Bill.com (BILL) 10-Q 4 Nov 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39149
Entity Registrant Name	BILL.COM HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
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
Entity Address, Postal Zip Code	95002
City Area Code	650
Local Phone Number	621-7700
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	BILL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,671,639
Entity Central Index Key	0001786352
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 1,608,966	$ 1,596,542
Short-term investments	1,034,537	1,108,493
Accounts receivable, net	29,060	24,045
Acquired card receivables, net	357,741	256,392
Prepaid expenses and other current assets	140,019	151,258
Funds held for customers	3,121,654	3,142,660
Total current assets	6,291,977	6,279,390
Non-current assets:
Operating lease right-of-use assets, net	75,106	76,445
Property and equipment, net	62,025	56,985
Intangible assets, net	412,814	432,583
Goodwill	2,362,330	2,362,893
Other assets	48,847	47,730
Total assets	9,253,099	9,256,026
Current liabilities:
Accounts payable	11,508	9,948
Accrued compensation and benefits	20,649	29,004
Deferred revenue	30,401	31,868
Other accruals and current liabilities	141,806	120,080
Borrowings from revolving credit facility, net	0	75,097
Customer fund deposits	3,121,654	3,142,660
Total current liabilities	3,326,018	3,408,657
Non-current liabilities:
Deferred revenue	2,323	2,159
Operating lease liabilities	80,440	82,728
Borrowings from revolving credit facility, net	75,083	0
Convertible senior notes, net	1,699,690	1,697,985
Other long-term liabilities	22,014	20,803
Total liabilities	5,205,568	5,212,332
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock	2	2
Additional paid-in capital	4,684,484	4,598,737
Accumulated other comprehensive loss	(10,487)	(10,217)
Accumulated deficit	(626,468)	(544,828)
Total stockholders' equity	4,047,531	4,043,694
Total liabilities and stockholders' equity	$ 9,253,099	$ 9,256,026

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue		$ 229,924	$ 118,349
Cost of revenue
Service costs		34,820	20,713
Depreciation and amortization of intangible assets	[1]	10,287	9,122
Total cost of revenue		45,107	29,835
Gross profit		184,817	88,514
Operating expenses
Research and development		75,121	41,884
Sales and marketing		118,633	53,629
General and administrative		66,738	57,515
Depreciation of property and equipment	[1]	12,019	9,691
Total operating expenses		272,511	162,719
Loss from operations		(87,694)	(74,205)
Other income (expenses), net		5,947	(3,475)
Loss before benefit from income taxes		(81,747)	(77,680)
Benefit from income taxes		(107)	(3,421)
Net loss		$ (81,640)	$ (74,259)
Net loss per share attributable to common stockholders:
Net loss per share, basic (dollars per share)		$ (0.78)	$ (0.78)
Net loss per share, diluted (dollars per share)		$ (0.78)	$ (0.78)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders:
Weighted-average number of shares outstanding, basic (in shares)		105,086	95,892
Weighted-average number of shares outstanding, diluted (in shares)		105,086	95,892
[1] (1) Depreciation expense does not include amortization of capitalized internal-use software costs.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (81,640)	$ (74,259)
Other comprehensive loss:
Net unrealized loss on investments in available-for-sale securities	(270)	(39)
Comprehensive loss	$ (81,910)	$ (74,298)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Jun. 30, 2021			94,504
Beginning balance at Jun. 30, 2021	$ 2,529,590	$ (216,066)	$ 2	$ 2,777,155	$ (245,066)	$ (100)	$ (247,467)	$ 29,000
Issuance of common stock upon public offering, net of underwriting discounts and other offering costs (in shares)			5,074
Issuance of common stock upon public offering, net of underwriting discounts and other offering costs	1,341,122			1,341,122
Issuance of common stock as consideration for an acquisition, net of issuance costs (in shares)			1,788
Issuance of common stock as consideration for an acquisition, net of issuance costs	488,263			488,263
Fair value of replacement awards	26,710			26,710
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)			1,033
Issuance of common stock upon exercise of stock options and release of restricted stock units	8,644			8,644
Issuance of common stock under the employee stock purchase plan (in shares)			40
Issuance of common stock under the employee stock purchase plan	5,726			5,726
Purchase of capped calls	(37,893)			(37,893)
Stock-based compensation	38,839			38,839
Other comprehensive loss	(39)					(39)
Net loss	(74,259)						(74,259)
Ending balance (in shares) at Sep. 30, 2021			102,439
Ending balance at Sep. 30, 2021	4,110,637		$ 2	4,403,500		(139)	(292,726)
Beginning balance (in shares) at Jun. 30, 2022			104,731
Beginning balance at Jun. 30, 2022	4,043,694		$ 2	4,598,737		(10,217)	(544,828)
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)			835
Issuance of common stock upon exercise of stock options and release of restricted stock units	8,494			8,494
Issuance of common stock under the employee stock purchase plan (in shares)			67
Issuance of common stock under the employee stock purchase plan	3,901			3,901
Stock-based compensation	73,352			73,352
Other comprehensive loss	(270)					(270)
Net loss	(81,640)						(81,640)
Ending balance (in shares) at Sep. 30, 2022			105,633
Ending balance at Sep. 30, 2022	$ 4,047,531		$ 2	$ 4,684,484		$ (10,487)	$ (626,468)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (81,640)	$ (74,259)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	72,620	37,887
Amortization of intangible assets	19,769	16,672
Depreciation of property and equipment	2,546	2,129
Amortization of capitalized internal-use software costs	924	259
Amortization of debt discount (accretion of debt premium) and issuance costs	1,712	556
Amortization of premium (accretion of discount) on investments in marketable debt securities	(2,215)	2,857
Provision for losses on acquired card receivables	6,611	4,049
Non-cash operating lease expense	2,342	1,960
Deferred income taxes	(299)	(3,423)
Other	930	0
Changes in assets and liabilities:
Accounts receivable	(4,774)	1,198
Prepaid expenses and other current assets	(1,339)	6,321
Other assets	(1,138)	(1,385)
Accounts payable	1,511	(732)
Other accruals and current liabilities	4,247	(17,930)
Operating lease liabilities	(2,386)	(792)
Other long-term liabilities	34	(121)
Deferred revenue	(1,303)	3,620
Net cash provided by (used in) operating activities	18,152	(21,134)
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash and cash equivalents	0	(144,452)
Purchases of corporate and customer fund short-term investments	(859,911)	(608,552)
Proceeds from maturities of corporate and customer fund short-term investments	838,099	318,907
Proceeds from sale of corporate and customer fund short-term investments	0	17,234
Increase in acquired card receivables and other	(107,443)	(32,663)
Purchases of property and equipment	(1,376)	(1,404)
Capitalization of internal-use software costs	(4,764)	(2,942)
Proceeds from beneficial interest	2,080	0
Net cash used in investing activities	(133,315)	(453,872)
Cash flows from financing activities:
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs	0	1,341,597
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs	0	562,704
Purchase of capped calls	0	(37,893)
Increase (decrease) in customer fund deposits liability and other	(14,549)	223,641
Proceeds from exercise of stock options	3,901	8,336
Proceeds from issuance of common stock under the employee stock purchase plan	8,494	5,726
Net cash provided by (used in) financing activities	(2,154)	2,104,111
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(277)	(172)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(117,594)	1,628,933
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	3,542,715	1,809,692
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	3,425,121	3,438,625
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:
Cash and cash equivalents	1,608,966	2,013,433
Restricted cash included in other current assets	71,629	16,619
Restricted cash included in other assets	6,724	6,724
Restricted cash and restricted cash equivalents included in funds held for customers	1,737,802	1,401,849
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 3,425,121	$ 3,438,625

The Company and Its Significant

The Company and Its Significant Accounting Policies	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
The Company and Its Significant Accounting Policies	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, spend, and expense management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve back office efficiency. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022. Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and revenue generated outside the U.S. are not material. Reclassification Certain accounts in the prior period condensed consolidated statements of operation were reclassified to conform with the current year presentation. 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 condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities; the estimate of credit losses on accounts receivable, acquired card receivables, and other financial assets; accrual for rewards; variable consideration used in revenue recognition for certain contracts; benefit periods used to amortize deferred commissions; reserve for losses on funds held for customers; inputs used to value certain stock-based compensation awards; inputs used to estimate beneficial interest derivative on card receivables sold; and valuation of income taxes. 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. 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 account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies 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 condensed consolidated balance sheets. 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, and acquired card receivables (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 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 is recognized, if material. As of September 30, 2022 and June 30, 2022, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled approximately $8.0 million and $5.8 million, respectively. These amounts do not include the immaterial allowance for potential credit losses on purchase of card receivables that have been authorized but not cleared at the end of the periods (see Note 13). There were no customers that exceeded 10% of the Company’s total revenue during the three months ended September 30, 2022 and 2021. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2022, other than those new accounting policies that were implemented as a result of the adoption of new accounting standards as described below. Recently Adopted Accounting Pronouncements In March 2022 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires a company to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company early adopted this ASU on a prospective basis beginning July 1, 2022. See Note 7 for additional disclosures resulting from the adoption of this ASU.

Revenue

Revenue	3 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE The Company generates revenue primarily from subscription and transaction fees. The Company serves small and midsize businesses (SMB), accounting firms, and financial institutions. The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by sales channel, and revenue from interest on funds held for customers (in thousands). Three Months Ended 2022 2021 Small-to-midsize businesses, accounting firms and other $ 204,821 $ 113,602 Financial institutions 9,790 3,956 Total subscription and transaction fees 214,611 117,558 Interest on funds held for customers 15,313 791 Total revenue $ 229,924 $ 118,349 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. During the three months ended September 30, 2022, the Company recognized $14.3 million of revenue that was included in the deferred revenue balance as of June 30, 2022. Remaining performance obligations The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of September 30, 2022, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was approximately $143.1 million. Of the total remaining performance obligations, the Company expects to recognize approximately 70% within two years and 30% over the next three Unbilled revenue

Business Combination

Business Combination	3 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Business Combination	BUSINESS COMBINATION Acquisition of Invoice2go On September 1, 2021, the Company acquired 100% of the outstanding equity interests of Invoice2go for a total consideration (equity and cash) of $674.3 million. Following the acquisition of Invoice2go, the Company had a period of not more than 12 months to finalize the fair values of assets acquired and liabilities assumed. As a result of ASU 2021-08 adoption on October 1, 2021, retrospectively to September 1, 2021, the Company recorded adjustments of $8.0 million to increase goodwill and deferred revenue, and an immaterial amount to deferred income tax liability. There were no other material adjustments made during the 12-month measurement period related to the acquisition of Invoice2go, and the fair values of assets acquired assets and liabilities assumed were finalized in the current fiscal quarter. 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 Invoice2go, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed. The pro forma net loss for the three months ended September 30, 2021 was adjusted to exclude nonrecurring acquisition-related costs of $19.0 million. The amounts below include pro forma results of the Company and Invoice2go. Three Months Ended Total revenue $ 124,867 Net loss $ (75,034) Acquisition of Divvy

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	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 and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,413,916 $ — $ — $ 1,413,916 Corporate bonds — 33,243 — 33,243 U.S. treasury securities 19,976 — — 19,976 1,433,892 33,243 — 1,467,135 Short-term investments: Corporate bonds — 595,286 — 595,286 U.S. treasury securities 372,350 — — 372,350 Asset-backed securities — 21,055 — 21,055 Certificates of deposit — 45,846 — 45,846 372,350 662,187 — 1,034,537 Funds held for customers: Restricted cash equivalents: Money market funds 26,988 — — 26,988 Corporate bonds — 147,303 — 147,303 26,988 147,303 — 174,291 Short-term investments: Corporate bonds — 850,613 — 850,613 Certificates of deposit — 413,178 — 413,178 Municipal bonds — 5,020 — 5,020 Asset-backed securities — 77,594 — 77,594 U.S. treasury securities 37,258 — — 37,258 37,258 1,346,405 — 1,383,663 Beneficial interest derivative on card receivables sold — — 470 470 Total assets measured at fair value $ 1,870,488 $ 2,189,138 $ 470 $ 4,060,096 June 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,424,259 $ — $ — $ 1,424,259 Corporate bonds — 11,430 — 11,430 1,424,259 11,430 — 1,435,689 Short-term investments: Corporate bonds — 597,204 — 597,204 U.S. treasury securities 421,728 — — 421,728 Asset-backed securities — 51,406 — 51,406 Certificates of deposit — 38,155 — 38,155 421,728 686,765 — 1,108,493 Funds held for customers: Restricted cash equivalents: Money market funds 34,703 — — 34,703 Corporate bonds — 133,557 — 133,557 34,703 133,557 — 168,260 Short-term investments: Corporate bonds — 807,685 — 807,685 Certificates of deposit — 397,533 — 397,533 Municipal bonds — 6,516 — 6,516 Asset-backed securities — 69,912 — 69,912 U.S. treasury securities 3,072 — — 3,072 3,072 1,281,646 — 1,284,718 Beneficial interest derivative on card receivables sold — — 398 398 Total assets measured at fair value $ 1,883,762 $ 2,113,398 $ 398 $ 3,997,558 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 initial and recurring fair value of the beneficial interest derivative on card receivables sold is estimated using a discounted cash flow model, which uses Level 3 inputs including a discount rate and a default rate. The default rate estimate is based upon the expected transferred card receivables that will ultimately default. The default rate is calculated using historical trends and ages of the outstanding card receivable balances. The Company has $575.0 million and $1.15 billion in aggregate principal amount of its 0% convertible senior notes due in 2027 (2027 Notes) and in 2025 (2025 Notes, together with the 2027 Notes, the Notes), respectively, outstanding as of September 30, 2022. The Company carries the Notes at par value, less the unamortized debt discount and issuance costs in the accompanying condensed consolidated balance sheets. As of September 30, 2022, the estimated fair value of the 2027 Notes and 2025 Notes, which is presented for disclosure purposes only, was approximately $457.3 million and $1.26 billion, respectively. The fair value was

Short-Term Investments

Short-Term Investments	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	SHORT-TERM INVESTMENTS Short-term investments consisted of the following as of the dates presented (in thousands): September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 600,560 $ 9 $ (5,283) $ 595,286 U.S. treasury securities 375,171 2 (2,823) 372,350 Asset-backed securities 21,193 — (138) 21,055 Certificates of deposit 45,846 — — 45,846 Total $ 1,042,770 $ 11 $ (8,244) $ 1,034,537 June 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 601,987 $ 3 $ (4,786) $ 597,204 U.S. treasury securities 424,644 1 (2,917) 421,728 Asset-backed securities 51,622 — (216) 51,406 Certificates of deposit 38,155 — — 38,155 Total $ 1,116,408 $ 4 $ (7,919) $ 1,108,493 The amortized cost and fair value amounts include accrued interest receivable of $3.4 million and $3.0 million as of September 30, 2022 and June 30, 2022, respectively. As of September 30, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $879.2 million and $155.4 million, respectively, or 85% and 15%, respectively, of the Company’s total short-term investments. As of June 30, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $961.8 million and $146.7 million, respectively, or 87% and 13%, respectively, of the Company’s total short-term investments. As of September 30, 2022, approximately 250 out of approximately 340 investment positions were in an unrealized loss position. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2022 Fair value Unrealized losses Corporate bonds $ 388,689 $ (5,283) U.S. treasury securities 369,402 (2,823) Asset backed securities 20,678 (138) Total $ 778,769 $ (8,244) June 30, 2022 Fair value Unrealized losses Corporate bonds $ 392,699 $ (4,786) U.S. treasury securities 411,787 (2,917) Asset backed securities 51,406 (216) Total $ 855,892 $ (7,919) 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 not been material. 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 will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the three months ended September 30, 2022 and 2021. The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of September 30, 2022 and June 30, 2022 because they were not material.

Funds Held for Customers

Funds Held for Customers	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Funds Held for Customers	FUNDS HELD FOR CUSTOMERS Funds held for customers consisted of the following as of the dates presented (in thousands): September 30, June 30, Restricted cash $ 1,563,512 $ 1,685,937 Restricted cash equivalents 174,291 168,260 Funds receivable 8,221 6,747 Corporate bonds 850,613 807,685 Certificates of deposit 413,178 397,533 Municipal bonds 5,020 6,516 Asset backed securities 77,594 69,912 U.S. treasury securities 37,258 3,072 Total funds held for customers 3,129,687 3,145,662 Less - income earned by the Company included in other current assets (8,033) (3,002) Total funds held for customers, net of income earned by the Company $ 3,121,654 $ 3,142,660 Income earned by the Company that is included in other current assets represents interest income, accretion of discount (offset by amortization of premium), and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. Earnings from these investments are contractually earned by the Company and are expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment. Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 851,872 $ 11 $ (1,270) $ 850,613 Certificates of deposit 413,178 — — 413,178 Municipal bonds 5,026 — (6) 5,020 Asset backed securities 78,291 — (697) 77,594 U.S. treasury securities 37,366 1 (109) 37,258 Total $ 1,385,733 $ 12 $ (2,082) $ 1,383,663 June 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 809,113 $ 1 $ (1,429) $ 807,685 Certificates of deposit 397,533 — — 397,533 Municipal bonds 6,542 — (26) 6,516 Asset backed securities 70,574 — (662) 69,912 U.S. treasury securities 3,082 — (10) 3,072 Total $ 1,286,844 $ 1 $ (2,127) $ 1,284,718 The amortized cost and fair value amounts include accrued interest receivable of $3.8 million and $3.0 million and as of September 30, 2022 and June 30, 2022, respectively. As of September 30, 2022, approximately 94%, or $1.3 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 6% or $77.6 million mature thereafter. As of June 30, 2022, approximately 95%, or $1.2 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 5% or $69.9 million mature thereafter. As of September 30, 2022, approximately 160 out of approximately 415 investment positions were in an unrealized loss position. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2022 Fair value Unrealized losses Corporate bonds $ 242,360 $ (1,270) Municipal bonds 630 (6) Asset backed securities 77,594 (697) U.S. treasury securities 33,817 (109) Total $ 354,400 $ (2,082) June 30, 2022 Fair value Unrealized losses Corporate bonds $ 301,625 $ (1,429) Municipal bonds 6,516 (26) Asset backed securities 64,361 (662) U.S. treasury securities 3,072 (10) Total $ 375,574 $ (2,127) 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 will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on funds held for customers that were invested in short-term marketable debt securities during the three months ended September 30, 2022 and 2021.

Acquired Card Receivables

Acquired Card Receivables	3 Months Ended
	Sep. 30, 2022
Acquired Card Receivables [Abstract]
Acquired Card Receivables	ACQUIRED CARD RECEIVABLES Acquired Card Receivables Acquired card receivables consisted of the following as of the dates presented (in thousands): September 30, June 30, Gross amount of acquired card receivables $ 365,282 $ 261,806 Less: allowance for credit losses (7,541) (5,414) Total $ 357,741 $ 256,392 Certain lines of credit and acquired card receivable balances are collateralized by cash deposits held by the Issuing Banks. Before an account is charged off, the Company obtains any available cash collateral from the Issuing Banks. As of September 30, 2022, approximately $131.8 million of the acquired card receivable balance served as collateral for the Company’s borrowings from the Revolving Credit Facility (see Note 8). The Company also incurred losses related to card transactions disputed by spending businesses. The amount was not material during the three months ended September 30, 2022 and 2021. The acquired card receivable balances above do not include purchases of card receivables from the Issuing Banks that have not cleared at the end of the reporting period. Purchases of card receivables that have not cleared as of September 30, 2022 totaled $55.9 million. The Company recognized an immaterial amount of expected credit losses on the purchased card receivables that have not cleared yet as of September 30, 2022 and 2021 (see Note 13). Credit Quality Information The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company elected to use the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period, which is generally limited to five days. Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands): September 30, June 30, Current and less than 30 days past due $ 360,638 $ 257,618 30 ~ 59 days past due 2,661 1,677 60 ~ 89 days past due 1,125 1,199 90 ~ 119 days past due 813 1,186 Over 119 days past due 45 126 Total $ 365,282 $ 261,806 As part of its collection efforts, the Company may modify card receivables terms with spending businesses that are experiencing financial difficulty; such modifications may include principal forgiveness, late fee forgiveness, or an extension of payment terms. Modifications were not material during the three months ended September 30, 2022 and 2021. The amount of outstanding balance of acquired card receivables that is (i) 90 days or more past due that continue to accrue fees and have an allowance for outstanding balance and fees, and (ii) classified as nonperforming was not material as of September 30, 2022 and June 30, 2022. Allowance for Credit Losses Below is a summary of the changes in allowance for credit losses presented (in thousands): Three Months Ended 2022 2021 Balance, beginning $ 5,414 $ 1,740 Initial allowance for credit losses on purchased card receivables with credit deterioration 10 14 Provision for expected credit losses 6,583 4,035 Charge-off amounts (5,033) (2,276) Recoveries collected 567 204 Balance, end of period $ 7,541 $ 3,717 Card receivables acquired from the Issuing Banks and held for investment during the three months ended September 30, 2022 and 2021 were 2.7 billion and 1.2 billion, respectively. The allowance for credit losses related to acquired card receivables increased during the three months ended September 30, 2022 due to portfolio growth. Gross charge-off amounts for the three months ended September 30, 2022 consisted of $4.6 million originated in the year ended June 30, 2022 and $0.4 million originated in the three months ended September 30, 2022. Card Receivables Held for Sale The Company previously sold a portion of acquired card receivables to a Purchasing Bank at a discount. Effective August 2022, the Company ceased selling acquired card receivables. Card receivables held for sale, which are carried at the lower of cost or estimated market value at the individual user account level and included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, were zero and $8.7 million as of September 30, 2022 and June 30, 2022, respectively. Card Receivables Sold and Related Servicing and Beneficial Interest Derivative Retained The Company accounts for the transfer of card receivables as a sale if all of the following conditions are met: • the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership; • the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and • the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset. The card receivables that the Company transferred to the Purchasing Bank during the three months ended September 30, 2022 and 2021 met all of the requirements described above; therefore, the Company accounted for the transfer as a sale of financial assets. Accordingly, the Company measures gain or loss on the sales of financial assets as the net proceeds less the carrying amount of the card receivables sold. The net proceeds represent the fair value of any assets obtained or liabilities incurred as part of the transfer, including, but not limited to, servicing assets, servicing liabilities, or beneficial interest derivatives. Under the agreement with the Purchasing Bank, the Company has continuing involvement 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, which is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, was immaterial as of September 30, 2022 and June 30, 2022. The servicing fee income was not material during the three months ended September 30, 2022 and 2021. Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands): Three Months Ended 2022 2021 Initial fair value of consideration received: Cash $ 316,477 $ 258,501 Beneficial interest derivative 1,682 1,194 Total $ 318,159 $ 259,695 Card receivable repurchases during the three months ended September 30, 2022 and 2021 were not material. Below is a summary of outstanding transferred card receivables by class (i.e., past due status) that have not been charged-off and have not been recorded on the Company's condensed consolidated balance sheets, but with which the Company has a continuing involvement through its servicing agreements, as of the periods presented (in thousands): September 30, June 30, Current and less than 30 days past due $ 340 $ 56,162 30 ~ 59 days past due 537 292 60 ~ 89 days past due 634 375 90 ~ 119 days past due 547 422 Over 119 days past due 1 30 Total $ 2,059 $ 57,281 The difference between the outstanding balance of transferred card receivables as of September 30, 2022 and June 30, 2022 and the amount derecognized for which the Company has a continuing involvement as service as of September 30, 2022 and June 30, 2022 was not material.

Debt and Borrowings

Debt and Borrowings	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Borrowings	DEBT AND BORROWINGS Debt and borrowings consisted of the following (in thousands): September 30, June 30, Convertible senior notes: 2027 Notes, principal $ 575,000 $ 575,000 2025 Notes, principal 1,150,000 1,150,000 Total principal amount of convertible senior notes 1,725,000 1,725,000 Revolving credit facility 75,000 75,000 Total principal amount of debt and borrowings 1,800,000 1,800,000 Less: unamortized debt discount and issuance costs (25,227) (26,918) Net carrying value of debt and borrowings $ 1,774,773 $ 1,773,082 Net carrying value of debt and borrowings consisted of: Current liabilities: Borrowings from revolving credit facility (including unamortized debt premium) — 75,097 Non-current liabilities: 2027 Notes, net 562,797 562,127 2025 Notes, net $ 1,136,893 1,135,858 Borrowings from revolving credit facility (including unamortized debt premium) 75,083 — Total $ 1,774,773 $ 1,773,082 2027 Notes On September 24, 2021, the Company issued $575.0 million in aggregate principal amount of its 0% convertible senior notes due on April 1, 2027, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2027 Notes are subject to the terms and conditions of the Indenture governing the 2027 Notes between the Company and Wells Fargo Bank, N.A., as trustee (Trustee). The net proceeds from the issuance of the 2027 Notes were $560.1 million, after deducting debt discount and debt issuance costs totaling $14.9 million. The 2027 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2027 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2027 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2025 Notes. In addition, the 2027 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2027 Notes have an initial conversion rate of 2.4108 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $414.80 per share of the Company’s common stock and approximately 1.4 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2027 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2027 Notes, at the Company’s option, on or after October 5, 2024 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day (Conversion Condition) preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes. The holders of the 2027 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding January 1, 2027 in multiples of $1,000 principal amount, under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on December 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five five • if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2027 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2027 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 1.2656 per $1,000 principal (the lowest price of $272.00 in the make whole). The Indenture governing the 2027 Notes contains customary events of default with respect to the 2027 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2027 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest. 2025 Notes On November 30, 2020, the Company issued $1.15 billion in aggregate principal amount of its 0% convertible senior notes due on December 1, 2025, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2025 Notes are subject to the terms and conditions of the Indenture governing the 2025 Notes between the Company and the Trustee. The net proceeds from the issuance of the 2025 Notes were $1.13 billion, after deducting debt discount and debt issuance costs totaling $20.6 million. The 2025 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2025 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2025 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2027 Notes. In addition, the 2025 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2025 Notes have an initial conversion rate of 6.2159 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $160.88 per share of the Company’s common stock and approximately 7.1 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2025 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2025 Notes, at the Company’s option, on or after December 5, 2023 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day (Conversion Condition) 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 five • if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2025 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2025 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 2.9525 per $1,000 principal (the lowest price of $109.07 in the make whole). The Indenture governing the 2025 Notes contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest. Additional Information About the Notes Effective July 1, 2021, the Company early-adopted ASU 2020-06 using the modified retrospective method which resulted in the accounting for the 2027 Notes and 2025 Notes as a single liability and no longer required to be accounted for separately between liability and equity components. As of September 30, 2022 and June 30, 2022, the Notes consisted of the following: September 30, 2022 June 30, 2022 2027 Notes 2025 Notes 2027 Notes 2025 Notes Liability component: Principal $ 575,000 $ 1,150,000 $ 575,000 $ 1,150,000 Less: unamortized debt discount and issuance costs (12,203) (13,107) (12,873) (14,142) Net carrying amount $ 562,797 $ 1,136,893 $ 562,127 $ 1,135,858 The debt discount and issuance costs of the Notes are being amortized using the effective interest method. During the three months ended September 30, 2022 and 2021, the Company recognized $1.7 million and $1.1 million, respectively, of the debt discount and issuance amortization costs related to the Notes. The effective interest rate of the 2027 Notes was 0.48%. The effective interest rate of the 2025 Notes was 0.36% after the adoption of ASU 2020-06 beginning July 1, 2021. As of September 30, 2022, the weighted-average remaining life of the Notes was 3.6 years. The "if-converted" value of the Notes did not exceed the principal amount of $1.7 billion as of September 30, 2022 and June 30, 2022. Capped Call Transactions In conjunction with the issuance of each of the 2025 Notes and the 2027 Notes, the Company entered into Capped Call transactions (collectively, the Capped Calls) with certain of the initial purchasers of the Notes and/or their respective affiliates or other financial institutions at a total cost of $125.8 million. The Capped Calls are separate transactions and are not part of the terms of the Notes. The total amount paid for the Capped Calls was recorded as a reduction of additional paid-in capital. The Company used the proceeds from the Notes to pay for the cost of the Capped Call premium. The cost of the Capped Calls is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the Notes for tax purposes. The Capped Calls associated with the 2027 Notes and 2025 Notes each have an initial strike price of approximately $414.80 per share and $160.88 per share, respectively, subject to certain adjustments, which corresponds to the respective initial conversion price of the 2027 Notes and 2025 Notes, and have an initial cap price of $544.00 per share and $218.14 per share, respectively, subject to certain adjustments; provided that such cap price shall not be reduced to an amount less than their respective strike price. The Capped Calls associated with the Notes cover, subject to anti-dilution adjustments, a total of approximately 8.5 million shares of the Company’s common stock. The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. Revolving Credit Facility The Revolving Credit Agreement was executed in March 2021, and was most recently amended in August 2022 (Revolving Credit Facility), to finance the acquisition of card receivables. The Revolving Credit Facility matures in June 2024 or earlier pursuant to the agreement and has a total commitment of $225.0 million. The required minimum utilization was $37.5 million as of September 30, 2022 which increases to $112.5 million, or 50% of the total commitment, in November 2022, and further increases to $135.0 million, or 60% of the total commitment in February 2023. As of September 30, 2022, the Company had borrowed $75.0 million against the Revolving Credit Facility. The Revolving Credit Facility requires the Company to pay unused fee up to 0.50% per annum. Borrowings are secured by acquired card receivables. Prior to March 3, 2023, borrowings of up $75 million bear interest of 2.75% per annum and borrowings greater than $75 million million bear interest of 2.65% per annum, plus SOFR (subject to a floor rate of 0.25% and benchmark adjustment rate of 0.28%). The effective interest rate was 6.58% per annum as of September 30, 2022. Beginning March 3, 2023, borrowings bear interest of 2.65% per annum, plus SOFR (subject to a floor rate of 0.25% and benchmark adjustment rate of 0.28%). The Company is required to comply with certain restricted covenants, including liquidity requirements. As of September 30, 2022, the Company was in compliance with those covenants. The debt issuance costs and debt premium associated with the Revolving Credit Facility is amortized using the effective interest method over the remaining term of the credit agreement, with a weighted-average remaining amortization period of approximately 1.7 years. The interest income (expense), net related to the amortization of the debt issuance costs and debt premium during the three months ended September 30, 2022 and 2021 was not material.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Performance-based RSUs During the three months ended September 30, 2022, the Company granted approximately 150,000 restricted stock units (RSUs) to certain executive employees that vest based upon the achievement of certain financial metrics and continued employment over a period of 3 years. The weighted-average grant date fair value of these performance-based RSUs was $133.48 per unit. The Company recognizes expense for performance-based RSUs over the requisite service period based on management's estimate of the number of performance-based RSUs expected to vest. For any change in the estimate of the number of performance-based RSUs that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made. As of September 30, 2022, the total unrecognized compensation expense related to the performance-based RSUs was $21.5 million, which is expected to be recognized over a weighted-average period of 1.7 years. Stock Based Compensation Cost Stock-based compensation cost by award type (in thousands): Three Months Ended 2022 2021 Stock options $ 11,793 $ 13,236 RSUs 55,670 23,533 Performance-based awards 3,291 — Market-based RSUs 1,254 — Employee stock purchase plan 2,821 2,058 Total stock-based compensation cost $ 74,828 $ 38,827 Stock-based compensation cost was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 2,001 $ 1,127 Research and development 20,851 10,560 Sales and marketing 29,258 8,114 General and administrative 20,510 18,086 Total amount charged to expense 72,620 37,887 Property and equipment (capitalized internal-use software) 2,209 940 Total stock-based compensation cost $ 74,828 $ 38,827

Other Income (Expenses), Net

Other Income (Expenses), Net	3 Months Ended
	Sep. 30, 2022
Other Income, Nonoperating [Abstract]
Other Income (Expenses), Net	OTHER INCOME (EXPENSES), NET Other income (expenses), net consisted of the following for the periods presented (in thousands): Three Months Ended 2022 2021 Interest expense $ (2,849) $ (1,828) Lower of cost or market adjustment on card receivables sold and held for sale (1,545) (1,676) Interest income 11,464 501 Other (1,123) (472) Total $ 5,947 $ (3,475)

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company’s effective tax rate differs from the federal statutory rate primarily due to its federal, state and foreign valuation allowance positions. The income tax benefit during the three months ended September 30, 2022 consisted primarily of a reduction to the net deferred tax liability as a result of the

Leases

Leases	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	LEASES The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Also, the Company subleases part of its office facility in Draper, Utah under a non-cancellable operating lease that expires in December 2025. The Company's leases do not contain any material residual value guarantees. As of September 30, 2022, the weighted-average remaining term of these operating leases is 7.9 years and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 5.10%. The total amount paid for amounts included in the measurement of operating lease liabilities was $3.6 million and $3.1 million during the three months ended September 30, 2022 and 2021, respectively. The total amount of right-of-use assets obtained in exchange for new operating lease liabilities was $1.5 million and $1.2 million during the three months ended September 30, 2022 and 2021, respectively. The components of lease expense during the three months ended September 30, 2022 and 2021 is shown on the table below (in thousands). Three Months Ended 2022 2021 Operating lease expense $ 3,118 $ 3,180 Short-term lease expense 204 82 Variable lease expense, net of credit 513 598 Sublease income (144) (182) Total $ 3,691 $ 3,678

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Future minimum lease payments as of September 30, 2022 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2023 $ 11,212 2024 13,910 2025 13,424 2026 13,292 2027 13,226 2028 13,590 Thereafter 35,919 Gross lease payments 114,573 Less - present value adjustments (21,091) Total operating lease liabilities, net $ 93,482 In addition to the minimum lease payments above, the Company has multi-year agreements with certain third parties and financial institution partners, expiring through 2029. which require the Company to pay fees over the term of the respective agreements. Future payments under these agreements as of September 30, 2022 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2023 $ 19,619 2024 12,974 2025 8,281 2026 4,750 2027 4,750 2028 5,000 Thereafter 29,250 Total $ 84,624 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 $55.9 million as of September 30, 2022 and have not been recorded on the accompanying consolidated balance sheets. The Company has credit exposures with these authorized but not cleared transactions; however, the expected credit losses recorded was not material as of September 30, 2022. Litigation From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of September 30, 2022 and June 30, 2022, the Company’s reserve for litigation is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.

Net Loss Per Share Attributable

Net Loss Per Share Attributable To Common Stockholders	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable To Common Stockholders	NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ (81,640) $ (74,259) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 105,086 95,892 Net loss per share attributable to common stockholders: Basic and diluted $ (0.78) $ (0.78) Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2022 2021 Stock options 3,498 5,762 Restricted stock units 4,904 2,895 Total 8,402 8,657 In addition, approximately 8.5 million shares underlying the conversion option of the Notes are not considered in the calculation of diluted net loss per share as they would be anti-dilutive. Such number of

The Company and Its Significa_2

The Company and Its Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022.
Segment Reporting	Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and
Reclassification	Reclassification Certain accounts in the prior period condensed consolidated statements of operation were reclassified to conform with the current year presentation.
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 condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities; the estimate of credit losses on accounts receivable, acquired card receivables, and other financial assets; accrual for rewards; variable consideration used in revenue recognition for certain contracts; benefit periods used to amortize deferred commissions; reserve for losses on funds held for customers; inputs used to value certain stock-based compensation awards; inputs used to estimate beneficial interest derivative on card receivables sold; and valuation of income taxes. 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.
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 account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies 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.
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, and acquired card receivables (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.
Foreign Currency	Foreign CurrencyThe Company has two foreign subsidiaries whose functional currency is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other income (expense), net in the accompanying condensed consolidated statements of operations
Significant Accounting Policies	Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2022, other than those new accounting policies that were implemented as a result of the adoption of new accounting standards as described below.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2022 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires a company to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company early adopted this ASU on a prospective basis beginning July 1, 2022. See Note 7 for additional disclosures resulting from the adoption of this ASU.
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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category	The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by sales channel, and revenue from interest on funds held for customers (in thousands). Three Months Ended 2022 2021 Small-to-midsize businesses, accounting firms and other $ 204,821 $ 113,602 Financial institutions 9,790 3,956 Total subscription and transaction fees 214,611 117,558 Interest on funds held for customers 15,313 791 Total revenue $ 229,924 $ 118,349

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Summary of Unaudited Proforma Financial Information	The amounts below include pro forma results of the Company and Invoice2go. Three Months Ended Total revenue $ 124,867 Net loss $ (75,034)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis	The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,413,916 $ — $ — $ 1,413,916 Corporate bonds — 33,243 — 33,243 U.S. treasury securities 19,976 — — 19,976 1,433,892 33,243 — 1,467,135 Short-term investments: Corporate bonds — 595,286 — 595,286 U.S. treasury securities 372,350 — — 372,350 Asset-backed securities — 21,055 — 21,055 Certificates of deposit — 45,846 — 45,846 372,350 662,187 — 1,034,537 Funds held for customers: Restricted cash equivalents: Money market funds 26,988 — — 26,988 Corporate bonds — 147,303 — 147,303 26,988 147,303 — 174,291 Short-term investments: Corporate bonds — 850,613 — 850,613 Certificates of deposit — 413,178 — 413,178 Municipal bonds — 5,020 — 5,020 Asset-backed securities — 77,594 — 77,594 U.S. treasury securities 37,258 — — 37,258 37,258 1,346,405 — 1,383,663 Beneficial interest derivative on card receivables sold — — 470 470 Total assets measured at fair value $ 1,870,488 $ 2,189,138 $ 470 $ 4,060,096 June 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,424,259 $ — $ — $ 1,424,259 Corporate bonds — 11,430 — 11,430 1,424,259 11,430 — 1,435,689 Short-term investments: Corporate bonds — 597,204 — 597,204 U.S. treasury securities 421,728 — — 421,728 Asset-backed securities — 51,406 — 51,406 Certificates of deposit — 38,155 — 38,155 421,728 686,765 — 1,108,493 Funds held for customers: Restricted cash equivalents: Money market funds 34,703 — — 34,703 Corporate bonds — 133,557 — 133,557 34,703 133,557 — 168,260 Short-term investments: Corporate bonds — 807,685 — 807,685 Certificates of deposit — 397,533 — 397,533 Municipal bonds — 6,516 — 6,516 Asset-backed securities — 69,912 — 69,912 U.S. treasury securities 3,072 — — 3,072 3,072 1,281,646 — 1,284,718 Beneficial interest derivative on card receivables sold — — 398 398 Total assets measured at fair value $ 1,883,762 $ 2,113,398 $ 398 $ 3,997,558

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	Short-term investments consisted of the following as of the dates presented (in thousands): September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 600,560 $ 9 $ (5,283) $ 595,286 U.S. treasury securities 375,171 2 (2,823) 372,350 Asset-backed securities 21,193 — (138) 21,055 Certificates of deposit 45,846 — — 45,846 Total $ 1,042,770 $ 11 $ (8,244) $ 1,034,537 June 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 601,987 $ 3 $ (4,786) $ 597,204 U.S. treasury securities 424,644 1 (2,917) 421,728 Asset-backed securities 51,622 — (216) 51,406 Certificates of deposit 38,155 — — 38,155 Total $ 1,116,408 $ 4 $ (7,919) $ 1,108,493
Schedule of Gross Unrealized Loss and Fair Values	The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2022 Fair value Unrealized losses Corporate bonds $ 388,689 $ (5,283) U.S. treasury securities 369,402 (2,823) Asset backed securities 20,678 (138) Total $ 778,769 $ (8,244) June 30, 2022 Fair value Unrealized losses Corporate bonds $ 392,699 $ (4,786) U.S. treasury securities 411,787 (2,917) Asset backed securities 51,406 (216) Total $ 855,892 $ (7,919)

Funds Held for Customers (Table

Funds Held for Customers (Tables)	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Funds Held For Customers	Funds held for customers consisted of the following as of the dates presented (in thousands): September 30, June 30, Restricted cash $ 1,563,512 $ 1,685,937 Restricted cash equivalents 174,291 168,260 Funds receivable 8,221 6,747 Corporate bonds 850,613 807,685 Certificates of deposit 413,178 397,533 Municipal bonds 5,020 6,516 Asset backed securities 77,594 69,912 U.S. treasury securities 37,258 3,072 Total funds held for customers 3,129,687 3,145,662 Less - income earned by the Company included in other current assets (8,033) (3,002) Total funds held for customers, net of income earned by the Company $ 3,121,654 $ 3,142,660
Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities	Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): September 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 851,872 $ 11 $ (1,270) $ 850,613 Certificates of deposit 413,178 — — 413,178 Municipal bonds 5,026 — (6) 5,020 Asset backed securities 78,291 — (697) 77,594 U.S. treasury securities 37,366 1 (109) 37,258 Total $ 1,385,733 $ 12 $ (2,082) $ 1,383,663 June 30, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 809,113 $ 1 $ (1,429) $ 807,685 Certificates of deposit 397,533 — — 397,533 Municipal bonds 6,542 — (26) 6,516 Asset backed securities 70,574 — (662) 69,912 U.S. treasury securities 3,082 — (10) 3,072 Total $ 1,286,844 $ 1 $ (2,127) $ 1,284,718
Summary of Gross Unrealized Losses And Fair Values	The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2022 Fair value Unrealized losses Corporate bonds $ 242,360 $ (1,270) Municipal bonds 630 (6) Asset backed securities 77,594 (697) U.S. treasury securities 33,817 (109) Total $ 354,400 $ (2,082) June 30, 2022 Fair value Unrealized losses Corporate bonds $ 301,625 $ (1,429) Municipal bonds 6,516 (26) Asset backed securities 64,361 (662) U.S. treasury securities 3,072 (10) Total $ 375,574 $ (2,127)

Acquired Card Receivables (Tabl

Acquired Card Receivables (Tables)	3 Months Ended
	Sep. 30, 2022
Acquired Card Receivables [Abstract]
Schedule of Acquired Card Receivables	Acquired card receivables consisted of the following as of the dates presented (in thousands): September 30, June 30, Gross amount of acquired card receivables $ 365,282 $ 261,806 Less: allowance for credit losses (7,541) (5,414) Total $ 357,741 $ 256,392
Summary of Acquired Card Receivables by Class	Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands): September 30, June 30, Current and less than 30 days past due $ 360,638 $ 257,618 30 ~ 59 days past due 2,661 1,677 60 ~ 89 days past due 1,125 1,199 90 ~ 119 days past due 813 1,186 Over 119 days past due 45 126 Total $ 365,282 $ 261,806
Summary of Change in Allowance for Credit Losses	Below is a summary of the changes in allowance for credit losses presented (in thousands): Three Months Ended 2022 2021 Balance, beginning $ 5,414 $ 1,740 Initial allowance for credit losses on purchased card receivables with credit deterioration 10 14 Provision for expected credit losses 6,583 4,035 Charge-off amounts (5,033) (2,276) Recoveries collected 567 204 Balance, end of period $ 7,541 $ 3,717
Summary of Fair Value of Consideration Received from Transfer of Card Receivables	Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands): Three Months Ended 2022 2021 Initial fair value of consideration received: Cash $ 316,477 $ 258,501 Beneficial interest derivative 1,682 1,194 Total $ 318,159 $ 259,695
Summary Of Outstanding Transferred Card Receivables By Class Past Due Status	Below is a summary of outstanding transferred card receivables by class (i.e., past due status) that have not been charged-off and have not been recorded on the Company's condensed consolidated balance sheets, but with which the Company has a continuing involvement through its servicing agreements, as of the periods presented (in thousands): September 30, June 30, Current and less than 30 days past due $ 340 $ 56,162 30 ~ 59 days past due 537 292 60 ~ 89 days past due 634 375 90 ~ 119 days past due 547 422 Over 119 days past due 1 30 Total $ 2,059 $ 57,281

Debt and Borrowings (Tables)

Debt and Borrowings (Tables)	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule Of Debt	Debt and borrowings consisted of the following (in thousands): September 30, June 30, Convertible senior notes: 2027 Notes, principal $ 575,000 $ 575,000 2025 Notes, principal 1,150,000 1,150,000 Total principal amount of convertible senior notes 1,725,000 1,725,000 Revolving credit facility 75,000 75,000 Total principal amount of debt and borrowings 1,800,000 1,800,000 Less: unamortized debt discount and issuance costs (25,227) (26,918) Net carrying value of debt and borrowings $ 1,774,773 $ 1,773,082 Net carrying value of debt and borrowings consisted of: Current liabilities: Borrowings from revolving credit facility (including unamortized debt premium) — 75,097 Non-current liabilities: 2027 Notes, net 562,797 562,127 2025 Notes, net $ 1,136,893 1,135,858 Borrowings from revolving credit facility (including unamortized debt premium) 75,083 — Total $ 1,774,773 $ 1,773,082
Convertible Debt	As of September 30, 2022 and June 30, 2022, the Notes consisted of the following: September 30, 2022 June 30, 2022 2027 Notes 2025 Notes 2027 Notes 2025 Notes Liability component: Principal $ 575,000 $ 1,150,000 $ 575,000 $ 1,150,000 Less: unamortized debt discount and issuance costs (12,203) (13,107) (12,873) (14,142) Net carrying amount $ 562,797 $ 1,136,893 $ 562,127 $ 1,135,858

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP	Stock-based compensation cost by award type (in thousands): Three Months Ended 2022 2021 Stock options $ 11,793 $ 13,236 RSUs 55,670 23,533 Performance-based awards 3,291 — Market-based RSUs 1,254 — Employee stock purchase plan 2,821 2,058 Total stock-based compensation cost $ 74,828 $ 38,827 Stock-based compensation cost was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 2,001 $ 1,127 Research and development 20,851 10,560 Sales and marketing 29,258 8,114 General and administrative 20,510 18,086 Total amount charged to expense 72,620 37,887 Property and equipment (capitalized internal-use software) 2,209 940 Total stock-based compensation cost $ 74,828 $ 38,827

Other Income (Expenses), Net (T

Other Income (Expenses), Net (Tables)	3 Months Ended
	Sep. 30, 2022
Other Income, Nonoperating [Abstract]
Schedule of Other Expenses, Net	Other income (expenses), net consisted of the following for the periods presented (in thousands): Three Months Ended 2022 2021 Interest expense $ (2,849) $ (1,828) Lower of cost or market adjustment on card receivables sold and held for sale (1,545) (1,676) Interest income 11,464 501 Other (1,123) (472) Total $ 5,947 $ (3,475)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Components Of Lease Expense	The components of lease expense during the three months ended September 30, 2022 and 2021 is shown on the table below (in thousands). Three Months Ended 2022 2021 Operating lease expense $ 3,118 $ 3,180 Short-term lease expense 204 82 Variable lease expense, net of credit 513 598 Sublease income (144) (182) Total $ 3,691 $ 3,678

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments	Future minimum lease payments as of September 30, 2022 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2023 $ 11,212 2024 13,910 2025 13,424 2026 13,292 2027 13,226 2028 13,590 Thereafter 35,919 Gross lease payments 114,573 Less - present value adjustments (21,091) Total operating lease liabilities, net $ 93,482
Schedule of Future Payments Under Other Agreements	Future payments under these agreements as of September 30, 2022 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2023 $ 19,619 2024 12,974 2025 8,281 2026 4,750 2027 4,750 2028 5,000 Thereafter 29,250 Total $ 84,624

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable To Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ (81,640) $ (74,259) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 105,086 95,892 Net loss per share attributable to common stockholders: Basic and diluted $ (0.78) $ (0.78)
Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation	Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): September 30, 2022 2021 Stock options 3,498 5,762 Restricted stock units 4,904 2,895 Total 8,402 8,657

The Company and Its Significa_3

The Company and Its Significant Accounting Policies - Segment Reporting (Details)	3 Months Ended
	Sep. 30, 2022 Segment
Accounting Policies [Abstract]
Number of operating segments	1

The Company and Its Significa_4

The Company and Its Significant Accounting Policies - Concentrations of Credit Risk (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 Customer	Jun. 30, 2022 USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Allowance for potential credit losses related to accounts receivable and acquired card receivables | $	$ 8		$ 5.8
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
Revenue Benchmark | Customer Concentration Risk | No Customer
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Concentration percentage	10%

Revenue - Schedule of Revenue f

Revenue - Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 229,924	$ 118,349
Subscription and Transaction Fees
Disaggregation Of Revenue [Line Items]
Total revenue	214,611	117,558
Subscription and Transaction Fees | Small-to-midsize businesses, accounting firms and other
Disaggregation Of Revenue [Line Items]
Total revenue	204,821	113,602
Subscription and Transaction Fees | Financial institutions
Disaggregation Of Revenue [Line Items]
Total revenue	9,790	3,956
Interest on Funds Held for Customers
Disaggregation Of Revenue [Line Items]
Total revenue	$ 15,313	$ 791

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Deferred revenue, recognized	$ 14.3
Aggregate amount of transaction price allocated to performance obligations	143.1
Unbilled revenue	$ 11.9	$ 11.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Disaggregation Of Revenue [Line Items]
Aggregate amount of transaction price allocated to performance obligations, percentage	70%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Disaggregation Of Revenue [Line Items]
Aggregate amount of transaction price allocated to performance obligations, percentage	30%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | Minimum
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | Maximum
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Sep. 01, 2021	Jun. 01, 2021	Sep. 30, 2021
Invoice2go, Inc.
Business Acquisition [Line Items]
Acquisition date	Sep. 01, 2021
Percentage of outstanding equity interests acquired	100%
Acquisition purchase consideration	$ 674,300
Increase (decrease) in goodwill	8,000
Increase in deferred revenue	$ 8,000
Net loss			$ 75,034
Invoice2go, Inc. | Nonrecurring Acquisition-Related Costs
Business Acquisition [Line Items]
Net loss			$ 19,000
DivvyPay, Inc.
Business Acquisition [Line Items]
Percentage of outstanding equity interests acquired		100%
Acquisition purchase consideration		$ 2,300,000

Business Combination - Summary

Business Combination - Summary of Unaudited Pro Forma Financial Information (Details) - Invoice2go, Inc. $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Total revenue	$ 124,867
Net loss	$ (75,034)

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Assets
Cash equivalents:	$ 1,467,135	$ 1,435,689
Short-term investments:	1,034,537	1,108,493
Funds held for customers:	1,383,663	1,284,718
Beneficial interest derivative on card receivables sold	470	398
Total assets measured at fair value	4,060,096	3,997,558
Money market funds
Assets
Cash equivalents:	1,413,916	1,424,259
Corporate bonds
Assets
Cash equivalents:	33,243	11,430
Short-term investments:	595,286	597,204
Funds held for customers:	850,613	807,685
U.S. treasury securities
Assets
Cash equivalents:	19,976
Short-term investments:	372,350	421,728
Funds held for customers:	37,258	3,072
Asset-backed securities
Assets
Short-term investments:	21,055	51,406
Funds held for customers:	77,594	69,912
Certificates of deposit
Assets
Short-term investments:	45,846	38,155
Funds held for customers:	413,178	397,533
Municipal bonds
Assets
Funds held for customers:	5,020	6,516
Restricted cash equivalents: | Corporate bonds
Assets
Funds held for customers:	147,303	133,557
Restricted cash equivalents: | Restricted cash equivalents:
Assets
Funds held for customers:	174,291	168,260
Restricted cash equivalents: | Restricted cash equivalents: | Money market funds
Assets
Funds held for customers:	26,988	34,703
Level 1
Assets
Cash equivalents:	1,433,892	1,424,259
Short-term investments:	372,350	421,728
Funds held for customers:	37,258	3,072
Beneficial interest derivative on card receivables sold	0	0
Total assets measured at fair value	1,870,488	1,883,762
Level 1 | Money market funds
Assets
Cash equivalents:	1,413,916	1,424,259
Level 1 | Corporate bonds
Assets
Cash equivalents:	0	0
Short-term investments:	0	0
Funds held for customers:	0	0
Level 1 | U.S. treasury securities
Assets
Cash equivalents:	19,976
Short-term investments:	372,350	421,728
Funds held for customers:	37,258	3,072
Level 1 | Asset-backed securities
Assets
Short-term investments:	0	0
Funds held for customers:	0	0
Level 1 | Certificates of deposit
Assets
Short-term investments:	0	0
Funds held for customers:	0	0
Level 1 | Municipal bonds
Assets
Funds held for customers:	0	0
Level 1 | Restricted cash equivalents: | Corporate bonds
Assets
Funds held for customers:	0	0
Level 1 | Restricted cash equivalents: | Restricted cash equivalents:
Assets
Funds held for customers:	26,988	34,703
Level 1 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds
Assets
Funds held for customers:	26,988	34,703
Level 2
Assets
Cash equivalents:	33,243	11,430
Short-term investments:	662,187	686,765
Funds held for customers:	1,346,405	1,281,646
Beneficial interest derivative on card receivables sold	0	0
Total assets measured at fair value	2,189,138	2,113,398
Level 2 | Money market funds
Assets
Cash equivalents:	0	0
Level 2 | Corporate bonds
Assets
Cash equivalents:	33,243	11,430
Short-term investments:	595,286	597,204
Funds held for customers:	850,613	807,685
Level 2 | U.S. treasury securities
Assets
Cash equivalents:	0
Short-term investments:	0	0
Funds held for customers:	0	0
Level 2 | Asset-backed securities
Assets
Short-term investments:	21,055	51,406
Funds held for customers:	77,594	69,912
Level 2 | Certificates of deposit
Assets
Short-term investments:	45,846	38,155
Funds held for customers:	413,178	397,533
Level 2 | Municipal bonds
Assets
Funds held for customers:	5,020	6,516
Level 2 | Restricted cash equivalents: | Corporate bonds
Assets
Funds held for customers:	147,303	133,557
Level 2 | Restricted cash equivalents: | Restricted cash equivalents:
Assets
Funds held for customers:	147,303	133,557
Level 2 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds
Assets
Funds held for customers:	0	0
Level 3
Assets
Cash equivalents:	0	0
Short-term investments:	0	0
Funds held for customers:	0	0
Beneficial interest derivative on card receivables sold	470	398
Total assets measured at fair value	470	398
Level 3 | Money market funds
Assets
Cash equivalents:	0	0
Level 3 | Corporate bonds
Assets
Cash equivalents:	0	0
Short-term investments:	0	0
Funds held for customers:	0	0
Level 3 | U.S. treasury securities
Assets
Cash equivalents:	0
Short-term investments:	0	0
Funds held for customers:	0	0
Level 3 | Asset-backed securities
Assets
Short-term investments:	0	0
Funds held for customers:	0	0
Level 3 | Certificates of deposit
Assets
Short-term investments:	0	0
Funds held for customers:	0	0
Level 3 | Municipal bonds
Assets
Funds held for customers:	0	0
Level 3 | Restricted cash equivalents: | Corporate bonds
Assets
Funds held for customers:	0	0
Level 3 | Restricted cash equivalents: | Restricted cash equivalents:
Assets
Funds held for customers:	0	0
Level 3 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds
Assets
Funds held for customers:	$ 0	$ 0

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 24, 2021	Nov. 30, 2020
2025 Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, aggregate principal amount	$ 1,150		$ 1,150
Debt stated percentage	0%		0%
Debt instrument, fair value estimated	$ 1,260
2027 Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, aggregate principal amount	$ 575	$ 575
Debt stated percentage	0%	0%
Debt instrument, fair value estimated	$ 457.3

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	$ 1,042,770	$ 1,116,408
Gross unrealized gains	11	4
Gross unrealized losses	(8,244)	(7,919)
Fair value	1,034,537	1,108,493
Corporate bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	600,560	601,987
Gross unrealized gains	9	3
Gross unrealized losses	(5,283)	(4,786)
Fair value	595,286	597,204
U.S. treasury securities
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	375,171	424,644
Gross unrealized gains	2	1
Gross unrealized losses	(2,823)	(2,917)
Fair value	372,350	421,728
Asset-backed securities
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	21,193	51,622
Gross unrealized gains	0	0
Gross unrealized losses	(138)	(216)
Fair value	21,055	51,406
Certificates of deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized cost	45,846	38,155
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	$ 45,846	$ 38,155

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details)	3 Months Ended
	Sep. 30, 2022 USD ($) InvestmentPosition	Jun. 30, 2022 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 3,400,000	$ 3,000,000
Short-term investments mature within one year	879,200,000	961,800,000
Short-term investments mature thereafter	$ 155,400,000	$ 146,700,000
Percentage of short-term investments maturing within one year	85%	87%
Percentage of short-term investments maturing thereafter	15%	13%
Number of investments in unrealized loss positions | InvestmentPosition	250
Number of investment positions | InvestmentPosition	340
Allowance for credit losses on investments that were in an unrealized loss position	$ 0	$ 0

Short-Term Investments - Sche_2

Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 778,769	$ 855,892
Unrealized losses	(8,244)	(7,919)
Corporate bonds
Schedule Of Available For Sale Securities [Line Items]
Fair value	388,689	392,699
Unrealized losses	(5,283)	(4,786)
U.S. treasury securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	369,402	411,787
Unrealized losses	(2,823)	(2,917)
Asset-backed securities
Schedule Of Available For Sale Securities [Line Items]
Fair value	20,678	51,406
Unrealized losses	$ (138)	$ (216)

Funds Held for Customers - Summ

Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Funds Held For Customers [Line Items]
Total funds held for customers	$ 3,129,687	$ 3,145,662
Less - income earned by the Company included in other current assets	(8,033)	(3,002)
Total funds held for customers, net of income earned by the Company	3,121,654	3,142,660
Municipal bonds
Funds Held For Customers [Line Items]
Total funds held for customers	5,020	6,516
Certificates of deposit
Funds Held For Customers [Line Items]
Total funds held for customers	413,178	397,533
Restricted cash
Funds Held For Customers [Line Items]
Total funds held for customers	1,563,512	1,685,937
Restricted cash equivalents:
Funds Held For Customers [Line Items]
Total funds held for customers	174,291	168,260
Funds receivable
Funds Held For Customers [Line Items]
Total funds held for customers	8,221	6,747
Corporate bonds
Funds Held For Customers [Line Items]
Total funds held for customers	850,613	807,685
Asset-backed securities
Funds Held For Customers [Line Items]
Total funds held for customers	77,594	69,912
U.S. treasury securities
Funds Held For Customers [Line Items]
Total funds held for customers	$ 37,258	$ 3,072

Funds Held for Customers - Su_2

Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Funds Held For Customers [Line Items]
Amortized cost	$ 1,385,733	$ 1,286,844
Gross unrealized gains	12	1
Gross unrealized losses	(2,082)	(2,127)
Fair value	1,383,663	1,284,718
Certificates of deposit
Funds Held For Customers [Line Items]
Amortized cost	413,178	397,533
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	413,178	397,533
Municipal bonds
Funds Held For Customers [Line Items]
Amortized cost	5,026	6,542
Gross unrealized gains	0	0
Gross unrealized losses	(6)	(26)
Fair value	5,020	6,516
Corporate bonds
Funds Held For Customers [Line Items]
Amortized cost	851,872	809,113
Gross unrealized gains	11	1
Gross unrealized losses	(1,270)	(1,429)
Fair value	850,613	807,685
Asset Backed Securities
Funds Held For Customers [Line Items]
Amortized cost	78,291	70,574
Gross unrealized gains	0	0
Gross unrealized losses	(697)	(662)
Fair value	77,594	69,912
U.S. treasury securities
Funds Held For Customers [Line Items]
Amortized cost	37,366	3,082
Gross unrealized gains	1	0
Gross unrealized losses	(109)	(10)
Fair value	$ 37,258	$ 3,072

Funds Held for Customers - Addi

Funds Held for Customers - Additional Information (Details)	Sep. 30, 2022 USD ($) InvestmentPosition	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Funds Held For Customers [Line Items]
Amortized Cost	$ 1,385,733,000	$ 1,286,844,000
Fair value	$ 1,383,663,000	$ 1,284,718,000
Debt securities percentage mature within one year	94%	95%
Debt securities mature within one year	$ 1,300,000,000	$ 1,200,000,000
Debt securities percentage mature thereafter	6%	5%
Debt securities mature thereafter	$ 77,600,000	$ 69,900,000
Number of unrealized loss investment positions | InvestmentPosition	160
Number of investment positions | InvestmentPosition	415
Short term marketable debt realized gains or losses	$ 0		$ 0
Accrued Interest Receivable
Funds Held For Customers [Line Items]
Amortized Cost	3,800,000	3,000,000
Fair value	$ 3,800,000	$ 3,000,000

Funds Held for Customers - Su_3

Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Funds Held For Customers [Line Items]
Fair value	$ 354,400	$ 375,574
Unrealized losses	(2,082)	(2,127)
Municipal bonds
Funds Held For Customers [Line Items]
Fair value	630	6,516
Unrealized losses	(6)	(26)
Corporate bonds
Funds Held For Customers [Line Items]
Fair value	242,360	301,625
Unrealized losses	(1,270)	(1,429)
Asset-backed securities
Funds Held For Customers [Line Items]
Fair value	77,594	64,361
Unrealized losses	(697)	(662)
U.S. treasury securities
Funds Held For Customers [Line Items]
Fair value	33,817	3,072
Unrealized losses	$ (109)	$ (10)

Acquired Card Receivables - Sch

Acquired Card Receivables - Schedule of Acquired Card Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Acquired Card Receivables [Abstract]
Gross amount of acquired card receivables	$ 365,282	$ 261,806
Less: allowance for credit losses	(7,541)	(5,414)	$ (3,717)	$ (1,740)
Total	$ 357,741	$ 256,392

Acquired Card Receivables - Add

Acquired Card Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Acquired card receivable as collateral	$ 131.8
Authorized transactions but not cleared	$ 55.9
Grace period to payment on acquired card receivables	5 days
Acquired card receivables, minimum number of past due days to accrue fees	90 days
Card receivables acquired during the period	$ 2,700	$ 1,200
Gross charge-off amount, prior fiscal year	4.6
Gross charge-off amount, current fiscal year	0.4
Prepaid Expenses and Other Current Assets
Financing Receivable, Past Due [Line Items]
Card receivables held for sale, amount	$ 0		$ 8.7

Acquired Card Receivables - Sum

Acquired Card Receivables - Summary of Acquired Card Receivables by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 365,282	$ 261,806
Current and less than 30 days past due
Financing Receivable, Past Due [Line Items]
Total	360,638	257,618
30 ~ 59 days past due
Financing Receivable, Past Due [Line Items]
Total	2,661	1,677
60 ~ 89 days past due
Financing Receivable, Past Due [Line Items]
Total	1,125	1,199
90 ~ 119 days past due
Financing Receivable, Past Due [Line Items]
Total	813	1,186
Over 119 days past due
Financing Receivable, Past Due [Line Items]
Total	$ 45	$ 126

Acquired Card Receivables - S_2

Acquired Card Receivables - Summary of Change in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Allowance For Credit Losses [Roll Forward]
Balance, beginning	$ 5,414	$ 1,740
Initial allowance for credit losses on purchased card receivables with credit deterioration	10	14
Provision for expected credit losses	6,583	4,035
Charge-off amounts	(5,033)	(2,276)
Recoveries collected	567	204
Balance, end of period	$ 7,541	$ 3,717

Acquired Card Receivables - S_3

Acquired Card Receivables - Summary of Fair Value of Consideration Received from Transfer of Card Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Acquired Card Receivables [Abstract]
Cash	$ 316,477	$ 258,501
Beneficial interest derivative	1,682	1,194
Total	$ 318,159	$ 259,695

Acquired Card Receivables - S_4

Acquired Card Receivables - Summary of Outstanding Transferred Card Receivables by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 2,059	$ 57,281
Current and less than 30 days past due
Financing Receivable, Past Due [Line Items]
Total	340	56,162
30 ~ 59 days past due
Financing Receivable, Past Due [Line Items]
Total	537	292
60 ~ 89 days past due
Financing Receivable, Past Due [Line Items]
Total	634	375
90 ~ 119 days past due
Financing Receivable, Past Due [Line Items]
Total	547	422
Over 119 days past due
Financing Receivable, Past Due [Line Items]
Total	$ 1	$ 30

Debt and Borrowings - Schedule

Debt and Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal	$ 1,800,000	$ 1,800,000
Less: unamortized debt discount and issuance costs	(25,227)	(26,918)
Net carrying amount	1,774,773	1,773,082
Line of Credit
Debt Instrument [Line Items]
Principal	75,000	75,000
Current liabilities:	0	75,097
Non-current liabilities:	75,083	0
2027 Senior Notes
Debt Instrument [Line Items]
Principal	575,000	575,000
Less: unamortized debt discount and issuance costs	(12,203)	(12,873)
Net carrying amount	562,797	562,127
Non-current liabilities:	562,797	562,127
2025 Senior Notes
Debt Instrument [Line Items]
Principal	1,150,000	1,150,000
Less: unamortized debt discount and issuance costs	(13,107)	(14,142)
Net carrying amount	1,136,893	1,135,858
Non-current liabilities:	1,136,893	1,135,858
2027 and 2025 Convertible Senior Notes
Debt Instrument [Line Items]
Principal	$ 1,725,000	$ 1,725,000

Debt and Borrowings - Additiona

Debt and Borrowings - Additional Information (Details) $ / shares in Units, shares in Millions			3 Months Ended
	Sep. 24, 2021 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) Tradingday $ / shares shares	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs			$ 0	$ 562,704,000
Amortization of debt discount and issuance costs			1,712,000	556,000
2027 Senior Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount	$ 575,000,000		$ 575,000,000
Debt stated percentage	0%		0%
Debt instrument, maturity date	Apr. 01, 2027
Debt issuance costs	$ 14,900,000
Debt initial conversion rate	0.0024108
Debt instrument denomination of principal amount for conversion into common stock	$ 1,000
Initial conversion price per share | $ / shares	$ 414.80
Notes issued upon conversion (in shares) | shares	1.4
Debt instrument threshold percentage of conversion price			130%
Number of trading days for conversion of notes | Tradingday			20
Number of consecutive trading days for conversion of notes | Tradingday			30
Debt convertible date	Jan. 01, 2027
Number of business day period for conversion of notes			5 days
Number of consecutive trading day period in consideration for conversion of notes			5 days
Threshold percentage of stock price trigger in measurement period			98%
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs	$ 560,100,000
Debt default threshold principal amount percentage			100%
Debt conversion rate in make whole			1.2656
Debt conversion price per share in make whole | $ / shares			$ 272
Debt instrument, effective interest rate percentage			0.48%
Cost of capped call			$ 125,800,000
Capped call, initial strike price (dollars per share) | $ / shares			$ 414.80
Capped call, initial cap price (dollars per share) | $ / shares			$ 544
Cap calls cover subject to anti-dilution adjustments to common stock (in shares) | shares			8.5
2027 Senior Notes | Redeem On or After October 5, 2024
Debt Instrument [Line Items]
Redemption period, start date			Oct. 05, 2024
Debt instrument threshold percentage of conversion price			130%
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%
Sinking fund			$ 0
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 1,150,000,000	$ 1,150,000,000
Debt stated percentage		0%	0%
Debt instrument, maturity date		Dec. 01, 2025
Debt issuance costs		$ 20,600,000
Debt initial conversion rate		0.0062159
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 (in shares) | shares		7.1
Debt instrument threshold percentage of conversion price			130%
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. 01, 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%
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs		$ 1,130,000,000
Debt default threshold principal amount percentage			100%
Debt conversion rate in make whole			2.9525
Debt conversion price per share in make whole | $ / shares			$ 109.07
Debt instrument, effective interest rate percentage			0.36%
Cost of capped call			$ 125,800,000
Capped call, initial strike price (dollars per share) | $ / shares			$ 160.88
Capped call, initial cap price (dollars per share) | $ / shares			$ 218.14
Cap calls cover subject to anti-dilution adjustments to common stock (in shares) | shares			8.5
2025 Senior Notes | Redeem On or After December 5, 2023
Debt Instrument [Line Items]
Redemption period, start date			Dec. 05, 2023
Debt instrument threshold percentage of conversion price			130%
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%
Sinking fund			$ 0
2027 and 2025 Convertible Senior Notes
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 1,700,000	$ 1,100,000
Debt instrument, weighted average remaining term			3 years 7 months 6 days
Debt instrument, aggregate principal amount if converted			$ 1,700,000,000		$ 1,700,000,000

Debt and Borrowings - Schedul_2

Debt and Borrowings - Schedule of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal	$ 1,800,000	$ 1,800,000
Less: unamortized debt discount and issuance costs	(25,227)	(26,918)
Net carrying amount	1,774,773	1,773,082
2027 Senior Notes
Debt Instrument [Line Items]
Principal	575,000	575,000
Less: unamortized debt discount and issuance costs	(12,203)	(12,873)
Net carrying amount	562,797	562,127
2025 Senior Notes
Debt Instrument [Line Items]
Principal	1,150,000	1,150,000
Less: unamortized debt discount and issuance costs	(13,107)	(14,142)
Net carrying amount	$ 1,136,893	$ 1,135,858

Debt and Borrowings - Revolving

Debt and Borrowings - Revolving Credit Facility- Additional Information (Details) - 2021 Revolving Credit Agreement - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Aug. 01, 2022
Debt Instrument [Line Items]
Line of credit facility maturity month and year	2024-06
Line of credit facility, maximum borrowing capacity			$ 225,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Line of credit, outstanding amount threshold			$ 75,000
Line of credit facility, interest rate		6.58%
Benchmark adjustment rate			0.28%
Remaining weighted-average amortization period		1 year 8 months 12 days
Utilization Period One
Debt Instrument [Line Items]
Line of credit facility, minimum utilization			$ 37,500
Utilization Period Two
Debt Instrument [Line Items]
Line of credit facility, minimum utilization			$ 112,500
Line of credit, minimum utilization percentage			50%
Utilization Period Three
Debt Instrument [Line Items]
Line of credit facility, minimum utilization			$ 135,000
Line of credit, minimum utilization percentage			60%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument floor rate	0.25%
Variable Rate Component One | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.75%
Variable Rate Component Two | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.65%
Variable Rate Component Three | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.65%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-Based Compensation Cost By Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 74,828	$ 38,827
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	11,793	13,236
RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	55,670	23,533
Performance-based awards
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	3,291	0
Market-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	1,254	0
Employee stock purchase plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 2,821	$ 2,058

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	$ 72,620	$ 37,887
Property and equipment (capitalized internal-use software)	2,209	940
Total stock-based compensation cost	74,828	38,827
Cost of revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	2,001	1,127
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	20,851	10,560
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	29,258	8,114
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to expense	$ 20,510	$ 18,086

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - RSUs $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Requisite period for expenses recognized	3 years
Unamortized stock-based compensation expense | $	$ 21.5
Weighted-average period over which unrecognized compensation cost is expected to be recognized	1 year 8 months 12 days
Number of other than options granted (in shares) | shares	150
Weighted grant-date fair value (dollars per share) | $ / shares	$ 133.48

Other Income (Expenses), Net -

Other Income (Expenses), Net - Schedule of Other Income (Expenses), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Other Income, Nonoperating [Abstract]
Interest expense	$ (2,849)	$ (1,828)
Lower of cost or market adjustment on card receivables sold and held for sale	(1,545)	(1,676)
Interest income	11,464	501
Other	(1,123)	(472)
Total	$ 5,947	$ (3,475)

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining term	7 years 10 months 24 days
Weighted average discount rate	5.10%
Lease expense paid during period	$ 3.6	$ 3.1
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1.5	$ 1.2
Various Locations
Lessee, Lease, Description [Line Items]
Non-cancellable operating lease expiration year	2031
Draper, Utah
Lessee, Lease, Description [Line Items]
Non-cancellable operating lease expiration	2025-12

Leases - Components Of Lease Ex

Leases - Components Of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Lease, Cost [Abstract]
Operating lease expense	$ 3,118	$ 3,180
Short-term lease expense	204	82
Variable lease expense, net of credit	513	598
Sublease income	(144)	(182)
Total	$ 3,691	$ 3,678

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other facility and equipment expiration year	2031
Multiyear third party and financial institutions Agreements expiration year	2029
Authorized transactions but not cleared	$ 55.9

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 11,212
2024	13,910
2025	13,424
2026	13,292
2027	13,226
2028	13,590
Thereafter	35,919
Gross lease payments	114,573
Less - present value adjustments	(21,091)
Total operating lease liabilities, net	$ 93,482

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 19,619
2024	12,974
2025	8,281
2026	4,750
2027	4,750
2028	5,000
Thereafter	29,250
Total	$ 84,624

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss attributable to common stockholders	$ (81,640)	$ (74,259)
Denominator:
Weighted-average number of shares outstanding, diluted (in shares)	105,086	95,892
Weighted-average number of shares outstanding, basic (in shares)	105,086	95,892
Net loss per share attributable to common stockholders:
Net loss per share, basic (dollars per share)	$ (0.78)	$ (0.78)
Net loss per share, diluted (dollars per share)	$ (0.78)	$ (0.78)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,402	8,657
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	3,498	5,762
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	4,904	2,895

Net Loss Per Share Attributab_5

Net Loss Per Share Attributable To Common Stockholders - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,402	8,657
Notes | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares subject to adjustment	12,700
Shares Underlying Conversion Option in Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of shares not considered in calculation of diluted net loss per share	8,500

Uncategorized Items - bill-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]