093
Prepaid expenses and other current assets	71,551	67,195
Funds held for customers	2,432,521	2,208,598
Total current assets	5,533,212	3,606,037
Non-current assets:
Operating lease right-of-use assets, net	78,930	71,925
Property and equipment, net	51,142	48,902
Intangible assets, net	491,888	417,341
Goodwill	2,354,812	1,772,043
Other assets	54,221	52,925
Total assets	8,564,205	5,969,173
Current liabilities:
Accounts payable	13,142	11,904
Accrued compensation and benefits	18,176	20,287
Deferred revenue	21,328	12,848
Other accruals and current liabilities	79,296	72,022
Convertible senior notes, net	1,132,793
Customer fund deposits	2,432,521	2,208,598
Total current liabilities	3,697,256	2,325,659
Non-current liabilities:
Deferred revenue	2,640	2,926
Operating lease liabilities	85,722	86,639
Borrowings from credit facilities, net	79,014	79,534
Convertible senior notes, net	560,113	909,847
Deferred income tax liability	3,877	9,090
Other long-term liabilities	26,372	25,888
Total liabilities	4,454,994	3,439,583
Commitments and contingencies (Notes 13 and 14)
Stockholders' equity:
Common stock	2	2
Additional paid-in capital	4,403,500	2,777,155
Accumulated other comprehensive loss	(139)	(100)
Accumulated deficit	(294,152)	(247,467)
Total stockholders' equity	4,109,211	2,529,590
Total liabilities and stockholders' equity	$ 8,564,205	$ 5,969,173

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 116,403	$ 46,209
Cost of revenue	29,835	12,106
Gross profit	86,568	34,103
Operating expenses
Research and development	42,472	17,786
Sales and marketing	62,312	12,908
General and administrative	57,935	17,190
Total operating expenses	162,719	47,884
Loss from operations	(76,151)	(13,781)
Other (expense) income, net	(3,475)	830
Loss before benefit from income taxes	(79,626)	(12,951)
Benefit from income taxes	(3,941)
Net loss	$ (75,685)	$ (12,951)
Net loss per share attributable to common stockholders:
Basic and diluted	$ (0.79)	$ (0.16)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders:
Basic and diluted	95,892	80,216

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (75,685)	$ (12,951)
Other comprehensive loss:
Net unrealized loss on investments in available- for-sale securities	(39)	(1,302)
Comprehensive loss	$ (75,724)	$ (14,253)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect Period Of Adoption Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect Period Of Adoption Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated DeficitCumulative Effect Period Of Adoption Adjustment
Beginning balance at Jun. 30, 2020	$ (710,719)		$ 2	$ 857,044		$ 2,420	$ (148,747)
Beginning balance, shares at Jun. 30, 2020			79,635
Issuance of common stock upon exercise of stock options and release of restricted stock units	8,081			8,081
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares			1,164
Issuance of common stock under the employee stock purchase plan	4,327			4,327
Issuance of common stock under the employee stock purchase plan, shares			226
Stock-based compensation	9,894			9,894
Other comprehensive loss	(1,302)					(1,302)
Net loss	(12,951)						(12,951)
Ending balance at Sep. 30, 2020	718,768		$ 2	879,346		1,118	(161,698)
Ending balance, shares at Sep. 30, 2020			81,025
Beginning balance at Jun. 30, 2021	2,529,590		$ 2	2,777,155		(100)	(247,467)
Beginning balance (ASU 2020-06) at Jun. 30, 2021		$ (216,066)			$ (245,066)			$ 29,000
Beginning balance, shares at Jun. 30, 2021			94,504
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs	1,341,122			1,341,122
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs, shares			5,074
Issuance of common stock as consideration for an acquisition,net of issuance costs	488,263			488,263
Issuance of common stock as consideration for an acquisition, net of issuance costs, shares			1,788
Fair value of replacement awards	26,710			26,710
Issuance of common stock upon exercise of stock options and release of restricted stock units	8,644			8,644
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares			1,033
Issuance of common stock under the employee stock purchase plan	5,726			5,726
Issuance of common stock under the employee stock purchase plan, shares			40
Purchase of capped calls	(37,893)			(37,893)
Stock-based compensation	38,839			38,839
Other comprehensive loss	(39)					(39)
Net loss	(75,685)						(75,685)
Ending balance at Sep. 30, 2021	$ 4,109,211		$ 2	$ 4,403,500		$ (139)	$ (294,152)
Ending balance, shares at Sep. 30, 2021			102,439

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (75,685)	$ (12,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,388	924
Stock-based compensation	37,887	9,894
Amortization of debt discount (accretion of debt premium) and issuance costs	556
Amortization of intangible assets	16,672
Amortization of premium (accretion of discount) on investments in marketable debt securities	2,857	46
Non-cash operating lease expense	1,960	765
Provision for losses on acquired card receivables	4,049
Deferred income taxes	(3,943)
Changes in assets and liabilities:
Accounts receivable	1,198	(790)
Prepaid expenses and other current assets	6,321	1,938
Other assets	(1,385)	(6,784)
Accounts payable	(732)	1,566
Other accruals and current liabilities	(17,930)	(4,504)
Operating lease liabilities	(792)	5,764
Other long-term liabilities	(121)	1,338
Deferred revenue	5,566	438
Net cash used in operating activities	(21,134)	(2,356)
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash and cash equivalents	(144,452)
Purchases of corporate and customer fund short-term investments	(608,552)	(343,345)
Proceeds from maturities of corporate and customer fund short-term investments	318,907	244,332
Proceeds from sale of corporate and customer fund short-term investments	17,234	33,286
Increase in other receivables included in funds held for customers	(946)	(1,522)
Increase in acquired card receivables	(31,717)
Purchases of property and equipment	(1,404)	(5,894)
Capitalization of internal-use software costs	(2,942)	(314)
Net cash used in investing activities	(453,872)	(73,457)
Cash flows from financing activities:
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs	1,341,597
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs	562,704
Purchase of capped call	(37,893)
Increase in customer fund deposits liability	223,923	24,653
Proceeds from exercise of stock options	8,336	8,962
Proceeds from issuance of common stock under the employee stock purchase plan	5,726	4,327
Other	(282)	(664)
Net cash provided by financing activities	2,104,111	37,278
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(172)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	1,628,933	(38,535)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	1,809,692	1,592,377
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	3,438,625	1,553,842
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents	2,013,433	564,153
Restricted cash included in other current assets	$ 16,619	$ 119
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Restricted cash included in other assets	$ 6,724
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Restricted cash and restricted cash equivalents included in funds held for customers	$ 1,401,849	$ 989,570
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 3,438,625	$ 1,553,842

The Company and Its Significant

The Company and Its Significant Accounting Policies	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
The Company and Its Significant Accounting Policies	NOTE 1 – THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES Bill.com, Inc. was incorporated in the State of Delaware in April 2006. In November 2018, Bill.com, Inc. consummated a reorganization with Bill.com Holdings, Inc., which resulted in the latter becoming the parent entity of Bill.com, Inc. Bill.com, Inc. was subsequently converted into a limited liability company and renamed Bill.com, LLC. Bill.com Holdings, Inc., which was incorporated in the State of Delaware in August 2018, and its subsidiaries are collectively referred to as the “Company.” The Company is a provider of software-as-a-service, cloud-based payments and spend management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows and improve back office efficiency. Offering of Common Stock and Notes On September 24, 2021, the Company closed a public offering in which the Company issued and sold a total of 5,073,529 shares of common stock at a public offering price of $ 272.00 per share. The Company received $ 1.3 billion in net proceeds from this public offering, after deducting underwriting discounts, commissions and other offering costs of $ 38.9 million. Concurrent with the public offering of common stock, the Company issued and sold $ 575.0 million in aggregate principal amount of its 0 % convertible notes due on April 1, 2027 (2027 Notes) in a private offering . The Company received $ 560.1 million in net proceeds from the sale of the 2027 Notes, after deducting purchaser discounts, commissions and other offering costs of $ 14.9 million. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending June 30, 2022 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and revenue generated outside the U.S. are not material . Business Combination The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. The determination of the fair value of assets acquired and liabilities assumed involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the date of the acquisition. Significant management inputs used in the estimation of fair value of assets acquired and liabilities assumed include, but are not limited to, expected future cash flows, future changes in technology, estimated replacement costs, discount rates and assumptions about the period of time the brand will continue to be used in the Company’s product portfolio. Where appropriate, external advisers are consulted to assist in the determination of fair value. For non-observable market values, fair value has been determined using acceptable valuation methods (e.g., relief from royalty methods). The results of operations for businesses acquired are included in the financial statements from the acquisition date. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the tangible and intangible assets acquired and liabilities assumed, including the fair value of acquired intangible assets, an indemnification asset related to certain assumed liabilities, net lease liabilities, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies with a corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including useful lives of long-lived assets, capitalization of internal-use software costs, incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable, acquired card receivables and other financial assets, accrual for rewards, variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for losses on funds held for customers, and income tax. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables, card receivables held for sale, and deposits of cash with a bank (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any significant credit losses relating to its Financial Assets. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on Financial Assets and customer accounts is recognized, if material. As of September 30, 2021, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled $ 3.9 m illion . There were no customers that exceeded 10 % of the Company’s total revenue during the three months ended September 30, 2021 and 2020. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2021, other than those new accounting policies that were implemented as a result of our business acquisition and the adoption of new accounting standards as described below. Foreign Currency The Company has a foreign subsidiary whose functional currency is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other (expense) income, net in the accompanying condensed consolidated statements of operations Recently Adopted Accounting Pronouncements On July 1, 2021 , the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by removing certain separation models in Subtopic 470-20, Debt—Debt with Conversion and Other Options for convertible instruments. Under this ASU, the embedded conversion features are not required to be separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument is accounted for as a single liability measured at its amortized cost and a convertible preferred stock is accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, this ASU amends the requirement for calculating diluted earnings per share for convertible instruments by using the “if-converted” method instead of the treasury stock method. The Company elected to follow the modified retrospective method upon adopting this ASU with respect to the 2025 Notes, which is the convertible debt that existed at that date. As a result of the adoption, the Company accounts for the 2025 Notes as a single liability and no longer separately accounts for the liability and equity components. The adoption of this ASU also resulted in the derecognition of a deferred tax liability, which represented a basis difference in the face value of the 2025 Notes due to the previous allocation of a portion of the proceeds to the equity component. Additionally, the Company recorded a cumulative adjustment to decrease the beginning balance of the accumulated deficit at July 1, 2021, which represented a reduction in previously recorded amortization of debt discount through June 30, 2021. The following table summarizes the adjustments made to the condensed consolidated balance sheet as of July 1, 2021 as a result of applying the modified retrospective method in adopting this ASU: ASU 2020-06 adjustments As previously Account for the Cumulative As adjusted, Convertible senior notes, net (2025 Notes) $ 909,847 $ 247,231 $ ( 25,316 ) $ 1,131,762 Deferred income tax liability (1) 9,090 ( 2,165 ) ( 3,684 ) 3,241 Additional paid-in capital 2,777,155 ( 245,066 ) — 2,532,089 Accumulated deficit ( 247,467 ) — 29,000 ( 218,467 ) (1) The balance at June 30, 2021 included $ 5.8 million of deferred tax liability associated with the allocation of the 2025 Notes into equity. On July 1, 2021 , the Company adopted FASB ASU 2020—04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting in response to concerns about structural risks of the cessation of LIBOR. It also provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The Company’s credit agreements reference both LIBOR and an alternative rate to replace LIBOR; therefore, the adoption of this ASU did no t have a material impact on the Company’s condensed consolidated financial statements. On July 1, 2021 , the Company adopted ASU 2017—04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the second step of the goodwill impairment test that required a calculation of the implied fair value of goodwill following the procedures that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Accordingly, a goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The adoption of this ASU did no t have a material impact on the Company's condensed consolidated financial statements.

Revenue, Performance Obligation

Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue	NOTE 2 – Revenue, Performance Obligations, Deferred Revenue and UNBILLED REVENUE The Company generates revenue primarily from subscription and transaction fees. The Company’s customers include small and midsize businesses (SMB), accounting firms and financial institutions. The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by customer category, and revenue from interest on funds held for customers (in thousands). Three months ended 2021 2020 Small-to-midsize business and accounting firm customers $ 111,656 $ 40,899 Financial institution customers 3,956 2,889 Total subscription and transaction fees 115,612 43,788 Interest on funds held for customers 791 2,421 Total revenue $ 116,403 $ 46,209 Remaining performance obligations As of September 30, 2021, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) was $ 152.8 million. Of this amount, the Company expects to recognize approximately $ 43.0 million, or 28 %, within one year . The timing of revenue recognition within the next year is largely dependent upon the go-live dates of th e Company’s contracts with its financial institution customers, which are inherently uncertain. Once the services for the Company’s significant contracts have launched, the Company expects the amount of revenue to be recognized for the remaining transaction price will be materially consistent over the next two to five years. Deferred revenue Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. Deferred revenue is shown as current or non-current in t he accompanying condensed consolidated balance sheets. During the three months ended September 30, 2021, the Company recognized $ 2.3 million of revenue that was included in the deferred revenue balance as of June 30, 2021. Unbilled revenue Unbilled revenue, which is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, consists of revenue recognized that has not been billed to the customers yet. The unbilled revenue amounted to $ 9.3 million and $ 8.1 million as of September 30, 2021 and June 30, 2021, respectively.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combinations	NOTE 3 – BUSINESS COMBINATIONS Acquisition of Invoice2go On September 1, 2021 (acquisition date), the Company acquired 100 % of the outstanding equity interests of Invoice2go, Inc. (Invoice2go). The results of Invoice2go's operations have been included in the accompanying condensed consolidated financial statements since the acquisition date. Invoice2go provides mobile-first accounts receivable software that empowers SMBs and freelancers to grow their client base, manage invoicing and payments, and build their brand. Invoice2go has operations in the U.S. and in Australia, and serves a large global customer base of SMBs. The acquisition of Invoice2go will enhance the Company’s ability to provide an expanded product solution to enable SMBs to manage accounts payable, corporate card spend, and accounts receivable all in one place. Additionally, the acquisition will expand the market opportunity for the Company by offering Invoice2go's product to its existing customers and network members and vice versa. The acquisition purchase consideration totaled $ 674.3 million , which consisted of the following (in thousands): Equity consideration (1) $ 510,218 Cash 164,087 Total $ 674,305 (1) This includes 1,788,372 shares of the Company’s common stock issued with a fair value based upon the opening market price on the acquisition date. This also includes the stock options assumed to replace stock options that were outstanding on the acquisition date under Invoice2go's 2014 Equity Incentive Plan (Invoice2go 2014 Plan). The fair value of these stock options was $ 21.7 million, which was the amount attributable to the pre-combination requisite service period. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 19,738 Accounts receivable and other assets 4,518 Intangible assets 91,219 Total identifiable assets acquired 115,475 Accounts payable and other liabilities ( 26,618 ) Net identifiable assets acquired 88,857 Goodwill 585,448 Net assets acquired $ 674,305 The preliminary fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows: Preliminary Weighted average Customer relationships $ 61,269 10.0 Developed technology 15,908 3.0 Trade name 14,042 3.0 Total $ 91,219 7.7 Customer relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount rate of 12.3 %. Developed technology was measured at fair value using the relief-from-royalty method of the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from existing technology, a pre-tax royalty rate of 15.0 % and a discount rate of 12.3 %. Trade name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 2.5 % and a discount rate of 12.3 %. The $ 585.4 million goodwill is attributable primarily to the expected synergies and economies of scale expected from combining the operations of both entities, and intangible assets that do not qualify for separate recognition, including assembled workforce acquired through the acquisition. None of the goodwill is expected to be deductible for income tax purposes. As of September 30, 2021, there were no changes in the recognized amounts of goodwill resulting from the acquisition of Invoice2go. The Company recognized $ 3.7 million of acquisition-related costs that were expensed in the current period. These costs are shown as part of general and administrative expenses in the accompanying condensed consolidated statements of operations. The Company also recognized $ 0.2 million in costs associated with the issuance and registration of the shares issued as consideration in the acquisition of Invoice2go. Those costs were reported as a reduction of additional paid-in capital within stockholders’ equity. The amounts of Invoice2go’s total revenues and net loss that were included in the Company’s consolidated statement of operations from the acquisition date through September 30, 2021 were $ 1.3 million and $ 5.0 million, respectively. Unaudited Pro Forma Financial Information The unaudited pro forma information below does not necessarily reflect the combined actual results of operations of the Company and Invoice2go that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Invoice2go, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed. The pro forma net loss for the three months ended September 30, 2021 was adjusted to exclude nonrecurring acquisition-related costs o f $ 19.0 million. The pro forma net loss for the three months ended September 30, 2020 was adjusted to include nonrecurring acquisition-related costs of $ 20.6 million. Below is the unaudited pro forma financial information of the combined results of operations as if the acquisition occurred on July 1, 2020 (in thousands): Three months ended 2021 (1) 2020 (2) Total revenue $ 124,867 $ 50,023 Net loss $ ( 74,999 ) $ ( 39,969 ) (1) Includes proforma results of the Company, Divvy and Invoice2go. (2) Includes proforma results of the Company and Invoice2go (excluding Divvy). Acquisition of Divvy On June 1, 2021 , the Company acquired 100 % of the outstanding equity interests of DivvyPay, Inc. (Divvy) for a total consideration (equity and cash) of $ 2.3 billion. Following the acquisition of Divvy, the Company has a period of not more than 12 months to finalize the fair values of assets acquired and liabilities assumed, including valuations of identifiable intangible assets and indemnification asset related to certain assumed liabilities at the acquisition date of Divvy. The Company continues to refine its estimates and assumptions used in the valuation of the assets acquired and liabilities assumed. During the three months ended September 30, 2021, the Company remeasured the fair value of the leases acquired and the replacement stock based awards included in the purchase consideration. The effect of these measurement period adjustments resulted in a decrease of goodwill by $ 2.7 million during the three months ended September 30, 2021. Unaudited Pro Forma Financial Information The unaudited pro forma information below does not necessarily reflect the combined actual results of operations of the Company and Divvy that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Divvy, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed. Below is the unaudited pro forma financial information of the combined results of operations during the three months ended September 30, 2020 as if the acquisition occurred on July 1, 2019 (in thousands): Three months ended (1) Total revenue $ 58,967 Net loss $ ( 64,067 ) (1) Includes proforma results of the Company and Divvy (excluding Invoice2go).

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 4 – FAIR VALUE MEASUREMENT The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities, and beneficial interest derivative on card receivables sold at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities. In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. T he following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,704,202 $ — $ — $ 1,704,202 U.S. treasury securities 74,998 — — 74,998 1,779,200 — — 1,779,200 Short-term investments: Corporate bonds — 580,485 — 580,485 U.S. treasury securities 198,481 — — 198,481 Asset-backed securities — 32,019 — 32,019 Certificates of deposit — 10,569 — 10,569 198,481 623,073 — 821,554 Funds held for customers: Restricted cash equivalents 5,150 52,814 — 57,964 Corporate bonds — 575,327 — 575,327 Certificates of deposit — 385,097 — 385,097 Municipal bonds — 14,726 — 14,726 Asset-backed securities — 35,712 — 35,712 U.S. treasury securities 6,113 — — 6,113 11,263 1,063,676 — 1,074,939 Beneficial interest derivative on — — 2,693 2,693 Total assets measured at fair value $ 1,988,944 $ 1,686,749 $ 2,693 $ 3,678,386 June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 365,550 $ — $ — $ 365,550 Corporate bonds — 15,499 — 15,499 365,550 15,499 — 381,049 Short-term investments: Corporate bonds — 466,459 — 466,459 U.S. treasury securities 155,674 — — 155,674 Asset-backed securities — 26,406 — 26,406 Certificates of deposit — 6,775 — 6,775 155,674 499,640 — 655,314 Funds held for customers: Restricted cash equivalents 6,887 79,435 — 86,322 Corporate bonds — 516,350 — 516,350 Certificates of deposit — 326,927 — 326,927 Municipal bonds — 42,957 — 42,957 Asset-backed securities — 25,085 — 25,085 U.S. treasury securities 3,009 — — 3,009 9,896 990,754 — 1,000,650 Beneficial interest derivative on — — 2,252 2,252 Total assets measured at fair value $ 531,120 $ 1,505,893 $ 2,252 $ 2,039,265 There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. The fair values of the Company’s Level 1 instruments were derived from quoted market prices and active markets for these specific instruments. The valuation techniques used to measure the fair values of Level 2 instruments were derived from non-binding market consensus prices that were corroborated with observable market data, quoted market prices for similar instruments, or pricing models. The fair value of the beneficial interest derivative on card receivables sold is estimated using a discounted cash flow model, which uses Level 3 inputs. Significant input used includes a discount rate of 13.8 % and loss rate estimate of 2.5 % as of September 30, 2021 , which is based upon the expected rate of the transferred card receivables’ payment in default. The loss rate is calculated using historical trends and ages of the outstanding card receivable balances. Other inputs, such as the expected repayments, are generally considered but had no material impact in the estimation of fair value of the beneficial interest derivative as of September 30, 2021 . A change in inputs used to a different amount could result in a significantly higher or lower fair value measurement. The Company has $ 575.0 million and $ 1.15 billion in aggregate principal amount of its 0 % convertible senior notes due in 2027 (2027 Notes) and in 2025 (2025 Notes, together with the 2027 Notes, the Notes), respectively, outstanding as of September 30, 2021. The Company carries the Notes at par value, less the unamortized debt discount and issuance costs in the accompanying condensed consolidated balance sheets. The estimated fair value of the 2027 Notes and 2025 Notes, which is presented for disclosure purposes only, was approximately $ 603.7 million and $ 2.0 billion, respectively, as of September 30, 2021. The fair value was based on a market approach, which represents a Level 2 valuation estimate. The market approach was determined based on the actual bids and offers of the Notes in an over-the-counter market as of the last day of trading prior to the end of the period.

Short-Term Investments

Short-Term Investments	3 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	NOTE 5 – SHORT-TERM INVESTMENTS Short-term investments consisted of the following as of the dates presented (in thousands): September 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 580,451 $ 99 $ ( 65 ) $ 580,485 U.S. treasury securities 198,459 24 ( 2 ) 198,481 Asset-backed securities 32,016 6 ( 3 ) 32,019 Certificates of deposit 10,569 — — 10,569 Total $ 821,495 $ 129 $ ( 70 ) $ 821,554 June 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 466,403 $ 111 $ ( 55 ) $ 466,459 U.S. treasury securities 155,663 16 ( 5 ) 155,674 Asset-backed securities 26,391 16 ( 1 ) 26,406 Certificates of deposit 6,775 — — 6,775 Total $ 655,232 $ 143 $ ( 61 ) $ 655,314 The amor tized cost and fair value amounts include accrued interest receivable of $ 2.3 million and $ 2.5 million as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 2021, the fair value of the Company’s short-term investments that mature within one year and thereafter was $ 625.8 million and $ 195.8 million, respectively, or 76 % and 24 %, respectively, of the Company’s total short-term investments. As of June 30, 2021, the fair value of the Company’s short-term investments that mature within one year and thereafter was $ 495.8 million and $ 159.5 million, respectively, or 76 % and 24 %, respectively, of the Company’s total short-term investments. As of September 30, 2021, approximately 120 of the more than 300 i nvestment positions were in an unrealized loss position. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2021 Fair value Unrealized Corporate bonds $ 189,301 $ ( 65 ) U.S. treasury securities 45,190 ( 2 ) Asset backed securities 17,928 ( 3 ) Total $ 252,419 $ ( 70 ) June 30, 2021 Fair value Unrealized Corporate bonds $ 152,485 $ ( 55 ) U.S. treasury securities 85,466 ( 5 ) Asset backed securities 8,089 ( 1 ) Total $ 246,040 $ ( 61 ) Most of the Company investments with unrealized losses had been in a continuous unrealized loss position for less than 12 months. Investments with unrealized losses that had been in a continuous unrealized loss position for more than 12 months have been insignificant. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the three months ended September 30, 2021 and 2020. The Company has no t recorded an allowance for credit losses on investments that were in an unrealized loss position as of September 30, 2021 and June 30, 2021 because they were not material.

Funds Held for Customers

Funds Held for Customers	3 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Funds Held for Customers	NOTE 6 – FUNDS HELD FOR CUSTOMERS Funds held for customers consisted of the following as of the dates presented (in thousands): September 30, June 30, 2021 2021 Restricted cash and other receivables $ 1,357,620 $ 1,208,598 Restricted cash equivalents 57,964 86,322 Corporate bonds 575,327 516,350 Certificates of deposit 385,097 326,927 Municipal bonds 14,726 42,957 Asset backed securities 35,712 25,085 U.S. treasury securities 6,113 3,009 Total funds held for customers 2,432,559 2,209,248 Less - income earned by the Company ( 38 ) ( 650 ) Total funds held for customers, net $ 2,432,521 $ 2,208,598 Income earned by the Company that is included in other current assets represents interest income, accretion of discount (offset by amortization of premium), and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. Earnings from these investments are contractually earned by the Company and are expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment. Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): September 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 575,354 $ 23 $ ( 50 ) $ 575,327 Certificates of deposit 385,097 — — 385,097 Municipal bonds 14,724 2 — 14,726 Asset backed securities 35,709 5 ( 2 ) 35,712 U.S. treasury securities 6,113 — — 6,113 Total $ 1,016,997 $ 30 $ ( 52 ) $ 1,016,975 June 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 516,364 $ 24 $ ( 38 ) $ 516,350 Certificates of deposit 326,927 — — 326,927 Municipal bonds 42,952 5 — 42,957 Asset backed securities 25,081 4 — 25,085 U.S. treasury securities 3,010 — ( 1 ) 3,009 Total $ 914,334 $ 33 $ ( 39 ) $ 914,328 The amortized cost and fair value amounts include accrued interest receivable of $ 1.4 million and $ 1.9 million and as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 2021, approximately 96 %, or $ 980.8 million, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 4 % or $ 36.2 million mature thereafter. As of June 30, 2021, approximately 97 %, or $ 882.4 million, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 3 % or $ 31.9 million mature thereafter. As of September 30, 2021, approximately 90 of the more than 300 inve stment positions were in an unrealized loss position. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2021 Fair value Unrealized Corporate bonds $ 113,924 $ ( 50 ) Asset backed securities 15,335 ( 2 ) Total $ 129,259 $ ( 52 ) June 30, 2021 Fair value Unrealized Corporate bonds $ 79,359 $ ( 38 ) U.S. treasury securities 2,501 ( 1 ) Total $ 81,860 $ ( 39 ) Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on funds held for customers that were invested in short-term marketable debt securities during the three ended September 30, 2021 and 2020.

Acquired Card Receivables

Acquired Card Receivables	3 Months Ended
	Sep. 30, 2021
Acquired Card Receivables [Abstract]
Acquired Card Receivables	NOTE 7 – ACQUIRED CARD RECEIVABLES Acquired Card Receivables - Acquired card receivables consisted of the following as of the dates presented (in thousands): September 30, June 30, 2021 2021 Gross amount of acquired card receivables $ 178,055 $ 148,833 Less: allowance for credit losses ( 3,717 ) ( 1,740 ) Total $ 174,338 $ 147,093 Certain lines of credit and acquired card receivable balances are collateralized by cash deposits held by the Issuing Banks. Before an account is charged off, the Company obtains any available cash collateral from the Issuing Banks. As of September 30, 2021, approximately $ 165.8 million of the acquired card receivable balance served as collateral for the Company’s borrowings from the 2021 Revolving Credit Agreement and the 2019 Credit Agreement (see Note 9) . Credit Quality Information The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company elected to use the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period, which is generally limited to five days . Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands): September 30, June 30, 2021 2021 Current and less than 30 days past due $ 173,272 $ 145,993 30 ~ 59 days past due 1,992 1,188 60 ~ 89 days past due 1,581 580 90 ~ 119 days past due 883 713 Over 119 days past due 327 359 Total $ 178,055 $ 148,833 The amount of outstanding balance of acquired card receivables that is (i) 90 days or more past due that continue to accrue fees and have an allowance for outstanding balance and fees, and (ii) classified as nonperforming was not material as of September 30, 2021. Allowance for Credit Losses Below is a summary of the changes in allowance for credit losses as of the dates presented (in thousands): September 30, June 30, 2021 2021 Balance, beginning $ 1,740 $ — Initial allowance for credit losses on purchased 14 2,082 Provision for expected credit losses 4,035 462 Charge-off amounts ( 2,276 ) ( 828 ) Recoveries collected 204 24 Balance, end of period $ 3,717 $ 1,740 The Company also incurred losses related to card transactions disputed by spending businesses. The amount was not material during the three months ended September 30, 2021. Purchased Financial Assets with Credit Deterioration In connection with the acquisition of Divvy, the Company evaluated the acquired card receivable balances with credit deterioration as of the acquisition date. Accordingly, a financial asset acquired is considered a purchased credit deteriorated (PCD) asset if, as of the acquisition date, such financial asset has experienced a more-than-insignificant deterioration in credit quality since origination. The Company used certain indicators, such as the past due status and charge-off status of the balances, in identifying and assessing whether the acquired card receivables are considered PCD assets. The acquired card receivables that were considered PCD assets were not material as of September 30, 2021. The table below shows a summary of the acquired card receivables that were considered PCD assets as of June 30, 2021 (in thousands). Purchase price $ 3,855 Allowance for credit losses 2,082 Less: discount attributable to other factors ( 79 ) Par value $ 5,858 Card Receivables Held for Sale The Company sells a portion of acquired card receivables to a Purchasing Bank at a discount. Card receivables held for sale, which are carried at the lower of cost or estimated market value at the individual user account level and included in prepaid expenses and other current assets in the accompanying consolidated balance sheets, amounted to $ 3.5 million and $ 2.6 million as of September 30, 2021 and June 30, 2021. Card Receivables Sold and Related Servicing and Beneficial Interest Derivative Retained The Company has an agreement with the Purchasing Bank to sell its acquired card receivables. Cash proceeds and other assets received from card receivables transferred to the Purchasing Bank were approximately $ 259 million during the three months ended September 30, 2021. The Company has continuing involvement under this agreement as servicer, and by retaining a beneficial interest derivative in the form of a deferred purchase price. The beneficial interest derivative represents the Company’s right to receive a portion of collections based on the performance of each cohort of card receivables sold to the Purchasing Bank. The fair value of the beneficial interest derivative was $ 2.7 million and $ 2.3 million as of September 30, 2021 and June 30, 2021, respectively, and is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. The servicing fee income was not material during the quarter ended September 30, 2021. See Note 4 for additional information about the fair value measurement of the beneficial interest derivative. The Company could experience losses on the beneficial interest derivative if the performance of the cohorts of card receivables sold to the Purchasing Bank is less than expected. The Company could also experience losses on card receivables sold if it were required to repurchase delinquent receivables due to a breach in representations and warranties associated with its sales of receivables. Below is a summary of transferred card receivables by class (i.e., past due status) as of the periods presented (in thousands): September 30, June 30, 2021 2021 Current and less than 30 days past due $ 41,372 $ 28,687 30 ~ 59 days past due 861 240 60 ~ 89 days past due 444 165 90 ~ 119 days past due 219 301 Over 119 days past due 9 132 Total $ 42,905 $ 29,525

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 8 – GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill, which is primarily attributable to expected synergies from acquisitions and is not deductible for U.S. federal and state income tax purposes, consisted of the following (in thousands): September 30, June 30, 2021 2021 Balance, beginning $ 1,772,043 $ — Addition related to acquisition during the period 585,448 1,772,043 Measurement period adjustments ( 2,679 ) — Balance, ending $ 2,354,812 $ 1,772,043 Intangible Assets Intangible assets consisted of the following (amounts in thousands): Gross amount Accumulated amortization Net carrying amount Weighted- June 30, Additions September 30, June 30, Amortization September 30, June 30, September 30, Customer relationships $ 198,000 $ 61,269 $ 259,269 $ ( 2,062 ) $ ( 5,049 ) $ ( 7,111 ) $ 195,938 $ 252,158 9.7 Developed technology 191,000 15,908 206,908 ( 2,653 ) ( 8,401 ) ( 11,054 ) 188,347 195,854 5.5 Trade name 34,000 14,042 48,042 ( 944 ) ( 3,222 ) ( 4,166 ) 33,056 43,876 2.8 Total $ 423,000 $ 91,219 $ 514,219 $ ( 5,659 ) $ ( 16,672 ) $ ( 22,331 ) $ 417,341 $ 491,888 7.4 Amortization of finite-lived intangible assets was as follows during the three months ended September 30, 2021 (in thousands): Cost of revenue $ 8,401 Sales and marketing 8,271 Total $ 16,672 As of September 30, 2021, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 59,306 2023 79,075 2024 78,147 2025 59,425 2026 57,763 Thereafter 158,172 Total $ 491,888

Debt and Borrowings

Debt and Borrowings	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt and Borrowings	NOTE 9 – DEBT AND BORROWINGS Debt and borrowings consisted of the following (in thousands): September 30, June 30, Convertible senior notes: 2027 Notes, principal $ 575,000 $ — 2025 Notes, principal 1,150,000 1,150,000 Total principal amount of convertible senior notes 1,725,000 1,150,000 Credit facilities: 2021 revolving credit agreement (Class A) 37,500 37,500 2021 revolving credit agreement (Class B) 10,000 10,000 2019 credit agreement 30,000 30,000 Total principal borrowings from credit facilities 77,500 77,500 Total principal amount of debt and borrowings 1,802,500 1,227,500 Less: unamortized debt discount and issuance costs ( 30,580 ) ( 238,119 ) Net carrying value of debt and borrowings $ 1,771,920 $ 989,381 Net carrying value of debt and borrowings consisted of: 2025 Notes, net $ 1,132,793 $ 909,847 2027 Notes, net 560,113 — Borrowings from credit facilities 79,014 79,534 Total $ 1,771,920 $ 989,381 2027 Notes On September 24, 2021, the Company issued $ 575.0 million in aggregate principal amount of its 0 % convertible senior notes due on April 1, 2027 , in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as am ended. The 2027 Notes are subject to the terms and conditions of the Indenture governing the 2027 Notes between the Company and Wells Fargo Bank, N.A., as trustee (Tr ustee). The net proceeds from the issuance of the 2027 Notes were $ 560.1 billion, after deducting debt discount and debt issuance costs totaling $ 14.9 million. The 2027 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2027 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2027 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2025 Notes. In addition, the 2027 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2027 Notes have an initial conversion rate of 2.4108 shares of common stock per $ 1,000 principal amount, which is equivalent to an initial conversion price of approximately $ 414.80 per share of the Company’s common stock and approximately 1.4 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2027 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2027 Notes, at the Company’s option, on or after October 5, 2024 if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes. The holders of the 2027 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding January 1, 2027 in multiples of $ 1,000 principal amount, under the following circumstances:  during any calendar quarter commencing after the calendar quarter ending on December 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day;  during the five business day periods after any five consecutive trading day period in which the trading price per $ 1,000 principal amount of the 2027 Notes for each trading day of that period was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;  if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or  upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2027 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2027 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 1.2656 per $ 1,000 principal (the lowest price of $ 272.00 in the make whole). The Indenture governing the 2027 Notes contains customary events of default with respect to the 2027 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2027 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100 % of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest. 2025 Notes On November 30, 2020, the Company issued $ 1.15 billion in aggregate principal amount of its 0 % convertible senior notes due on December 1, 2025 , in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2025 Notes are subject to the terms and conditions of the Indentu re governing the 2025 Notes between the Company and the Trustee. The net proceeds from the issuance of the 2025 Notes were $ 1.13 billion, after deducting debt discount and debt issuance costs totaling $ 20.6 million. The 2025 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2025 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2025 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2027 Notes. In addition, the 2025 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2025 Notes have an initial conversion rate of 6.2159 shares of common stock per $ 1,000 principal amount, which is equivalent to an initial conversion price of approximately $ 160.88 per share of the Company’s common stock and approximately 7.1 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2025 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2025 Notes, at the Company’s option, on or after December 5, 2023 if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2025 Notes. The holders of the 2025 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 in multiples of $ 1,000 principal amount, under the following circumstances:  during any calendar quarter commencing after the calendar quarter ending on March 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day;  during the five business day periods after any five consecutive trading day period in which the trading price per $ 1,000 principal amount of the 2025 Notes for each trading day of that period was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;  if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or  upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2025 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2025 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 2.9525 per $ 1,000 principal (the lowest price of $ 109.07 in the make whole). The Indenture governing the 2025 Notes contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100 % of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest. As of September 30, 2021, one of the conditions for early conversion of the 2025 Notes was triggered. Specifically, the Company's common stock during a certain period from August 2021 to September 2021 traded at a price greater than 130 % of the initial conversion price of the 2025 Notes for more than 20 consecutive trading days. Pursuant to the terms of the 2025 Notes, the holders of the 2025 Notes have the right to convert their notes at their option at any time in the calendar quarter subsequent to September 30, 2021. As a result, the Company reclassified the net carrying amount of the 2025 Notes from a long-term liability to a current liability in the accompanying condensed consolidated balance sheets as of September 30, 2021. Additional Information About the Notes Prior to the adoption of ASU 2020-06 on July 1, 2021, the Company separated the 2025 Notes into liability and equity components upon the issuance of the 2025 Notes. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate determined using observable yields for stand-alone debt instruments with a comparable credit rating and term. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2025 Notes as a whole. The difference between the principal amount of the 2025 Notes and the liability component was initially recorded as a debt discount and was amortized as interest expense using the effective interest method over the term of the 2025 Notes. The equity component of the 2025 Notes, which was included in additional paid-in capital, was not required to be remeasured. The total amount of debt issuance costs of $ 20.6 million was allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component was amortized as interest expense over the term of the 2025 Notes using the effective interest method. The debt issuance costs allocated to the equity component were included as a reduction of additional paid-in capital. As discussed in Note 1, effective July 1, 2021 , the Company early adopted ASU 2020-06 using the modified retrospective method which resulted in the accounting for the 2027 Notes and 2025 Notes as a single liability and no longer required to be accounted for separately between liability and equity components. As of September 30, 2021 and June 30, 2021, the Notes consisted of the following: September 30, 2021 June 30, 2021 2027 Notes 2025 Notes 2025 Notes Liability component: Principal $ 575,000 $ 1,150,000 $ 1,150,000 Less: unamortized debt discount and issuance costs ( 14,887 ) ( 17,207 ) ( 240,153 ) Net carrying amount $ 560,113 $ 1,132,793 $ 909,847 Amount allocated to equity component, net of issuance costs and tax $ — $ — $ 245,066 The debt discount and issuance costs of the Notes are being amortized using the effective interest method. Du ring the three months ended September 30, 2021, the Company recognized $ 1.1 million of interest expense related to the amortization of the debt discount and issuance costs of the Notes. The effective interest rate of the 2027 Notes was 0.48 %. The effective interest rate of the 2025 Notes was 0.36 % after the adoption of ASU 2020-06 beginning July 1, 2021. Prior to the adoption of ASU 2020-06, the effective interest rate of the liability component of the 2025 Notes was 5.37 % and was based on the interest rate of similar debt instruments, at the time of the offering, that do not have associated convertible features. As of September 30, 2021, the weighted remaining life of the Notes was 4.6 years. The “if-converted” value of the 2027 Notes did not exceed the principal amount of $ 575.0 million as of September 30, 2021. The “if-converted” value of the 2025 Notes exceeded the principal amount by approximately $ 758.2 million as of September 30, 2021. Capped Call Transactions In conjunction with the issuance of each of the 2025 Notes and the 2027 Notes, the Company entered into Capped Call transactions (collectively, the Capped Calls) with certain of the initial purchasers of the Notes and/or their respective affiliates or other financial institutions at a total cost of $ 125.8 million. The Capped Calls are separate transactions and are not part of the terms of the Notes. The total amount paid for the Capped Calls was recorded as a reduction of additional paid-in capital. The Company used the proceeds from the Notes to pay for the cost of the Capped Call premium. The cost of the Capped Calls is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the Notes for tax purposes. The Capped Calls associated with the 2027 Notes and 2025 Notes each have an initial strike price of approximately $ 414.80 per share and $ 160.88 per share, respectively, subject to certain adjustments, which corresponds to the respective initial conversion price of the 2027 Notes and 2025 Notes, and have an initial cap price of $ 544.00 per share and $ 218.14 per share, respectively, subject to certain adjustments; provided that such cap price shall not be reduced to an amount less than their respective strike price. The Capped Calls associated with the Notes cover, subject to anti-dilution adjustments, a total of approximately 8.5 million shares of the Company’s common stock. The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. 2021 Revolving Credit Agreement The 2021 Revolving Credit Agreement was executed in March 2021 to finance the acquisition of card receivables. The 2021 Revolving Credit Agreement matures in June 2023 or earlier pursuant to the agreement and has a total commitment of $ 95.0 million consisting of a Class A facility amounting to $ 75.0 million and a Class B facility amounting to $ 20.0 million. Both Class A and Class B facilities require a minimum utilization of 50 %. Borrowings from the Class A and Class B facilities, which are secured by acquired card receivables, bear interest at 2.75 % and 10.25 % per annum, respectively, plus LIBOR (subject to a floor rate of 0.25 %). The interest rates on borrowings from the Class A and Class B facilities were 3.0 % and 10.5 % per annum, respectively, as of September 30, 2021. The 2021 Revolving Credit Agreement requires the Company to pay an unused fee of up to 0.50 %. The 2021 Revolving Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of September 30, 2021, the Company was in compliance with those covenants. 2019 Credit Agreement (as amended) The 2019 Credit Agreement was executed in January 2019 and was most recently amended in July 2021. The amended 2019 Credit Agreement, which matures in January 2023 , has a total commitment of $ 60.0 million with a minimum utilization requirement of $ 30.0 million. Borrowings from the amended 2019 Credit Agreement, which are secured by acquired card receivables, bear interest at 6.0 % per annum plus LIBOR (subject to a floor rate of 2.0 %). The interest rate drops to 4.5 % per annum plus LIBOR (subject to a floor rate of 0.25 %) beginning October 2021. The interest rate was 8.0 % per annum as of September 30, 2021. The amended 2019 Credit Agreement requires the Company to pay an unused fee of 0.5 %; however, to the extent utilization requirements are not met, the unused fee is equal to the stated interest rate for the portion unused funds under the utilization requirement. The amended 2019 Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of September 30, 2021, the Company was in compliance with those covenants. The debt premium is amortized using the effective interest method over the remaining term of the credit agreements, with a weighted average remaining amortization period of 1.4 years. The interest income related to the amortization of the debt premium during the three months ended September 30, 2021 was not material.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 10 – STOCKHOLDERS’ EQUITY Equity Incentive Plans On November 26, 2019 , the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 EIP), which became effective on December 10, 2019. The 2019 Plan authorizes the award of stock options, restricted stock units (RSUs), restricted stock awards, stock appreciation rights, performance awards, cash awards, and stock bonus awards, as determined by the Company’s board of directors. Equity Awards Assumed in Acquisition In connection with the acquisition of Invoice2go, the Company assumed and replaced the outstanding stock options on the acquisition date of Invoice2go under the Invoice2go 2014 Plan. The assumed equity awards will be settled in shares of the Company’s common stock and will retain the terms and conditions under which they were originally granted. No additional equity awards will be granted under the Invoice2go 2014 Plan and the forfeited awards will not be returned to the Invoice2go 2014 Plan. Stock Options The stock option awards granted during the three months ended September 30, 2021 and 2020 were not material. As of September 30, 2021, the total unamortized stock-based compensation expense related to the unvested stock options was $ 120.0 million , which the Company expects to recognize over a weighted-average period of 2.0 years. Restricted Stock Units During the three months ended September 30, 2021, the Company granted an aggregate of 1,847,041 RSUs with a weighted grant-date fair value of $ 204.96 per unit. The fair value of the RSUs was estimated based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which generally range between 1 year and 4 years from the date of grant, subject to the continued employment of the employees and services of the nonemployee board members. As of September 30, 2021, the total unamortized stock-based compensation expense related to the unvested RSUs options was $ 391.4 million, which the Company expects to amortize over a weighted-average period of 3.2 years. 2019 Employee Stock Purchase Plan (ESPP) The fair value of the ESPP offering during the three months ended September 30, 2021 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions: (i) expected term range of 0.42 to 1.0 year, (ii) expected volatility of 75.98 %, (iii) risk-free interest rate range of 0.06 % to 0.08 % and ( iv) expected dividend yield of 0 %. As of September 30, 2021, the total unrecognized compensation expense related to the ESPP was $ 3.9 million, which is expected to be amortized over the next 12 months. Stock Based Compensation Cost Stock-based compensation cost from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three months ended 2021 2020 Cost of revenue $ 1,127 $ 601 Research and development 10,560 3,069 Sales and marketing 8,114 1,504 General and administrative 18,086 4,720 Total amount charged to expense 37,887 9,894 Property and equipment (capitalized internal-use software) 940 — Total stock-based compensation cost $ 38,827 $ 9,894 Stock Warrants The Company has an agreement with a customer to issue warrants for up to 5.6 million shares of the Company’s common stock at an exercise price of $ 4.50 per share over a period of five years , ending in September 2023 . Issuance of the warrants is contingent upon certain performance conditions and subject to certain limits. As of September 30, 2021, there were no warrants issued or issuable under this agreement. The Company has concluded that the performance conditions for the issuance of this warrant are not probable of being met.

Other (Expense) Income, Net

Other (Expense) Income, Net	3 Months Ended
	Sep. 30, 2021
Other Income, Nonoperating [Abstract]
Other (Expense) Income, Net	NOTE 11 – OTHER (EXPENSE) INCOME, NET Other (expense) income, net consisted of the following for the periods presented (in thousands): Three months ended 2021 2020 Interest expense $ ( 1,828 ) $ 864 Loss on sale of card receivables ( 1,676 ) — Interest income 501 ( 30 ) Other ( 472 ) ( 4 ) Total $ ( 3,475 ) $ 830

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12 – INCOME TAXES The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company’s effective tax rate differs from the federal statutory rate primarily due to its federal, state and foreign valuation allowance positions. The income tax benefit during the three months ended September 30, 2021 consisted primarily of the Company's net losses and credits generated, offset with a corresponding valuation allowance, and the discrete income tax benefit recorded after a partial release of valuation allowance, resulting from the acquisition of Invoice2go. The Company is subject to income tax audits in the U.S. and in Australia. The Company records liabilities related to uncertain tax positions, which provide adequate reserves for income tax uncertainties in all open tax years. Due to the Company’s history of tax losses, all years remain open to tax audit. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future.

Leases

Leases	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	NOTE 13 – LEASES The Company has non-cancelable operating leases for office facilities in various locations, data center facilities, and certain equipment, which expire through 2031. Also, the Company subleases part of its office facility in Draper, Utah under a non-cancellable operating lease that expires in December 2025 . The Company's leases do not contain any material residual value guarantees. As of September 30, 2021, the weighted average remaining term of these operating leases is 9.0 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.0 % . The total amount paid for amounts included in the measurement of operating lease liabilities was $ 3.1 million and $ 0.3 million during the three months ended September 30, 2021 and 2020, respectively. The total amount right-of-use assets obtained in exchange for new operating lease liabilities was $ 1.2 million during the three months ended September 30, 2021. Future minimum lease payments as of September 30, 2021 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2022 $ 10,310 2023 13,469 2024 12,934 2025 12,679 2026 12,516 2027 12,865 Thereafter 47,950 Gross lease payments 122,723 Less - present value adjustments ( 24,928 ) Total operating lease liabilities, net $ 97,795 The components of lease expense during the three months ended September 30, 2021 and 2020 is shown on the table below (in thousands). Three months ended 2021 2020 Operating lease expense $ 3,180 $ 1,547 Short-term lease expense 82 141 Variable lease expense 598 668 Sublease income ( 182 ) — Total $ 3,678 $ 2,356

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14 – COMMITMENTS AND CONTINGENCIES Commitments In addition to the operating lease commitment described in Note 13 above, the Company has multi-year agreements with certain vendors, which expire through 2025 . Additionally, the Company has a ten-year strategic partnership agreement with a third party to market and promote the Company’s online bill payment products that expires in June 2027 . Future payments under these agreements are as follows as of September 30, 2021 (in thousands): Fiscal years ending June 30: Amount Remainder of 2022 $ 9,358 2023 11,455 2024 7,071 2025 2,350 2026 1,750 2027 1,750 Total $ 33,734 Card Receivable Repurchase Obligations with Purchasing Bank The Company is obligated to repurchase card receivables sold to the Purchasing Bank if representations and warranties made with respect to such card receivables are breached. The Company is also obligated to repurchase card receivables for which a user fails to make the first payment within ten days when it becomes due. The obligation to repurchase card receivables meeting the previously specified criteria is limited to card receivables transferred to the Purchasing Bank, less related spending business payments remitted to the Purchasing Bank. The amount of payable to repurchase card receivables is generally offset against the proceeds from the sale of new card receivables to the Purchasing Bank. Purchase of Card Receivables that have not Cleared The Company is contractually obligated to purchase all card receivables from the Issuing Banks including authorized transactions that have not cleared. The transactions that have been authorized but not cleared totaled $ 28.7 million as of September 30, 2021 and have not been recorded on the accompanying consolidated balance sheets. Litigation From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of September 30, 2021, the Company’s reserve for litigation is immaterial . The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.

Net Loss Per Share Attributable

Net Loss Per Share Attributable To Common Stockholders	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Attributable To Common Stockholders	NOTE 15 – NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three months ended 2021 2020 Numerator: Net loss attributable to common stockholders $ ( 75,685 ) $ ( 12,951 ) Denominator: Weighted-average shares used to compute net loss Basic and diluted 95,892 80,216 Net loss per share attributable to common stockholders: Basic and diluted $ ( 0.79 ) $ ( 0.16 ) Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2021 2020 Stock options 5,762 7,894 Restricted stock units 2,895 1,195 Total 8,657 9,089 In addition, approximately 8.5 million shares underlying the conversion option of the Notes are not considered in the calculation of diluted net loss per share. Such number of shares issuable under the Notes is subject to adjustment up to approximately 12.7 million shares if certain corporate events occur prior to the maturity date of the Notes or if the Company issues a notice of redemption. The Company’s current intent is to settle conversions of the Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company uses the "as-if converted" method for calculating any potential dilutive effect of the conversion option on diluted earnings per share, if a pplicable. During the three months ended September 30, 2021, the average market price of the Company’s common stock did not exceed the initial conversion price of the 2027 Notes of $ 414.80 per share; however, it exceeded the initial conversion price of the 2025 Notes of $ 160.88 per share.

The Company and Its Significa_2

The Company and Its Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Offering of Common Stock and Notes	Offering of Common Stock and Notes On September 24, 2021, the Company closed a public offering in which the Company issued and sold a total of 5,073,529 shares of common stock at a public offering price of $ 272.00 per share. The Company received $ 1.3 billion in net proceeds from this public offering, after deducting underwriting discounts, commissions and other offering costs of $ 38.9 million. Concurrent with the public offering of common stock, the Company issued and sold $ 575.0 million in aggregate principal amount of its 0 % convertible notes due on April 1, 2027 (2027 Notes) in a private offering . The Company received $ 560.1 million in net proceeds from the sale of the 2027 Notes, after deducting purchaser discounts, commissions and other offering costs of $ 14.9 million.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending June 30, 2022 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021.
Segment Reporting	Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and revenue generated outside the U.S. are not material
Business Combination	Business Combination The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. The determination of the fair value of assets acquired and liabilities assumed involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the date of the acquisition. Significant management inputs used in the estimation of fair value of assets acquired and liabilities assumed include, but are not limited to, expected future cash flows, future changes in technology, estimated replacement costs, discount rates and assumptions about the period of time the brand will continue to be used in the Company’s product portfolio. Where appropriate, external advisers are consulted to assist in the determination of fair value. For non-observable market values, fair value has been determined using acceptable valuation methods (e.g., relief from royalty methods). The results of operations for businesses acquired are included in the financial statements from the acquisition date. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the tangible and intangible assets acquired and liabilities assumed, including the fair value of acquired intangible assets, an indemnification asset related to certain assumed liabilities, net lease liabilities, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies with a corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including useful lives of long-lived assets, capitalization of internal-use software costs, incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable, acquired card receivables and other financial assets, accrual for rewards, variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for losses on funds held for customers, and income tax. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables, card receivables held for sale, and deposits of cash with a bank (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any significant credit losses relating to its Financial Assets. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on Financial Assets and customer accounts is recognized, if material. As of September 30, 2021, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled $ 3.9 m illion . There were no customers that exceeded 10 % of the Company’s total revenue during the three months ended September 30, 2021 and 2020.
Significant Accounting Policies	Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2021, other than those new accounting policies that were implemented as a result of our business acquisition and the adoption of new accounting standards as described below.
Foreign Currency	Foreign Currency The Company has a foreign subsidiary whose functional currency is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other (expense) income, net in the accompanying condensed consolidated statements of operations
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On July 1, 2021 , the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by removing certain separation models in Subtopic 470-20, Debt—Debt with Conversion and Other Options for convertible instruments. Under this ASU, the embedded conversion features are not required to be separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument is accounted for as a single liability measured at its amortized cost and a convertible preferred stock is accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, this ASU amends the requirement for calculating diluted earnings per share for convertible instruments by using the “if-converted” method instead of the treasury stock method. The Company elected to follow the modified retrospective method upon adopting this ASU with respect to the 2025 Notes, which is the convertible debt that existed at that date. As a result of the adoption, the Company accounts for the 2025 Notes as a single liability and no longer separately accounts for the liability and equity components. The adoption of this ASU also resulted in the derecognition of a deferred tax liability, which represented a basis difference in the face value of the 2025 Notes due to the previous allocation of a portion of the proceeds to the equity component. Additionally, the Company recorded a cumulative adjustment to decrease the beginning balance of the accumulated deficit at July 1, 2021, which represented a reduction in previously recorded amortization of debt discount through June 30, 2021. The following table summarizes the adjustments made to the condensed consolidated balance sheet as of July 1, 2021 as a result of applying the modified retrospective method in adopting this ASU: ASU 2020-06 adjustments As previously Account for the Cumulative As adjusted, Convertible senior notes, net (2025 Notes) $ 909,847 $ 247,231 $ ( 25,316 ) $ 1,131,762 Deferred income tax liability (1) 9,090 ( 2,165 ) ( 3,684 ) 3,241 Additional paid-in capital 2,777,155 ( 245,066 ) — 2,532,089 Accumulated deficit ( 247,467 ) — 29,000 ( 218,467 ) (1) The balance at June 30, 2021 included $ 5.8 million of deferred tax liability associated with the allocation of the 2025 Notes into equity. On July 1, 2021 , the Company adopted FASB ASU 2020—04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting in response to concerns about structural risks of the cessation of LIBOR. It also provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU applies only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The Company’s credit agreements reference both LIBOR and an alternative rate to replace LIBOR; therefore, the adoption of this ASU did no t have a material impact on the Company’s condensed consolidated financial statements. On July 1, 2021 , the Company adopted ASU 2017—04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the second step of the goodwill impairment test that required a calculation of the implied fair value of goodwill following the procedures that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Accordingly, a goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The adoption of this ASU did no t have a material impact on the Company's condensed consolidated financial statements.

The Company and Its Significa_3

The Company and Its Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Condensed Consolidated Balance Sheet	The following table summarizes the adjustments made to the condensed consolidated balance sheet as of July 1, 2021 as a result of applying the modified retrospective method in adopting this ASU: ASU 2020-06 adjustments As previously Account for the Cumulative As adjusted, Convertible senior notes, net (2025 Notes) $ 909,847 $ 247,231 $ ( 25,316 ) $ 1,131,762 Deferred income tax liability (1) 9,090 ( 2,165 ) ( 3,684 ) 3,241 Additional paid-in capital 2,777,155 ( 245,066 ) — 2,532,089 Accumulated deficit ( 247,467 ) — 29,000 ( 218,467 ) (1) The balance at June 30, 2021 included $ 5.8 million of deferred tax liability associated with the allocation of the 2025 Notes into equity.

Revenue, Performance Obligati_2

Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue (Tables)	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category	The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by customer category, and revenue from interest on funds held for customers (in thousands). Three months ended 2021 2020 Small-to-midsize business and accounting firm customers $ 111,656 $ 40,899 Financial institution customers 3,956 2,889 Total subscription and transaction fees 115,612 43,788 Interest on funds held for customers 791 2,421 Total revenue $ 116,403 $ 46,209

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Sep. 30, 2021
Invoice2go, Inc.
Business Acquisition [Line Items]
Summary of Acquisition Purchase Consideration	The acquisition purchase consideration totaled $ 674.3 million , which consisted of the following (in thousands): Equity consideration (1) $ 510,218 Cash 164,087 Total $ 674,305 (1) This includes 1,788,372 shares of the Company’s common stock issued with a fair value based upon the opening market price on the acquisition date. This also includes the stock options assumed to replace stock options that were outstanding on the acquisition date under Invoice2go's 2014 Equity Incentive Plan (Invoice2go 2014 Plan). The fair value of these stock options was $ 21.7 million, which was the amount attributable to the pre-combination requisite service period.
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 19,738 Accounts receivable and other assets 4,518 Intangible assets 91,219 Total identifiable assets acquired 115,475 Accounts payable and other liabilities ( 26,618 ) Net identifiable assets acquired 88,857 Goodwill 585,448 Net assets acquired $ 674,305
Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives	The preliminary fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows: Preliminary Weighted average Customer relationships $ 61,269 10.0 Developed technology 15,908 3.0 Trade name 14,042 3.0 Total $ 91,219 7.7
Summary of Unaudited Proforma Financial Information	Below is the unaudited pro forma financial information of the combined results of operations as if the acquisition occurred on July 1, 2020 (in thousands): Three months ended 2021 (1) 2020 (2) Total revenue $ 124,867 $ 50,023 Net loss $ ( 74,999 ) $ ( 39,969 ) (1) Includes proforma results of the Company, Divvy and Invoice2go. (2) Includes proforma results of the Company and Invoice2go (excluding Divvy).
DivvyPay, Inc.
Business Acquisition [Line Items]
Summary of Unaudited Proforma Financial Information	Below is the unaudited pro forma financial information of the combined results of operations during the three months ended September 30, 2020 as if the acquisition occurred on July 1, 2019 (in thousands): Three months ended (1) Total revenue $ 58,967 Net loss $ ( 64,067 ) (1) Includes proforma results of the Company and Divvy (excluding Invoice2go).

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis	he following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,704,202 $ — $ — $ 1,704,202 U.S. treasury securities 74,998 — — 74,998 1,779,200 — — 1,779,200 Short-term investments: Corporate bonds — 580,485 — 580,485 U.S. treasury securities 198,481 — — 198,481 Asset-backed securities — 32,019 — 32,019 Certificates of deposit — 10,569 — 10,569 198,481 623,073 — 821,554 Funds held for customers: Restricted cash equivalents 5,150 52,814 — 57,964 Corporate bonds — 575,327 — 575,327 Certificates of deposit — 385,097 — 385,097 Municipal bonds — 14,726 — 14,726 Asset-backed securities — 35,712 — 35,712 U.S. treasury securities 6,113 — — 6,113 11,263 1,063,676 — 1,074,939 Beneficial interest derivative on — — 2,693 2,693 Total assets measured at fair value $ 1,988,944 $ 1,686,749 $ 2,693 $ 3,678,386 June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 365,550 $ — $ — $ 365,550 Corporate bonds — 15,499 — 15,499 365,550 15,499 — 381,049 Short-term investments: Corporate bonds — 466,459 — 466,459 U.S. treasury securities 155,674 — — 155,674 Asset-backed securities — 26,406 — 26,406 Certificates of deposit — 6,775 — 6,775 155,674 499,640 — 655,314 Funds held for customers: Restricted cash equivalents 6,887 79,435 — 86,322 Corporate bonds — 516,350 — 516,350 Certificates of deposit — 326,927 — 326,927 Municipal bonds — 42,957 — 42,957 Asset-backed securities — 25,085 — 25,085 U.S. treasury securities 3,009 — — 3,009 9,896 990,754 — 1,000,650 Beneficial interest derivative on — — 2,252 2,252 Total assets measured at fair value $ 531,120 $ 1,505,893 $ 2,252 $ 2,039,265

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	Short-term investments consisted of the following as of the dates presented (in thousands): September 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 580,451 $ 99 $ ( 65 ) $ 580,485 U.S. treasury securities 198,459 24 ( 2 ) 198,481 Asset-backed securities 32,016 6 ( 3 ) 32,019 Certificates of deposit 10,569 — — 10,569 Total $ 821,495 $ 129 $ ( 70 ) $ 821,554 June 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 466,403 $ 111 $ ( 55 ) $ 466,459 U.S. treasury securities 155,663 16 ( 5 ) 155,674 Asset-backed securities 26,391 16 ( 1 ) 26,406 Certificates of deposit 6,775 — — 6,775 Total $ 655,232 $ 143 $ ( 61 ) $ 655,314
Schedule of Gross Unrealized Loss and Fair Values	The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2021 Fair value Unrealized Corporate bonds $ 189,301 $ ( 65 ) U.S. treasury securities 45,190 ( 2 ) Asset backed securities 17,928 ( 3 ) Total $ 252,419 $ ( 70 ) June 30, 2021 Fair value Unrealized Corporate bonds $ 152,485 $ ( 55 ) U.S. treasury securities 85,466 ( 5 ) Asset backed securities 8,089 ( 1 ) Total $ 246,040 $ ( 61 )

Funds Held for Customers (Table

Funds Held for Customers (Tables)	3 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Funds Held For Customers	Funds held for customers consisted of the following as of the dates presented (in thousands): September 30, June 30, 2021 2021 Restricted cash and other receivables $ 1,357,620 $ 1,208,598 Restricted cash equivalents 57,964 86,322 Corporate bonds 575,327 516,350 Certificates of deposit 385,097 326,927 Municipal bonds 14,726 42,957 Asset backed securities 35,712 25,085 U.S. treasury securities 6,113 3,009 Total funds held for customers 2,432,559 2,209,248 Less - income earned by the Company ( 38 ) ( 650 ) Total funds held for customers, net $ 2,432,521 $ 2,208,598
Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities	Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): September 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 575,354 $ 23 $ ( 50 ) $ 575,327 Certificates of deposit 385,097 — — 385,097 Municipal bonds 14,724 2 — 14,726 Asset backed securities 35,709 5 ( 2 ) 35,712 U.S. treasury securities 6,113 — — 6,113 Total $ 1,016,997 $ 30 $ ( 52 ) $ 1,016,975 June 30, 2021 Amortized Gross Gross Fair value Corporate bonds $ 516,364 $ 24 $ ( 38 ) $ 516,350 Certificates of deposit 326,927 — — 326,927 Municipal bonds 42,952 5 — 42,957 Asset backed securities 25,081 4 — 25,085 U.S. treasury securities 3,010 — ( 1 ) 3,009 Total $ 914,334 $ 33 $ ( 39 ) $ 914,328
Summary of Gross Unrealized Losses And Fair Values	As of September 30, 2021, approximately 90 of the more than 300 inve stment positions were in an unrealized loss position. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2021 Fair value Unrealized Corporate bonds $ 113,924 $ ( 50 ) Asset backed securities 15,335 ( 2 ) Total $ 129,259 $ ( 52 ) June 30, 2021 Fair value Unrealized Corporate bonds $ 79,359 $ ( 38 ) U.S. treasury securities 2,501 ( 1 ) Total $ 81,860 $ ( 39 )

Acquired Card Receivables (Tabl

Acquired Card Receivables (Tables)	3 Months Ended
	Sep. 30, 2021
Acquired Card Receivables [Abstract]
Schedule of Acquired Card Receivables	Acquired card receivables consisted of the following as of the dates presented (in thousands): September 30, June 30, 2021 2021 Gross amount of acquired card receivables $ 178,055 $ 148,833 Less: allowance for credit losses ( 3,717 ) ( 1,740 ) Total $ 174,338 $ 147,093
Summary of Acquired Card Receivables by Class	Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands): September 30, June 30, 2021 2021 Current and less than 30 days past due $ 173,272 $ 145,993 30 ~ 59 days past due 1,992 1,188 60 ~ 89 days past due 1,581 580 90 ~ 119 days past due 883 713 Over 119 days past due 327 359 Total $ 178,055 $ 148,833
Summary of Change in Allowance for Credit Losses	Below is a summary of the changes in allowance for credit losses as of the dates presented (in thousands): September 30, June 30, 2021 2021 Balance, beginning $ 1,740 $ — Initial allowance for credit losses on purchased 14 2,082 Provision for expected credit losses 4,035 462 Charge-off amounts ( 2,276 ) ( 828 ) Recoveries collected 204 24 Balance, end of period $ 3,717 $ 1,740
Summary of Acquired Card Receivables Considered PCD Assets	The acquired card receivables that were considered PCD assets were not material as of September 30, 2021. The table below shows a summary of the acquired card receivables that were considered PCD assets as of June 30, 2021 (in thousands). Purchase price $ 3,855 Allowance for credit losses 2,082 Less: discount attributable to other factors ( 79 ) Par value $ 5,858
Summary of Transferred Card Receivables by Class	Below is a summary of transferred card receivables by class (i.e., past due status) as of the periods presented (in thousands): September 30, June 30, 2021 2021 Current and less than 30 days past due $ 41,372 $ 28,687 30 ~ 59 days past due 861 240 60 ~ 89 days past due 444 165 90 ~ 119 days past due 219 301 Over 119 days past due 9 132 Total $ 42,905 $ 29,525

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill	Goodwill, which is primarily attributable to expected synergies from acquisitions and is not deductible for U.S. federal and state income tax purposes, consisted of the following (in thousands): September 30, June 30, 2021 2021 Balance, beginning $ 1,772,043 $ — Addition related to acquisition during the period 585,448 1,772,043 Measurement period adjustments ( 2,679 ) — Balance, ending $ 2,354,812 $ 1,772,043
Schedule of Intangible Assets	Intangible assets consisted of the following (amounts in thousands): Gross amount Accumulated amortization Net carrying amount Weighted- June 30, Additions September 30, June 30, Amortization September 30, June 30, September 30, Customer relationships $ 198,000 $ 61,269 $ 259,269 $ ( 2,062 ) $ ( 5,049 ) $ ( 7,111 ) $ 195,938 $ 252,158 9.7 Developed technology 191,000 15,908 206,908 ( 2,653 ) ( 8,401 ) ( 11,054 ) 188,347 195,854 5.5 Trade name 34,000 14,042 48,042 ( 944 ) ( 3,222 ) ( 4,166 ) 33,056 43,876 2.8 Total $ 423,000 $ 91,219 $ 514,219 $ ( 5,659 ) $ ( 16,672 ) $ ( 22,331 ) $ 417,341 $ 491,888 7.4
Schedule of Amortization of Finite-Lived Intangible Assets	Amortization of finite-lived intangible assets was as follows during the three months ended September 30, 2021 (in thousands): Cost of revenue $ 8,401 Sales and marketing 8,271 Total $ 16,672
Schedule of Future Amortization of Finite-Lived Intangible Assets	As of September 30, 2021, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 59,306 2023 79,075 2024 78,147 2025 59,425 2026 57,763 Thereafter 158,172 Total $ 491,888

Debt and Bank Borrowings (Table

Debt and Bank Borrowings (Tables)	3 Months Ended
	Sep. 30, 2021
Debt Instrument [Line Items]
Schedule of Debt	As of September 30, 2021 and June 30, 2021, the Notes consisted of the following: September 30, 2021 June 30, 2021 2027 Notes 2025 Notes 2025 Notes Liability component: Principal $ 575,000 $ 1,150,000 $ 1,150,000 Less: unamortized debt discount and issuance costs ( 14,887 ) ( 17,207 ) ( 240,153 ) Net carrying amount $ 560,113 $ 1,132,793 $ 909,847 Amount allocated to equity component, net of issuance costs and tax $ — $ — $ 245,066
Schedule Of Debt and Borrowings	Debt and borrowings consisted of the following (in thousands): September 30, June 30, Convertible senior notes: 2027 Notes, principal $ 575,000 $ — 2025 Notes, principal 1,150,000 1,150,000 Total principal amount of convertible senior notes 1,725,000 1,150,000 Credit facilities: 2021 revolving credit agreement (Class A) 37,500 37,500 2021 revolving credit agreement (Class B) 10,000 10,000 2019 credit agreement 30,000 30,000 Total principal borrowings from credit facilities 77,500 77,500 Total principal amount of debt and borrowings 1,802,500 1,227,500 Less: unamortized debt discount and issuance costs ( 30,580 ) ( 238,119 ) Net carrying value of debt and borrowings $ 1,771,920 $ 989,381 Net carrying value of debt and borrowings consisted of: 2025 Notes, net $ 1,132,793 $ 909,847 2027 Notes, net 560,113 — Borrowings from credit facilities 79,014 79,534 Total $ 1,771,920 $ 989,381

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP	Stock-based compensation cost from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three months ended 2021 2020 Cost of revenue $ 1,127 $ 601 Research and development 10,560 3,069 Sales and marketing 8,114 1,504 General and administrative 18,086 4,720 Total amount charged to expense 37,887 9,894 Property and equipment (capitalized internal-use software) 940 — Total stock-based compensation cost $ 38,827 $ 9,894

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	3 Months Ended
	Sep. 30, 2021
Other Income, Nonoperating [Abstract]
Schedule of Other (Expense) Income, Net	Other (expense) income, net consisted of the following for the periods presented (in thousands): Three months ended 2021 2020 Interest expense $ ( 1,828 ) $ 864 Loss on sale of card receivables ( 1,676 ) — Interest income 501 ( 30 ) Other ( 472 ) ( 4 ) Total $ ( 3,475 ) $ 830

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Future Minimum Lease Payments	Future minimum lease payments as of September 30, 2021 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2022 $ 10,310 2023 13,469 2024 12,934 2025 12,679 2026 12,516 2027 12,865 Thereafter 47,950 Gross lease payments 122,723 Less - present value adjustments ( 24,928 ) Total operating lease liabilities, net $ 97,795
Components Of Lease Expense	The components of lease expense during the three months ended September 30, 2021 and 2020 is shown on the table below (in thousands). Three months ended 2021 2020 Operating lease expense $ 3,180 $ 1,547 Short-term lease expense 82 141 Variable lease expense 598 668 Sublease income ( 182 ) — Total $ 3,678 $ 2,356

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Payments Under Other Agreements	Future payments under these agreements are as follows as of September 30, 2021 (in thousands): Fiscal years ending June 30: Amount Remainder of 2022 $ 9,358 2023 11,455 2024 7,071 2025 2,350 2026 1,750 2027 1,750 Total $ 33,734

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable To Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three months ended 2021 2020 Numerator: Net loss attributable to common stockholders $ ( 75,685 ) $ ( 12,951 ) Denominator: Weighted-average shares used to compute net loss Basic and diluted 95,892 80,216 Net loss per share attributable to common stockholders: Basic and diluted $ ( 0.79 ) $ ( 0.16 )
Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation	Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2021 2020 Stock options 5,762 7,894 Restricted stock units 2,895 1,195 Total 8,657 9,089

The Company and Its Significa_4

The Company and Its Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	Sep. 24, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)CustomerSegment
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Number of operating segments | Segment		1
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs		$ 1,341,597
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs		562,704
Allowance for potential credit losses related to accounts receivable and acquired card receivables		$ 3,900
ASU 2017-04
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption Date		Jul. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
ASU 2020-06
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false]		true
Change In Accounting Principle Accounting Standards Update Adoption Date		Jul. 1, 2021
ASU 2020-04
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption Date		Jul. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
2027 Notes
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Debt instrument, aggregate principal amount	$ 575,000	$ 575,000
Debt stated percentage	0.00%	0.00%
Debt instrument, maturity date	Apr. 1, 2027
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs	$ 560,100
Debt issuance costs	$ 14,900
IPO
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Shares issued | shares	5,073,529
Shares issued price to public per share | $ / shares	$ 272
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs	$ 1,300,000
Underwriting discounts, commissions and other offering costs	$ 38,900
Revenue Benchmark | Customer Concentration Risk
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Number of customers exceed 10% of revenue | Customer		0
Revenue Benchmark | Customer Concentration Risk | No Customer
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Concentration percentage		10.00%

The Company and Its Significa_5

The Company and Its Significant Accounting Policies - Schedule of Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 01, 2021	Jun. 30, 2021
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Convertible senior notes, net (2025 Notes)	$ 560,113	$ 1,131,762	$ 909,847
Deferred income tax liability	3,877	3,241	9,090
Additional paid-in capital	4,403,500	2,532,089	2,777,155
Accumulated deficit	$ (294,152)	(218,467)	$ (247,467)
2025 Notes | ASU 2020-06 adjustments
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Convertible senior notes, net (2025 Notes)		247,231
Deferred income tax liability		(2,165)
Additional paid-in capital		(245,066)
Cummulative effect adjustments | ASU 2020-06 adjustments
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Convertible senior notes, net (2025 Notes)		(25,316)
Deferred income tax liability		(3,684)
Accumulated deficit		$ 29,000

The Company and Its Significa_6

The Company and Its Significant Accounting Policies - Schedule of Condensed Consolidated Balance Sheet (Parenthetical) (Details) $ in Millions	Jun. 30, 2021USD ($)
ASU 2020-06 adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liabilities associated with allocation of notes into equity	$ 5.8

Revenue, Performance Obligati_3

Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue - Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 116,403	$ 46,209
Subscription and Transaction Fees
Disaggregation Of Revenue [Line Items]
Total revenue	115,612	43,788
Subscription and Transaction Fees | Small-to-midsize Business and Accounting Firm Customers
Disaggregation Of Revenue [Line Items]
Total revenue	111,656	40,899
Subscription and Transaction Fees | Financial Institution Customers
Disaggregation Of Revenue [Line Items]
Total revenue	3,956	2,889
Interest on Funds Held for Customers
Disaggregation Of Revenue [Line Items]
Total revenue	$ 791	$ 2,421

Revenue, Performance Obligati_4

Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Revenue, Deferred Revenue and Performance Obligations [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 152.8
Aggregate amount of transaction price allocated to performance obligations, description	Once the services for the Company’s significant contracts have launched, the Company expects the amount of revenue to be recognized for the remaining transaction price will be materially consistent over the next two to five years.
Deferred revenue, recognized	$ 2.3
Deferred revenue		$ 2.3
Unbilled revenue	$ 9.3	$ 8.1

Revenue, Performance Obligati_5

Revenue, Performance Obligations, Deferred Revenue and Unbilled Revenue - Additional Information (Details1) $ in Millions	Sep. 30, 2021USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 152.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 43
Aggregate amount of transaction price allocated to performance obligations, percentage	28.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($)		Sep. 01, 2021	Jun. 01, 2021	Sep. 30, 2021	Sep. 30, 2021		Sep. 30, 2020		Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill				$ 2,354,812,000	$ 2,354,812,000				$ 1,772,043,000
Total revenue					116,403,000		$ 46,209,000
Net loss					75,685,000		12,951,000
Invoice2go, Inc.
Business Acquisition [Line Items]
Acquisition date		Sep. 1, 2021
Business combination, percentage of outstanding equity interests acquired		100.00%
Acquisition purchase consideration		$ 674,305,000
Goodwill		585,448,000		585,400,000	585,400,000
Goodwill expected to be deductible for income tax purposes		0
Changes in recognized amount of goodwill					0
Costs associated with issuance and registration of shares issued		$ 200,000
Total revenue				1,300,000
Net loss				$ 5,000,000
Proforma net loss					74,999,000	[1]	39,969,000	[2]
Invoice2go, Inc. | Discount Rate | Customer Relationships
Business Acquisition [Line Items]
Fair value measurement input		0.123
Invoice2go, Inc. | Discount Rate | Developed Technology
Business Acquisition [Line Items]
Fair value measurement input		0.123
Invoice2go, Inc. | Discount Rate | Trade Name
Business Acquisition [Line Items]
Fair value measurement input		0.123
Invoice2go, Inc. | Pre-tax Royalty Rate | Developed Technology
Business Acquisition [Line Items]
Fair value measurement input		0.150
Invoice2go, Inc. | Pre-tax Royalty Rate | Trade Name
Business Acquisition [Line Items]
Fair value measurement input		0.025
Invoice2go, Inc. | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition-related costs		$ 3,700,000
Invoice2go, Inc. | Nonrecurring Acquisition-Related Costs
Business Acquisition [Line Items]
Proforma net loss					19,000,000		20,600,000
DivvyPay, Inc.
Business Acquisition [Line Items]
Acquisition date			Jun. 1, 2021
Business combination, percentage of outstanding equity interests acquired			100.00%
Acquisition purchase consideration			$ 2,300,000,000
Changes in recognized amount of goodwill					$ (2,700,000)
Proforma net loss	[3]						$ 64,067,000
[1]	Includes proforma results of the Company, Divvy and Invoice2go.
[2]	Includes proforma results of the Company and Invoice2go (excluding Divvy).
[3]	Includes proforma results of the Company and Divvy (excluding Invoice2go).

Business Combinations - Summary

Business Combinations - Summary of Acquisition Purchase Consideration (Details) - Invoice2go, Inc. $ in Thousands	Sep. 01, 2021USD ($)
Business Acquisition [Line Items]
Equity consideration	$ 510,218
Cash	164,087
Total	$ 674,305

Business Combinations - Summa_2

Business Combinations - Summary of Acquisition Purchase Consideration (Parenthetical) (Details) - Invoice2go, Inc. $ in Millions	Sep. 01, 2021USD ($)shares
Business Acquisition [Line Items]
Business acquisition, common stock issued | shares	1,788,372
2014 Equity Incentive Plan
Business Acquisition [Line Items]
Fair value of stock options | $	$ 21.7

Business Combinations - Summa_3

Business Combinations - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 01, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,354,812		$ 1,772,043
Invoice2go, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 19,738
Accounts receivable and other assets		4,518
Intangible assets		91,219
Total identifiable assets acquired		115,475
Accounts payable and other liabilities		(26,618)
Net identifiable assets acquired		88,857
Goodwill	$ 585,400	585,448
Net assets acquired		$ 674,305

Business Combinations - Summa_4

Business Combinations - Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($) $ in Thousands	Sep. 01, 2021	Sep. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Preliminary fair value		$ 514,219	$ 423,000
Customer Relationships
Business Acquisition [Line Items]
Preliminary fair value		259,269	198,000
Developed Technology
Business Acquisition [Line Items]
Preliminary fair value		206,908	191,000
Trade Name
Business Acquisition [Line Items]
Preliminary fair value		$ 48,042	$ 34,000
Invoice2go, Inc.
Business Acquisition [Line Items]
Preliminary fair value	$ 91,219
Weighted average useful life (In years)	7 years 8 months 12 days
Invoice2go, Inc. | Customer Relationships
Business Acquisition [Line Items]
Preliminary fair value	$ 61,269
Weighted average useful life (In years)	10 years
Invoice2go, Inc. | Developed Technology
Business Acquisition [Line Items]
Preliminary fair value	$ 15,908
Weighted average useful life (In years)	3 years
Invoice2go, Inc. | Trade Name
Business Acquisition [Line Items]
Preliminary fair value	$ 14,042
Weighted average useful life (In years)	3 years

Business Combinations - Summa_5

Business Combinations - Summary of Unaudited Proforma Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Sep. 30, 2021	[1]	Sep. 30, 2020
Invoice2go, Inc.
Business Acquisition [Line Items]
Total revenue		$ 124,867		$ 50,023	[2]
Net loss		$ (74,999)		(39,969)	[2]
DivvyPay, Inc.
Business Acquisition [Line Items]
Total revenue	[3]			58,967
Net loss	[3]			$ (64,067)
[1]	Includes proforma results of the Company, Divvy and Invoice2go.
[2]	Includes proforma results of the Company and Invoice2go (excluding Divvy).
[3]	Includes proforma results of the Company and Divvy (excluding Invoice2go).

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets
Cash equivalents	$ 1,779,200	$ 381,049
Short-term investments	821,554	655,314
Funds held for customers	1,074,939	1,000,650
Beneficial interest derivative on card receivables sold	2,693	2,252
Total assets measured at fair value	3,678,386	2,039,265
Money Market Funds
Assets
Cash equivalents	1,704,202	365,550
U.S. Treasury Securities
Assets
Cash equivalents	74,998
Short-term investments	198,481	155,674
Funds held for customers	6,113	3,009
Corporate Bonds
Assets
Cash equivalents		15,499
Short-term investments	580,485	466,459
Funds held for customers	575,327	516,350
Asset Backed Securities
Assets
Short-term investments	32,019	26,406
Funds held for customers	35,712	25,085
Restricted Cash Equivalents
Assets
Funds held for customers	57,964	86,322
Certificates of Deposit
Assets
Short-term investments	10,569	6,775
Funds held for customers	385,097	326,927
Municipal Bonds
Assets
Funds held for customers	14,726	42,957
Level 1
Assets
Cash equivalents	1,779,200	365,550
Short-term investments	198,481	155,674
Funds held for customers	11,263	9,896
Total assets measured at fair value	1,988,944	531,120
Level 1 | Money Market Funds
Assets
Cash equivalents	1,704,202	365,550
Level 1 | U.S. Treasury Securities
Assets
Cash equivalents	74,998
Short-term investments	198,481	155,674
Funds held for customers	6,113	3,009
Level 1 | Restricted Cash Equivalents
Assets
Funds held for customers	5,150	6,887
Level 2
Assets
Cash equivalents		15,499
Short-term investments	623,073	499,640
Funds held for customers	1,063,676	990,754
Total assets measured at fair value	1,686,749	1,505,893
Level 2 | Corporate Bonds
Assets
Cash equivalents		15,499
Short-term investments	580,485	466,459
Funds held for customers	575,327	516,350
Level 2 | Asset Backed Securities
Assets
Short-term investments	32,019	26,406
Funds held for customers	35,712	25,085
Level 2 | Restricted Cash Equivalents
Assets
Funds held for customers	52,814	79,435
Level 2 | Certificates of Deposit
Assets
Short-term investments	10,569	6,775
Funds held for customers	385,097	326,927
Level 2 | Municipal Bonds
Assets
Funds held for customers	14,726	42,957
Level 3
Assets
Beneficial interest derivative on card receivables sold	2,693	2,252
Total assets measured at fair value	$ 2,693	$ 2,252

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 24, 2021USD ($)	Nov. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets amount transfer from level 1 to level 2	$ 0	$ 0
Fair value assets amount transfer from level 2 to level 1	0	0
Fair value liabilities amount transfer from level 1 to level 2	0	0
Fair value liabilities amount transfer from level 2 to level 1	0	0
Fair value assets amount transfer into level 3	0	0
Fair value assets amount transfer out of level 3	0	0
Fair value liabilities amount transfer into level 3	0	0
Fair value liabilities amount transfer out of level 3	0	$ 0
2025 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount	$ 1,150,000,000			$ 1,150,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%			0.00%
Debt Instrument, Fair Value Estimated	$ 2,000,000,000
2027 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount	$ 575,000,000		$ 575,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		0.00%
Debt Instrument, Fair Value Estimated	$ 603,700,000
Valuation Technique, Discounted Cash Flow | Level 3 | Loss Rate Estimate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beneficial interest derivative on card receivables sold measurement input	0.025
Valuation Technique, Discounted Cash Flow | Level 3 | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beneficial interest derivative on card receivables sold measurement input	0.138

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	$ 821,495	$ 655,232
Short-term investments, Gross unrealized gains	129	143
Short-term investments, Gross unrealized losses	(70)	(61)
Short-term investments	821,554	655,314
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	580,451	466,403
Short-term investments, Gross unrealized gains	99	111
Short-term investments, Gross unrealized losses	(65)	(55)
Short-term investments	580,485	466,459
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	198,459	155,663
Short-term investments, Gross unrealized gains	24	16
Short-term investments, Gross unrealized losses	(2)	(5)
Short-term investments	198,481	155,674
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	32,016	26,391
Short-term investments, Gross unrealized gains	6	16
Short-term investments, Gross unrealized losses	(3)	(1)
Short-term investments	32,019	26,406
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	10,569	6,775
Short-term investments, Gross unrealized gains	0	0
Short-term investments, Gross unrealized losses	0	0
Short-term investments	$ 10,569	$ 6,775

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details)	3 Months Ended
	Sep. 30, 2021USD ($)InvestmentPosition	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 821,495,000		$ 655,232,000
Short-term investments mature within one year	$ 625,800,000		$ 495,800,000
Percentage of short-term investments maturing within one year	76.00%		76.00%
Short-term investments mature thereafter	$ 195,800,000		$ 159,500,000
Percentage of short-term investments maturing thereafter	24.00%		24.00%
Short-term investments realized gains or losses	$ 0	$ 0
Number of investments in unrealized loss positions | InvestmentPosition	120
Allowance for credit losses on investments that were in an unrealized loss position	$ 0		$ 0
Minimum
Schedule Of Available For Sale Securities [Line Items]
Number of investment positions | InvestmentPosition	300
Accrued Interest Receivable
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 2,300,000		2,500,000
Fair value	$ 2,300,000		$ 2,500,000

Short-Term Investments - Sche_2

Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 252,419	$ 246,040
Unrealized losses	(70)	(61)
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value	189,301	152,485
Unrealized losses	(65)	(55)
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	45,190	85,466
Unrealized losses	(2)	(5)
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	17,928	8,089
Unrealized losses	$ (3)	$ (1)

Funds Held for Customers - Summ

Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Funds Held For Customers [Line Items]
Total funds held for customers	$ 2,432,559	$ 2,209,248
Total funds held for customers, net of income earned by the Company	2,432,521	2,208,598
Other Current Assets
Funds Held For Customers [Line Items]
Less - income earned by the Company	(38)	(650)
Certificates of Deposit
Funds Held For Customers [Line Items]
Total funds held for customers	385,097	326,927
Restricted Cash and Other Receivables
Funds Held For Customers [Line Items]
Total funds held for customers	1,357,620	1,208,598
Restricted Cash Equivalents
Funds Held For Customers [Line Items]
Total funds held for customers	57,964	86,322
Corporate Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	575,327	516,350
Asset Backed Securities
Funds Held For Customers [Line Items]
Total funds held for customers	35,712	25,085
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Total funds held for customers	6,113	3,009
Municipal Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	$ 14,726	$ 42,957

Funds Held for Customers - Su_2

Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Funds Held For Customers [Line Items]
Amortized cost	$ 1,016,997	$ 914,334
Gross unrealized gains	30	33
Gross unrealized losses	(52)	(39)
Fair value	1,016,975	914,328
Certificates of Deposit
Funds Held For Customers [Line Items]
Amortized cost	385,097	326,927
Fair value	385,097	326,927
Municipal Bonds
Funds Held For Customers [Line Items]
Amortized cost	14,724	42,952
Gross unrealized gains	2	5
Fair value	14,726	42,957
Corporate Bonds
Funds Held For Customers [Line Items]
Amortized cost	575,354	516,364
Gross unrealized gains	23	24
Gross unrealized losses	(50)	(38)
Fair value	575,327	516,350
Asset Backed Securities
Funds Held For Customers [Line Items]
Amortized cost	35,709	25,081
Gross unrealized gains	5	4
Gross unrealized losses	(2)
Fair value	35,712	25,085
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Amortized cost	6,113	3,010
Gross unrealized losses		(1)
Fair value	$ 6,113	$ 3,009

Funds Held for Customers - Addi

Funds Held for Customers - Additional Information (Details)	Sep. 30, 2021USD ($)InvestmentPosition	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Funds Held For Customers [Line Items]
Amortized Cost	$ 1,016,997,000	$ 914,334,000
Fair value	$ 1,016,975,000	$ 914,328,000
Debt securities percentage mature within one year	96.00%	97.00%
Short term marketable debt realized gains or losses	$ 0		$ 0
Debt securities mature within one year	$ 980,800,000	$ 882,400,000
Debt securities percentage mature thereafter	4.00%	3.00%
Debt securities mature thereafter	$ 36,200,000	$ 31,900,000
Number of unrealized loss investment positions | InvestmentPosition	90
Minimum
Funds Held For Customers [Line Items]
Number of investment positions | InvestmentPosition	300
Accrued Interest Receivable
Funds Held For Customers [Line Items]
Amortized Cost	$ 1,400,000	1,900,000
Fair value	$ 1,400,000	$ 1,900,000

Funds Held for Customers - Su_3

Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Funds Held For Customers [Line Items]
Fair value	$ 129,259	$ 81,860
Unrealized losses	(52)	(39)
Corporate Bonds
Funds Held For Customers [Line Items]
Fair value	113,924	79,359
Unrealized losses	(50)	(38)
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Fair value		2,501
Unrealized losses		$ (1)
Asset Backed Securities
Funds Held For Customers [Line Items]
Fair value	15,335
Unrealized losses	$ (2)

Acquired Card Receivables - Sch

Acquired Card Receivables - Schedule of Acquired Card Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Acquired Card Receivables [Abstract]
Gross amount of acquired card receivables	$ 178,055	$ 148,833
Less: allowance for credit losses	(3,717)	(1,740)
Total	$ 174,338	$ 147,093

Acquired Card Receivables - Add

Acquired Card Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Acquired card receivable as collateral	$ 165.8
Grace period to payment on acquired card receivables	5 days
Acquired card receivables, minimum number of past due days to accrue fees	90 days
Cash proceeds and other assets received from card receivables	$ 259
Prepaid Expenses and Other Current Assets
Financing Receivable, Past Due [Line Items]
Card receivables held for sale, amount	3.5	$ 2.6
Fair value of beneficial interest derivative	$ 2.7	$ 2.3

Acquired Card Receivables - Sum

Acquired Card Receivables - Summary of Acquired Card Receivables by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 178,055	$ 148,833
Current and Less than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	173,272	145,993
30 ~ 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,992	1,188
60 ~ 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,581	580
90 ~ 119 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	883	713
Over 119 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	$ 327	$ 359

Acquired Card Receivables - S_2

Acquired Card Receivables - Summary of Change in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Acquired Card Receivables [Abstract]
Balance, beginning	$ 1,740
Initial allowance for credit losses on purchased card receivables with credit deterioration	14	$ 2,082
Provision for expected credit losses	4,035	462
Charge-off amounts	(2,276)	(828)
Recoveries collected	204	24
Balance, end of period	$ 3,717	$ 1,740

Acquired Card Receivables - S_3

Acquired Card Receivables - Summary of Acquired Card Receivables Considered PCD Assets (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021USD ($)
Acquired Card Receivables [Abstract]
Purchase price	$ 3,855
Allowance for credit losses	2,082
Less: discount attributable to other factors	(79)
Par value	$ 5,858

Acquired Card Receivables - S_4

Acquired Card Receivables - Summary of Transferred Card Receivables by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 42,905	$ 29,525
Current and Less than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	41,372	28,687
30 ~ 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	861	240
60 ~ 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	444	165
90 ~ 119 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	219	301
Over 119 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	$ 9	$ 132

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Balance, beginning	$ 1,772,043
Addition related to acquisition during the period	585,448	$ 1,772,043
Measurement period adjustments	(2,679)
Balance, ending	$ 2,354,812	$ 1,772,043

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 514,219	$ 423,000
Gross amount, Additions	91,219
Accumulated amortization	(22,331)	(5,659)
Accumulated amortization, Amortization expense	(16,672)
Net carrying amount	$ 491,888	417,341
Weighted-average remaining useful life (in years)	7 years 4 months 24 days
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 259,269	198,000
Gross amount, Additions	61,269
Accumulated amortization	(7,111)	(2,062)
Accumulated amortization, Amortization expense	(5,049)
Net carrying amount	$ 252,158	195,938
Weighted-average remaining useful life (in years)	9 years 8 months 12 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 206,908	191,000
Gross amount, Additions	15,908
Accumulated amortization	(11,054)	(2,653)
Accumulated amortization, Amortization expense	(8,401)
Net carrying amount	$ 195,854	188,347
Weighted-average remaining useful life (in years)	5 years 6 months
Trade Name
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 48,042	34,000
Gross amount, Additions	14,042
Accumulated amortization	(4,166)	(944)
Accumulated amortization, Amortization expense	(3,222)
Net carrying amount	$ 43,876	$ 33,056
Weighted-average remaining useful life (in years)	2 years 9 months 18 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Amortization of Finite-Lived Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	$ 16,672
Cost of Revenue
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	8,401
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	$ 8,271

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Future Amortization of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 59,306
2023	79,075
2024	78,147
2025	59,425
2026	57,763
Thereafter	158,172
Net carrying amount	$ 491,888	$ 417,341

Significant Balance Sheet Compo

Significant Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 51,142	$ 48,902

Significant Balance Sheet Com_2

Significant Balance Sheet Components - Schedule of Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization	$ 2,388	$ 924

Significant Balance Sheet Com_3

Significant Balance Sheet Components - Schedule of Other accrued and Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Total	$ 79,296	$ 72,022

Debt and Borrowings - Schedule

Debt and Borrowings - Schedule of Debt and Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 1,802,500	$ 1,227,500
Less: unamortized debt discount and issuance costs	(30,580)	(238,119)
Net carrying value of debt and borrowings	1,771,920	989,381
2019 Credit Agreement
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	30,000	30,000
2021 Revolving Credit Agreement and the 2019 Credit Agreement
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	77,500	77,500
Net carrying value of debt and borrowings	79,014	79,534
2027 Notes
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	575,000
Less: unamortized debt discount and issuance costs	(14,887)
Net carrying value of debt and borrowings	560,113
2025 Notes
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	1,150,000	1,150,000
Less: unamortized debt discount and issuance costs	(17,207)	(240,153)
Net carrying value of debt and borrowings	1,132,793	909,847
Amount allocated to equity component, net of issuance costs and tax		245,066
Class A | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	37,500	37,500
Class B | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	10,000	10,000
2027 and 2025 Convertible Senior Notes
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 1,725,000	$ 1,150,000

Debt and Borrowings - Additiona

Debt and Borrowings - Additional Information (Details) $ / shares in Units, shares in Millions	Oct. 01, 2021	Sep. 24, 2021USD ($)$ / sharesshares	Nov. 30, 2020USD ($)$ / sharesshares	Jul. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021Tradingday	Sep. 30, 2021USD ($)Tradingday$ / sharesshares	Mar. 31, 2021USD ($)Tradingday	Jul. 01, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Proceeds from issuance of convertible senior notes, net of discount and issuance costs							$ 562,704,000
Amortization of debt discount and issuance costs							$ 556,000
Debt premium weighted average remaining amortization period							1 year 4 months 24 days
ASU 2020-06
Debt Instrument [Line Items]
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false]							true
Change In Accounting Principle Accounting Standards Update Adoption Date							Jul. 1, 2021
2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 95,000,000			$ 95,000,000
Line of credit facility maturity month and year					2023-06
Debt instrument floor rate					0.25%
Line of credit facility, unused capacity, commitment fee percentage					0.50%
Line of credit facility, covenant terms							The 2021 Revolving Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of September 30, 2021, the Company was in compliance with those covenants.
Amended 2019 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 60,000,000
Debt instrument basis spread on variable rate				6.00%
Line of credit facility maturity month and year				2023-01
Line of credit facility minimum utilization requirement amount				$ 30,000,000
Debt instrument floor rate				2.00%
Line of credit facility, unused capacity, commitment fee percentage				0.50%
Line of credit facility, covenant terms							The amended 2019 Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of September 30, 2021, the Company was in compliance with those covenants.
Amended 2019 Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	4.50%
Debt instrument floor rate	0.25%
LIBOR | Amended 2019 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, interest rate during period							8.00%
2027 Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 575,000,000					$ 575,000,000
Debt instrument, interest rate stated percentage		0.00%					0.00%
Debt instrument, maturity date		Apr. 1, 2027
Proceeds from issuance of convertible senior notes, net of discount and issuance costs		$ 560,100,000
Debt issuance costs		$ 14,900,000
Debt initial conversion rate		2.4108
Debt instrument denomination of principal amount for conversion into common stock		$ 1,000					$ 1,000
Initial conversion price per share | $ / shares		$ 414.80
Notes issued upon conversion | shares		1.4
Debt convertible date		Jan. 1, 2027
Number of business day period for conversion of notes							5 days
Number of consecutive trading day period in consideration for conversion of notes							5 days
Threshold percentage of stock price trigger in measurement period							98.00%
Debt conversion rate in make whole							1.2656
Debt conversion price per share in make whole | $ / shares							$ 272
Debt instrument, default description							The Indenture governing the 2027 Notes contains customary events of default with respect to the 2027 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2027 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest.
Debt default threshold principal amount percentage							100.00%
Debt instrument, effective interest rate percentage							0.48%
Cost of capped call							$ 125,800,000
Capped call, initial strike price | $ / shares							$ 414.80
Capped call, initial cap price | $ / shares							$ 544
Cap calls cover subject to anti-dilution adjustments to common stock | shares							8.5
Debt instrument, weighted remaining term							4 years 7 months 6 days
Debt instrument, aggregate principal amount if converted							$ 575,000,000
2027 Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument threshold percentage of conversion price						130.00%
Number of trading days for conversion of notes | Tradingday						20
Number of consecutive trading days for conversion of notes | Tradingday						30
2027 Notes | Redeem On or After October 5, 2024
Debt Instrument [Line Items]
Redemption period, start date							Oct. 5, 2024
Debt instrument threshold percentage of conversion price							130.00%
Number of trading days for conversion of notes | Tradingday							20
Number of consecutive trading days for conversion of notes | Tradingday							30
Redemption price percentage of principal amount redeemed							100.00%
Sinking fund							$ 0
2025 Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount			$ 1,150,000,000				$ 1,150,000,000
Debt instrument, interest rate stated percentage			0.00%				0.00%
Debt instrument, maturity date			Dec. 1, 2025
Proceeds from issuance of convertible senior notes, net of discount and issuance costs			$ 1,130,000,000
Debt issuance costs			$ 20,600,000
Debt initial conversion rate			6.2159
Debt instrument denomination of principal amount for conversion into common stock			$ 1,000				$ 1,000
Initial conversion price per share | $ / shares			$ 160.88
Notes issued upon conversion | shares			7.1
Debt instrument threshold percentage of conversion price								130.00%
Number of trading days for conversion of notes | Tradingday								20
Number of consecutive trading days for conversion of notes | Tradingday								30
Debt convertible date			Sep. 1, 2025
Number of business day period for conversion of notes							5 days
Number of consecutive trading day period in consideration for conversion of notes							5 days
Threshold percentage of stock price trigger in measurement period							98.00%
Debt conversion rate in make whole							2.9525
Debt conversion price per share in make whole | $ / shares							$ 109.07
Debt instrument, default description							The Indenture governing the 2025 Notes contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest.
Debt default threshold principal amount percentage							100.00%
Debt instrument, effective interest rate percentage										5.37%
Cost of capped call							$ 125,800,000
Capped call, initial strike price | $ / shares							$ 160.88
Capped call, initial cap price | $ / shares							$ 218.14
Cap calls cover subject to anti-dilution adjustments to common stock | shares							8.5
Amortization of debt discount and issuance costs							$ 1,100,000
Debt instrument, weighted remaining term							4 years 7 months 6 days
Debt instrument, aggregate principal amount if converted							$ 758,200,000
2025 Notes | ASU 2020-06
Debt Instrument [Line Items]
Debt instrument, effective interest rate percentage									0.36%
2025 Notes | Minimum
Debt Instrument [Line Items]
Number of consecutive trading days for conversion of notes | Tradingday							20
Traded price percentage.							130.00%
2025 Notes | Redeem On or After December 5, 2023
Debt Instrument [Line Items]
Redemption period, start date							Dec. 5, 2023
Debt instrument threshold percentage of conversion price							130.00%
Number of trading days for conversion of notes | Tradingday							20
Number of consecutive trading days for conversion of notes | Tradingday							30
Redemption price percentage of principal amount redeemed							100.00%
Sinking fund							$ 0
Class A Facility | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 75,000,000			$ 75,000,000
Line of credit facility, interest rate during period					2.75%
Class A Facility | LIBOR | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate							3.00%
Class B Facility | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 20,000,000			$ 20,000,000
Line of credit facility, interest rate during period					10.25%
Class B Facility | LIBOR | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate							10.50%
Class A and Class B Facilities | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility percentage of minimum utilization					50.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 120
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years
Class of warrant exercise price | $ / shares	$ 4.50
Class of warrant exercisable period	5 years
Class of warrant exercisable period ends	2023-09
Warrants issued or issuable	0
2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 3.9
Weighted-average period over which unrecognized compensation cost is expected to be recognized	12 months
Expected volatility of option granted	75.98%
Risk-free interest rate, minimum	0.06%
Risk-free interest rate, maximum	0.08%
Expected dividend yield	0.00%
Minimum | 2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Expected term of stock options granted	5 months 1 day
Maximum
Class Of Stock [Line Items]
Issuance of warrants	5,600,000
Maximum | 2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Expected term of stock options granted	1 year
Restricted Stock Units
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 391.4
Weighted-average period over which unrecognized compensation cost is expected to be recognized	3 years 2 months 12 days
Number of other than options granted	1,847,041
Weighted grant-date fair value | $ / shares	$ 204.96
Restricted Stock Units | Minimum
Class Of Stock [Line Items]
Vest over requisite period	1 year
Restricted Stock Units | Maximum
Class Of Stock [Line Items]
Vest over requisite period	4 years
Invoice2go 2014 Plan
Class Of Stock [Line Items]
Equity-based awards granted	0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	$ 37,887	$ 9,894
Property and equipment (capitalized internal-use software)	940
Total stock-based compensation cost	38,827	9,894
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	1,127	601
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	10,560	3,069
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	8,114	1,504
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	$ 18,086	$ 4,720

Other (Expense) Income, Net - S

Other (Expense) Income, Net - Schedule of Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other Income, Nonoperating [Abstract]
Interest expense	$ (1,828)	$ 864
Loss on sale of card receivables	(1,676)
Interest income	501	(30)
Other	(472)	(4)
Total	$ (3,475)	$ 830

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining term	9 years
Weighted average discount rate	5.00%
Lease expense paid during period	$ 3.1	$ 0.3
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1.2
Draper, Utah
Lessee, Lease, Description [Line Items]
Non-cancellable operating lease expiration	2025-12

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 10,310
2023	13,469
2024	12,934
2025	12,679
2026	12,516
2027	12,865
Thereafter	47,950
Gross lease payments	122,723
Less - present value adjustments	(24,928)
Operating lease, liabilities	$ 97,795

Leases - Components Of Lease Ex

Leases - Components Of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lease, Cost [Abstract]
Operating lease expense	$ 3,180	$ 1,547
Short-term lease expense	82	141
Variable lease expense	598	668
Sublease income	(182)
Total	$ 3,678	$ 2,356

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Multi-year agreements expiration year	2025
Strategic partnership agreement period	10 years
Online bill payment products expiration month and year	2027-06
Authorized transactions but not cleared	$ 28.7

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 9,358
2023	11,455
2024	7,071
2025	2,350
2026	1,750
2027	1,750
Total	$ 33,734

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss attributable to common stockholders	$ (75,685)	$ (12,951)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders, Basic and diluted	95,892	80,216
Net loss per share attributable to common stockholders:
Basic and diluted	$ (0.79)	$ (0.16)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,657	9,089
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	5,762	7,894
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	2,895	1,195

Net Loss Per Share Attributab_5

Net Loss Per Share Attributable To Common Stockholders - Additional Information (Details) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 24, 2021	Nov. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,657	9,089
Notes | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares subject to adjustment	12,700
2027 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share			$ 414.80
2027 Notes | Common Stock | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share	$ 414.80
2025 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share				$ 160.88
2025 Notes | Common Stock | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share	$ 160.88
Shares Underlying Conversion Option in Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,500