Bill.com (BILL) 10-K 30 Aug 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2021	Aug. 23, 2021	Dec. 31, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	BILL.COM HOLDINGS, INC.
Entity Central Index Key	0001786352
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 10.7
Entity Common Stock, Shares Outstanding		94,782,906
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Shell Company	false
Entity File Number	001-39149
Entity Tax Identification Number	83-2661725
Entity Address, Address Line One	6220 America Center Drive, Suite 100
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
City Area Code	650
Local Phone Number	621-7700
Entity Address, Postal Zip Code	95022
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Title of 12(b) Security	Common Stock, $0.00001 par value
Security Exchange Name	NYSE
Trading Symbol	BILL
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 509,615	$ 573,643
Short-term investments	655,314	123,974
Accounts receivable, net	18,222	4,252
Acquired card receivables, net	147,093
Unbilled revenue	8,118	6,549
Prepaid expenses and other current assets	59,077	26,781
Funds held for customers	2,208,598	1,644,250
Total current assets	3,606,037	2,379,449
Non-current assets:
Operating lease right-of-use assets, net	71,925
Property and equipment, net	48,902	13,866
Intangible assets, net	417,341
Goodwill	1,772,043
Other assets	52,925	10,700
Total assets	5,969,173	2,404,015
Current liabilities:
Accounts payable	11,904	3,478
Accrued compensation and benefits	20,287	12,387
Deferred revenue	12,848	5,891
Other accruals and current liabilities	72,022	10,841
Customer fund deposits	2,208,598	1,644,250
Total current liabilities	2,325,659	1,676,847
Non-current liabilities:
Deferred revenue	2,926	2,622
Operating lease liabilities	86,639
Borrowings from credit facilities, net	79,534
Convertible senior notes, net	909,847
Deferred income tax liability	9,090
Other long-term liabilities	25,888	13,827
Total liabilities	3,439,583	1,693,296
Commitments and contingencies (Notes 14 and 15)
Stockholders' equity:
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding
Common stock; $0.00001 par value per share; 500,000 shares authorized; 94,504 and 79,635 shares issued and outstanding at June 30, 2021 and 2020, respectively	2	2
Additional paid-in capital	2,777,155	857,044
Accumulated other comprehensive (loss) income	(100)	2,420
Accumulated deficit	(247,467)	(148,747)
Total stockholders' equity	2,529,590	710,719
Total liabilities and stockholders' equity	$ 5,969,173	$ 2,404,015

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Jun. 30, 2020
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, Shares authorized	10,000,000	10,000,000
Preferred stock, Shares issued	0	0
Preferred stock, Shares outstanding	0	0
Common Stock
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, Shares authorized	500,000,000	500,000,000
Common stock, Shares issued	94,504,000	79,635,000
Common stock, Shares outstanding	94,504,000	79,635,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Revenue
Total revenue	$ 238,265	$ 157,600	$ 108,351
Cost of revenue	61,806	39,144	29,918
Gross profit	176,459	118,456	78,433
Operating expenses
Research and development	90,235	53,405	28,924
Sales and marketing	71,374	45,356	30,114
General and administrative	128,817	53,893	29,198
Total operating expenses	290,426	152,654	88,236
Loss from operations	(113,967)	(34,198)	(9,803)
Other (expense) income, net	(25,370)	3,160	2,333
Loss before (benefit from) provision for income taxes	(139,337)	(31,038)	(7,470)
(Benefit from) provision for income taxes	(40,617)	53	(156)
Net loss	$ (98,720)	$ (31,091)	$ (7,314)
Net loss per share attributable to common stockholders:
Basic and diluted	$ (1.19)	$ (0.70)	$ (0.94)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders:
Basic and diluted	82,813	44,106	7,797
Subscription and Transaction Fees
Revenue
Total revenue	$ 232,255	$ 136,405	$ 85,951
Interest on Funds Held for Customers
Revenue
Total revenue	$ 6,010	$ 21,195	$ 22,400

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (98,720)	$ (31,091)	$ (7,314)
Other comprehensive (loss) income:
Net unrealized (loss) gain on investments in available-for-sale securities, before tax	(2,520)	2,094	679
Income tax			(176)
Comprehensive loss	$ (101,240)	$ (28,997)	$ (6,811)

CONSOLIDATED STATEMENTS OF REDE

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Follow-On Public Offering	Common Stock	Common StockFollow-On Public Offering	Additional Paid-in Capital	Additional Paid-in CapitalFollow-On Public Offering	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning balance at Jun. 30, 2018	$ (101,904)		$ 1		$ 8,614		$ (177)	$ (110,342)
Beginning balance, shares at Jun. 30, 2018									47,131,000
Beginning balance at Jun. 30, 2018									$ 191,147
Beginning balance, shares at Jun. 30, 2018			7,345,000
Issuance of Series H redeemable convertible preferred stock, net of issuance costs									$ 85,160
Issuance of Series H redeemable convertible preferred stock, net of issuance costs (in shares)									5,304,000
Issuance of common stock upon exercise of stock options and vesting of early-exercised stock options	1,702				1,702
Issuance of common stock upon exercise of stock options and vesting of early-exercised stock options, shares			809,000
Stock-based compensation	4,082				4,082
Issuance of stock warrants	274				274
Other comprehensive income (loss), net of tax	503						503
Net loss	(7,314)							(7,314)
Ending balance at Jun. 30, 2019	(102,657)		$ 1		14,672		326	(117,656)
Ending balance, shares at Jun. 30, 2019									52,435,000
Ending balance at Jun. 30, 2019									$ 276,307
Ending balance, shares at Jun. 30, 2019			8,154,000
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	276,307		$ 1		276,306
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares									(52,435,000)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering									$ (276,307)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares			52,435,000
Reclassification of redeemable convertible preferred stock warrant liabilities to additional paid-in capital upon initial public offering	1,405				1,405
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs	225,481	$ 307,512			225,481	$ 307,512
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs, shares			11,297,000	4,330,000
Issuance of common stock upon exercise of stock options and release of restricted stock units	13,460				13,460
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares			3,298,000
Issuance of common stock upon exercise of stock warrants	144				144
Issuance of common stock upon exercise of stock warrants, shares			121,000
Stock-based compensation	18,064				18,064
Other comprehensive income (loss), net of tax	2,094						2,094
Net loss	(31,091)							(31,091)
Ending balance at Jun. 30, 2020	710,719		$ 2		857,044		2,420	(148,747)
Ending balance, shares at Jun. 30, 2020			79,635,000
Issuance of common stock as consideration for an acquisition,net of issuance costs	1,603,031				1,603,031
Issuance of common stock as consideration for an acquisition, net of issuance costs, shares			10,767,000
Fair value of replacement awards	55,275				55,275
Equity component of 2025 Notes,net of issuance costs and taxes	245,066				245,066
Purchase of capped calls	(87,860)				(87,860)
Issuance of common stock upon exercise of stock options and release of restricted stock units	$ 26,981				26,981
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares			3,656,000
Issuance of common stock upon exercise of stock options and vesting of early-exercised stock options, shares	3,359,000
Issuance of common stock under the employee stock purchase plan	$ 8,864				8,864
Issuance of common stock under the employee stock purchase plan, shares			446,000
Stock-based compensation	68,754				68,754
Other comprehensive income (loss), net of tax	(2,520)						(2,520)
Net loss	(98,720)							(98,720)
Ending balance at Jun. 30, 2021	$ 2,529,590		$ 2		$ 2,777,155		$ (100)	$ (247,467)
Ending balance, shares at Jun. 30, 2021			94,504,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (98,720)	$ (31,091)	$ (7,314)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,350	4,257	3,154
Stock-based compensation	68,290	18,064	4,082
Amortization of debt discount (accretion of debt premium) and issuance costs	27,531
Amortization of intangible assets	5,659
Amortization of premium (accretion of discount) on investments in marketable debt securities	4,692	(3,815)	(1,319)
Non-cash operating lease expense	3,813
Provision for losses on acquired card receivables	741
Deferred income taxes	(40,617)		(176)
Other		717	299
Changes in assets and liabilities:
Accounts receivable	(6,535)	(1,054)	(2,098)
Unbilled revenue	(1,569)	(554)	(1,748)
Prepaid expenses and other current assets	2,275	(10,434)	(5,690)
Other assets	(12,525)	(4,928)	(995)
Accounts payable	7,417	(1,596)	3,171
Other accruals and current liabilities	22,980	9,755	4,336
Operating lease liabilities	8,395
Other long-term liabilities	592	12,991	302
Deferred revenue	6,854	3,258	47
Net cash provided by (used in) operating activities	4,623	(4,430)	(3,949)
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash	(556,090)
Purchases of corporate and customer fund short-term investments	(2,070,296)	(1,088,611)	(830,622)
Proceeds from maturities of corporate and customer fund short-term investments	1,104,532	806,000	694,303
Proceeds from sale of corporate and customer fund short-term investments	142,665	46,159	54,715
Increase in other receivables included in funds held for customers	(10,792)	(959)	(10,203)
Increase in acquired card receivables	(15,703)
Purchases of property and equipment	(18,902)	(11,437)	(2,743)
Capitalization of internal-use software costs	(2,304)	(639)	(1,556)
Net cash used in investing activities	(1,426,890)	(249,487)	(96,106)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of discount and issuance costs	1,129,379
Purchase of capped calls	(87,860)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs		225,481
Proceeds from issuance of common stock upon follow-on public offering, net of underwriting discounts and commissions and other offering costs	8,864	308,176
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			85,160
Increase in customer fund deposits liability	564,348	314,944	414,293
Proceeds from line of credit borrowings		2,300
Payments on line of credit and bank borrowings	(2,300)		(9,500)
Proceeds from exercise of stock options	28,209	12,232	1,702
Other	(1,057)	(7)
Net cash provided by financing activities	1,639,583	863,126	491,655
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	217,316	609,209	391,600
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year	1,592,377	983,168	591,568
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year	1,809,693	1,592,377	983,168
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	509,615	573,643	90,306
Restricted cash included in other current assets	$ 10,977	$ 35	$ 256
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Restricted cash included in other long-term assets	$ 6,875		$ 550
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets
Restricted cash and restricted cash equivalents included in funds held for customers	$ 1,282,226	$ 1,018,699	$ 892,056
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year	1,809,693	1,592,377	983,168
Supplemental disclosure of cash flow information:
Cash paid for interest	112	174	872
Noncash investing and financing activities:
Fair value of shares issued as consideration for acquisition	1,603,543
Fair value of stock-based awards assumed in acquisition	55,275
Payable on purchases of property and equipment	664
Conversion of redeemable convertible preferred stock into common stock upon initial public offering		276,307
Reclassification of redeemable convertible preferred stock warrant liabilities into additional paid-in capital upon initial public offering		1,405
Receivable from broker-assisted exercises of stock options		1,228
Accrued stock and debt issuance costs	$ 120	$ 664	$ 470

The Company and Its Significant

The Company and Its Significant Accounting Policies	12 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
The Company and Its Significant Accounting Policies	NOTE 1 – THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES Bill.com, Inc. was incorporated in the State of Delaware in April 2006. In November 2018, Bill.com, Inc. consummated a reorganization with Bill.com Holdings, Inc., which resulted in the latter becoming the parent entity of Bill.com, Inc. Bill.com, Inc. was subsequently converted into a limited liability company and renamed Bill.com, LLC. Bill.com Holdings, Inc., which was incorporated in the State of Delaware in August 2018, and its subsidiaries are collectively referred to as the “Company.” The Company is a provider of software-as-a-service, cloud-based payments and spend management products, which allow users to automate accounts payable and accounts receivable transactions, enable users to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows and improve back office efficiency. Initial Public Offering and Follow-on Offering On December 16, 2019, the Company closed its initial public offering (IPO), in which it issued 11,297,058 shares of common stock at a public offering price of $22.00 per share, which included 1,473,529 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. On June 15, 2020, the Company closed a follow-on public offering in which it issued 4,330,000 shares of common stock at a public offering price of $74.25 per share, which included 1,080,000 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP). All intercompany accounts and transactions have been eliminated. 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 U.S. and all revenue is generated in the U.S. Business Combination The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. The determination of the fair value of assets acquired and liabilities assumed involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the date of the acquisition. Significant management inputs used in the estimation of fair value of assets acquired and liabilities assumed include, but are not limited to, expected future cash flows, future changes in technology, estimated replacement costs, discount rates and assumptions about the period of time the brand will continue to be used in the Company’s product portfolio. Where appropriate, external advisers are consulted to assist in the determination of fair value. For non-observable market values, fair value has been determined using acceptable valuation methods (e.g., relief from royalty methods). The results of operations for businesses acquired are included in the financial statements from the acquisition date. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the tangible and intangible assets acquired and liabilities assumed, including an indemnification asset related to certain assumed liabilities , net lease liabilities, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies with a corresponding offset to goodwill . The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations . Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including useful lives of long-lived assets, capitalization of internal-use software costs, incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable, acquired card receivables and other financial assets, accrual for rewards, fair value of convertible notes, 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 losses on funds held for customers, and income tax. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Funds held for customers and customer fund deposits Funds held for customers and the corresponding liability on customer fund deposits represent funds that are collected from customers for payments to their suppliers and funds that are collected on behalf of customers. Generally, these funds held for customers are initially deposited in separate bank accounts until remitted to the customers’ suppliers or to the customers. The funds held for customers are restricted for the purpose of satisfying the customers’ fund obligations and are not available for general business use by the Company. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of more than three months up to thirteen months at the time of purchase. Funds held for customers that are invested in marketable debt securities are classified as available-for-sale. These investments are carried at fair value, with unrealized gains or losses included in accumulated other comprehensive (loss) income on the consolidated balance sheets and as a component of the consolidated statements of comprehensive loss. The Company contractually earns interest on funds held for customers with associated counterparties. Cash, cash equivalents, restricted cash and restricted cash equivalents Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase, and securities purchased under overnight reverse repurchase agreements. Restricted cash consists of (i) amounts restricted under deposit control agreements, (ii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iii) cash collateral required by a bank in connection with the Company’s money transmission activities, and (iv) cash in bank deposits included in funds held for customers. Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers. Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying consolidated balance sheets. Short–term investments The Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables, card receivables held for sale, and deposits of cash with a bank (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any significant credit losses relating to its Financial Assets. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on Financial Assets and customer accounts is recognized, if material. As of June 30, 2021, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled $1.9 million. There were no customers that exceeded 10% of the Company’s total revenue during the years ended June 30, 2021, 2020 and 2019. Accounts receivable and unbilled revenue Accounts receivable, which consist primarily of fees from customers, including accounting firm and financial institution customers, are recorded at the invoiced amount, net of an allowance for credit losses. Unbilled revenue is recorded based on amounts that the Company expects to invoice to customers in the subsequent period. The allowance for credit losses related to accounts receivable and unbilled revenue is based on the Company’s assessment of the collectability of the receivables. The Company regularly reviews the adequacy of the allowance for credit losses by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectable are charged against the allowance for credit losses when identified. For all periods presented, the allowance for credit losses related to accounts receivable and unbilled revenue was not significant. Acquired card receivables The portfolios of acquired card receivables are commercial accounts diversified across various geographies and industries. The Company manages credit risk based on common risk characteristics including macroeconomic factors such as unemployment rates and financial condition of the users of the spend management application. Acquired card receivables are reported at their principal amounts and include uncollected fees outstanding net of allowance for credit losses. Acquired card receivables are deemed to be held for investment when management has the intent and ability to hold them for the foreseeable future. As part of the onboarding process, users of the Company’s free spend management application are provided with a credit limit subject to a credit policy and underwriting process which is periodically re-performed based on risk indicators and the size of the credit limit. Acquired card receivables represent amounts due on card transactions integrated with the spend management application. The Company is contractually obligated to purchase all card receivables from U.S. based card issuing banks (Issuing Banks) including authorized transactions that have not cleared at the Issuing Banks. Acquired card receivables are recorded at the time a transaction clears the Issuing Bank s and generally payment for the card receivables is made on the day the transaction clears the Issuing Bank s . The acquired card receivables portfolio consists of a large group of smaller balances from spending businesses across a wide range of industries. The allowance for credit losses reflects the Company’s estimate of uncollectible balances resulting from credit and fraud losses and is based on the determination of the amount of expected losses inherent in the acquired card receivable as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary areas of judgment used in measuring the quantitative components of the Company’s reserves relate to the attributes used to segment the portfolio, the determination of the historical loss experience look-back period, and the weighting of historical loss experience by monthly cohort. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding acquired card receivable balances to estimate reserves for expected credit losses. Based on historical loss experience, the probability of default decreases over time, therefore the attribute used to segment the portfolio is the length of time since an account’s credit limit origination. Derivative Instruments The Company retains a beneficial interest derivative in the form of a deferred purchase price on card receivables sold. This derivative is not designated as a hedging instrument, and is initially recorded at fair value, with subsequent changes in fair value recorded through other gains and losses. The Company does not use derivative instruments for speculative or trading purposes. The beneficial interest derivative is a residual interest in collections on card receivables sold, and serves to align the economic interests of the Company as servicer with those of the Purchasing Bank. Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally one to three years. Leasehold improvements are amortized over the shorter of estimated useful lives of the assets or the lease term. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of operations. Goodwill Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized. Intangible Assets The Company generally recognizes assets for customer relationships, developed technology, and finite-lived trade names from an acquisition. Finite-lived intangible assets are carried at acquisition cost less accumulated amortization. Such amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, generally from 3 to 8 years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and trade names is recognized in sales and marketing expenses. Impairment The valuation of goodwill at the reporting unit level is reviewed annually during the fourth fiscal quarter or more frequently if facts or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has one reporting unit; therefore, all of its goodwill is associated with the entire company. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the Company is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the Company is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment. The Company reviews the valuation of long-lived assets, including property and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of long-lived assets or asset groups is calculated based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. Impairment testing is performed at the asset group level. 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. Accrued Rewards Spending businesses participate in rewards programs based on card transactions. The Company records a rewards liability that represents the estimated cost for earned rewards. Rewards liabilities are impacted over time by redemption costs and by spending businesses meeting eligibility requirements. Changes in the rewards liabilities during the period are recognized as an increase or decrease to sales and marketing expense in the accompanying consolidated statements of operations. The accrued rewards liability was $19.2 million as of June 30, 2021 and is included in other accruals and current liabilities in the accompanying consolidated balance sheets. The rewards expense, which is included in sales and marketing expenses in the accompanying consolidated statements of operations, was $4.5 million during the year ended June 30, 2021. Convertible Senior Notes The Company accounts for its convertible senior notes (Notes) by separating the principal amount into liability and equity components. The carrying amount of the liability component is calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, which represents the conversion option, is determined by deducting the fair value of the liability component from the par value of the Notes as a whole. The difference between the principal amount of the Notes and the liability component is initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the Notes. The equity component of the Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The debt issuance costs are allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the Notes using the effective interest method. The debt issuance costs allocated to the equity component are presented as a reduction of additional paid-in capital in the accompanying consolidated balance sheets. Revenue recognition Arrangements with SMBs and Accounting Firms The Company enters into contracts with SMB and accounting firm customers to provide access to the functionality of the Company’s cloud-based payments platform to process transactions. These contracts are either monthly contracts paid in arrears or annual arrangements paid up front. The Company charges its SMB and accounting firm customers subscription fees for access to its platform based on the number of users and level of service. The Company also charges these customers transaction fees based on transaction volume and the category of transaction. The contractual price for subscription and transaction services is based on either negotiated fees or the rates published on the Company’s website. The Company accounts for its annual and monthly contracts as a series of distinct services that are satisfied over time. The Company determines the transaction price for such contracts by estimating the total consideration to be received over the contract term from subscription and transaction fees. The Company recognizes the transaction price as a single performance obligation based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. Revenues recognized exclude amounts collected on behalf of third parties, such as sales taxes collected and remitted to governmental authorities. Arrangements with Financial Institutions The Company enters into multi-year contracts with financial institution customers to provide access to the Company’s cloud-based payments platform to process transactions. These contracts typically include fees for initial implementation services that are paid during the period the implementation services are provided as well as fees for subscription and transaction processing services, which are subject to guaranteed monthly minimum fees that are paid monthly over the contract term. These contracts enable the financial institutions to provide their customers with access to online bill pay services through the financial institutions’ online platforms. Implementation services are required up-front to establish an infrastructure that allows the financial institutions’ online platforms to communicate with the Company’s online platform. A financial institution’s customers cannot access online bill pay services until implementation is complete. Initial implementation services and transaction processing services are not capable of being distinct from the subscription for online bill pay services and are combined into a single performance obligation. The total consideration in these contracts varies based on the number of users and transactions to be processed. The Company has determined it meets the variable consideration allocation exception and therefore recognizes guaranteed monthly payments and any overages as revenue in the month they are earned. Implementation fees are recognized based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. The ability of the financial institution customers to renew their contracts without having to pay up-front implementation fees again could provide them a material right. Material rights, which have not been significant to date, are treated as separate performance obligations and are recognized over the expected period of benefit. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. Interest on Funds Held for Customers The Company also earns revenue from interest earned on funds held for customers that are initially deposited into the Company’s bank accounts that are separate from the Company’s operating cash accounts until remitted to the customers or their suppliers. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of three months to one year at the time of purchase. Interest and fees earned are recognized based on the effective interest method and also include the accretion of discounts and the amortization of premiums on marketable debt securities. Deferred revenue Subscription and transaction fees from customers for 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 costs Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products 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. Cost of revenue Cost of revenue consists primarily of personnel-related costs, including stock-based compensation expenses, for the Company’s customer success and payment operations teams, certain costs that are directly attributed to processing customers’ transactions (such as the cost of printing checks, postage for mailing checks, and expenses for processing payments), direct and amortized costs for implementing and integrating the Company’s platform into the customers’ systems, costs for maintaining, optimizing, and securing the Company’s cloud payments infrastructure, amortization of capitalized internal-use software, amortization of developed technology, fees on the investment of customer funds, and allocation of overhead costs. Research and development Costs incurred in research and development, excluding development costs eligible for capitalization as internal-use software, are expensed as incurred. Stock-based compensation The Company measures stock-based compensation for stock options and purchase rights issued under the Employee Stock Purchase Plan (ESPP) at fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures stock-based compensation for restricted stock units (RSUs) based on the fair market value of the Company’s stock on the date of grant. The Company recognizes compensation costs on a straight-line basis over the requisite service period, which is generally the vesting term of four years for stock options and RSUs, and the offering period of one year for purchase rights under the ESPP. Stock compensation costs are reduced by the estimated forfeitures at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the forfeiture rate based on its historical experience for annual grant years where the majority of the vesting terms have been satisfied. The Black-Scholes option-pricing model requires the use of highly subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Expected term – The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. Expected volatility – Prior to the Company’s IPO, the expected volatility was estimated based on the average volatility for comparable publicly traded companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. For grants made after the Company’s IPO, the expected volatility was estimated based on the historical volatility of the Company’s common stock. Risk-free interest rate – The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected dividend yield – The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Advertising The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses during the years ended June 30, 2021, 2020 and 2019 were $8.5 million, $5.8 million and $3.7 million, respectively. Income taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss (NOL) and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company. New 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 Disclo

Revenue, Performance Obligation

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs	12 Months Ended
	Jun. 30, 2021
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 (SMBs), accounting firms and financial institutions. The Company’s subscription and transaction fees are disaggregated by customer category and consisted of the following (in thousands): Year ended June 30, 2021 2020 2019 Small-to-midsize business and accounting firm customers $ 218,227 $ 126,035 $ 76,292 Financial institution customers 14,028 10,370 9,659 Total subscription and transaction fees $ 232,255 $ 136,405 $ 85,951 Remaining performance obligations with financial institutions As of June 30, 2021, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) was $145.9 million. Of this amount, the Company expects to recognize approximately $28.1 million, or 19%, within one year. The timing of revenue recognition within the next year is largely dependent upon the go-live dates of the Company’s contracts with its financial institution customers, which are inherently uncertain. Once the services for the Company’s significant contracts have launched, the Company expects the amount of revenue to be recognized for the remaining transaction price will be materially consistent over the next two to five years. Deferred revenue Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. Deferred revenue is shown as current or non-current in the consolidated balance sheets. During the year ended June 30, 2021, the Company recognized $6.3 million of revenue that was included in the deferred revenue balance as of June 30, 2020. Deferred costs Deferred costs consisted of the following as of the dates presented (in thousands): June 30, 2021 2020 Deferred sales commissions: Current $ 4,169 $ 2,829 Non-current 6,542 5,613 Total deferred sales commissions $ 10,711 $ 8,442 Deferred service costs: Current $ 1,539 $ 618 Non-current 15,260 4,474 Total deferred service costs $ 16,799 $ 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 consolidated balance sheets. The amortization of deferred sales commissions was $3.6 million, $2.3 million and $1.4 million during the years ended June 30, 2021, 2020 and 2019, respectively. The amortization of deferred service costs was $0.6 million, $0.4 million and $1.1 million during the years ended June 30, 2021, 2020 and 2019, respectively.

Business Combination

Business Combination	12 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Business Combination	NOTE 3 – BUSINESS COMBINATION On June 1, 2021 (acquisition date), the Company acquired 100% of the outstanding equity interests of DivvyPay, Inc. (Divvy). The results of Divvy’s operations have been included in the consolidated financial statements since the acquisition date. Divvy offers a cloud-based spend management application and smart corporate cards to SMBs in the U.S. The acquisition of Divvy will enhance the Company’s ability to provide an expanded solution to enable SMBs to manage accounts payable, corporate card spend, and accounts receivable all in one place. Additionally, the acquisition will expand the market opportunity for the Company by offering a spend management application combined with smart corporate cards to its existing customers and network members. The acquisition purchase consideration totaled $2.3 billion, which consisted of the following (in thousands): Equity consideration (1) $ 1,658,818 Cash 664,779 Total $ 2,323,597 ( 1 ) Following a business combination, the Company has a period of not more than 12 months from the acquisition date to finalize the fair values of assets acquired and liabilities assumed, including valuations of identifiable intangible assets and indemnification asset related to certain assumed liabilities at the acquisition date. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash $ 108,689 Acquired card receivables 159,784 Accounts receivable 7,435 Card receivables held for sale 12,730 Property and equipment 15,805 Intangible assets 423,000 Prepaid expenses and other assets 57,669 Total identifiable assets acquired 785,112 Accounts payable and other liabilities (153,855 ) Outstanding borrowings from credit facilities (79,703 ) Total liabilities assumed (233,558 ) Net identifiable assets acquired 551,554 Goodwill 1,772,043 Net assets acquired $ 2,323,597 The preliminary fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows: Preliminary fair value Weighted average useful life (In years) Customer relationships $ 198,000 10.0 Developed technology 191,000 6.0 Trade name 34,000 3.0 Total $ 423,000 7.6 Customer relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount rate of 16.0%. Developed technology was measured at fair value using the relief-from-royalty method of the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from existing technology, a pre-tax royalty rate of 15.0% and a discount rate of 16.0%. Trade name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 1.0% and a discount rate of 16.0%. The $1.8 billion goodwill is attributable primarily to the expected synergies and economies of scale expected from combining the operations of both entities, and intangible assets that do not qualify for separate recognition, including assembled workforce acquired through the acquisition. None of the goodwill is expected to be deductible for income tax purposes. As of June 30, 2021, there were no changes in the recognized amounts of goodwill resulting from the acquisition of Divvy. As of the acquisition date, the fair value of card receivables held for sale, which approximates the gross contractual amount, was $12.7 million. These receivables were substantially settled as of June 30, 2021. Pursuant to the terms of the merger agreement, the Company recognized an indemnification asset of $20.4 million related to certain assumed liabilities at the acquisition date. The indemnification asset was measured and recognized on the same basis and at the same time as the indemnified liabilities. The Company recognized $15.5 million of acquisition-related costs that were expensed in the current period. These costs are shown as part of general and administrative expenses in the accompanying consolidated statements of operations. The Company also recognized $ 0.5 million in costs associated with the issuance and registration of the shares issued as consideration in the acquisition of Divvy. Those costs were reported as a reduction of additional paid-in capital within stockholders’ equity. The amounts of Divvy’s total revenues and net loss that were included in the Company’s consolidated statement of operations from the acquisition date through June 30, 2021 were $10.3 million and $11.4 million, respectively. Unaudited Pro Forma Financial Information The unaudited pro forma information does not necessarily reflect the actual results of operations of the combined entities that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Divvy, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed. The pro forma net loss for the year ended June 30, 2021 was adjusted to exclude nonrecurring acquisition-related costs of $2.3 million. The pro forma net loss for the year ended June 30, 2020 was adjusted to include nonrecurring acquisition-related costs of $75.3 million. Below is the unaudited pro forma financial information of the combined results of operations of the Company and Divvy as if the acquisition occurred on July 1, 2019 (in thousands). Year ended June 30, 2021 2020 Total revenue $ 307,618 $ 192,770 Net loss $ (223,470 ) $ (206,166 )

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 4 – FAIR VALUE MEASUREMENT The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities, and beneficial interest derivative on card receivables sold at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities. In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. The following tables set forth the fair value of assets 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): June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 365,550 $ — $ — $ 365,550 Corporate bonds — 15,499 — 15,499 365,550 15,499 — 381,049 Short-term investments: Corporate bonds — 466,459 — 466,459 U.S. treasury securities 155,674 — — 155,674 Asset-backed securities — 26,406 — 26,406 Certificates of deposit — 6,775 — 6,775 155,674 499,640 — 655,314 Funds held for customers: Restricted cash equivalents 6,887 79,435 — 86,322 Corporate bonds — 516,350 — 516,350 Certificates of deposit — 326,927 — 326,927 Municipal bonds 42,957 42,957 Asset-backed securities — 25,085 — 25,085 U.S. treasury securities 3,009 — — 3,009 9,896 990,754 — 1,000,650 Beneficial interest derivative on card receivables sold — — 2,252 2,252 Total assets measured at fair value $ 531,120 $ 1,505,893 $ 2,252 $ 2,039,265 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: Corporate bonds — 71,131 — 71,131 U.S. treasury securities 28,368 — — 28,368 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. The fair value of the beneficial interest derivative on card receivables sold is estimated using a discounted cash flow model, which uses Level 3 inputs. Significant input used includes a loss rate estimate of 2.6% as of June 30, 2021, which is based upon the expected rate of the transferred card receivables’ payment in default. The loss rate is calculated using historical trends and ages of the outstanding card receivable balances. Other inputs, such as discount rate and expected repayments, are generally considered but had no material impact in the estimation of fair value of the beneficial interest derivative as of June 30, 2021. A change in inputs used to a different amount could result in a significantly higher or lower fair value measurement. Immediately upon the completion of the Company’s IPO in December 2019, all warrants to purchase shares of redeemable convertible preferred stock were converted into warrants to purchase shares of common stock. As a result, the fair value of the redeemable convertible preferred stock warrant liabilities, which was measured using Level 3 inputs, was reclassified to additional paid-in capital. The table below sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities (Level 3 financial liabilities) as of and for the year ended June 30, 2020 (in thousands): Fair value, beginning of year $ 688 Change in fair value 717 Reclassification to additional paid-in capital (1,405 ) Forfeiture of warrants — Fair value, end of year $ — The Company has $1.15 billion in aggregate principal amount of its 0% convertible senior notes due in 2025 (2025 Notes) outstanding as of June 30, 2021. The Company carries the 2025 Notes at par value, less the portion allocated to equity and the unamortized debt discount and issuance costs on the condensed consolidated balance sheets. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature, which represents a Level 2 non-recurring valuation estimate. The carrying amount of the equity component, which represents the conversion option, was determined by deducting the fair value of the liability component from the par value of notes as a whole. The estimated fair value of the 2025 Notes, which is presented for disclosure purposes only, was approximately $ 1.6 billion as of June 30, 2021. The fair value was based on a market approach, which represents a Level 2 valuation estimate. The market approach was determined based on the actual bids and offers of the 2025 Notes in an over-the-counter market as of the last day of trading prior to the end of the period.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Short-Term Investments	NOTE 5 – SHORT-TERM INVESTMENTS Short-term investments consisted of the following (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 466,403 $ 111 $ (55 ) $ 466,459 U.S. treasury securities 155,663 16 (5 ) 155,674 Asset-backed securities 26,391 16 (1 ) 26,406 Certificates of deposit 6,775 — — 6,775 $ 655,232 $ 143 $ (61 ) $ 655,314 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 70,781 $ 360 $ (10 ) $ 71,131 U.S. treasury securities 28,281 88 (1 ) 28,368 Asset-backed securities 24,333 142 — 24,475 $ 123,395 $ 590 $ (11 ) $ 123,974 The amortized cost and fair value amounts include accrued interest receivable of $2.5 million and $0.5 million at June 30, 2021 and 2020, respectively. See Note 4 for additional information about the fair value measurement of short-term investments. As of June 30, 2021, the fair value of the Company’s short-term investments that mature within one year and thereafter was $495.8 million and $159.5 million, respectively, or 76% and 24%, respectively, of the Company’s total short-term investments. As of 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. As of June 30, 2021, approximately 100 of the more than 300 investment positions were in an unrealized loss position. The following table presents the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the dates presented (in thousands): June 30, 2021 Fair value Unrealized losses Corporate bonds $ 152,485 $ (55 ) U.S. treasury securities 85,466 (5 ) Asset backed securities 8,089 (1 ) Total $ 246,040 $ (61 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 9,258 $ (10 ) U.S. treasury securities 2,798 (1 ) Total $ 12,056 $ (11 ) Most of the Company investments with unrealized losses had been in a continuous unrealized loss position for less than 12 months. Investments with unrealized losses that had been in a continuous unrealized loss position for more than 12 months have been insignificant. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the years ended June 30, 2021, 2020 and 2019. The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of June 30, 2021 because they were not significant.

Funds Held for Customers

Funds Held for Customers	12 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Funds Held for Customers	NOTE 6 – FUNDS HELD FOR CUSTOMERS Funds held for customers consisted of the following (in thousands): June 30, 2021 2020 Restricted cash and other receivables $ 1,208,598 $ 586,893 Restricted cash equivalents 86,322 433,709 Corporate bonds 516,350 493,879 Certificates of deposit 326,927 85,953 Municipal bonds 42,957 — Asset backed securities 25,085 — U.S. treasury securities 3,009 48,952 Total funds held for customers 2,209,248 1,649,386 Less - income earned by the Company included in other current assets (650 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 2,208,598 $ 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 (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 516,364 $ 24 $ (38 ) $ 516,350 Certificates of deposit 326,927 — — 326,927 Municipal bonds 42,952 5 — 42,957 Asset backed securities 25,081 4 — 25,085 U.S. treasury securities 3,010 — (1 ) 3,009 Total $ 914,334 $ 33 $ (39 ) $ 914,328 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 estimated fair value amounts include accrued interest receivable of $1.9 million and $2.9 million at June 30, 2021 and 2020, respectively. See Note 4 for additional information about the fair value measurement of short-term investments. As of June 30, 2021, approximately 97%, or $882.4 million, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 3% or $31.9 million mature thereafter. As of June 30, 2020, 100% of the funds held for customers invested in short-term marketable debt securities matured within one year. As of June 30, 2021, approximately 60 of the more than 260 investment positions were in an unrealized loss position. The following tables present the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the periods presented (in thousands): June 30, 2021 Fair value Unrealized losses Corporate bonds $ 79,359 $ (38 ) U.S. treasury securities 2,501 (1 ) Total $ 81,860 $ (39 ) 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 the short-term investments during the years ended June 30, 2021, 2020 and 2019. The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of June 30, 2021 because they were not significant.

Acquired Card Receivables

Acquired Card Receivables	12 Months Ended
	Jun. 30, 2021
Acquired Card Receivables [Abstract]
Acquired Card Receivables	NOTE 7 – ACQUIRED CARD RECEIVABLES Acquired Card Receivables - Acquired card receivables consisted of the following as of June 30, 2021 (in thousands): Gross amount of acquired card receivables $ 148,833 Less: allowance for credit losses (1,740 ) Total $ 147,093 Certain lines of credit and acquired card receivable balances are collateralized by cash deposits held by the Issuing Banks. Before an account is charged off, the Company obtains any available cash collateral from the Issuing Banks. As of June 30, 2021, approximately $133.3 million of the acquired card receivable balance served as collateral for the Company’s borrowings from the 2021 Revolving Credit Agreement and the 2019 Credit Agreement (see Note 10). Credit Quality Information The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company elected to use the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period, which is generally limited to five days. Below is a summary of the acquired card receivables by class (i.e., past due status) as of June 30, 2021 (in thousands): Current and less than 30 days past due $ 145,993 30 ~ 59 days past due 1,188 60 ~ 89 days past due 580 90 ~ 119 days past due 713 Over 119 days past due 359 Total $ 148,833 The amount of outstanding balance of acquired card receivables that is (i) 90 days or more past due that continue to accrue fees and have an allowance for outstanding balance and fees, and (ii) classified as nonperforming was not significant as of June 30, 2021. Allowance for Credit Losses Below is a summary of the change in allowance for credit losses (in thousands): Balance as of June 1, 2021 (acquisition date) $ — Initial allowance for credit losses on purchased card receivables with credit deterioration 2,082 Provision for expected credit losses 462 Charge-off amounts (828 ) Recoveries collected 24 Balance as of June 30, 2021 $ 1,740 The Company also incurred losses related to card transactions disputed by spending businesses. The amount was not significant during the year ended June 30, 2021. Purchased Financial Assets with Credit Deterioration In connection with the acquisition of Divvy, the Company evaluated the acquired card receivable balances with credit deterioration as of the acquisition date. Accordingly, a financial asset acquired is considered a purchased credit deteriorated (PCD) asset if, as of the acquisition date, such financial asset has experienced a more-than-insignificant deterioration in credit quality since origination. The Company used certain indicators, such as the past due status and charge-off status of the balances, in identifying and assessing whether the acquired card receivables are considered PCD assets. Below is a summary of the acquired card receivables that were considered PCD assets as of the acquisition date (in thousands): Purchase price $ 3,855 Allowance for credit losses 2,082 Less: discount attributable to other factors (79 ) Par value $ 5,858 Card Receivables Held for Sale The Company sells a portion of acquired card receivables to a Purchasing Bank at a discount. Card receivables held for sale, which are carried at the lower of cost or estimated market value at the individual user account level, amounted to $2.6 million as of June 30, 2021 and is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets . Card Receivables Sold and Related Servicing and Beneficial Interest Derivative Retained The Company has an agreement with the Purchasing Bank to sell its acquired card receivables. The Company has continuing involvement under this agreement as servicer, and by retaining a beneficial interest derivative in the form of a deferred purchase price. The beneficial interest derivative represents the Company’s right to receive a portion of collections based on the performance of each cohort of card receivables sold to the Purchasing Bank. The fair value of the beneficial interest derivative was $2.3 million as of June 30, 2021, and is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. The servicing fee income was not significant during the year ended June 30, 2021. See Note 4 for additional information about the fair value measurement of the beneficial interest derivative. The Company could experience losses on the beneficial interest derivative if the performance of the cohorts of card receivables sold to the Purchasing Bank is less than expected. The Company could also experience losses on card receivables sold if it were required to repurchase delinquent receivables due to a breach in representations and warranties associated with its sales of receivables. Below is a summary of transferred card receivables by class (i.e., past due status) as of June 30, 2021 (in thousands): Current and less than 30 days past due $ 28,687 30 ~ 59 days past due 240 60 ~ 89 days past due 165 90 ~ 119 days past due 301 Over 119 days past due 132 Total $ 29,525

Property and Equipment

Property and Equipment	12 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	NOTE 8 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): June 30, 2021 2020 Software and equipment $ 17,508 $ 11,262 Capitalized software 6,794 4,026 Furniture and fixtures 8,926 3,116 Leasehold improvements 34,606 9,257 Property and equipment, gross 67,834 27,661 Less: accumulated depreciation and amortization (18,932 ) (13,795 ) Property and equipment, net $ 48,902 $ 13,866 Depreciation and amortization expense during the years ended June 30, 2021, 2020 and 2019 was $5.4 million, $4.3 million and $3.2 million, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 9 – GOODWILL AND INTANGIBLE ASSETS Goodwill The goodwill of $1.8 billion is primarily attributable to expected synergies from the acquisition and is not deductible for U.S. federal and state income tax purposes. Intangible Assets Intangible assets consisted of the following as of June 30, 2021 (amounts in thousands): Preliminary fair value Accumulated amortization Net Carrying Amount Weighted- average remaining useful life (in years) Customer relationships $ 198,000 $ (2,062 ) $ 195,938 9.9 Developed technology 191,000 (2,653 ) 188,347 5.9 Trade name 34,000 (944 ) 33,056 2.9 Total $ 423,000 $ (5,659 ) $ 417,341 7.5 Amortization of finite-lived intangible assets was as follows during the year ended June 30, 2021 (in thousands): Cost of revenue $ 2,653 Sales and marketing 3,006 Total $ 5,659 As of June 30, 2021, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 62,552 2023 62,964 2024 62,036 2025 51,636 2026 51,636 Thereafter 126,517 Total $ 417,341

Debt and Bank Borrowings

Debt and Bank Borrowings	12 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt and Bank Borrowings	NOTE 10 – DEBT AND BANK BORROWINGS 2025 Notes On November 30, 2020, the Company issued $1.15 billion in aggregate principal amount of its 0% convertible senior notes due on December 1, 2025, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2025 Notes are subject to the terms and conditions of the Indenture between the Company and Wells Fargo Bank, N.A., as trustee (Trustee). The net proceeds from the issuance of the 2025 Notes were $1.13 billion, after deducting debt discount and debt issuance costs totaling $20.6 million. The 2025 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines that special interest obligations are deemed necessary as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2025 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2025 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated. In addition, the 2025 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2025 Notes have an initial conversion rate of 6.2159 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $160.88 per share of the Company’s common stock and approximately 7.1 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2025 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2025 Notes, at the Company’s option, on or after December 5, 2023 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2025 Notes. The holders of the 2025 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 in multiples of $1,000 principal amount, under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day periods after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2025 Notes for each trading day of that period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; • if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2025 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2025 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option (i.e., the difference between the conversion option’s fair value and the intrinsic value). The maximum number of shares that may be issued under the make-whole premium is 2.9525 per $ 1,000 principal (the lowest price of $ 109.07 in the make whole). The Indenture contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest. Upon issuance, the Company separated the 2025 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate determined using observable yields for stand-alone debt instruments with a comparable credit rating and term. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2025 Notes as a whole. The difference between the principal amount of the 2025 Notes and the liability component was initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the 2025 Notes. The equity component of the 2025 Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The total amount of debt issuance costs of $20.6 million was allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the 2025 Notes using the effective interest method. The debt issuance costs allocated to the equity component are included as a reduction of additional paid-in capital. The 2025 Notes consisted of the following as of June 30, 2021 (in thousands): Principal $ 1,150,000 Less: unamortized debt discount and issuance costs (240,153 ) Net carrying amount $ 909,847 Amount allocated to equity component $ 251,745 Less: issuance costs and tax (6,679 ) Carrying amount of the equity component $ 245,066 The effective interest rate of the liability component of the 2025 Notes is 5.37% and is based on the interest rate of similar debt instruments, at the time of the offering, that do not have associated convertible features. As of June 30, 2021, the “if-converted” value of the 2025 Notes exceeded the principal amount by approximately $159.4 million. During the year ended June 30, 2021, the Company recognized $27.7 million of interest expense related to the amortization of discount and debt issuance costs. As of June 30, 2021, the remaining life of the 2025 Notes is 4.4 years. Capped Call Transactions In conjunction with the issuance of the 2025 Notes, the Company entered into capped call transactions (Capped Calls) with certain of the initial purchasers of the 2025 Notes and/or their respective affiliates or other financial institutions at a cost of $87.9 million. The Capped Calls are separate transactions and are not part of the terms of the 2025 Notes. The $87.9 million paid for the Capped Calls was recorded as a reduction to additional paid-in capital. The Company used the proceeds from the 2025 Notes to pay for the cost of the Capped Call premium. The cost of the Capped Calls is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the 2025 Notes for tax purposes. The Capped Calls each have an initial strike price of approximately $160.88 $218.14 provided that such cap price shall not be reduced to an amount less than the strike price of $160.88 per share The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the 2025 Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. Senior Facilities Agreement On June 28, 2019, the Company entered into a Senior Secured Credit Facilities Credit Agreement (as amended, Senior Facilities Agreement) with Silicon Valley Bank for a revolving credit facility of up to $50.0 million. As of June 30, 2020, the outstanding line of credit borrowings, with interest rate of 2.0% per annum, was $2.3 million. In March 2021, the total amount outstanding was paid and in May 2021, the Senior Facilities Agreement was terminated. Credit Agreements Assumed in Acquisition As part of the acquisition, the Company assumed Divvy’s obligations under its credit agreements consisting of (i) Revolving Credit and Security Agreement (2021 Revolving Credit Agreement) and (ii) 2019 Credit Agreement, as amended. 2021 Revolving Credit Agreement The 2021 Revolving Credit Agreement was executed in March 2021 to finance the acquisition of card receivables. The 2021 Revolving Credit Agreement matures in June 2023 or earlier pursuant to the agreement and has a total commitment of $95.0 million consisting of a Class A facility amounting to $75.0 million and a Class B facility amounting to $20.0 million. Both Class A and Class B facilities require a minimum utilization of 50%. Borrowings from the Class A and Class B facilities, which are secured by acquired card receivables, bear interest at 2.75% and 10.25% per annum, respectively, plus LIBOR (subject to a floor rate of 0.25%). The interest rates on borrowings from the Class A and Class B facilities were 3.0% and 10.5% per annum, respectively, as of June 30, 2021. The 2021 Revolving Credit Agreement requires the Company to pay an unused fee of up to 0.50%. The 2021 Revolving Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of June 30, 2021, the Company was in compliance with those covenants. 2019 Credit Agreement (as amended) The 2019 Credit Agreement was executed in January 2019 and was most recently amended in March 2021. The amended 2019 Credit Agreement, which matures in January 2023, has a total commitment of $60.0 million with a minimum utilization requirement of $30.0 million. Borrowings from the amended 2019 Credit Agreement, which are secured by acquired card receivables, bear interest at 6.0% per annum plus LIBOR (subject to a floor rate of 2.0%). The interest rate drops to 4.5% per annum plus LIBOR (subject to a floor rate of 0.25%) beginning October 2021. The interest rate was 8.0% per annum as of June 30, 2021. The amended 2019 Credit Agreement requires the Company to pay an unused fee of 0.5%; however, to the extent utilization requirements are not met, the unused fee is equal to the stated interest rate for the portion unused funds under the utilization requirement. The amended 2019 Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of June 30, 2021, the Company was in compliance with those covenants. The outstanding borrowings from the 2021 Revolving Credit Agreement and the 2019 Credit Agreement consisted of the following as of June 30, 2021 (in thousands): Principal Unamortized debt premium Net carrying value 2021 Revolving Credit Agreement (Class A) $ 37,500 $ 213 $ 37,713 2021 Revolving Credit Agreement (Class B) 10,000 740 10,740 2019 Credit Agreement 30,000 1,081 31,081 Total $ 77,500 $ 2,034 $ 79,534 The debt premium is amortized using the effective interest method over the remaining term of the agreements, with a weighted average remaining amortization period of 1.6 years. The interest income related to the amortization of the debt premium during the year ended June 30, 2021 was not significant .

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 11 – STOCKHOLDERS’ EQUITY Equity Incentive Plans On November 26, 2019 , the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 Plan), which became effective on December 10, 2019, the date The Company’s 2016 Equity Incentive Plan (2016 Plan), which was adopted in February 2016, was terminated concurrent to the effective date of the 2019 Plan. The Company’s 2006 Equity Incentive Plan (2006 Plan), which was adopted in April 2006, was terminated upon the adoption of the 2016 Plan. There were no equity-based awards granted under the 2016 Plan and the 2006 Plan after their termination; however, all outstanding awards under the 2016 Plan and the 2006 Plan continue to remain subject to the terms of the respective Equity Incentive Plan until such awards are exercised or until they terminate or expire by their terms. The 2019 Plan, 2016 Plan and 2006 Plan are collectively referred to as the “Equity Incentive Plans.” The 2019 Plan authorizes the award of stock options, restricted stock units (RSUs), restricted stock awards, stock appreciation rights, performance awards, cash awards, and stock bonus awards. The Company initially reserved 7,100,000 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under the 2016 Plan, for issuance pursuant to awards granted under the Company’s 2019 Plan. The number of shares reserved for issuance under the 2019 Plan increases automatically on July 1 of each of 2020 through 2029 by the number of shares equal to the lesser of 5% of the total number of outstanding shares of the Company’s common stock as of the immediately preceding June 30, or a number as may be determined by the Company’s board of directors. In addition, the following shares of common stock from the 2016 Plan and the 2006 Plan will be available for grant and issuance under the 2019 Plan: • shares issuable upon the exercise of options or subject to other awards under the 2016 Plan or 2006 Plan that cease to be subject to such options or other awards by forfeiture or after the effective date of the 2019 Plan; and • shares issued pursuant to outstanding awards under the Company’s 2016 Plan and 2006 Plan that are forfeited or repurchased after the effective date of the 2019 Plan. The total number of common shares available for issuance under the Equity Incentive Plans was 10,211,011 Equity Awards Assumed in Acquisition In connection with the acquisition of Divvy, the Company assumed and replaced the stock options that were granted to Divvy employees after May 1, 2019 and were outstanding on the acquisition date under the Divvy 2016 Plan. The assumed equity awards will be settled in shares of the Company’s common stock and will retain the terms and conditions under which they were originally granted. No additional equity awards will be granted under the Divvy 2016 Plan and the forfeited awards will not be returned to the Divvy 2016 Plan. Stock Options The Company may grant incentive and non-statutory stock options to employees, nonemployee directors, and consultants of the Company under the Equity Incentive Plans. Stock options granted generally vest and become exercisable ratably over a requisite service period of four years following the date of the grant and expire ten years from the date of the grant. The Company may grant stock options with early exercise provisions, but subject to repurchase conditions. There were no outstanding unvested stock options that had been early exercised as of June 30, 2021. The Company may also grant stock options with double-trigger vesting conditions. The unvested shares of options granted with double trigger vesting conditions will vest 50% in the event of a sale of the Company and the termination of the holder of the stock options. The exercise price of incentive stock options granted must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant. The exercise price of non-statutory options granted must be at least equal to 85% of the fair value of the Company’s common stock at the date of grant. A summary of stock option activity as of June 30, 2021, and changes during the year ended June 30, 2021, is presented below: Number of shares (in thousands) Weighted average exercise price per share Weighted average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding at June 30, 2020 9,019 $ 10.53 8.26 $ 718,563 Granted (1) 1,289 $ 18.24 Exercised (3,359 ) $ 8.03 Forfeited (397 ) $ 10.90 Outstanding at June 30, 2021 6,552 $ 13.31 7.87 $ 1,113,025 Vested and expected to vest at June 30, 2021 (2) 6,070 $ 13.20 7.85 $ 1,031,708 Vested and exercisable at June 30, 2021 2,608 $ 11.23 7.53 $ 448,497 (1) ( 2 ) The weighted-average grant date fair value of options granted during the years ended June 30, 2021, 2020 and 2019 was $132.04, $11.04 and $4.24 per share, respectively. The total intrinsic value of options exercised during the years ended June 30, 2021, 2020 and 2019 was $387.1 million, $191.3 million and $3.8 million, respectively. The intrinsic value was calculated as the difference between the estimated fair value of the Company’s common stock at exercise and the exercise price of the in-the-money options. The fair value of options granted during the years ended June 30, 2021, 2020 and 2019 was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Year ended June 30, 2021 2020 2019 Expected term (in years) 4.00 to 6.25 6.25 6.25 Expected volatility 35.0% to 85.1% 50.0% to 100.6% 46.0% to 51.0% Risk-free interest rate 0.38% to 1.03% 0.35% to 1.88% 2.19% to 2.89% Expected dividend yield 0% 0% 0% Prior to the IPO, the fair value of the shares of common stock underlying stock options had historically been determined by the Company’s Board of Directors. Because there had been no public market for the Company’s common stock, the Board of Directors determined fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including important developments in the Company’s operations, valuations performed by an independent third party, sales of preferred stock, actual operating results and financial performance, the conditions in the industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common stock, among other factors. As of June 30, 2021, the total unamortized stock-based compensation cost related to the unvested stock options was $96.4 million, which the Company expects to amortize over a weighted-average period of 2.5 years. The Company received $28.2 million, $12.2 million and $1.7 million from options exercised during the years ended June 30, 2021, 2020 and 2019, respectively. Restricted Stock Units In February 2020, the Company began issuing RSUs to certain employees and nonemployee board members under the 2019 Plan. A summary of RSU activity during the year ended June 30, 2020 is presented below: Number of shares (in thousands) Weighted average grant date fair value Nonvested at June 30, 2020 1,141 $ 66.16 Granted 425 $ 134.29 Vested (297 ) $ 66.34 Forfeited (93 ) $ 72.89 Nonvested at June 30, 2021 1,176 $ 90.20 The fair value of the RSU grant is determined 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 ranges 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. The total fair value of RSUs vested during the years ended June 30, 2021 and 2020 was $40.0 million and $0.2 million, respectively. As of June 30, 2021, the total unamortized stock-based compensation expense related to the unvested RSUs was $86.6 million, which the Company expects to amortize over a weighted-average period of 3.2 years. 2019 Employee Stock Purchase Plan On November 26, 2019, the Company’s board of directors approved the 2019 Employee Stock Purchase Plan (ESPP), which became effective on December 11, 2019, the date the Company’s Registration Statement on Form S-1 was declared effective by the SEC. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986 (as amended) and will provide eligible employees a means to acquire shares of common stock through payroll deductions. Under the ESPP, the Company initially reserved for issuance 1,400,000 shares of common stock, which will increase automatically on July 1 of each fiscal year during the term of the ESPP by the number of shares equal to 1% of the total number of shares of common stock and preferred stock (on as-converted basis) outstanding as of the immediately preceding June 30th, unless the board of directors elects to authorize a lesser number of shares; provided, that, the total number of shares issued under the ESPP may not exceed 14,000,000 shares of common stock. The ESPP provides for consecutive offering periods during which eligible employees can participate in the ESPP and be granted the right to purchase shares. The offering period that commenced on August 15, 2020 shall end on September 6, 2021, with the first purchase period ending on February 14, 2021 and the second purchase period ending on September 6, 2021. Subsequent offering periods shall be for a 12-month period commencing on February 7th and September 7th, with each such offering period consisting of two separate purchase periods ending on September 6th and February 6th, and February 6th and September 6th, respectively. Eligible employees can contribute up to 15% of their eligible compensation, subject to limitation as provided for in the ESPP, and purchase the common stock at a purchase price per share equal to 85% of the lesser of the fair market value of the common stock on (i) the offering date or (ii) the purchase date. The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the years ended June 30, 2021 and 2020: Year ended June 30, 2021 2020 Expected term (in years) 0.50 to 1.00 0.5 to 1.17 Expected volatility 81.0% to 88.4% 50.0 % Risk-free interest rate 0.05% to 0.13% 1.47% to 1.56% Expected dividend yield 0 % 0 % As of June 30, 2021, the total unrecognized compensation expense related to the ESPP was $2.1 million, which is expected to be amortized over the next 12 months. Stock Based Compensation Cost Stock-based compensation cost from stock options, RSUs and ESPP was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands): Year ended June 30, 2021 2020 2019 Cost of revenue $ 2,938 $ 1,257 $ 331 Research and development 16,091 5,495 1,128 Sales and marketing 8,547 2,777 922 General and administrative 44,411 8,535 1,701 Property and equipment (capitalized internal-use software) 464 — — Total $ 72,451 $ 18,064 $ 4,082 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 June 30, 2021, there were no warrants issued or issuable under this agreement. The Company has concluded that the performance conditions for the issuance of this warrant are not probable of being met.

Other (Expense) Income, Net

Other (Expense) Income, Net	12 Months Ended
	Jun. 30, 2021
Other Income Disclosure Nonoperating [Abstract]
Other (Expense) Income, Net	NOTE 12 – OTHER (EXPENSE) INCOME, NET Other (expense) income, net consisted of the following for the periods presented (in thousands): Year ended June 30, 2021 2020 2019 Interest expense $ (28,158 ) $ (229 ) $ (825 ) Interest income 2,992 4,092 3,207 Loss on sale of card receivables (691 ) — — Revaluation of warrant liabilities — (717 ) — Other 487 14 (49 ) Total $ (25,370 ) $ 3,160 $ 2,333

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13 – INCOME TAXES The components of loss before (benefit from) provision for income taxes were as follows (in thousands): Year ended June 30, 2021 2020 2019 Domestic $ (139,337 ) $ (31,038 ) $ (7,470 ) Foreign — — — Total $ (139,337 ) $ (31,038 ) $ (7,470 ) The components of (benefit from) provision for income taxes were as follows (in thousands): Year ended June 30, 2021 2020 2019 Current: Federal $ — $ — $ — State — 53 20 Foreign — — — Total current — 53 20 Deferred: — — — Federal (27,529 ) — (142 ) State (13,088 ) — (34 ) Foreign — — — Total deferred (40,617 ) — (176 ) (Benefit from) provision for income taxes $ (40,617 ) $ 53 $ (156 ) The items accounting for the difference between the income taxes computed at the federal statutory rate and the (benefit from) provision for income taxes consisted of the following (in thousands): Year ended June 30, 2021 2020 2019 Expected benefit at U.S. federal statutory rate $ (29,261 ) $ (6,518 ) $ (1,569 ) State income taxes, net of federal benefit (54 ) — — Stock-based compensation (70,262 ) (31,047 ) 390 Research and development tax credits (8,846 ) (6,411 ) (2,111 ) Change in valuation allowance related to acquisition (1) (34,749 ) — — Change in valuation allowance (2) 94,244 43,716 3,029 Unrecognized tax benefit 6,766 — — Acquisition-related costs 1,484 — — Other 61 313 105 (Benefit from) provision for income taxes $ (40,617 ) $ 53 $ (156 ) (1) ( 2 ) The components of deferred tax assets and liabilities were as follows as of the periods presented (in thousands): June 30, 2021 2020 Deferred tax assets: Accruals and reserves $ 8,677 $ 3,933 Deferred revenue 1,109 904 Property and equipment — 128 Stock-based compensation 16,626 2,542 Net operating loss carryforwards 218,783 68,694 Research and development credits 15,864 12,226 Accrued rewards 1,342 — Operating lease liabilities 25,122 — Other 514 — Total deferred tax assets before valuation allowance 288,037 88,427 Valuation allowance (107,836 ) (85,569 ) Deferred tax assets $ 180,201 $ 2,858 Deferred tax liabilities: Deferred contract costs $ (2,763 ) $ (2,182 ) Property and equipment (3,133 ) — Intangible assets (107,631 ) — Operating right of use assets (18,551 ) — Convertible notes (57,213 ) — Other — (676 ) Total deferred tax liabilities $ (189,291 ) $ (2,858 ) Net deferred tax (liabilities) assets $ (9,090 ) $ — ASC 740 requires that the tax benefit of net operating losses, temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The change in valuation allowance was approximately $22.3 million, $52.3 million and $3.7 million during the years ended June 30, 2021, 2020 and 2019, respectively. As of June 30, 2021, the Company had net operating loss (NOL) carryforwards of $867.6 million and $599.5 million for federal and state tax purposes, respectively, that are available to reduce future taxable income. If not utilized, the federal and state NOL carryforwards will begin to expire in 2027. As of June 30, 2021, approximately $761.9 million of federal NOL carryforwards do not expire and will carry forward indefinitely until utilized. As of June 30, 2021, the Company also had research and development tax credit carryforwards of approximately $23.6 million and $15.8 million for federal and state tax purposes, respectively. If not utilized, the federal tax credits will expire at various dates beginning in 2028. The state tax credits do not expire and will carry forward indefinitely until utilized. Utilization of the net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and other similar state provisions. The annual limitation may result in the expiration of net operating losses and tax credits before utilization. As of June 30, 2021 and 2020 , the Company had $ 22.2 million and $ 5.8 million, respectively, of unrecognized tax benefits related to federal and California R&D credits. Below is the reconciliation of the unrecognized tax benefits as of the periods presented (in thousands): June 30, 2021 2020 Balance at the beginning of the year $ 5,787 $ 2,692 Additions based upon tax positions related to the current year 8,267 3,078 Increase from business combination 668 — Additions based upon tax positions related to the prior year 7,463 17 Balance at the end of the year $ 22,185 $ 5,787 The Company files U.S. federal, California, and other various state income tax returns. All U.S. federal and state net operating losses and tax credits generated to date are subject to adjustments. The Company does not anticipate any material change on its unrecognized tax benefits over the next twelve months. If the unrecognized tax benefits as of June 30, 2021 is recognized, it will not have an impact to the effective tax rate due to the Company’s valuation allowance. The Company’s U.S. federal and state tax returns for all years remain subject to examination by taxing authorities as a result of unused tax attributes being carried forward.

Leases

Leases	12 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	NOTE 14 – LEASES The Company has non-cancelable operating leases for office facilities located in three cities in the U.S., a data center facility, and certain equipment, which expire through 2031. Also, the Company subleases part of its office facility in Draper, Utah under a non-cancellable operating lease that expires in December 2025. The Company's leases do not contain any material residual value guarantees. As of June 30, 2021, the weighted average remaining term of these operating leases is 9.3 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.0%. The total amount paid for amounts included in the measurement of operating lease liabilities was $2.1 million and the right-of-use assets obtained in exchange for new operating lease liabilities was $31.6 million during the year ended June 30, 2021. Future minimum lease payments as of June 30, 2021 are as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 12,581 2023 13,104 2024 12,934 2025 12,679 2026 12,516 Thereafter 60,815 Gross lease payments 124,629 Less - present value adjustments (26,138 ) Less - tenant improvement allowance receivable (1,088 ) Total operating lease liabilities, net $ 97,403 The components of lease cost during the year ended June 30, 2021 is shown in the table below (in thousands), while the lease expense during the years ended June 30, 2020 and 2019 was $5.3 million and $2.3 million, respectively. Operating lease expense $ 7,444 Short-term lease expense 382 Variable lease expense 2,252 Sublease income (55 ) Total lease cost $ 10,023

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15 – COMMITMENTS AND CONTINGENCIES Commitments with Vendors In addition to the operating lease commitment described in Note 14 above, the Company has multi-year agreements with certain vendors, which expire through 2025, to purchase software licenses and related services. Additionally, the Company has a ten-year Future payments under these other agreements as of June 30, 2021 are as follows (in thousands). Fiscal years ending June 30: Amount 2022 $ 11,282 2023 10,255 2024 5,871 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 32,908 Card Receivable Repurchase Obligations with Purchasing Bank The Company is obligated to repurchase card receivables sold to the Purchasing Bank if representations and warranties made with respect to such card receivables are breached. The Company is also obligated to repurchase card receivables for which a user fails to make the first payment within ten days when it becomes due. The obligation to repurchase card receivables meeting the previously specified criteria is limited to card receivables transferred to the Purchasing Bank, less related spending business payments remitted to the Purchasing Bank. The amount of payable to repurchase card receivables is generally offset against the proceeds from the sale of new card receivables to the Purchasing Bank. Purchase of Card Receivables That Have Not Cleared The Company is contractually obligated to purchase all card receivables from the Issuing Banks including authorized transactions that have not cleared. The transactions that have been authorized but not cleared totaled $30.3 million as of June 30, 2021 and have not been recorded on the accompanying consolidated balance sheets. Litigation From time to time,

Net Loss Per Share Attributable

Net Loss Per Share Attributable To Common Stockholders	12 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Attributable To Common Stockholders	NOTE 16 – 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 during the years ended June 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Year ended June 30, 2021 2020 2019 Numerator: Net loss attributable to common stockholders $ (98,720 ) $ (31,091 ) $ (7,314 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 82,813 44,106 7,797 Net loss per share attributable to common stockholders: Basic and diluted $ (1.19 ) $ (0.70 ) $ (0.94 ) Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive, are as follows (in thousands): June 30, 2021 2020 2019 Stock options 6,552 9,019 10,027 Restricted stock units 1,176 1,141 — Warrants to purchase common stock — — 63 Convertible redeemable preferred stock — — 52,435 Warrants to purchase redeemable convertible preferred stock — — 63 Total 7,728 10,160 62,588 In addition, approximately 7.1 million shares underlying the conversion option in the 2025 Notes are not considered in the calculation of diluted net loss per share. Such number of

Subsequent Event

Subsequent Event	12 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	NOTE 17 – SUBSEQUENT EVENT On July 19, 2021, the Company entered into an Agreement and Plan of Merger (Merger Agreement) with Invoice2go, Inc. (Invoice2go), a Delaware corporation that provides mobile-first accounts receivable (AR) software that empowers SMBs and freelancers to grow their client base, manage invoicing and payments, and build their brand. Invoice2go has operations in the U.S. and in Australia, and serves a large global customer base of SMBs. Pursuant to the terms of, and subject to the conditions set forth in, the Merger Agreement, including customary purchase price adjustments, the Company will pay an aggregate consideration of approximately $625.0 million in cash and stock in exchange for all of the outstanding equity interests of Invoice2go. The stock consideration will be calculated based on the average daily volume-weighted average price per share of the Company’s common stock for each of the twenty consecutive trading days ending on the third trading day prior to the closing of the merger. In addition, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, the Company will grant $30.0 million of RSUs under the 2019 EIP to certain employees of Invoice2go who will continue as employees of the Company. Upon the consummation of the transactions contemplated by the Merger Agreement, Invoice2go will become a wholly owned subsidiary of the Company. The merger will be accounted for as a business combination. The purchase price will be allocated based on the fair values of the assets acquired and liabilities assumed on the date of the closing of the merger. The closing of the merger is subject to customary closing conditions such as (i) the adoption of the Merger Agreement and approval of the merger in accordance with Delaware law and (ii) the expiration or termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, among other things.

The Company and Its Significa_2

The Company and Its Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Initial Public Offering and Follow-on Offering	Initial Public Offering and Follow-on Offering On December 16, 2019, the Company closed its initial public offering (IPO), in which it issued 11,297,058 shares of common stock at a public offering price of $22.00 per share, which included 1,473,529 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. On June 15, 2020, the Company closed a follow-on public offering in which it issued 4,330,000 shares of common stock at a public offering price of $74.25 per share, which included 1,080,000 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP). All intercompany accounts and transactions have been eliminated.
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 U.S. and all revenue is generated in the U.S.
Business Combination	Business Combination The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. The determination of the fair value of assets acquired and liabilities assumed involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the date of the acquisition. Significant management inputs used in the estimation of fair value of assets acquired and liabilities assumed include, but are not limited to, expected future cash flows, future changes in technology, estimated replacement costs, discount rates and assumptions about the period of time the brand will continue to be used in the Company’s product portfolio. Where appropriate, external advisers are consulted to assist in the determination of fair value. For non-observable market values, fair value has been determined using acceptable valuation methods (e.g., relief from royalty methods). The results of operations for businesses acquired are included in the financial statements from the acquisition date. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the tangible and intangible assets acquired and liabilities assumed, including an indemnification asset related to certain assumed liabilities , net lease liabilities, uncertain tax positions, tax-related valuation allowances and pre-acquisition contingencies with a corresponding offset to goodwill . The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including useful lives of long-lived assets, capitalization of internal-use software costs, incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable, acquired card receivables and other financial assets, accrual for rewards, fair value of convertible notes, 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 losses on funds held for customers, and income tax. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Funds held for customers and customer fund deposits	Funds held for customers and customer fund deposits Funds held for customers and the corresponding liability on customer fund deposits represent funds that are collected from customers for payments to their suppliers and funds that are collected on behalf of customers. Generally, these funds held for customers are initially deposited in separate bank accounts until remitted to the customers’ suppliers or to the customers. The funds held for customers are restricted for the purpose of satisfying the customers’ fund obligations and are not available for general business use by the Company. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of more than three months up to thirteen months at the time of purchase. Funds held for customers that are invested in marketable debt securities are classified as available-for-sale. These investments are carried at fair value, with unrealized gains or losses included in accumulated other comprehensive (loss) income on the consolidated balance sheets and as a component of the consolidated statements of comprehensive loss. The Company contractually earns interest on funds held for customers with associated counterparties.
Cash, cash equivalents, restricted cash and restricted cash equivalents	Cash, cash equivalents, restricted cash and restricted cash equivalents Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase, and securities purchased under overnight reverse repurchase agreements. Restricted cash consists of (i) amounts restricted under deposit control agreements, (ii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iii) cash collateral required by a bank in connection with the Company’s money transmission activities, and (iv) cash in bank deposits included in funds held for customers. Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers. Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying consolidated balance sheets.
Short–term investments	Short–term investments The
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables, card receivables held for sale, and deposits of cash with a bank (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any significant credit losses relating to its Financial Assets. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on Financial Assets and customer accounts is recognized, if material. As of June 30, 2021, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled $1.9 million. There were no customers that exceeded 10% of the Company’s total revenue during the years ended June 30, 2021, 2020 and 2019.
Accounts receivable and unbilled revenue	Accounts receivable and unbilled revenue
Acquired card receivables	Acquired card receivables The portfolios of acquired card receivables are commercial accounts diversified across various geographies and industries. The Company manages credit risk based on common risk characteristics including macroeconomic factors such as unemployment rates and financial condition of the users of the spend management application. Acquired card receivables are reported at their principal amounts and include uncollected fees outstanding net of allowance for credit losses. Acquired card receivables are deemed to be held for investment when management has the intent and ability to hold them for the foreseeable future. As part of the onboarding process, users of the Company’s free spend management application are provided with a credit limit subject to a credit policy and underwriting process which is periodically re-performed based on risk indicators and the size of the credit limit. Acquired card receivables represent amounts due on card transactions integrated with the spend management application. The Company is contractually obligated to purchase all card receivables from U.S. based card issuing banks (Issuing Banks) including authorized transactions that have not cleared at the Issuing Banks. Acquired card receivables are recorded at the time a transaction clears the Issuing Bank s and generally payment for the card receivables is made on the day the transaction clears the Issuing Bank s . The acquired card receivables portfolio consists of a large group of smaller balances from spending businesses across a wide range of industries. The allowance for credit losses reflects the Company’s estimate of uncollectible balances resulting from credit and fraud losses and is based on the determination of the amount of expected losses inherent in the acquired card receivable as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary areas of judgment used in measuring the quantitative components of the Company’s reserves relate to the attributes used to segment the portfolio, the determination of the historical loss experience look-back period, and the weighting of historical loss experience by monthly cohort. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding acquired card receivable balances to estimate reserves for expected credit losses. Based on historical loss experience, the probability of default decreases over time, therefore the attribute used to segment the portfolio is the length of time since an account’s credit limit origination.
Derivatives Instruments	Derivative Instruments The Company retains a beneficial interest derivative in the form of a deferred purchase price on card receivables sold. This derivative is not designated as a hedging instrument, and is initially recorded at fair value, with subsequent changes in fair value recorded through other gains and losses. The Company does not use derivative instruments for speculative or trading purposes. The beneficial interest derivative is a residual interest in collections on card receivables sold, and serves to align the economic interests of the Company as servicer with those of the Purchasing Bank.
Property and equipment	Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally one to three years. Leasehold improvements are amortized over the shorter of estimated useful lives of the assets or the lease term. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of operations.
Goodwill	Goodwill Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized.
Intangible Assets	Intangible Assets The Company generally recognizes assets for customer relationships, developed technology, and finite-lived trade names from an acquisition. Finite-lived intangible assets are carried at acquisition cost less accumulated amortization. Such amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, generally from 3 to 8 years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and trade names is recognized in sales and marketing expenses.
Impairment	Impairment The valuation of goodwill at the reporting unit level is reviewed annually during the fourth fiscal quarter or more frequently if facts or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has one reporting unit; therefore, all of its goodwill is associated with the entire company. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the Company is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the Company is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment. The Company reviews the valuation of long-lived assets, including property and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of long-lived assets or asset groups is calculated based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. Impairment testing is performed at the asset group level.
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.
Accrued Rewards	Accrued Rewards Spending businesses participate in rewards programs based on card transactions. The Company records a rewards liability that represents the estimated cost for earned rewards. Rewards liabilities are impacted over time by redemption costs and by spending businesses meeting eligibility requirements. Changes in the rewards liabilities during the period are recognized as an increase or decrease to sales and marketing expense in the accompanying consolidated statements of operations. The accrued rewards liability was $19.2 million as of June 30, 2021 and is included in other accruals and current liabilities in the accompanying consolidated balance sheets. The rewards expense, which is included in sales and marketing expenses in the accompanying consolidated statements of operations, was $4.5 million during the year ended June 30, 2021.
Convertible Senior Notes	Convertible Senior Notes The Company accounts for its convertible senior notes (Notes) by separating the principal amount into liability and equity components. The carrying amount of the liability component is calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, which represents the conversion option, is determined by deducting the fair value of the liability component from the par value of the Notes as a whole. The difference between the principal amount of the Notes and the liability component is initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the Notes. The equity component of the Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The debt issuance costs are allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the Notes using the effective interest method. The debt issuance costs allocated to the equity component are presented as a reduction of additional paid-in capital in the accompanying consolidated balance sheets.
Revenue recognition	Revenue recognition Arrangements with SMBs and Accounting Firms The Company enters into contracts with SMB and accounting firm customers to provide access to the functionality of the Company’s cloud-based payments platform to process transactions. These contracts are either monthly contracts paid in arrears or annual arrangements paid up front. The Company charges its SMB and accounting firm customers subscription fees for access to its platform based on the number of users and level of service. The Company also charges these customers transaction fees based on transaction volume and the category of transaction. The contractual price for subscription and transaction services is based on either negotiated fees or the rates published on the Company’s website. The Company accounts for its annual and monthly contracts as a series of distinct services that are satisfied over time. The Company determines the transaction price for such contracts by estimating the total consideration to be received over the contract term from subscription and transaction fees. The Company recognizes the transaction price as a single performance obligation based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. Revenues recognized exclude amounts collected on behalf of third parties, such as sales taxes collected and remitted to governmental authorities. Arrangements with Financial Institutions The Company enters into multi-year contracts with financial institution customers to provide access to the Company’s cloud-based payments platform to process transactions. These contracts typically include fees for initial implementation services that are paid during the period the implementation services are provided as well as fees for subscription and transaction processing services, which are subject to guaranteed monthly minimum fees that are paid monthly over the contract term. These contracts enable the financial institutions to provide their customers with access to online bill pay services through the financial institutions’ online platforms. Implementation services are required up-front to establish an infrastructure that allows the financial institutions’ online platforms to communicate with the Company’s online platform. A financial institution’s customers cannot access online bill pay services until implementation is complete. Initial implementation services and transaction processing services are not capable of being distinct from the subscription for online bill pay services and are combined into a single performance obligation. The total consideration in these contracts varies based on the number of users and transactions to be processed. The Company has determined it meets the variable consideration allocation exception and therefore recognizes guaranteed monthly payments and any overages as revenue in the month they are earned. Implementation fees are recognized based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. The ability of the financial institution customers to renew their contracts without having to pay up-front implementation fees again could provide them a material right. Material rights, which have not been significant to date, are treated as separate performance obligations and are recognized over the expected period of benefit. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. Interest on Funds Held for Customers The Company also earns revenue from interest earned on funds held for customers that are initially deposited into the Company’s bank accounts that are separate from the Company’s operating cash accounts until remitted to the customers or their suppliers. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of three months to one year at the time of purchase. Interest and fees earned are recognized based on the effective interest method and also include the accretion of discounts and the amortization of premiums on marketable debt securities.
Deferred revenue	Deferred revenue Subscription and transaction fees from customers for 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 costs	Deferred costs Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products 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.
Cost of revenue	Cost of revenue Cost of revenue consists primarily of personnel-related costs, including stock-based compensation expenses, for the Company’s customer success and payment operations teams, certain costs that are directly attributed to processing customers’ transactions (such as the cost of printing checks, postage for mailing checks, and expenses for processing payments), direct and amortized costs for implementing and integrating the Company’s platform into the customers’ systems, costs for maintaining, optimizing, and securing the Company’s cloud payments infrastructure, amortization of capitalized internal-use software, amortization of developed technology, fees on the investment of customer funds, and allocation of overhead costs.
Research and development	Research and development Costs incurred in research and development, excluding development costs eligible for capitalization as internal-use software, are expensed as incurred.
Stock-based compensation	Stock-based compensation The Company measures stock-based compensation for stock options and purchase rights issued under the Employee Stock Purchase Plan (ESPP) at fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures stock-based compensation for restricted stock units (RSUs) based on the fair market value of the Company’s stock on the date of grant. The Company recognizes compensation costs on a straight-line basis over the requisite service period, which is generally the vesting term of four years for stock options and RSUs, and the offering period of one year for purchase rights under the ESPP. Stock compensation costs are reduced by the estimated forfeitures at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the forfeiture rate based on its historical experience for annual grant years where the majority of the vesting terms have been satisfied. The Black-Scholes option-pricing model requires the use of highly subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Expected term – The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. Expected volatility – Prior to the Company’s IPO, the expected volatility was estimated based on the average volatility for comparable publicly traded companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. For grants made after the Company’s IPO, the expected volatility was estimated based on the historical volatility of the Company’s common stock. Risk-free interest rate – The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected dividend yield – The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.
Advertising	Advertising The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses during the years ended June 30, 2021, 2020 and 2019 were $8.5 million, $5.8 million and $3.7 million, respectively.
Income taxes	Income taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss (NOL) and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.
Net loss per share attributable to common stockholders	Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company.
New accounting pronouncements	New 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 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 respect to the Company’s estimation of credit losses related to trade receivables other financial assets, and available-for-sale debt securities. Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Debt—Debt with Conversion and Other Options Derivatives and Hedging In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Revenue, Performance Obligati_2

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs (Tables)	12 Months Ended
	Jun. 30, 2021
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 (in thousands): Year ended June 30, 2021 2020 2019 Small-to-midsize business and accounting firm customers $ 218,227 $ 126,035 $ 76,292 Financial institution customers 14,028 10,370 9,659 Total subscription and transaction fees $ 232,255 $ 136,405 $ 85,951
Summary of Deferred Costs	Deferred costs Deferred costs consisted of the following as of the dates presented (in thousands): June 30, 2021 2020 Deferred sales commissions: Current $ 4,169 $ 2,829 Non-current 6,542 5,613 Total deferred sales commissions $ 10,711 $ 8,442 Deferred service costs: Current $ 1,539 $ 618 Non-current 15,260 4,474 Total deferred service costs $ 16,799 $ 5,092

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Summary of Acquisition Purchase Consideration	The acquisition purchase consideration totaled $2.3 billion, which consisted of the following (in thousands): Equity consideration (1) $ 1,658,818 Cash 664,779 Total $ 2,323,597 ( 1 )
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash $ 108,689 Acquired card receivables 159,784 Accounts receivable 7,435 Card receivables held for sale 12,730 Property and equipment 15,805 Intangible assets 423,000 Prepaid expenses and other assets 57,669 Total identifiable assets acquired 785,112 Accounts payable and other liabilities (153,855 ) Outstanding borrowings from credit facilities (79,703 ) Total liabilities assumed (233,558 ) Net identifiable assets acquired 551,554 Goodwill 1,772,043 Net assets acquired $ 2,323,597
Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives	The preliminary fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows: Preliminary fair value Weighted average useful life (In years) Customer relationships $ 198,000 10.0 Developed technology 191,000 6.0 Trade name 34,000 3.0 Total $ 423,000 7.6
Summary of Unaudited Proforma Financial Information	Below is the unaudited pro forma financial information of the combined results of operations of the Company and Divvy as if the acquisition occurred on July 1, 2019 (in thousands). Year ended June 30, 2021 2020 Total revenue $ 307,618 $ 192,770 Net loss $ (223,470 ) $ (206,166 )

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Jun. 30, 2021
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 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): June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 365,550 $ — $ — $ 365,550 Corporate bonds — 15,499 — 15,499 365,550 15,499 — 381,049 Short-term investments: Corporate bonds — 466,459 — 466,459 U.S. treasury securities 155,674 — — 155,674 Asset-backed securities — 26,406 — 26,406 Certificates of deposit — 6,775 — 6,775 155,674 499,640 — 655,314 Funds held for customers: Restricted cash equivalents 6,887 79,435 — 86,322 Corporate bonds — 516,350 — 516,350 Certificates of deposit — 326,927 — 326,927 Municipal bonds 42,957 42,957 Asset-backed securities — 25,085 — 25,085 U.S. treasury securities 3,009 — — 3,009 9,896 990,754 — 1,000,650 Beneficial interest derivative on card receivables sold — — 2,252 2,252 Total assets measured at fair value $ 531,120 $ 1,505,893 $ 2,252 $ 2,039,265 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: Corporate bonds — 71,131 — 71,131 U.S. treasury securities 28,368 — — 28,368 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
Summary of Fair Value of Level 3 Financial Liabilities	. The table below sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities (Level 3 financial liabilities) as of and for the year ended June 30, 2020 (in thousands): Fair value, beginning of year $ 688 Change in fair value 717 Reclassification to additional paid-in capital (1,405 ) Forfeiture of warrants — Fair value, end of year $ —

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Short-Term Investments	Short-term investments consisted of the following (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 466,403 $ 111 $ (55 ) $ 466,459 U.S. treasury securities 155,663 16 (5 ) 155,674 Asset-backed securities 26,391 16 (1 ) 26,406 Certificates of deposit 6,775 — — 6,775 $ 655,232 $ 143 $ (61 ) $ 655,314 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 70,781 $ 360 $ (10 ) $ 71,131 U.S. treasury securities 28,281 88 (1 ) 28,368 Asset-backed securities 24,333 142 — 24,475 $ 123,395 $ 590 $ (11 ) $ 123,974
Schedule of Gross Unrealized Loss and Fair Values	As of June 30, 2021, approximately 100 of the more than 300 investment positions were in an unrealized loss position. The following table presents the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the dates presented (in thousands): June 30, 2021 Fair value Unrealized losses Corporate bonds $ 152,485 $ (55 ) U.S. treasury securities 85,466 (5 ) Asset backed securities 8,089 (1 ) Total $ 246,040 $ (61 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 9,258 $ (10 ) U.S. treasury securities 2,798 (1 ) Total $ 12,056 $ (11 )

Funds Held for Customers (Table

Funds Held for Customers (Tables)	12 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of Funds Held For Customers	Funds held for customers consisted of the following (in thousands): June 30, 2021 2020 Restricted cash and other receivables $ 1,208,598 $ 586,893 Restricted cash equivalents 86,322 433,709 Corporate bonds 516,350 493,879 Certificates of deposit 326,927 85,953 Municipal bonds 42,957 — Asset backed securities 25,085 — U.S. treasury securities 3,009 48,952 Total funds held for customers 2,209,248 1,649,386 Less - income earned by the Company included in other current assets (650 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 2,208,598 $ 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 (in thousands): June 30, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 516,364 $ 24 $ (38 ) $ 516,350 Certificates of deposit 326,927 — — 326,927 Municipal bonds 42,952 5 — 42,957 Asset backed securities 25,081 4 — 25,085 U.S. treasury securities 3,010 — (1 ) 3,009 Total $ 914,334 $ 33 $ (39 ) $ 914,328 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
Summary of Gross Unrealized Losses And Fair Values	As of June 30, 2021, approximately 60 of the more than 260 investment positions were in an unrealized loss position. The following tables present the gross unrealized losses and fair values of those investments that were in an unrealized loss position as of the periods presented (in thousands): June 30, 2021 Fair value Unrealized losses Corporate bonds $ 79,359 $ (38 ) U.S. treasury securities 2,501 (1 ) Total $ 81,860 $ (39 ) 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 )

Acquired Card Receivables (Tabl

Acquired Card Receivables (Tables)	12 Months Ended
	Jun. 30, 2021
Acquired Card Receivables [Abstract]
Schedule of Acquired Card Receivables	Acquired card receivables consisted of the following as of June 30, 2021 (in thousands): Gross amount of acquired card receivables $ 148,833 Less: allowance for credit losses (1,740 ) Total $ 147,093
Summary of Acquired Card Receivables by Class	Below is a summary of the acquired card receivables by class (i.e., past due status) as of June 30, 2021 (in thousands): Current and less than 30 days past due $ 145,993 30 ~ 59 days past due 1,188 60 ~ 89 days past due 580 90 ~ 119 days past due 713 Over 119 days past due 359 Total $ 148,833
Summary of Change in Allowance for Credit Losses	Below is a summary of the change in allowance for credit losses (in thousands): Balance as of June 1, 2021 (acquisition date) $ — Initial allowance for credit losses on purchased card receivables with credit deterioration 2,082 Provision for expected credit losses 462 Charge-off amounts (828 ) Recoveries collected 24 Balance as of June 30, 2021 $ 1,740
Summary of Acquired Card Receivables Considered PCD Assets	Below is a summary of the acquired card receivables that were considered PCD assets as of the acquisition date (in thousands): Purchase price $ 3,855 Allowance for credit losses 2,082 Less: discount attributable to other factors (79 ) Par value $ 5,858
Summary of Transferred Card Receivables by Class	Below is a summary of transferred card receivables by class (i.e., past due status) as of June 30, 2021 (in thousands): Current and less than 30 days past due $ 28,687 30 ~ 59 days past due 240 60 ~ 89 days past due 165 90 ~ 119 days past due 301 Over 119 days past due 132 Total $ 29,525

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following (in thousands): June 30, 2021 2020 Software and equipment $ 17,508 $ 11,262 Capitalized software 6,794 4,026 Furniture and fixtures 8,926 3,116 Leasehold improvements 34,606 9,257 Property and equipment, gross 67,834 27,661 Less: accumulated depreciation and amortization (18,932 ) (13,795 ) Property and equipment, net $ 48,902 $ 13,866

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following as of June 30, 2021 (amounts in thousands): Preliminary fair value Accumulated amortization Net Carrying Amount Weighted- average remaining useful life (in years) Customer relationships $ 198,000 $ (2,062 ) $ 195,938 9.9 Developed technology 191,000 (2,653 ) 188,347 5.9 Trade name 34,000 (944 ) 33,056 2.9 Total $ 423,000 $ (5,659 ) $ 417,341 7.5
Schedule of Amortization of Finite-Lived Intangible Assets	Amortization of finite-lived intangible assets was as follows during the year ended June 30, 2021 (in thousands): Cost of revenue $ 2,653 Sales and marketing 3,006 Total $ 5,659
Schedule of Future Amortization of Finite-Lived Intangible Assets	As of June 30, 2021, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 62,552 2023 62,964 2024 62,036 2025 51,636 2026 51,636 Thereafter 126,517 Total $ 417,341

Debt and Bank Borrowings (Table

Debt and Bank Borrowings (Tables)	12 Months Ended
	Jun. 30, 2021
2025 Notes
Schedule of Debt	The 2025 Notes consisted of the following as of June 30, 2021 (in thousands): Principal $ 1,150,000 Less: unamortized debt discount and issuance costs (240,153 ) Net carrying amount $ 909,847 Amount allocated to equity component $ 251,745 Less: issuance costs and tax (6,679 ) Carrying amount of the equity component $ 245,066
2021 Revolving Credit Agreement and the 2019 Credit Agreement
Schedule of Debt	The outstanding borrowings from the 2021 Revolving Credit Agreement and the 2019 Credit Agreement consisted of the following as of June 30, 2021 (in thousands): Principal Unamortized debt premium Net carrying value 2021 Revolving Credit Agreement (Class A) $ 37,500 $ 213 $ 37,713 2021 Revolving Credit Agreement (Class B) 10,000 740 10,740 2019 Credit Agreement 30,000 1,081 31,081 Total $ 77,500 $ 2,034 $ 79,534

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Summary of Stock Option Activities	A summary of stock option activity as of June 30, 2021, and changes during the year ended June 30, 2021, is presented below: Number of shares (in thousands) Weighted average exercise price per share Weighted average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding at June 30, 2020 9,019 $ 10.53 8.26 $ 718,563 Granted (1) 1,289 $ 18.24 Exercised (3,359 ) $ 8.03 Forfeited (397 ) $ 10.90 Outstanding at June 30, 2021 6,552 $ 13.31 7.87 $ 1,113,025 Vested and expected to vest at June 30, 2021 (2) 6,070 $ 13.20 7.85 $ 1,031,708 Vested and exercisable at June 30, 2021 2,608 $ 11.23 7.53 $ 448,497 (1) ( 2 )
Summary of Fair Value of Options Granted Black-Scholes Option-Pricing Model Assumptions	The fair value of options granted during the years ended June 30, 2021, 2020 and 2019 was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Year ended June 30, 2021 2020 2019 Expected term (in years) 4.00 to 6.25 6.25 6.25 Expected volatility 35.0% to 85.1% 50.0% to 100.6% 46.0% to 51.0% Risk-free interest rate 0.38% to 1.03% 0.35% to 1.88% 2.19% to 2.89% Expected dividend yield 0% 0% 0%
Summary of RSU Activity	A summary of RSU activity during the year ended June 30, 2020 is presented below: Number of shares (in thousands) Weighted average grant date fair value Nonvested at June 30, 2020 1,141 $ 66.16 Granted 425 $ 134.29 Vested (297 ) $ 66.34 Forfeited (93 ) $ 72.89 Nonvested at June 30, 2021 1,176 $ 90.20
Schedule of Fair Value of ESPP Offerings	The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the years ended June 30, 2021 and 2020: Year ended June 30, 2021 2020 Expected term (in years) 0.50 to 1.00 0.5 to 1.17 Expected volatility 81.0% to 88.4% 50.0 % Risk-free interest rate 0.05% to 0.13% 1.47% to 1.56% Expected dividend yield 0 % 0 %
Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP	Stock-based compensation cost from stock options, RSUs and ESPP was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands): Year ended June 30, 2021 2020 2019 Cost of revenue $ 2,938 $ 1,257 $ 331 Research and development 16,091 5,495 1,128 Sales and marketing 8,547 2,777 922 General and administrative 44,411 8,535 1,701 Property and equipment (capitalized internal-use software) 464 — — Total $ 72,451 $ 18,064 $ 4,082

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	12 Months Ended
	Jun. 30, 2021
Other Income Disclosure Nonoperating [Abstract]
Schedule of Other (Expense) Income, Net	Other (expense) income, net consisted of the following for the periods presented (in thousands): Year ended June 30, 2021 2020 2019 Interest expense $ (28,158 ) $ (229 ) $ (825 ) Interest income 2,992 4,092 3,207 Loss on sale of card receivables (691 ) — — Revaluation of warrant liabilities — (717 ) — Other 487 14 (49 ) Total $ (25,370 ) $ 3,160 $ 2,333

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Components of Loss before (Benefit from) Provision for Income Taxes	The components of loss before (benefit from) provision for income taxes were as follows (in thousands): Year ended June 30, 2021 2020 2019 Domestic $ (139,337 ) $ (31,038 ) $ (7,470 ) Foreign — — — Total $ (139,337 ) $ (31,038 ) $ (7,470 )
Components of (Benefit from) Provision for Income Taxes	The components of (benefit from) provision for income taxes were as follows (in thousands): Year ended June 30, 2021 2020 2019 Current: Federal $ — $ — $ — State — 53 20 Foreign — — — Total current — 53 20 Deferred: — — — Federal (27,529 ) — (142 ) State (13,088 ) — (34 ) Foreign — — — Total deferred (40,617 ) — (176 ) (Benefit from) provision for income taxes $ (40,617 ) $ 53 $ (156 )
Difference between Income Taxes Computed At Federal Statutory Rate and (Benefit from) Provision for Income Taxes	The items accounting for the difference between the income taxes computed at the federal statutory rate and the (benefit from) provision for income taxes consisted of the following (in thousands): Year ended June 30, 2021 2020 2019 Expected benefit at U.S. federal statutory rate $ (29,261 ) $ (6,518 ) $ (1,569 ) State income taxes, net of federal benefit (54 ) — — Stock-based compensation (70,262 ) (31,047 ) 390 Research and development tax credits (8,846 ) (6,411 ) (2,111 ) Change in valuation allowance related to acquisition (1) (34,749 ) — — Change in valuation allowance (2) 94,244 43,716 3,029 Unrecognized tax benefit 6,766 — — Acquisition-related costs 1,484 — — Other 61 313 105 (Benefit from) provision for income taxes $ (40,617 ) $ 53 $ (156 ) (1) ( 2 )
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities were as follows as of the periods presented (in thousands): June 30, 2021 2020 Deferred tax assets: Accruals and reserves $ 8,677 $ 3,933 Deferred revenue 1,109 904 Property and equipment — 128 Stock-based compensation 16,626 2,542 Net operating loss carryforwards 218,783 68,694 Research and development credits 15,864 12,226 Accrued rewards 1,342 — Operating lease liabilities 25,122 — Other 514 — Total deferred tax assets before valuation allowance 288,037 88,427 Valuation allowance (107,836 ) (85,569 ) Deferred tax assets $ 180,201 $ 2,858 Deferred tax liabilities: Deferred contract costs $ (2,763 ) $ (2,182 ) Property and equipment (3,133 ) — Intangible assets (107,631 ) — Operating right of use assets (18,551 ) — Convertible notes (57,213 ) — Other — (676 ) Total deferred tax liabilities $ (189,291 ) $ (2,858 ) Net deferred tax (liabilities) assets $ (9,090 ) $ —
Reconciliation of Unrecognized Tax Benefits	Below is the reconciliation of the unrecognized tax benefits as of the periods presented (in thousands): June 30, 2021 2020 Balance at the beginning of the year $ 5,787 $ 2,692 Additions based upon tax positions related to the current year 8,267 3,078 Increase from business combination 668 — Additions based upon tax positions related to the prior year 7,463 17 Balance at the end of the year $ 22,185 $ 5,787

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Summary of Future Minimum Lease Payments	Future minimum lease payments as of June 30, 2021 are as follows (in thousands): Fiscal years ending June 30: Amount 2022 $ 12,581 2023 13,104 2024 12,934 2025 12,679 2026 12,516 Thereafter 60,815 Gross lease payments 124,629 Less - present value adjustments (26,138 ) Less - tenant improvement allowance receivable (1,088 ) Total operating lease liabilities, net $ 97,403
Components of Lease Cost	The components of lease cost during the year ended June 30, 2021 is shown in the table below (in thousands), while the lease expense during the years ended June 30, 2020 and 2019 was $5.3 million and $2.3 million, respectively. Operating lease expense $ 7,444 Short-term lease expense 382 Variable lease expense 2,252 Sublease income (55 ) Total lease cost $ 10,023

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Payments Under Other Agreements	Future payments under these other agreements as of June 30, 2021 are as follows (in thousands). Fiscal years ending June 30: Amount 2022 $ 11,282 2023 10,255 2024 5,871 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 32,908

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable To Common Stockholders (Tables)	12 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders during the years ended June 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Year ended June 30, 2021 2020 2019 Numerator: Net loss attributable to common stockholders $ (98,720 ) $ (31,091 ) $ (7,314 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 82,813 44,106 7,797 Net loss per share attributable to common stockholders: Basic and diluted $ (1.19 ) $ (0.70 ) $ (0.94 )
Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation	Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive, are as follows (in thousands): June 30, 2021 2020 2019 Stock options 6,552 9,019 10,027 Restricted stock units 1,176 1,141 — Warrants to purchase common stock — — 63 Convertible redeemable preferred stock — — 52,435 Warrants to purchase redeemable convertible preferred stock — — 63 Total 7,728 10,160 62,588

The Company and Its Significa_3

The Company and Its Significant Accounting Policies - Additional Information (Details)	Jun. 15, 2020USD ($)$ / sharesshares	Dec. 16, 2019USD ($)$ / sharesshares	Jun. 30, 2021USD ($)SegmentCustomer	Jun. 30, 2020USD ($)Customershares	Jun. 30, 2019USD ($)Customer	Jul. 01, 2020USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs		$ 225,500,000		$ 225,481,000
Reclassification of redeemable convertible preferred stock warrant liabilities to additional paid-in capital upon initial public offering		$ 1,400,000		1,405,000
Net proceeds from follow-on public offering	$ 307,500,000
Number of operating segments | Segment			1
Other-than-temporary impairment on short-term investments			$ 0	$ 0	$ 0
Allowance for potential credit losses related to accounts receivable and acquired card receivables			1,900,000
Allowance for potential credit losses for acquired card receivables			$ 1,700,000
Number of reporting unit | Segment			1
Offering period of purchase rights under ESPP			1 year
Risk-free interest rate			0.00%
Expected dividend yield			0.00%	0.00%	0.00%
Advertising expenses			$ 8,500,000	$ 5,800,000	$ 3,700,000
Operating lease right-of-use assets, net			71,925,000
Operating lease, liabilities			$ 97,403,000
ASU 2016-02
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [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
Operating lease right-of-use assets, net						$ 44,200,000
Operating lease, liabilities						49,700,000
Deferred rent liabilities						13,700,000
ASU 2019-08
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [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, Adopted [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, Adopted [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 No. 2018-07
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jul. 1, 2020
Expected to recognize stock based compensation expense						$ 1,800,000
ASU 2016-13
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [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
Stock Options and RSUs
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Vesting term			4 years
Sales and Marketing Expenses
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Rewards and promotions expense			$ 4,500,000
Other Accruals and Current Liabilities
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Accrued rewards and promotions liability			$ 19,200,000
Minimum
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Estimated useful lives			1 year
Estimated useful lives			3 years
Lease arrangements term			12 months
Deferred sales commissions are amortized			4 years
Maximum
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Estimated useful lives			3 years
Estimated useful lives			8 years
Deferred sales commissions are amortized			10 years
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	0
Revenue Benchmark | Customer Concentration Risk | No Customer
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Concentration percentage			10.00%	10.00%	10.00%
Common Stock
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Shares issued | shares				11,297,000
Redeemable convertible preferred stock converted | shares		52,434,505
IPO
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Shares issued | shares	4,330,000	11,297,058
Shares issued price to public per share | $ / shares	$ 74.25	$ 22
Underwriting discounts and commissions		$ 17,400,000
Other offering costs		$ 5,600,000
Over-Allotment Option
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Shares issued | shares	1,080,000	1,473,529
Follow-On Public Offering
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Underwriting discounts and commissions	$ 12,900,000
Other offering costs	$ 1,100,000
Follow-On Public Offering | Common Stock
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Shares issued | shares				4,330,000

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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 238,265	$ 157,600	$ 108,351
Subscription and Transaction Fees
Disaggregation Of Revenue [Line Items]
Total revenue	232,255	136,405	85,951
Subscription and Transaction Fees | Small-to-midsize Business and Accounting Firm Customers
Disaggregation Of Revenue [Line Items]
Total revenue	218,227	126,035	76,292
Subscription and Transaction Fees | Financial Institution Customers
Disaggregation Of Revenue [Line Items]
Total revenue	$ 14,028	$ 10,370	$ 9,659

Revenue, Performance Obligati_4

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Aggregate amount of transaction price allocated to performance obligations	$ 145.9
Aggregate amount of transaction price allocated to performance obligations, description	Once the services for the Company’s significant contracts have launched, the Company expects the amount of revenue to be recognized for the remaining transaction price will be materially consistent over the next two to five years.
Deferred revenue, recognized	$ 6.3
Deferred revenue		$ 6.3
Amortization of deferred sales commissions	3.6	2.3	$ 1.4
Amortization of deferred service costs	$ 0.6	$ 0.4	$ 1.1

Revenue, Performance Obligati_5

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details1) $ in Millions	Jun. 30, 2021USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 145.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Aggregate amount of transaction price allocated to performance obligations	$ 28.1
Aggregate amount of transaction price allocated to performance obligations, percentage	19.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Revenue, Performance Obligati_6

Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Summary of Deferred Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Deferred Sales Commissions
Deferred Costs [Line Items]
Current	$ 4,169	$ 2,829
Non-current	6,542	5,613
Total	10,711	8,442
Deferred Service Costs
Deferred Costs [Line Items]
Current	1,539	618
Non-current	15,260	4,474
Total	$ 16,799	$ 5,092

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($)	Jun. 01, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,772,043,000	$ 1,772,043,000
Total revenue			238,265,000	$ 157,600,000	$ 108,351,000
Net loss			98,720,000	31,091,000	$ 7,314,000
Discount Rate | Customer Relationships
Business Acquisition [Line Items]
Fair value measurement input	0.160
Discount Rate | Developed Technology
Business Acquisition [Line Items]
Fair value measurement input	0.160
Discount Rate | Trade Name
Business Acquisition [Line Items]
Fair value measurement input	0.160
Pre-tax Royalty Rate | Developed Technology
Business Acquisition [Line Items]
Fair value measurement input	0.150
Pre-tax Royalty Rate | Trade Name
Business Acquisition [Line Items]
Fair value measurement input	0.010
DivvyPay, Inc.
Business Acquisition [Line Items]
Acquisition date	Jun. 1, 2021
Business combination, percentage of outstanding equity interests acquired	100.00%
Acquisition purchase consideration	$ 2,323,597,000
Goodwill	1,772,043,000
Goodwill expected to be deductible for income tax purposes	0
Changes in recognized amount of goodwill		0
Fair value of card receivables held for sale, gross contractual amount	12,730,000
Indemnification asset recognized related to certain assume liabilities	20,400,000
Costs associated with issuance and registration of shares issued	500,000
Total revenue		10,300,000
Net loss		$ 11,400,000
Proforma net loss			223,470,000	206,166,000
DivvyPay, Inc. | Nonrecurring Acquisition-Related Costs
Business Acquisition [Line Items]
Proforma net loss			$ 2,300,000	$ 75,300,000
DivvyPay, Inc. | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition-related costs	$ 15,500,000

Business Combination - Summary

Business Combination - Summary of Acquisition Purchase Consideration (Details) - USD ($) $ in Thousands	Jun. 01, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Equity consideration		$ 1,603,543
DivvyPay, Inc.
Business Acquisition [Line Items]
Equity consideration	$ 1,658,818
Cash	664,779
Total	$ 2,323,597

Business Combination - Summar_2

Business Combination - Summary of Acquisition Purchase Consideration (Parenthetical) (Details) - DivvyPay, Inc. $ in Millions	Jun. 01, 2021USD ($)shares
Business Acquisition [Line Items]
Business acquisition, common stock issued | shares	10,767,140
2016 Equity Incentive Plan
Business Acquisition [Line Items]
Fair value of stock options | $	$ 55.3

Business Combination - Summar_3

Business Combination - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,772,043
DivvyPay, Inc.
Business Acquisition [Line Items]
Cash		$ 108,689
Acquired card receivables		159,784
Accounts receivable		7,435
Card receivables held for sale		12,730
Property and equipment		15,805
Intangible assets		423,000
Prepaid expenses and other assets		57,669
Total identifiable assets acquired		785,112
Accounts payable and other liabilities		(153,855)
Outstanding borrowings from credit facilities		(79,703)
Total liabilities assumed		(233,558)
Net identifiable assets acquired		551,554
Goodwill		1,772,043
Net assets acquired		$ 2,323,597

Business Combination - Summar_4

Business Combination - Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($) $ in Thousands	Jun. 01, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Preliminary fair value		$ 423,000
Customer Relationships
Business Acquisition [Line Items]
Preliminary fair value		198,000
Developed Technology
Business Acquisition [Line Items]
Preliminary fair value		191,000
Trade Name
Business Acquisition [Line Items]
Preliminary fair value		$ 34,000
DivvyPay, Inc.
Business Acquisition [Line Items]
Preliminary fair value	$ 423,000
Weighted average useful life (In years)	7 years 7 months 6 days
DivvyPay, Inc. | Customer Relationships
Business Acquisition [Line Items]
Preliminary fair value	$ 198,000
Weighted average useful life (In years)	10 years
DivvyPay, Inc. | Developed Technology
Business Acquisition [Line Items]
Preliminary fair value	$ 191,000
Weighted average useful life (In years)	6 years
DivvyPay, Inc. | Trade Name
Business Acquisition [Line Items]
Preliminary fair value	$ 34,000
Weighted average useful life (In years)	3 years

Business Combination - Summar_5

Business Combination - Summary of Unaudited Proforma Financial Information (Details) - DivvyPay, Inc. - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Total revenue	$ 307,618	$ 192,770
Net loss	$ (223,470)	$ (206,166)

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	Jun. 30, 2021	Jun. 30, 2020
Assets
Cash equivalents	$ 381,049	$ 20,075
Short-term investments	655,314	123,974
Funds held for customers	1,000,650	1,062,493
Beneficial interest derivative on card receivables sold	2,252
Total assets measured at fair value	2,039,265	1,206,542
Municipal Bonds
Assets
Funds held for customers	42,957
Money Market Funds
Assets
Cash equivalents	365,550	20,075
Certificates of Deposit
Assets
Short-term investments	6,775
Funds held for customers	326,927	85,953
Corporate Bonds
Assets
Cash equivalents	15,499
Short-term investments	466,459	71,131
Funds held for customers	516,350	493,879
U.S. Treasury Securities
Assets
Short-term investments	155,674	28,368
Funds held for customers	3,009	48,952
Asset-Backed Securities
Assets
Short-term investments	26,406	24,475
Funds held for customers	25,085
Restricted Cash Equivalents
Assets
Funds held for customers	86,322	433,709
Level 1
Assets
Cash equivalents	365,550	20,075
Short-term investments	155,674	28,368
Funds held for customers	9,896	406,302
Total assets measured at fair value	531,120	454,745
Level 1 | Money Market Funds
Assets
Cash equivalents	365,550	20,075
Level 1 | U.S. Treasury Securities
Assets
Short-term investments	155,674	28,368
Funds held for customers	3,009	48,952
Level 1 | Restricted Cash Equivalents
Assets
Funds held for customers	6,887	357,350
Level 2
Assets
Cash equivalents	15,499
Short-term investments	499,640	95,606
Funds held for customers	990,754	656,191
Total assets measured at fair value	1,505,893	751,797
Level 2 | Municipal Bonds
Assets
Funds held for customers	42,957
Level 2 | Certificates of Deposit
Assets
Short-term investments	6,775
Funds held for customers	326,927	85,953
Level 2 | Corporate Bonds
Assets
Cash equivalents	15,499
Short-term investments	466,459	71,131
Funds held for customers	516,350	493,879
Level 2 | Asset-Backed Securities
Assets
Short-term investments	26,406	24,475
Funds held for customers	25,085
Level 2 | Restricted Cash Equivalents
Assets
Funds held for customers	79,435	$ 76,359
Level 3
Assets
Beneficial interest derivative on card receivables sold	2,252
Total assets measured at fair value	$ 2,252

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Nov. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets amount transfer from level 1 to level 2	$ 0	$ 0
Fair value assets amount transfer from level 2 to level 1	0	0
Fair value liabilities amount transfer from level 1 to level 2	0	0
Fair value liabilities amount transfer from level 2 to level 1	0	0
Fair value assets amount transfer into level 3	0	0
Fair value assets amount transfer out of level 3	0	0
Fair value liabilities amount transfer into level 3	0	0
Fair value liabilities amount transfer out of level 3	0	$ 0
2025 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount	$ 1,150,000,000		$ 1,150,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		0.00%
Debt Instrument, Fair Value Estimated	$ 1,600,000,000
Valuation Technique, Discounted Cash Flow | Level 3 | Loss Rate Estimate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beneficial interest derivative on card receivables sold measurement input	0.026

Fair Value Measurement - Summ_2

Fair Value Measurement - Summary of Fair Value of Level 3 Financial Liabilities (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of year	$ 688
Change in fair value	717
Reclassification to additional paid-in capital	(1,405)
Forfeiture of warrants	0
Fair value, end of year	$ 0

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	$ 655,232	$ 123,395
Short-term investments, Gross unrealized gains	143	590
Short-term investments, Gross unrealized losses	(61)	(11)
Short-term investments	655,314	123,974
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	466,403	70,781
Short-term investments, Gross unrealized gains	111	360
Short-term investments, Gross unrealized losses	(55)	(10)
Short-term investments	466,459	71,131
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	155,663	28,281
Short-term investments, Gross unrealized gains	16	88
Short-term investments, Gross unrealized losses	(5)	(1)
Short-term investments	155,674	28,368
Asset-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	26,391	24,333
Short-term investments, Gross unrealized gains	16	142
Short-term investments, Gross unrealized losses	(1)	0
Short-term investments	26,406	$ 24,475
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Short-term investments, Amortized cost	6,775
Short-term investments, Gross unrealized gains	0
Short-term investments, Gross unrealized losses	0
Short-term investments	$ 6,775

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details)	12 Months Ended
	Jun. 30, 2021USD ($)InvestmentPosition	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 655,232,000	$ 123,395,000
Short-term investments mature within one year	$ 495,800,000	$ 102,900,000
Percentage of short-term investments maturing within one year	76.00%	83.00%
Short-term investments mature thereafter	$ 159,500,000	$ 21,100,000
Percentage of short-term investments maturing thereafter	24.00%	17.00%
Number of investments in unrealized loss positions | InvestmentPosition	100
Short-term investments realized gains or losses	$ 0	$ 0	$ 0
Allowance for credit losses on investments that were in an unrealized loss position	$ 0
Minimum
Schedule Of Available For Sale Securities [Line Items]
Number of investment positions | InvestmentPosition	300
Accrued Interest Receivable
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 2,500,000	500,000
Fair value	$ 2,500,000	$ 500,000

Short-Term Investments - Sche_2

Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 246,040	$ 12,056
Unrealized losses	(61)	(11)
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value	152,485	9,258
Unrealized losses	(55)	(10)
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	85,466	2,798
Unrealized losses	(5)	$ (1)
Asset-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	8,089
Unrealized losses	$ (1)

Funds Held for Customers - Summ

Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Funds Held For Customers [Line Items]
Total funds held for customers	$ 2,209,248	$ 1,649,386
Total funds held for customers, net of income earned by the Company	2,208,598	1,644,250
Restricted Cash and Other Receivables
Funds Held For Customers [Line Items]
Total funds held for customers	1,208,598	586,893
Restricted Cash Equivalents
Funds Held For Customers [Line Items]
Total funds held for customers	86,322	433,709
Corporate Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	516,350	493,879
Asset Backed Securities
Funds Held For Customers [Line Items]
Total funds held for customers	25,085
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Total funds held for customers	3,009	48,952
Certificates of Deposit
Funds Held For Customers [Line Items]
Total funds held for customers	326,927	85,953
Municipal Bonds
Funds Held For Customers [Line Items]
Total funds held for customers	42,957
Other Current Assets
Funds Held For Customers [Line Items]
Less - income earned by the Company	$ (650)	$ (5,136)

Funds Held for Customers - Su_2

Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Funds Held For Customers [Line Items]
Amortized cost	$ 914,334	$ 626,740
Gross unrealized gains	33	2,055
Gross unrealized losses	(39)	(11)
Fair value	914,328	628,784
Corporate Bonds
Funds Held For Customers [Line Items]
Amortized cost	516,364	491,950
Gross unrealized gains	24	1,936
Gross unrealized losses	(38)	(7)
Fair value	516,350	493,879
Asset Backed Securities
Funds Held For Customers [Line Items]
Amortized cost	25,081
Gross unrealized gains	4
Fair value	25,085
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Amortized cost	3,010	48,949
Gross unrealized gains		4
Gross unrealized losses	(1)	(1)
Fair value	3,009	48,952
Certificates of Deposit
Funds Held For Customers [Line Items]
Amortized cost	326,927	85,841
Gross unrealized gains		115
Gross unrealized losses		(3)
Fair value	326,927	$ 85,953
Municipal Bonds
Funds Held For Customers [Line Items]
Amortized cost	42,952
Gross unrealized gains	5
Fair value	$ 42,957

Funds Held for Customers - Addi

Funds Held for Customers - Additional Information (Details)	Jun. 30, 2021USD ($)InvestmentPosition	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Funds Held For Customers [Line Items]
Amortized Cost	$ 914,334,000	$ 626,740,000
Fair value	$ 914,328,000	$ 628,784,000
Debt securities percentage mature within one year	97.00%	100.00%
Debt securities mature within one year	$ 882,400,000
Debt securities percentage mature thereafter	3.00%
Debt securities mature thereafter	$ 31,900,000
Number of unrealized loss investment positions | InvestmentPosition	60
Short-term investments realized gains or losses	$ 0	$ 0	$ 0
Allowance for credit losses on investments that were in an unrealized loss position	$ 0
Minimum
Funds Held For Customers [Line Items]
Number of investment positions | InvestmentPosition	260
Accrued Interest Receivable
Funds Held For Customers [Line Items]
Amortized Cost	$ 1,900,000	2,900,000
Fair value	$ 1,900,000	$ 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	Jun. 30, 2021	Jun. 30, 2020
Funds Held For Customers [Line Items]
Fair value	$ 81,860	$ 66,781
Unrealized losses	(39)	(11)
Corporate Bonds
Funds Held For Customers [Line Items]
Fair value	79,359	31,785
Unrealized losses	(38)	(7)
U.S. Treasury Securities
Funds Held For Customers [Line Items]
Fair value	2,501	14,990
Unrealized losses	$ (1)	(1)
Certificates of Deposit
Funds Held For Customers [Line Items]
Fair value		20,006
Unrealized losses		$ (3)

Acquired Card Receivables - Sch

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

Acquired Card Receivables - Add

Acquired Card Receivables - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2021USD ($)
Acquired Card Receivables [Line Items]
Acquired card receivable as collateral	$ 133.3
Grace period to payment on acquired card receivables	5 days
Acquired card receivables, minimum number of past due days to accrue fees	90 days
Prepaid Expenses and Other Current Assets
Acquired Card Receivables [Line Items]
Card receivables held for sale, amount	$ 2.6
Fair value of beneficial interest derivative	$ 2.3

Acquired Card Receivables - Sum

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

Acquired Card Receivables - S_2

Acquired Card Receivables - Summary of Change in Allowance for Credit Losses (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2021USD ($)
Acquired Card Receivables [Abstract]
Initial allowance for credit losses on purchased card receivables with credit deterioration	$ 2,082
Provision for expected credit losses	462
Charge-off amounts	(828)
Recoveries collected	24
Balance as of June 30, 2021	$ 1,740

Acquired Card Receivables - S_3

Acquired Card Receivables - Summary of Acquired Card Receivables Considered PCD Assets (Details) $ in Thousands	Jun. 01, 2021USD ($)
Acquired Card Receivables [Abstract]
Purchase price	$ 3,855
Allowance for credit losses	2,082
Less: discount attributable to other factors	(79)
Par value	$ 5,858

Acquired Card Receivables - S_4

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

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 67,834	$ 27,661
Less: accumulated depreciation and amortization	(18,932)	(13,795)
Property and equipment, net	48,902	13,866
Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	17,508	11,262
Capitalized Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,794	4,026
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,926	3,116
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 34,606	$ 9,257

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 5,350	$ 4,257	$ 3,154

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) $ in Billions	12 Months Ended
	Jun. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 1.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021USD ($)
Finite Lived Intangible Assets [Line Items]
Preliminary fair value	$ 423,000
Accumulated amortization	(5,659)
Net Carrying Amount	$ 417,341
Weighted- average remaining useful life (in years)	7 years 6 months
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Preliminary fair value	$ 198,000
Accumulated amortization	(2,062)
Net Carrying Amount	$ 195,938
Weighted- average remaining useful life (in years)	9 years 10 months 24 days
Developed Technology
Finite Lived Intangible Assets [Line Items]
Preliminary fair value	$ 191,000
Accumulated amortization	(2,653)
Net Carrying Amount	$ 188,347
Weighted- average remaining useful life (in years)	5 years 10 months 24 days
Trade Name
Finite Lived Intangible Assets [Line Items]
Preliminary fair value	$ 34,000
Accumulated amortization	(944)
Net Carrying Amount	$ 33,056
Weighted- average remaining useful life (in years)	2 years 10 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Amortization of Finite-Lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2021USD ($)
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	$ 5,659
Cost of Revenue
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	2,653
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization of finite-lived intangible assets	$ 3,006

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Future Amortization of Finite-Lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 62,552
2023	62,964
2024	62,036
2025	51,636
2026	51,636
Thereafter	126,517
Net Carrying Amount	$ 417,341

Debt and Bank Borrowings - Addi

Debt and Bank Borrowings - Additional Information (Details)	Oct. 01, 2021	Nov. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)TradingDay	Jun. 30, 2021USD ($)TradingDay$ / sharesshares	Jun. 28, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of convertible senior notes, net of discount and issuance costs					$ 1,129,379,000
Amortization of debt discount (accretion of debt premium) and issuance costs					$ 27,531,000
Debt premium weighted average remaining amortization period					1 year 7 months 6 days
2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 95,000,000	$ 95,000,000
Line of credit facility maturity month and year			2023-06
Debt instrument floor rate			0.25%
Line of credit facility, unused capacity, commitment fee percentage			0.50%
Line of credit facility, covenant terms					The 2021 Revolving Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of June 30, 2021, the Company was in compliance with those covenants.
Amended 2019 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 60,000,000	60,000,000
Line of credit facility maturity month and year			2023-01
Debt instrument floor rate			2.00%
Debt instrument basis spread on variable rate			6.00%
Line of credit facility, unused capacity, commitment fee percentage			0.50%
Line of credit facility, covenant terms					The amended 2019 Credit Agreement requires the Company to comply with certain restricted covenants, including certain financial ratios and liquidity requirements. As of June 30, 2021, the Company was in compliance with those covenants.
Line of credit facility minimum utilization requirement amount			$ 30,000,000	$ 30,000,000
Amended 2019 Credit Agreement | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument floor rate	0.25%
Debt instrument basis spread on variable rate	4.50%
Amended 2019 Credit Agreement | LIBOR
Debt Instrument [Line Items]
Line of credit facility, interest rate during period					8.00%
2025 Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 1,150,000,000			$ 1,150,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%
Debt instrument, maturity date		Dec. 1, 2025
Proceeds from issuance of convertible senior notes, net of discount and issuance costs		$ 1,130,000,000
Debt issuance costs		$ 20,600,000
Debt initial conversion rate		6.2159
Debt instrument denomination of principal amount for conversion into common stock		$ 1,000			$ 1,000
Initial conversion price per share | $ / shares		$ 160.88
Notes issued upon conversion | shares		7,100,000
Debt instrument threshold percentage of conversion price				130.00%
Number of trading days for conversion of Notes | TradingDay				20
Number of consecutive trading days for conversion of Notes | TradingDay				30
Debt convertible date		Sep. 1, 2025
Number of business day period for conversion of Notes					5 days
Number of consecutive trading day period in consideration for conversion of Notes					5 days
Threshold percentage of stock price trigger in measurement period					98.00%
Debt conversion rate in make whole					2.9525
Debt conversion price per share in make whole | $ / shares					$ 109.07
Debt instrument, default description					The Indenture contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest.
Debt default threshold principal amount percentage					100.00%
Debt instrument, aggregate principal amount if converted					$ 159,400,000
Debt instrument, effective interest rate percentage					5.37%
Amortization of debt discount (accretion of debt premium) and issuance costs					$ 27,700,000
Debt instrument, remaining term					4 years 4 months 24 days
Cost of capped call					$ 87,900,000
Payment to capped call was recorded as reduction to additional paid-in capital					$ 87,900,000
Capped call, initial strike price | $ / shares					160.88
Capped call, initial cap price | $ / shares					218.14
Cap calls cover subject to anti-dilution adjustments to common stock | shares					7,100,000
2025 Notes | Redeem On or After December 5, 2023
Debt Instrument [Line Items]
Redemption period, start date					Dec. 5, 2023
Debt instrument threshold percentage of conversion price					130.00%
Number of trading days for conversion of Notes | TradingDay					20
Number of consecutive trading days for conversion of Notes | TradingDay					30
Redemption price percentage of principal amount redeemed					100.00%
Sinking fund					$ 0
Senior Facilities Agreement | Silicon Valley Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 50,000,000
Line of credit facility, interest rate during period					2.00%
Line of credit outstanding					$ 2,300,000
Line of credit facility termination month and year					2021-05
Class A Facility | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 75,000,000	$ 75,000,000
Line of credit facility, interest rate during period			2.75%
Class A Facility | 2021 Revolving Credit Agreement | LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate					3.00%
Class B Facility | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000,000	$ 20,000,000
Line of credit facility, interest rate during period			10.25%
Class B Facility | 2021 Revolving Credit Agreement | LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate					10.50%
Class A and Class B Facilities | 2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility percentage of minimum utilization			50.00%

Debt and Bank Borrowings - Sche

Debt and Bank Borrowings - Schedule of 2025 Notes (Details) - 2025 Notes $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Principal	$ 1,150,000
Less: unamortized debt discount and issuance costs	(240,153)
Net carrying amount	909,847
Amount allocated to equity component	251,745
Less: issuance costs and tax	(6,679)
Carrying amount of the equity component	$ 245,066

Debt and Bank Borrowings - Sc_2

Debt and Bank Borrowings - Schedule of 2021 Revolving Credit Agreement and 2019 Credit Agreement (Details) $ in Thousands	Jun. 30, 2021USD ($)
2021 Revolving Credit Agreement | Class A
Debt Instrument [Line Items]
Principal	$ 37,500
Unamortized debt premium	213
Net carrying value	37,713
2021 Revolving Credit Agreement | Class B
Debt Instrument [Line Items]
Principal	10,000
Unamortized debt premium	740
Net carrying value	10,740
2019 Credit Agreement
Debt Instrument [Line Items]
Principal	30,000
Unamortized debt premium	1,081
Net carrying value	31,081
2021 Revolving Credit Agreement and the 2019 Credit Agreement
Debt Instrument [Line Items]
Principal	77,500
Unamortized debt premium	2,034
Net carrying value	$ 79,534

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 26, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Class Of Stock [Line Items]
Vest over requisite service period		4 years
Option expiration period		10 years
Unvested shares of options granted with double trigger vesting acceleration percentage in event of sale		50.00%
Total intrinsic value of options exercised		$ 387,100	$ 191,300	$ 3,800
Weighted-average grant date fair value of options granted		$ 132.04	$ 11.04	$ 4.24
Unamortized stock-based compensation expense		$ 96,400
Weighted-average period over which unrecognized compensation cost is expected to be recognized		2 years 6 months
Options exercised		$ 28,209	$ 12,232	$ 1,702
Class of warrant exercise price		$ 4.50
Class of warrant exercisable period		5 years
Class of warrant exercisable period ends		2023-09
Warrants issued or issuable		0
2019 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Number of shares of common stock reserved for issuance	1,400,000
Potential percentage of additional number of shares reserved for issuance each year	1.00%
Unamortized stock-based compensation expense		$ 2,100
Weighted-average period over which unrecognized compensation cost is expected to be recognized		12 months
Total number of shares issued	14,000,000
Percentage of employee compensation, maximum	15.00%
Fair value of option granted percentage	85.00%
Maximum
Class Of Stock [Line Items]
Issuance of warrants		5,600,000
Incentive Stock
Class Of Stock [Line Items]
Exercise price of incentive stock options granted under the Option Plans		100.00%
Nonstatutory Stock Options
Class Of Stock [Line Items]
Exercise price of incentive stock options granted under the Option Plans		85.00%
Restricted Stock Units
Class Of Stock [Line Items]
Unamortized stock-based compensation expense		$ 86,600
Weighted-average period over which unrecognized compensation cost is expected to be recognized		3 years 2 months 12 days
Fair value of shares vested		$ 40,000	$ 200
Restricted Stock Units | Minimum
Class Of Stock [Line Items]
Vest over requisite period		1 year
Restricted Stock Units | Maximum
Class Of Stock [Line Items]
Vest over requisite period		4 years
2016 Equity Incentive Plan
Class Of Stock [Line Items]
Equity-based awards granted		0
2019 Equity Incentive Plan
Class Of Stock [Line Items]
Number of shares of common stock reserved for issuance	7,100,000
Potential percentage of additional number of shares reserved for issuance each year	5.00%
Equity Incentive Plans
Class Of Stock [Line Items]
Number of common shares available for issuance		10,211,011
Divvy 2016 Plan
Class Of Stock [Line Items]
Equity-based awards granted		0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Number of Shares Outstanding
Beginning balance	9,019
Options granted	1,289
Options exercised	(3,359)
Options forfeited	(397)
Ending balance	6,552	9,019
Vested and expected to vest at June 30, 2021	6,070
Vested and exercisable at June 30, 2021	2,608
Weighted average average exercise price per share
Weighted average average exercise price per share, Beginning balance	$ 10.53
Weighted average average exercise price per share, Options granted	18.24
Weighted average average exercise price per share, Options exercised	8.03
Weighted average average exercise price per share, Options forfeited	10.90
Weighted average average exercise price per share, Ending balance	13.31	$ 10.53
Weighted average average exercise price per share, Vested and expected to vest at June 30, 2021	13.20
Weighted average average exercise price per share, Vested and exercisable at June 30, 2021	$ 11.23
Weighted average remaining contractual term (in years)
Weighted average remaining contractual term (in years)	7 years 10 months 13 days	8 years 3 months 3 days
Vested and expected to vest at June 30, 2021	7 years 10 months 6 days
Vested and exercisable at June 30, 2021	7 years 6 months 10 days
Aggregate intrinsic value	$ 1,113,025	$ 718,563
Vested and expected to vest at June 30, 2021	1,031,708
Vested and exercisable at June 30, 2021	$ 448,497

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Option Activities (Parenthetical) (Details) - $ / shares	Jun. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average exercise price of options		$ 13.31	$ 10.53
Weighted average grant date fair value on the date of assumption		$ 132.04	$ 11.04	$ 4.24
DivvyPay, Inc.
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of outstanding stock options that were assumed upon the acquisition	1,256,328
Weighted average exercise price of options	$ 16.22
Weighted average grant date fair value on the date of assumption	$ 133.62

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Fair Value of Options Granted Black-Scholes Option-Pricing Model Assumptions (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 3 months	6 years 3 months
Expected volatility, minimum	35.00%	50.00%	46.00%
Expected volatility, maximum	85.10%	100.60%	51.00%
Risk-free interest rate, minimum	0.38%	0.35%	2.19%
Risk-free interest rate, maximum	1.03%	1.88%	2.89%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of RSU Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Shares Outstanding
Beginning balance | shares	1,141
Number of shares, Granted | shares	425
Number of shares, Vested | shares	(297)
Number of shares, forfeited | shares	(93)
Ending balance | shares	1,176
Weighted average grant date fair value
Weighted average grant date fair value, Beginning balance | $ / shares	$ 66.16
Weighted average grant date fair value, Granted | $ / shares	134.29
Weighted average grant date fair value, Vested | $ / shares	66.34
Weighted average grant date fair value, forfeited | $ / shares	72.89
Weighted average grant date fair value, Ending balance | $ / shares	$ 90.20

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Fair Value of ESPP Offerings (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 3 months	6 years 3 months
Expected volatility, minimum	35.00%	50.00%	46.00%
Expected volatility, maximum	85.10%	100.60%	51.00%
Risk-free interest rate, minimum	0.38%	0.35%	2.19%
Risk-free interest rate, maximum	1.03%	1.88%	2.89%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		50.00%
Expected volatility, minimum	81.00%
Expected volatility, maximum	88.40%
Risk-free interest rate, minimum	0.05%	1.47%
Risk-free interest rate, maximum	0.13%	1.56%
Expected dividend yield	0.00%	0.00%
2019 Employee Stock Purchase Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
2019 Employee Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	1 year	1 year 2 months 1 day

Stockholders' Equity - Summar_5

Stockholders' Equity - Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	$ 72,451	$ 18,064	$ 4,082
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	2,938	1,257	331
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	16,091	5,495	1,128
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	8,547	2,777	922
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	44,411	$ 8,535	$ 1,701
Property and equipment (capitalized internal-use software)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based Compensation	$ 464

Other (Expense) Income, Net - S

Other (Expense) Income, Net - Schedule of Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Other Income Disclosure Nonoperating [Abstract]
Interest expense	$ (28,158)	$ (229)	$ (825)
Interest income	2,992	4,092	3,207
Loss on sale of card receivables	(691)
Revaluation of warrant liabilities		(717)
Other	487	14	(49)
Total	$ (25,370)	$ 3,160	$ 2,333

Income Taxes - Components of Lo

Income Taxes - Components of Loss before (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (139,337)	$ (31,038)	$ (7,470)
Foreign	0	0	0
Loss before (benefit from) provision for income taxes	$ (139,337)	$ (31,038)	$ (7,470)

Income Taxes - Components of (B

Income Taxes - Components of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal	$ 0	$ 0	$ 0
State		53	20
Foreign	0	0	0
Total current		53	20
Deferred:
Federal	(27,529)		(142)
State	(13,088)		(34)
Foreign	0	0	0
Total deferred	(40,617)		(176)
(Benefit from) provision for income taxes	$ (40,617)	$ 53	$ (156)

Income Taxes - Difference betwe

Income Taxes - Difference between Income Taxes Computed At Federal Statutory Rate and (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Expected benefit at U.S. federal statutory rate		$ (29,261)	$ (6,518)	$ (1,569)
State income taxes, net of federal benefit		(54)
Stock-based compensation		(70,262)	(31,047)	390
Research and development tax credits		(8,846)	(6,411)	(2,111)
Change in valuation allowance related to acquisition	[1]	(34,749)
Change in valuation allowance	[2]	94,244	43,716	3,029
Unrecognized tax benefit		6,766
Acquisition-related costs		1,484
Other		61	313	105
(Benefit from) provision for income taxes		$ (40,617)	$ 53	$ (156)
[1]	The rate impact during the year ended June 30, 2021 pertains to the income tax benefit recorded as a result of the acquisition of Divvy, which allowed the Company to release a portion of its valuation allowance due to the net deferred tax liability position of Divvy at the acquisition date.
[2]	The rate impact during the year ended June 30, 2021 pertains to (i) an increase in valuation allowance due to the increase in deferred tax assets associated with losses and tax credits generated during the year, (ii) a change in deferred tax liability related to the 2025 Notes, and (iii) a change in deferred tax liability related to the acquisition of Divvy.

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Deferred tax assets:
Accruals and reserves	$ 8,677	$ 3,933
Deferred revenue	1,109	904
Property and equipment		128
Stock-based compensation	16,626	2,542
Net operating loss carryforwards	218,783	68,694
Research and development credits	15,864	12,226
Accrued rewards	1,342
Operating lease liabilities	25,122
Other	514
Total deferred tax assets before valuation allowance	288,037	88,427
Valuation allowance	(107,836)	(85,569)
Deferred tax assets	180,201	2,858
Deferred tax liabilities:
Deferred contract costs	(2,763)	(2,182)
Property and equipment	(3,133)
Intangible assets	(107,631)
Operating right of use assets	(18,551)
Convertible notes	(57,213)
Other		(676)
Total deferred tax liabilities	(189,291)	(2,858)
Net deferred tax assets		$ 0
Net deferred tax (liabilities)	$ (9,090)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Taxes [Line Items]
Change in valuation allowance	$ 22,300	$ 52,300	$ 3,700
Federal and state net operating loss carryforwards expiration year	2027
Research and development tax credit carryforwards expiration description	federal tax credits will expire at various dates beginning in 2028.
Unrecognized tax benefits related to federal and California R&D credits	$ 22,185	$ 5,787	$ 2,692
Federal Tax
Income Taxes [Line Items]
Net operating loss carryforwards	867,600
Research and development tax credit carryforwards	23,600
Federal Tax | Internal Revenue Service
Income Taxes [Line Items]
Net operating loss carryforwards	761,900
State Tax
Income Taxes [Line Items]
Net operating loss carryforwards	599,500
Research and development tax credit carryforwards	$ 15,800

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 5,787	$ 2,692
Additions based upon tax positions related to the current year	8,267	3,078
Increase from business combination	668
Additions based upon tax positions related to the prior year	7,463	17
Balance at the end of the year	$ 22,185	$ 5,787

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Lessee Lease Description [Line Items]
Weighted average remaining term	9 years 3 months 18 days
Weighted average discount rate	5.00%
Lease expense paid during period	$ 2,100
Right-of-use assets obtained in exchange for new operating lease liabilities	31,600
Lease expense	$ 10,023	$ 5,300	$ 2,300
Draper, Utah
Lessee Lease Description [Line Items]
Non-cancellable operating lease expiration	2025-12

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2022	$ 12,581
2023	13,104
2024	12,934
2025	12,679
2026	12,516
Thereafter	60,815
Gross lease payments	124,629
Less - present value adjustments	(26,138)
Less - tenant improvement allowance receivable	(1,088)
Operating lease, liabilities	$ 97,403

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Lease Cost [Abstract]
Operating lease expense	$ 7,444
Short-term lease expense	382
Variable lease expense	2,252
Sublease income	(55)
Total lease cost	$ 10,023	$ 5,300	$ 2,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Multi-year agreements expiration year	2025
Strategic partnership agreement period	10 years
Online bill payment products expiration month and year	2027-06
Authorized transactions but not cleared	$ 30.3

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 11,282
2023	10,255
2024	5,871
2025	2,000
2026	1,750
Thereafter	1,750
Total	$ 32,908

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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss attributable to common stockholders	$ (98,720)	$ (31,091)	$ (7,314)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders, Basic and diluted	82,813	44,106	7,797
Net loss per share attributable to common stockholders:
Basic and diluted	$ (1.19)	$ (0.70)	$ (0.94)

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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 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	7,728	10,160	62,588
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	6,552	9,019	10,027
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	1,176	1,141
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
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 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

Net Loss Per Share Attributab_5

Net Loss Per Share Attributable To Common Stockholders - Additional Information (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Nov. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	7,728	10,160	62,588
2025 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share				$ 160.88
2025 Notes | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares subject to adjustment	10,500
2025 Notes | Common Stock | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Conversion price per share	$ 160.88
Shares Underlying Conversion Option in 2025 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	7,100

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Invoice2go, Inc. - Subsequent Event $ in Millions	Jul. 19, 2021USD ($)
Subsequent Event [Line Items]
Acquisition purchase consideration	$ 625
Restricted Stock Units | 2019 Employee Incentive Plan
Subsequent Event [Line Items]
Equity other than options grant value	$ 30