Bill.com (BILL) 10-Q 6 Nov 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2021
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		81,164,688
Entity Current Reporting Status	No
Entity Shell Company	false
Entity File Number	001-39149
Entity Tax Identification Number	83-2661725
Entity Address, Address Line One	1800 Embarcadero Road
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
City Area Code	650
Local Phone Number	621-7700
Entity Address, Postal Zip Code	94303
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, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 564,153	$ 573,643
Short-term investments	136,171	123,974
Accounts receivable, net	5,042	4,252
Unbilled revenue	6,925	6,549
Prepaid expenses and other current assets	15,421	26,781
Funds held for customers	1,668,903	1,644,250
Total current assets	2,396,615	2,379,449
Non-current assets:
Operating lease right-of-use assets	43,400
Property and equipment, net	21,709	13,866
Other assets	17,484	10,700
Total assets	2,479,208	2,404,015
Current liabilities:
Accounts payable	6,566	3,478
Accrued compensation and benefits	7,605	12,387
Other accrued and current liabilities	8,335	8,541
Deferred revenue	6,166	5,891
Line of credit borrowings	2,300	2,300
Operating lease liabilities	2,485
Customer fund deposits	1,668,903	1,644,250
Total current liabilities	1,702,360	1,676,847
Non-current liabilities:
Deferred revenue	2,785	2,622
Operating lease liabilities	52,934
Other long-term liabilities	2,361	13,827
Total liabilities	1,760,440	1,693,296
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	2	2
Additional paid-in capital	879,346	857,044
Accumulated other comprehensive income	1,118	2,420
Accumulated deficit	(161,698)	(148,747)
Total stockholders' equity	718,768	710,719
Total liabilities and stockholders' equity	$ 2,479,208	$ 2,404,015

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue
Total revenue	$ 46,209	$ 35,180
Cost of revenue	12,106	9,147
Gross profit	34,103	26,033
Operating expenses
Research and development	17,786	11,515
Sales and marketing	12,908	10,267
General and administrative	17,190	10,535
Total operating expenses	47,884	32,317
Loss from operations	(13,781)	(6,284)
Other income, net	830	639
Loss before provision for income taxes	(12,951)	(5,645)
Provision for income taxes		51
Net loss	$ (12,951)	$ (5,696)
Net loss per share attributable to common stockholders:
Basic and diluted	$ (0.16)	$ (0.69)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders:
Basic and diluted	80,216	8,231
Subscription and Transaction Fees
Revenue
Total revenue	$ 43,788	$ 28,548
Interest on Funds Held for Customers
Revenue
Total revenue	$ 2,421	$ 6,632

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,951)	$ (5,696)
Other comprehensive loss:
Net unrealized loss on investments in available- for-sale securities, net of tax	(1,302)	(198)
Comprehensive loss	$ (14,253)	$ (5,894)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning balance at Jun. 30, 2019	$ (102,657)	$ 1	$ 14,672	$ 326	$ (117,656)
Beginning balance, shares at Jun. 30, 2019		8,154
Beginning balance at Jun. 30, 2019						$ 276,307
Beginning balance, shares at Jun. 30, 2019						52,435
Issuance of common stock upon exercise of stock options	294		294
Issuance of common stock upon exercise of stock options, shares		142
Stock-based compensation	2,276		2,276
Other comprehensive income (loss), net of tax	(198)			(198)
Net loss	(5,696)				(5,696)
Ending balance at Sep. 30, 2019	(105,981)	$ 1	17,242	128	(123,352)
Ending balance, shares at Sep. 30, 2019		8,296
Ending balance, shares at Sep. 30, 2019						52,435
Ending balance at Sep. 30, 2019						$ 276,307
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 income (loss), net of tax	(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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (12,951)	$ (5,696)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	924	985
Stock-based compensation	9,894	2,276
Amortization of premium (accretion of discount) on investments in marketable debt securities	46	(730)
Non-cash operating lease expense	765
Revaluation of warrant liabilities		165
Changes in assets and liabilities:
Accounts receivable	(790)	707
Unbilled revenue	(376)	(621)
Prepaid expenses and other current assets	2,314	(1,142)
Other assets	(6,784)	(50)
Accounts payable	1,566	508
Accrued and other current liabilities	(4,504)	1,132
Operating lease liabilities	5,764
Other long-term liabilities	1,338	93
Deferred revenue	438	(7)
Net cash used in operating activities	(2,356)	(2,380)
Cash flows from investing activities:
Purchases of corporate and customer fund short-term investments	(343,345)	(189,204)
Proceeds from maturities of corporate and customer fund short-term investments	244,332	255,171
Proceeds from sale of corporate and customer fund short-term investments	33,286	10,761
(Increase) decrease in other receivables included in funds held for customers	(1,522)	2,049
Purchases of property and equipment	(5,894)	(1,946)
Capitalization of internal-use software costs	(314)	(215)
Net cash (used in) provided by investing activities	(73,457)	76,616
Cash flows from financing activities:
Increase in customer fund deposits liability	24,653	137,186
Proceeds from exercise of stock options	8,962	294
Proceeds from issuance of common stock under the employee stock purchase plan	4,327
Payments of offering costs related to the follow-on public offering	(664)
Payments of deferred offering costs		(874)
Payments of deferred debt issuance costs		(151)
Net cash provided by financing activities	37,278	136,455
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(38,535)	210,691
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	1,592,377	983,168
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	1,553,842	1,193,859
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	564,153	86,249
Restricted cash included in other current assets	$ 119	$ 256
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Restricted cash and restricted cash equivalents included in funds held for customers	$ 989,570	$ 1,107,354
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 1,553,842	$ 1,193,859

The Company and Its Significant

The Company and Its Significant Accounting Policies	3 Months Ended
	Sep. 30, 2020
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 products, which allow users to automate accounts payable and accounts receivable transactions and enable users to easily connect with their suppliers and/or customers to do business, manage cash flows and improve back office efficiency. 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 Securities and Exchange Commission (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 redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented. The results of operations for the three months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending June 30, 2021 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2020 included herein was derived from the audited financial statements as of that date, 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, 2020. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company (EGC) or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards. Although the Company expects to use the extended transition period for new accounting standards while it remains an EGC, the Company opted to early adopt certain new accounting standards beginning July 1, 2020 as further described below. 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. All long-lived assets are located in the United States (U.S.) and all revenue is generated in the U.S. Use of Estimates The preparation of condensed 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 condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including those related to stock-based compensation, useful lives of property and equipment, incremental borrowing rate for right-of-use operating lease assets and operating lease liabilities, the attribution method used to recognize revenue on annual contracts, variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for sales tax obligations, reserve for losses on funds held for customers, and income taxes. The Company evaluates these estimates and assumptions and adjusts those estimates and assumptions accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash and 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 material credit losses relating to cash equivalents, short-term investments, and accounts receivable. 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 customer accounts is recognized if material. As of September 30, 2020, the allowance for potential credit losses was not material. There were no customers that exceeded 10% of the Company’s total revenue during the three months ended September 30, 2020 and 2019. 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, 2020, other than those new accounting policies that were implemented as a result of the adoption of certain new accounting standards as described below. Leases The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs , are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease. Adopted On July 1, 2020, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) On July 1, 2020, the Company early adopted FASB ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, On July 1, 2020, the Company early adopted FASB ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract On July 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement On July 1, 2020, the Company early adopted FASB ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (2,380 ) $ — $ (2,380 ) Net cash (used in) provided by investing activities (138,132 ) 214,748 76,616 Net cash provided by financing activities 136,455 — 136,455 Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (4,057 ) 214,748 210,691 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 86,249 $ 1,107,610 $ 1,193,859 On July 1, 2020, the Company early adopted FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Revenue, Performance Obligation

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs	3 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs	NOTE 2 – Revenue, Performance Obligations, Deferred Revenue and Deferred Costs The Company generates revenue from two primary sources: (1) subscription and transaction fees and (2) interest on funds held for customers. The Company’s customers include small and midsize businesses (SMB), accounting firms and financial institutions. The Company’s subscription and transaction fees are disaggregated by customer category and consisted of the following for the periods presented (in thousands): Three months ended September 30, 2020 2019 Small-to-midsize business and accounting firm customers $ 40,899 $ 26,169 Financial institution customers 2,889 2,379 Total subscription and transaction fees $ 43,788 $ 28,548 Remaining performance obligations with financial Institutions As of September 30, 2020, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) was $151.2 million. Of this amount, the Company expects to recognize $17.9 million within one year and $133.3 million thereafter Deferred revenue Subscription and transaction 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 the condensed consolidated balance sheets. During the three months ended September 30, 2020, the Company recognized $2.3 million of revenue that was included in the deferred revenue balance as of June 30, 2020. During the three months ended September 30, 2019, the Company recognized $1.3 million of revenue that was included in the deferred revenue balance as of June 30, 2019. Deferred costs Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, which include direct payroll costs and fees paid to customers in connection with the implementation of the product prior to its launching for general availability (go-live) to customers. Sales commissions paid on renewals are not material and not commensurate with sales commissions paid on the initial contract. Deferred sales commissions are amortized ratably over four to ten years, taking into consideration the initial contract term and expected renewal periods. Deferred service costs are amortized ratably over the estimated benefit period of the capitalized costs starting on the go-live date of the service. Deferred costs consisted of the following as of the dates presented (in thousands): September 30, June 30, 2020 2020 Deferred sales commissions: Current $ 3,196 $ 2,829 Non-current 5,949 5,613 Total deferred sales commissions $ 9,145 $ 8,442 Deferred service costs: Current $ 837 $ 618 Non-current 10,802 4,474 Total deferred service costs $ 11,639 $ 5,092 The current portion of deferred costs is included in prepaid expenses and other current assets and the non-current portion is included in other assets in the accompanying condensed consolidated balance sheets.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 3 – FAIR VALUE MEASUREMENT The Company measures and reports its cash equivalents, short-term investments, and funds held for customers that are invested in money market funds and marketable debt securities 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. The 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, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 7,615 $ — $ — $ 7,615 7,615 — — 7,615 Short-term investments: U.S. treasury securities 45,054 — — 45,054 Corporate bonds — 69,573 — 69,573 Asset-backed securities — 21,544 — 21,544 45,054 91,117 — 136,171 Funds held for customers: Restricted cash equivalents 387,710 33,662 — 421,372 Corporate bonds — 489,165 — 489,165 Certificates of deposit — 163,819 — 163,819 U.S. treasury securities 20,787 — — 20,787 Municipal bonds — 6,064 — 6,064 408,497 692,710 — 1,101,207 Total assets measured at fair value $ 461,166 $ 783,827 $ — $ 1,244,993 June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 20,075 $ — $ — $ 20,075 20,075 — — 20,075 Short-term investments: U.S. treasury securities 28,368 — — 28,368 Corporate bonds — 71,131 — 71,131 Asset-backed securities — 24,475 — 24,475 28,368 95,606 — 123,974 Funds held for customers: Restricted cash equivalents 357,350 76,359 — 433,709 Corporate bonds — 493,879 — 493,879 Certificates of deposit — 85,953 — 85,953 U.S. treasury securities 48,952 — — 48,952 406,302 656,191 — 1,062,493 Total assets measured at fair value $ 454,745 $ 751,797 $ — $ 1,206,542 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.

Short-Term Investments

Short-Term Investments	3 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Short-Term Investments	NOTE 4 – SHORT-TERM INVESTMENTS Short-term investments consisted of the following as of the dates presented (in thousands): September 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 45,007 $ 49 $ (2 ) $ 45,054 Corporate bonds 69,360 214 (1 ) 69,573 Asset-backed securities 21,455 89 — 21,544 Total $ 135,822 $ 352 $ (3 ) $ 136,171 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 28,281 $ 88 $ (1 ) $ 28,368 Corporate bonds 70,781 360 (10 ) 71,131 Asset-backed securities 24,333 142 — 24,475 Total $ 123,395 $ 590 $ (11 ) $ 123,974 The amortized cost and fair value amounts include accrued interest receivable of $0.5 million and $0.5 million as of September 30, 2020 and June 30, 2020, respectively. As of September 30, 2020, the fair value of the Company’s short-term investments that mature within one year and thereafter was $120.6 million and $15.6 million, respectively, or 89% and 11%, respectively, of the Company’s total short-term investments. As of June 30, 2020, the fair value of the Company’s short-term investments that mature within one year and thereafter was $102.9 million and $21.1 million, respectively, or 83% and 17%, respectively, of the Company’s total short-term investments. 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, 2020 Fair value Unrealized losses U.S. treasury securities $ 9,502 $ (2 ) Corporate bonds 3,258 (1 ) Total $ 12,760 $ (3 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) 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 the short-term investments during the three months ended September 30, 2020 and 2019.

Funds Held for Customers

Funds Held for Customers	3 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Funds Held for Customers	NOTE 5 – FUNDS HELD FOR CUSTOMERS Funds held for customers consisted of the following as of the dates presented (in thousands): September 30, June 30, 2020 2020 Restricted cash and other receivables $ 571,626 $ 586,893 Restricted cash equivalents 421,372 433,709 Corporate bonds 489,165 493,879 Certificates of deposit 163,819 85,953 U.S. treasury securities 20,787 48,952 Municipal bonds 6,064 — Total funds held for customers 1,672,833 1,649,386 Less - income earned by the Company included in other current assets (3,930 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 1,668,903 $ 1,644,250 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, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 488,317 $ 862 $ (14 ) $ 489,165 Certificates of deposit 163,733 88 (2 ) 163,819 U.S. treasury securities 20,779 8 — 20,787 Municipal bonds 6,066 — (2 ) 6,064 Total $ 678,895 $ 958 $ (18 ) $ 679,835 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 491,950 $ 1,936 $ (7 ) $ 493,879 Certificates of deposit 85,841 115 (3 ) 85,953 U.S. treasury securities 48,949 4 (1 ) 48,952 Total $ 626,740 $ 2,055 $ (11 ) $ 628,784 The amortized cost and fair value amounts include accrued interest receivable of $1.8 million and $2.9 million and as of September 30, 2020 and June 30, 2020, respectively. As of September 30, 2020 and June 30, 2020, 100% of the funds held for customers that were invested in short-term marketable debt securities mature within one year as of each respective period. 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, 2020 Fair value Unrealized losses Corporate bonds $ 58,699 $ (14 ) Certificates of deposit 17,255 (2 ) Municipal bonds 6,064 (2 ) Total $ 82,018 $ (18 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 ) 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, 2020 and 2019.

Significant Balance Sheet Compo

Significant Balance Sheet Components	3 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Significant Balance Sheet Components	NOTE 6 – SIGNIFICANT BALANCE SHEET COMPONENTS Property and equipment – Property and equipment consisted of the following as of the dates presented (in thousands): September 30, June 30, 2020 2020 Computers, software and equipment $ 12,013 $ 11,262 Capitalized software 4,340 4,026 Furniture and fixtures 3,116 3,116 Leasehold improvements 16,959 9,257 Property and equipment, gross 36,428 27,661 Less: accumulated depreciation and amortization (14,719 ) (13,795 ) Property and equipment, net $ 21,709 $ 13,866 Depreciation and amortization expense was $0.9 million and $1.0 million during the three months ended September 30, 2020 and 2019, respectively. Other accrued and current liabilities – Other accrued and current liabilities consisted of the following as of the dates presented (in thousands) : September 30, June 30, 2020 2020 Accrued sales and use tax $ 2,251 $ 2,976 Accrued license fees 518 473 Non-sufficient funds reserve 158 260 Current portion of a long-term payable for a purchase of software 732 613 Deferred rent and lease incentives — 1,107 Other 4,676 3,112 Total $ 8,335 $ 8,541

Bank Borrowings

Bank Borrowings	3 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Bank Borrowings	NOTE 7 – BANK BORROWINGS On June 28, 2019, the Company entered into a Senior Secured Credit Facilities Credit Agreement (Senior Facilities Agreement) with Silicon Valley Bank for a revolving credit facility of up to $50.0 million (Total Commitment), which amount may be increased by up to $25.0 million upon request and subject to conditions. On August 15, 2019, Silicon Valley Bank assigned $20.0 million of the Total Commitment to JPMorgan Chase Bank. Under the Senior Facilities Agreement, Bill.com, LLC is the borrower and Bill.com Holdings, Inc. is the guarantor. The Senior Facilities Agreement expires on June 28, 2022. Concurrent with the closing of the Senior Facilities Agreement on June 28, 2019, the Amended and Restated Loan and Security Agreement entered into in October 2017 with Silicon Valley Bank was terminated. Borrowings under the Senior Facilities Agreement are subject to a borrowing base. In addition, borrowings under the Senior Facilities Agreement are subject to interest at a rate per annum determined as follows: (a) Eurodollar loans shall bear interest at a rate per annum equal to the Eurodollar rate, plus the applicable margin of 1.75% or 2.75% depending on the Company’s cash balance (Eurodollar rate is calculated based on the ratio of Eurodollar Base Rate, which is determined by reference to ICE Benchmark Administration London Interbank Offered Rate over the Eurocurrency Reserve Requirements, but not less than 0%), or (b) Alternate Base Rate (ABR) loans shall bear interest at a rate per annum equal to the ABR, minus the applicable margin of 0.25% or 1.25%, depending on the Company’s cash balance (ABR is equal to the highest of the (i) prime rate, (ii) Federal Funds effective rate plus 0.50%, and (iii) Eurodollar rate plus 1.25%). The Senior Facilities Agreement requires the Company to comply with certain restricted covenants. As of September 30, 2020 and June 30, 2020, the Company was in compliance with the loan covenants. Borrowings under the Senior Facilities are secured by substantially all of the Company’s assets, and are fully and unconditionally guaranteed by Bill.com Holdings, Inc. Available funds under the Company’s Senior Facilities Agreement, after deducting the line of credit borrowings of $2.3 million and letter of credit utilization totaling $6.9 million, was $40.8 million as of September 30, 2020. The interest rate on the line of credit borrowings was 2.0% per annum as of September 30, 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	NOTE 8 – 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. Awards granted under the 2019 EIP may include stock options, restricted stock units (RSUs), or restricted stock awards, as determined by the Company’s board of directors. Stock Options The stock option awards granted during the three months ended September 30, 2020 were not significant. As of September 30, 2020, the total unamortized stock-based compensation expense related to the unvested stock options was $30.9 million, which the Company expects to recognize over a weighted-average period of 2.83 years. Restricted Stock Units During the three months ended September 30, 2020, the Company granted an aggregate of 130,715 RSUs with a weighted grant-date fair value of $93.97 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 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, 2020, the total unamortized stock-based compensation expense related to the unvested RSUs was $63.4 million, which the Company expects to amortize over a weighted-average period of 3.67 years. 2019 Employee Stock Purchase Plan The fair value of the ESPP offering during the three months ended September 30, 2020 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions: (i) expected term range of 0.5 to 1.0 year As of September 30, 2020, the total unrecognized compensation expense related to the ESPP was $1.5 million, which is expected to be amortized over the next 12 months. Stock Based Compensation Expense Stock-based compensation expense from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands): Three months ended September 30, 2020 2019 Cost of revenue $ 601 $ 148 Research and development 3,069 671 Sales and marketing 1,504 382 General and administrative 4,720 1,075 Total $ 9,894 $ 2,276 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, 2020, 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 Income, Net

Other Income, Net	3 Months Ended
	Sep. 30, 2020
Other Income Disclosure Nonoperating [Abstract]
Other Income, Net	NOTE 9 – OTHER INCOME, NET Other income, net consisted of the following for the periods presented (in thousands): Three months ended September 30, 2020 2019 Interest income $ 864 $ 957 Interest expense (30 ) (154 ) Revaluation of warrant liabilities — (165 ) Other (4 ) 1 Total $ 830 $ 639

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10 – 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 the change in valuation allowances. The Company is subject to income tax audits in the U.S. We record liabilities related to uncertain tax positions and believe that we provided adequate reserves for income tax uncertainties in all open tax years. Due to our 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. As of September 30, 2020, the Company continues to maintain a full valuation allowance of the deferred tax assets.

Leases

Leases	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	NOTE 11 – LEASES The Company has non-cancelable operating leases for office facilities located in San Jose, California and Houston, Texas, which expire through 2031. As of September 30, 2020, the weighted average remaining term of these leases was 10.6 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.4%. Future minimum lease payments as of September 30, 2020 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2021 $ 809 2022 7,207 2023 7,432 2024 7,653 2025 7,704 2026 7,416 Thereafter 40,525 Gross lease payments 78,746 Less - present value adjustments (20,407 ) Less - tenant improvement allowance receivable (2,920 ) Total operating lease liabilities, net $ 55,419 The components of lease expense during the three months ended September 30, 2020 is shown on the table below (in thousands), while the lease expense during the three months ended September 30, 2019 was $0.7 million. Amount Operating lease expense $ 1,547 Short-term lease expense 141 Variable lease expense 668 Total $ 2,356 The total amount paid for amounts included in the measurement of operating lease liabilities was $0.3 million during the three months ended September 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12 – COMMITMENTS AND CONTINGENCIES Commitments In addition to the operating lease commitment described in Note 11 above, the Company has contractual commitments with certain partners and vendors as described further below. The Company has a ten-year In August 2020, the Company expanded its agreement with a vendor, which requires the Company to purchase data hosting and other services for over three years beginning September 1, 2020. In May 2020, the Company expanded its service agreement with an existing financial institution partner for a period of 5 years. Under this agreement, the Company agreed to pay this partner a total of $12.0 million, payable ratably over six months from June 2020, in order to fund the partner’s implementation activities before the payment services offering becomes available for its customers. The Company purchased a software license and maintenance and support services from a vendor that are payable on an installment basis through August 2021 under a non-cancellable service agreement. Future payments under these agreements are as follows as of September 30, 2020 (in thousands) Fiscal years ending June 30: Amount Remainder of 2021 $ 8,550 2022 5,580 2023 6,213 2024 2,720 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 28,563 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, 2020, the estimate of the provision for litigation liability 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, 2020
Earnings Per Share [Abstract]
Net Loss Per Share Attributable To Common Stockholders	NOTE 13 – 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 September 30, 2020 2019 Numerator: Net loss attributable to common stockholders $ (12,951 ) $ (5,696 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 80,216 8,231 Net loss per share attributable to common stockholders: Basic and diluted $ (0.16 ) $ (0.69 ) For periods the Company is in a loss position, basic net loss per share attributable to common shareholders is the same as diluted net loss per share attributable to common shareholders. Potentially dilutive securities, which were excluded from the diluted net loss per share calculation s because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2020 2019 Stock options 7,894 11,247 Restricted stock units 1,195 — Convertible redeemable preferred stock — 52,435 Warrants to purchase common stock — 63 Warrants to purchase redeemable convertible preferred stock — 63 Total 9,089 63,808

The Company and Its Significa_2

The Company and Its Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
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 Securities and Exchange Commission (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 redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented. The results of operations for the three months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending June 30, 2021 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2020 included herein was derived from the audited financial statements as of that date, 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, 2020.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company (EGC) or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards. Although the Company expects to use the extended transition period for new accounting standards while it remains an EGC, the Company opted to early adopt certain new accounting standards beginning July 1, 2020 as further described below.
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. All long-lived assets are located in the United States (U.S.) and all revenue is generated in the U.S.
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including those related to stock-based compensation, useful lives of property and equipment, incremental borrowing rate for right-of-use operating lease assets and operating lease liabilities, the attribution method used to recognize revenue on annual contracts, variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for sales tax obligations, reserve for losses on funds held for customers, and income taxes. The Company evaluates these estimates and assumptions and adjusts those estimates and assumptions accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed 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 and cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash and 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 material credit losses relating to cash equivalents, short-term investments, and accounts receivable. 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 customer accounts is recognized if material. As of September 30, 2020, the allowance for potential credit losses was not material. There were no customers that exceeded 10% of the Company’s total revenue during the three months ended September 30, 2020 and 2019.
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, 2020, other than those new accounting policies that were implemented as a result of the adoption of certain new accounting standards as described below.
Leases	Leases The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs , are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease.
Adopted Accounting Pronouncements	Adopted On July 1, 2020, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) On July 1, 2020, the Company early adopted FASB ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, On July 1, 2020, the Company early adopted FASB ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract On July 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement On July 1, 2020, the Company early adopted FASB ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (2,380 ) $ — $ (2,380 ) Net cash (used in) provided by investing activities (138,132 ) 214,748 76,616 Net cash provided by financing activities 136,455 — 136,455 Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (4,057 ) 214,748 210,691 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 86,249 $ 1,107,610 $ 1,193,859 On July 1, 2020, the Company early adopted FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

The Company and Its Significa_3

The Company and Its Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Condensed Cash Flow Statement	Since this ASU was adopted on a retrospective basis, the previously reported condensed consolidated statement of cash flows during the three months ended September 30, 2019 was adjusted as follows (in thousands): As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (2,380 ) $ — $ (2,380 ) Net cash (used in) provided by investing activities (138,132 ) 214,748 76,616 Net cash provided by financing activities 136,455 — 136,455 Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (4,057 ) 214,748 210,691 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 86,249 $ 1,107,610 $ 1,193,859

Revenue, Performance Obligati_2

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs (Tables)	3 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Subscription and Transaction Fees Disaggregated by Customer Category	The Company’s subscription and transaction fees are disaggregated by customer category and consisted of the following for the periods presented (in thousands): Three months ended September 30, 2020 2019 Small-to-midsize business and accounting firm customers $ 40,899 $ 26,169 Financial institution customers 2,889 2,379 Total subscription and transaction fees $ 43,788 $ 28,548
Summary of Deferred Costs	Deferred costs consisted of the following as of the dates presented (in thousands): September 30, June 30, 2020 2020 Deferred sales commissions: Current $ 3,196 $ 2,829 Non-current 5,949 5,613 Total deferred sales commissions $ 9,145 $ 8,442 Deferred service costs: Current $ 837 $ 618 Non-current 10,802 4,474 Total deferred service costs $ 11,639 $ 5,092

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis	The 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, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 7,615 $ — $ — $ 7,615 7,615 — — 7,615 Short-term investments: U.S. treasury securities 45,054 — — 45,054 Corporate bonds — 69,573 — 69,573 Asset-backed securities — 21,544 — 21,544 45,054 91,117 — 136,171 Funds held for customers: Restricted cash equivalents 387,710 33,662 — 421,372 Corporate bonds — 489,165 — 489,165 Certificates of deposit — 163,819 — 163,819 U.S. treasury securities 20,787 — — 20,787 Municipal bonds — 6,064 — 6,064 408,497 692,710 — 1,101,207 Total assets measured at fair value $ 461,166 $ 783,827 $ — $ 1,244,993 June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 20,075 $ — $ — $ 20,075 20,075 — — 20,075 Short-term investments: U.S. treasury securities 28,368 — — 28,368 Corporate bonds — 71,131 — 71,131 Asset-backed securities — 24,475 — 24,475 28,368 95,606 — 123,974 Funds held for customers: Restricted cash equivalents 357,350 76,359 — 433,709 Corporate bonds — 493,879 — 493,879 Certificates of deposit — 85,953 — 85,953 U.S. treasury securities 48,952 — — 48,952 406,302 656,191 — 1,062,493 Total assets measured at fair value $ 454,745 $ 751,797 $ — $ 1,206,542

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Sep. 30, 2020
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, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 45,007 $ 49 $ (2 ) $ 45,054 Corporate bonds 69,360 214 (1 ) 69,573 Asset-backed securities 21,455 89 — 21,544 Total $ 135,822 $ 352 $ (3 ) $ 136,171 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 28,281 $ 88 $ (1 ) $ 28,368 Corporate bonds 70,781 360 (10 ) 71,131 Asset-backed securities 24,333 142 — 24,475 Total $ 123,395 $ 590 $ (11 ) $ 123,974
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, 2020 Fair value Unrealized losses U.S. treasury securities $ 9,502 $ (2 ) Corporate bonds 3,258 (1 ) Total $ 12,760 $ (3 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) 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, 2020 Fair value Unrealized losses Corporate bonds $ 58,699 $ (14 ) Certificates of deposit 17,255 (2 ) Municipal bonds 6,064 (2 ) Total $ 82,018 $ (18 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 )

Funds Held for Customers (Table

Funds Held for Customers (Tables)	3 Months Ended
	Sep. 30, 2020
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, 2020 2020 Restricted cash and other receivables $ 571,626 $ 586,893 Restricted cash equivalents 421,372 433,709 Corporate bonds 489,165 493,879 Certificates of deposit 163,819 85,953 U.S. treasury securities 20,787 48,952 Municipal bonds 6,064 — Total funds held for customers 1,672,833 1,649,386 Less - income earned by the Company included in other current assets (3,930 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 1,668,903 $ 1,644,250
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, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 488,317 $ 862 $ (14 ) $ 489,165 Certificates of deposit 163,733 88 (2 ) 163,819 U.S. treasury securities 20,779 8 — 20,787 Municipal bonds 6,066 — (2 ) 6,064 Total $ 678,895 $ 958 $ (18 ) $ 679,835 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 491,950 $ 1,936 $ (7 ) $ 493,879 Certificates of deposit 85,841 115 (3 ) 85,953 U.S. treasury securities 48,949 4 (1 ) 48,952 Total $ 626,740 $ 2,055 $ (11 ) $ 628,784
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, 2020 Fair value Unrealized losses U.S. treasury securities $ 9,502 $ (2 ) Corporate bonds 3,258 (1 ) Total $ 12,760 $ (3 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) 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, 2020 Fair value Unrealized losses Corporate bonds $ 58,699 $ (14 ) Certificates of deposit 17,255 (2 ) Municipal bonds 6,064 (2 ) Total $ 82,018 $ (18 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 )

Significant Balance Sheet Com_2

Significant Balance Sheet Components (Tables)	3 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following as of the dates presented (in thousands): September 30, June 30, 2020 2020 Computers, software and equipment $ 12,013 $ 11,262 Capitalized software 4,340 4,026 Furniture and fixtures 3,116 3,116 Leasehold improvements 16,959 9,257 Property and equipment, gross 36,428 27,661 Less: accumulated depreciation and amortization (14,719 ) (13,795 ) Property and equipment, net $ 21,709 $ 13,866
Schedule of Other Accrued and Current Liabilities	Other accrued and current liabilities consisted of the following as of the dates presented (in thousands) : September 30, June 30, 2020 2020 Accrued sales and use tax $ 2,251 $ 2,976 Accrued license fees 518 473 Non-sufficient funds reserve 158 260 Current portion of a long-term payable for a purchase of software 732 613 Deferred rent and lease incentives — 1,107 Other 4,676 3,112 Total $ 8,335 $ 8,541

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Stock Based Compensation Expense from Stock Options, RSUs and ESPP	Stock-based compensation expense from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands): Three months ended September 30, 2020 2019 Cost of revenue $ 601 $ 148 Research and development 3,069 671 Sales and marketing 1,504 382 General and administrative 4,720 1,075 Total $ 9,894 $ 2,276

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Sep. 30, 2020
Other Income Disclosure Nonoperating [Abstract]
Schedule of Other Income, Net	Other income, net consisted of the following for the periods presented (in thousands): Three months ended September 30, 2020 2019 Interest income $ 864 $ 957 Interest expense (30 ) (154 ) Revaluation of warrant liabilities — (165 ) Other (4 ) 1 Total $ 830 $ 639

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Summary of Future Minimum Lease Payments	Future minimum lease payments as of September 30, 2020 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2021 $ 809 2022 7,207 2023 7,432 2024 7,653 2025 7,704 2026 7,416 Thereafter 40,525 Gross lease payments 78,746 Less - present value adjustments (20,407 ) Less - tenant improvement allowance receivable (2,920 ) Total operating lease liabilities, net $ 55,419
Components Of Lease Expense	The components of lease expense during the three months ended September 30, 2020 is shown on the table below (in thousands), while the lease expense during the three months ended September 30, 2019 was $0.7 million. Amount Operating lease expense $ 1,547 Short-term lease expense 141 Variable lease expense 668 Total $ 2,356

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Payments Under Other Agreements	Future payments under these agreements are as follows as of September 30, 2020 (in thousands) Fiscal years ending June 30: Amount Remainder of 2021 $ 8,550 2022 5,580 2023 6,213 2024 2,720 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 28,563

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable To Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2020
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 September 30, 2020 2019 Numerator: Net loss attributable to common stockholders $ (12,951 ) $ (5,696 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 80,216 8,231 Net loss per share attributable to common stockholders: Basic and diluted $ (0.16 ) $ (0.69 )
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 calculation s because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2020 2019 Stock options 7,894 11,247 Restricted stock units 1,195 — Convertible redeemable preferred stock — 52,435 Warrants to purchase common stock — 63 Warrants to purchase redeemable convertible preferred stock — 63 Total 9,089 63,808

The Company and Its Significa_4

The Company and Its Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)SegmentCustomer	Sep. 30, 2019Customer	Jul. 01, 2020USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Number of operating segments | Segment	1
Operating lease right-of-use assets	$ 43,400
Operating lease, liabilities	$ 55,419
ASU 2016-02
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, 2020
Operating lease right-of-use assets			$ 44,200
Operating lease, liabilities			49,700
Deferred rent liabilities			13,700
ASU 2019-08
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, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2018-15
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, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2018-13
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption Date	Jul. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU No. 2018-07
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption Date	Jul. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Expected to recognize stock based compensation expense			$ 1,800
ASU No. 2016-18
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption Date	Jun. 30, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2016-13
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, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
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	0
Concentration percentage	10.00%	10.00%

The Company and Its Significa_5

The Company and Its Significant Accounting Policies - Schedule of Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net cash used in operating activities	$ (2,356)	$ (2,380)
Net cash (used in) provided by investing activities	(73,457)	76,616
Net cash provided by financing activities	37,278	136,455
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(38,535)	210,691
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	1,592,377	983,168
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 1,553,842	1,193,859
AS Previously Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net cash used in operating activities		(2,380)
Net cash (used in) provided by investing activities		(138,132)
Net cash provided by financing activities		136,455
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		(4,057)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period		90,306
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period		86,249
Revision of Prior Period, Adjustment | ASU No. 2016-18
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net cash (used in) provided by investing activities		214,748
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		214,748
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period		892,862
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period		$ 1,107,610

Revenue, Performance Obligati_3

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Schedule of Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 46,209	$ 35,180
Subscription and Transaction Fees
Disaggregation Of Revenue [Line Items]
Total revenue	43,788	28,548
Subscription and Transaction Fees | Small-to-midsize Business and Accounting Firm Customers
Disaggregation Of Revenue [Line Items]
Total revenue	40,899	26,169
Subscription and Transaction Fees | Financial Institution Customers
Disaggregation Of Revenue [Line Items]
Total revenue	$ 2,889	$ 2,379

Revenue, Performance Obligati_4

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue, Deferred Revenue and Performance Obligations [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 151.2
Deferred revenue, recognized	$ 2.3	$ 1.3
Minimum
Revenue, Deferred Revenue and Performance Obligations [Line Items]
Deferred sales commissions amortization period	4 years
Maximum
Revenue, Deferred Revenue and Performance Obligations [Line Items]
Deferred sales commissions amortization period	10 years

Revenue, Performance Obligati_5

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details1) $ in Millions	Sep. 30, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 151.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 17.9
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
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	$ 133.3
Revenue, remaining performance obligation, expected timing of satisfaction, period

Revenue, Performance Obligati_6

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Summary of Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Deferred Sales Commissions
Deferred Costs [Line Items]
Current	$ 3,196	$ 2,829
Non-current	5,949	5,613
Total	9,145	8,442
Deferred Service Costs
Deferred Costs [Line Items]
Current	837	618
Non-current	10,802	4,474
Total	$ 11,639	$ 5,092

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, 2020	Jun. 30, 2020
Assets
Cash equivalents	$ 7,615	$ 20,075
Short-term investments	136,171	123,974
Funds held for customers	1,101,207	1,062,493
Total assets measured at fair value	1,244,993	1,206,542
Municipal Bonds
Assets
Funds held for customers	6,064
Money Market Funds
Assets
Cash equivalents	7,615	20,075
Level 1
Assets
Cash equivalents	7,615	20,075
Short-term investments	45,054	28,368
Funds held for customers	408,497	406,302
Total assets measured at fair value	461,166	454,745
Level 1 | Money Market Funds
Assets
Cash equivalents	7,615	20,075
Level 2
Assets
Short-term investments	91,117	95,606
Funds held for customers	692,710	656,191
Total assets measured at fair value	783,827	751,797
Level 2 | Municipal Bonds
Assets
Funds held for customers	6,064
Certificates of Deposit
Assets
Funds held for customers	163,819	85,953
Certificates of Deposit | Level 2
Assets
Funds held for customers	163,819	85,953
U.S. Treasury Securities
Assets
Short-term investments	45,054	28,368
Funds held for customers	20,787	48,952
U.S. Treasury Securities | Level 1
Assets
Short-term investments	45,054	28,368
Funds held for customers	20,787	48,952
Corporate Bonds
Assets
Short-term investments	69,573	71,131
Funds held for customers	489,165	493,879
Corporate Bonds | Level 2
Assets
Short-term investments	69,573	71,131
Funds held for customers	489,165	493,879
Asset-Backed Securities
Assets
Short-term investments	21,544	24,475
Asset-Backed Securities | Level 2
Assets
Short-term investments	21,544	24,475
Restricted Cash Equivalents
Assets
Funds held for customers	421,372	433,709
Restricted Cash Equivalents | Level 1
Assets
Funds held for customers	387,710	357,350
Restricted Cash Equivalents | Level 2
Assets
Funds held for customers	$ 33,662	$ 76,359

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
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

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	$ 135,822	$ 123,395
Short-term investments, Gross unrealized gains	352	590
Short-term investments, Gross unrealized losses	(3)	(11)
Short-term investments	136,171	123,974
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	45,007	28,281
Short-term investments, Gross unrealized gains	49	88
Short-term investments, Gross unrealized losses	(2)	(1)
Short-term investments	45,054	28,368
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	69,360	70,781
Short-term investments, Gross unrealized gains	214	360
Short-term investments, Gross unrealized losses	(1)	(10)
Short-term investments	69,573	71,131
Asset-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	21,455	24,333
Short-term investments, Gross unrealized gains	89	142
Short-term investments	$ 21,544	$ 24,475

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 135,822,000		$ 123,395,000
Short-term investments mature within one year	$ 120,600,000		$ 102,900,000
Percentage of short-term investments maturing within one year	89.00%		83.00%
Short-term investments mature thereafter	$ 15,600,000		$ 21,100,000
Percentage of short-term investments maturing thereafter	11.00%		17.00%
Short-term investments realized gains or losses	$ 0	$ 0
Accrued Interest Receivable
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	500,000		$ 500,000
Fair value	$ 500,000		$ 500,000

Short-Term Investments - Sche_2

Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 12,760	$ 12,056
Unrealized losses	(3)	(11)
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	9,502	2,798
Unrealized losses	(2)	(1)
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value	3,258	9,258
Unrealized losses	$ (1)	$ (10)

Funds Held for Customers - Summ

Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Funds Held For Customers [Line Items]
Total funds held for customers	$ 1,672,833	$ 1,649,386
Total funds held for customers, net of income earned by the Company	1,668,903	1,644,250
Other Current Assets
Funds Held For Customers [Line Items]
Less - income earned by the Company	(3,930)	(5,136)
Certificates of Deposit
Funds Held For Customers [Line Items]
Total funds held for customers	163,819	85,953
Restricted Cash and Other Receivables
Funds Held For Customers [Line Items]
Total funds held for customers	571,626	586,893
Restricted Cash Equivalents
Funds Held For Customers [Line Items]
Total funds held for customers	421,372	433,709
Corporate Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	489,165	493,879
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Total funds held for customers	20,787	$ 48,952
Municipal Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	$ 6,064

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, 2020	Jun. 30, 2020
Funds Held For Customers [Line Items]
Amortized cost	$ 678,895	$ 626,740
Gross unrealized gains	958	2,055
Gross unrealized losses	(18)	(11)
Fair value	679,835	628,784
Certificates of Deposit
Funds Held For Customers [Line Items]
Amortized cost	163,733	85,841
Gross unrealized gains	88	115
Gross unrealized losses	(2)	(3)
Fair value	163,819	85,953
Municipal Bonds
Funds Held For Customers [Line Items]
Amortized cost	6,066
Gross unrealized losses	(2)
Fair value	6,064
Corporate Bonds
Funds Held For Customers [Line Items]
Amortized cost	488,317	491,950
Gross unrealized gains	862	1,936
Gross unrealized losses	(14)	(7)
Fair value	489,165	493,879
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Amortized cost	20,779	48,949
Gross unrealized gains	8	4
Gross unrealized losses		(1)
Fair value	$ 20,787	$ 48,952

Funds Held for Customers - Addi

Funds Held for Customers - Additional Information (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Funds Held For Customers [Line Items]
Amortized Cost	$ 678,895,000	$ 626,740,000
Fair value	$ 679,835,000	$ 628,784,000
Debt securities percentage mature within one year	100.00%	100.00%
Short term marketable debt realized gains or losses	$ 0		$ 0
Accrued Interest Receivable
Funds Held For Customers [Line Items]
Amortized Cost	1,800,000	$ 2,900,000
Fair value	$ 1,800,000	$ 2,900,000

Funds Held for Customers - Su_3

Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Funds Held For Customers [Line Items]
Fair value	$ 82,018	$ 66,781
Unrealized losses	(18)	(11)
Certificates of Deposit
Funds Held For Customers [Line Items]
Fair value	17,255	20,006
Unrealized losses	(2)	(3)
Municipal Bonds
Funds Held For Customers [Line Items]
Fair value	6,064
Unrealized losses	(2)
Corporate Bonds
Funds Held For Customers [Line Items]
Fair value	58,699	31,785
Unrealized losses	$ (14)	(7)
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Fair value		14,990
Unrealized losses		$ (1)

Significant Balance Sheet Com_3

Significant Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 36,428	$ 27,661
Less: accumulated depreciation and amortization	(14,719)	(13,795)
Property and equipment, net	21,709	13,866
Computers Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	12,013	11,262
Capitalized Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,340	4,026
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,116	3,116
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 16,959	$ 9,257

Significant Balance Sheet Com_4

Significant Balance Sheet Components - Schedule of Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization	$ 924	$ 985

Significant Balance Sheet Com_5

Significant Balance Sheet Components - Schedule of Other accrued and Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Accrued sales and use tax	$ 2,251	$ 2,976
Accrued license fees	518	473
Non-sufficient funds reserve	158	260
Current portion of a long-term payable for a purchase of software	732	613
Deferred rent and lease incentives		1,107
Other	4,676	3,112
Total	$ 8,335	$ 8,541

Bank Borrowings - Additional In

Bank Borrowings - Additional Information (Details) - USD ($)	Jun. 28, 2019	Sep. 30, 2020	Aug. 15, 2019
Eurodollar Rate | Senior Facilities Agreement
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	1.25%
Eurodollar Rate | Senior Facilities Agreement | Minimum
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	1.75%
Eurodollar Rate | Senior Facilities Agreement | Maximum
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	2.75%
London Interbank Offered Rate | Senior Facilities Agreement | Minimum
Line Of Credit Facility [Line Items]
Debt instrument reduction in basis spread on variable rate	0.00%
Alternative Base Rate | Senior Facilities Agreement | Minimum
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	0.25%
Alternative Base Rate | Senior Facilities Agreement | Maximum
Line Of Credit Facility [Line Items]
Debt instrument reduction in basis spread on variable rate	1.25%
Federal Funds Effective Rate | Senior Facilities Agreement
Line Of Credit Facility [Line Items]
Debt instrument basis for effective rate	0.50%
Senior Facilities Agreement
Line Of Credit Facility [Line Items]
Line of credit facility, expiration date	Jun. 28, 2022
Line of credit facility, borrowing deduction		$ 2,300,000
Line of credit facility, remaining borrowing capacity		$ 40,800,000
Line of credit facility, interest rate		2.00%
Senior Facilities Agreement | Letter of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, utilization		$ 6,900,000
Senior Facilities Agreement | Silicon Valley Bank
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Line of credit facility maximum borrowing capacity subject to certain conditions	$ 25,000,000
Senior Facilities Agreement | Silicon Valley Bank | JP Morgan Chase Bank
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 30.9
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 9 months 29 days
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 | shares	0
2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 1.5
Weighted-average period over which unrecognized compensation cost is expected to be recognized	12 months
Expected volatility of option granted	88.40%
Risk-free interest rate, minimum	0.12%
Risk-free interest rate, maximum	0.13%
Expected dividend yield	0.00%
Restricted Stock Units
Class Of Stock [Line Items]
Unamortized stock-based compensation expense | $	$ 63.4
Weighted-average period over which unrecognized compensation cost is expected to be recognized	3 years 8 months 1 day
Number of other than options granted | shares	130,715
Weighted grant-date fair value | $ / shares	$ 93.97
Minimum | 2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Expected term of stock options granted	6 months
Minimum | Restricted Stock Units
Class Of Stock [Line Items]
Vest over requisite period	1 year
Maximum
Class Of Stock [Line Items]
Issuance of warrants | shares	5,600,000
Maximum | 2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Expected term of stock options granted	1 year
Maximum | Restricted Stock Units
Class Of Stock [Line Items]
Vest over requisite period	4 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Based Compensation Expense from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	$ 9,894	$ 2,276
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	601	148
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	3,069	671
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	1,504	382
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	$ 4,720	$ 1,075

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Other Income Disclosure Nonoperating [Abstract]
Interest income	$ 864	$ 957
Interest expense	(30)	(154)
Revaluation of warrant liabilities		(165)
Other	(4)	1
Total	$ 830	$ 639

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Weighted average remaining term	10 years 7 months 6 days
Weighted average discount rate	5.40%
Lease expense paid during period	$ 300
Lease expense	$ 2,356	$ 700

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2021	$ 809
2022	7,207
2023	7,432
2024	7,653
2025	7,704
2026	7,416
Thereafter	40,525
Gross lease payments	78,746
Less - present value adjustments	(20,407)
Less - tenant improvement allowance receivable	(2,920)
Operating lease, liabilities	$ 55,419

Leases - Components Of Lease Ex

Leases - Components Of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Lease Cost [Abstract]
Operating lease expense	$ 1,547
Short-term lease expense	141
Variable lease expense	668
Total	$ 2,356	$ 700

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Aug. 31, 2020	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Commitment And Contingencies [Line Items]
Strategic partnership agreement period			10 years
Online bill payment products expiration month and year			2027-06
Service agreement with existing financial institution partner expanded period		5 years
Agreed amount of payment to partner under service agreement		$ 12
Data Hosting and Other Services
Commitment And Contingencies [Line Items]
Purchase commitment, period	3 years
Purchase commitment beginning date	Sep. 1, 2020
Sales and Marketing Expenses
Commitment And Contingencies [Line Items]
Strategic partnership agreement expenses			$ 0.5	$ 0.5

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details) $ in Thousands	Sep. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 8,550
2022	5,580
2023	6,213
2024	2,720
2025	2,000
2026	1,750
Thereafter	1,750
Total	$ 28,563

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, 2020	Sep. 30, 2019
Numerator:
Net loss attributable to common stockholders	$ (12,951)	$ (5,696)
Denominator:
Basic and diluted	80,216	8,231
Net loss per share attributable to common stockholders:
Basic and diluted	$ (0.16)	$ (0.69)

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, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share	9,089	63,808
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share	7,894	11,247
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share	1,195
Convertible Redeemable Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share		52,435
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share		63
Warrants to Purchase Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share		63