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] |