Affirm (AFRM) 10-K 25 Aug 23 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2023	Aug. 21, 2023	Dec. 31, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	960-1518
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.2
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEThe information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2023, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		239,682,937
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,613,780

Audit Information

Audit Information	12 Months Ended
	Jun. 30, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets
Cash and cash equivalents	$ 892,027	$ 1,255,171
Restricted cash	367,917	295,636
Securities available for sale at fair value	1,174,653	1,595,373
Loans held for sale	76	2,670
Loans held for investment	4,402,962	2,503,561
Allowance for credit losses	(204,531)	(155,392)
Loans held for investment, net	4,198,431	2,348,169
Accounts receivable, net	199,085	142,052
Property, equipment and software, net	290,135	171,482
Goodwill	542,571	539,534
Intangible assets	34,434	78,942
Commercial agreement assets	177,672	263,196
Other assets	278,614	281,567
Total assets	8,155,615	6,973,792
Liabilities:
Accounts payable	28,602	33,072
Payable to third-party loan owners	53,852	71,383
Accrued interest payable	13,498	6,659
Accrued expenses and other liabilities	180,883	237,598
Convertible senior notes, net	1,414,208	1,706,668
Notes issued by securitization trusts	2,165,577	1,627,580
Funding debt	1,764,812	672,577
Total liabilities	5,621,432	4,355,537
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid in capital	5,140,850	4,231,303
Accumulated deficit	(2,591,247)	(1,605,902)
Accumulated other comprehensive loss	(15,423)	(7,149)
Total stockholders’ equity	2,534,183	2,618,255
Total liabilities and stockholders’ equity	8,155,615	6,973,792
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 367,917	$ 295,636
Loans held for investment	4,402,962	2,503,561
Allowance for credit losses	(204,531)	(155,392)
Loans held for investment, net	4,198,431	2,348,169
Accounts receivable, net	199,085	142,052
Other assets	278,614	281,567
Total assets	8,155,615	6,973,792
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	28,602	33,072
Accrued interest payable	13,498	6,659
Accrued expenses and other liabilities	180,883	237,598
Notes issued by securitization trusts	2,165,577	1,627,580
Funding debt	1,764,812	672,577
Total liabilities	5,621,432	4,355,537
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	203,872	164,530
Loans held for investment	4,151,606	2,179,026
Allowance for credit losses	(178,252)	(124,052)
Loans held for investment, net	3,973,354	2,054,974
Accounts receivable, net	8,196	8,195
Other assets	18,210	14,570
Total assets	4,203,632	2,242,269
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,894	2,897
Accrued interest payable	13,498	6,525
Accrued expenses and other liabilities	17,825	15,494
Notes issued by securitization trusts	2,165,577	1,627,580
Funding debt	1,656,400	514,033
Total liabilities	3,856,194	2,166,529
Total net assets of consolidated VIEs	$ 347,438	$ 75,740
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	237,230,381	227,255,529
Common stock, outstanding (in shares)	237,230,381	227,255,529
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	59,615,836	60,109,844
Common stock, outstanding (in shares)	59,615,836	60,109,844

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue	$ 626,938	$ 559,207	$ 429,402
Interest income	685,217	527,880	326,417
Gain on sales of loans	188,341	196,435	89,926
Servicing income	87,489	65,770	24,719
Total revenue, net	1,587,985	1,349,292	870,464
Operating expenses
Loss on loan purchase commitment	140,265	204,081	246,700
Provision for credit losses	331,860	255,272	65,878
Funding costs	183,013	69,694	52,700
Processing and servicing	257,343	157,814	73,578
Technology and data analytics	615,818	418,643	249,336
Sales and marketing	638,280	532,343	182,190
General and administrative	586,398	577,493	383,749
Restructuring and other	35,870	0	0
Total operating expenses	2,788,847	2,215,340	1,254,131
Operating loss	(1,200,862)	(866,048)	(383,667)
Other (expense) income, net	211,617	141,217	(59,703)
Loss before income taxes	(989,245)	(724,831)	(443,370)
Income tax benefit	(3,900)	(17,414)	(2,343)
Net loss	(985,345)	(707,417)	(441,027)
Other comprehensive income (loss)
Foreign currency translation adjustments	(8,143)	(5,900)	7,046
Unrealized gain (loss) on securities available for sale, net	(882)	(8,022)	29
Unrealized gain on cash flow hedges	751	0	0
Net other comprehensive income (loss)	(8,274)	(13,922)	7,075
Comprehensive loss	$ (993,619)	$ (721,339)	$ (433,952)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (3.34)	$ (2.51)	$ (2.78)
Diluted (in USD per share)	$ (3.34)	$ (2.51)	$ (2.94)
Denominator:
Basic (in shares)	295,343,466	281,704,041	158,367,923
Diluted (in shares)	295,343,466	281,704,041	159,244,611
Merchant network revenue
Revenue
Revenue	$ 507,600	$ 458,511	$ 379,551
Card network revenue
Revenue
Revenue	$ 119,338	$ 100,696	$ 49,851

CONSOLIDATED STATEMENT OF REDEE

CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Redeemable Convertible Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2020			122,115,971
Beginning balance, redeemable convertible preferred stock at Jun. 30, 2020			$ 804,170
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)			21,836,687
Issuance of redeemable convertible preferred stock, net of issuance costs			$ 434,542
Conversion of convertible debt (in shares)			4,444,321
Conversion of convertible debt			$ 88,559
Conversion of redeemable convertible preferred stock (in shares)			(148,396,979)
Issuance of common stock, employee share purchase plan	$ 1,327,271		$ (1,327,271)
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2021			0
Ending balance, redeemable convertible preferred stock at Jun. 30, 2021			$ 0
Beginning balance, common stock (in shares) at Jun. 30, 2020					47,684,427
Beginning balance at Jun. 30, 2020	(367,096)				$ 0	$ 80,373	$ (447,167)		$ (302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible debt	(42,124)					(42,124)
Conversion of redeemable convertible preferred stock (in shares)					148,396,979
Issuance of common stock, employee share purchase plan	1,327,260				$ 2	1,327,269	(11)
Issuance of common stock (in shares)					28,290,000
Issuance of common stock	1,305,177				$ 1	1,305,176
Issuance of common stock upon exercise of stock option (in shares)					12,418,931
Vesting of restricted stock units	46,462					46,462
Issuance of common stock upon exercise of warrants (in shares)					20,651,583
Vesting of warrants for common stock	271,156					271,156
Issuance of common stock in acquisitions (in shares)					9,167,515
Issuance of common stock in acquisitions	331,498					331,498
Vesting of restricted stock units (in shares)					2,878,060
Repurchases of common stock (in shares)					(129,391)
Tax withholding on stock-based compensation	(800)					(800)
Foreign currency translation adjustments	306,506					306,506
Unrealized loss on securities available for sale	(158,280)					(158,280)
Deconsolidation of variable interest entity	(300)						(300)
Foreign currency translation adjustments	7,046								7,046
Unrealized loss on securities available for sale	29								29
Net loss	(441,027)						(441,027)
Ending balance, common stock (in shares) at Jun. 30, 2021					269,358,104
Ending balance at Jun. 30, 2021	2,575,527	$ (9,980)			$ 3	3,467,236	(898,485)	$ (9,980)	6,773
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock, employee share purchase plan	0
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2022			0
Ending balance, redeemable convertible preferred stock at Jun. 30, 2022			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)					13,565,397
Issuance of common stock, employee share purchase plan (in shares)					149,137
Issuance of common stock, employee share purchase plan	3,613					3,613
Vesting of restricted stock units	$ 69,876					69,876
Issuance of common stock upon exercise of warrants (in shares)	0
Issuance of common stock in acquisitions (in shares)					488,097
Issuance of common stock in acquisitions	$ 42,109					42,109
Vesting of restricted stock units (in shares)					3,815,156
Vesting of warrants for common stock	388,208					388,208
Repurchases of common stock (in shares)					(10,518)
Tax withholding on stock-based compensation	(86)					(86)
Foreign currency translation adjustments	445,525					445,525
Unrealized loss on securities available for sale	(185,178)					(185,178)
Foreign currency translation adjustments	(5,900)								(5,900)
Unrealized loss on securities available for sale	(8,022)								(8,022)
Net loss	(707,417)						(707,417)
Ending balance, common stock (in shares) at Jun. 30, 2022					287,365,373
Ending balance at Jun. 30, 2022	2,618,255				$ 3	4,231,303	(1,605,902)		(7,149)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock, employee share purchase plan	$ 0
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2023			0
Ending balance, redeemable convertible preferred stock at Jun. 30, 2023			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)	971,863				947,792
Issuance of common stock, employee share purchase plan (in shares)					954,475
Issuance of common stock, employee share purchase plan	$ 11,482					11,482
Forfeiture of common stock related to acquisitions (in shares)				(258,905)
Vesting of restricted stock units	$ 4,593					4,593
Issuance of common stock upon exercise of warrants (in shares)	0
Issuance of common stock in acquisitions	$ 13,674					13,674
Vesting of restricted stock units (in shares)					7,849,919
Vesting of warrants for common stock	421,934					421,934
Repurchases of common stock (in shares)					(12,437)
Tax withholding on stock-based compensation	(109)					(109)
Foreign currency translation adjustments	531,817					531,817
Unrealized loss on securities available for sale	(73,844)					(73,844)
Foreign currency translation adjustments	(8,143)								(8,143)
Unrealized loss on securities available for sale	(882)								(882)
Unrealized gain on cash flow hedges	751								751
Net loss	(985,345)						(985,345)
Ending balance, common stock (in shares) at Jun. 30, 2023					296,846,217
Ending balance at Jun. 30, 2023	$ 2,534,183				$ 3	$ 5,140,850	$ (2,591,247)		$ (15,423)

CONSOLIDATED STATEMENT OF RED_2

CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) $ in Thousands	12 Months Ended
	Jun. 30, 2021 USD ($)
Redeemable Convertible Preferred Stock
Stock issuance costs	$ 143
Common Stock
Stock issuance costs	$ 6,871

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (985,345)	$ (707,417)	$ (441,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	331,860	255,272	65,878
Amortization of premiums and discounts on loans, net	(141,075)	(171,965)	(90,371)
Gain on sales of loans	(188,341)	(196,435)	(89,926)
Extinguishment of convertible debt	(89,841)	0	0
Changes in fair value of assets and liabilities	(15,883)	(101,789)	57,285
Amortization of commercial agreement assets	85,524	96,737	69,103
Amortization of debt issuance costs	20,535	16,152	6,416
Amortization of discount on securities available for sale	(36,060)	2,192	0
Commercial agreement warrant expense	421,934	254,679	0
Stock-based compensation	451,709	390,983	292,507
Depreciation and amortization	134,634	52,722	19,979
Impairment of right of use assets	1,244	362	11,544
Other	(8,825)	(73,154)	5,129
Change in operating assets and liabilities:
Purchases of loans held for sale	(6,009,361)	(5,552,662)	(2,640,734)
Proceeds from the sale of loans held for sale	6,174,447	5,582,035	2,594,835
Accounts receivable, net	(67,690)	(62,700)	(22,934)
Other assets	(14,466)	(15,021)	(209,139)
Accounts payable	(5,038)	(24,686)	32,223
Payable to third-party loan owners	(17,531)	21,304	25,082
Accrued interest payable	7,915	3,907	1,395
Accrued expenses and other liabilities	(38,165)	67,290	119,625
Net cash provided by (used in) operating activities	12,181	(162,194)	(193,130)
Cash flows from investing activities
Purchases and origination of loans held for investment	(13,586,251)	(10,362,048)	(5,897,252)
Proceeds from the sale of loans held for investment	1,582,501	1,898,607	824,011
Principal repayments and other loan servicing activity	10,028,452	8,121,583	4,324,618
Acquisition, net of cash and restricted cash acquired	(16,051)	(5,999)	(222,433)
Purchases of intangible assets	0	(25,415)	0
Additions to property, equipment and software	(120,775)	(86,290)	(20,252)
Purchases of securities available for sale	(1,082,147)	(1,841,380)	0
Proceeds from maturities and repayments of securities available for sale	1,537,495	311,035	0
Other investing cash inflows/(outflows)	3,706	(21,431)	(30,725)
Net cash used in investing activities	(1,653,070)	(2,011,338)	(1,022,033)
Cash flows from financing activities
Proceeds from funding debt	6,894,971	4,101,134	2,942,254
Proceeds from issuance of convertible debt, net	0	1,704,300	0
Proceeds from issuance of notes and residual trust certificates by securitization trusts	1,150,000	999,394	1,395,879
Proceeds from initial public offering, net	0	0	1,305,176
Principal repayments of funding debt	(5,801,531)	(4,090,562)	(3,165,103)
Principal repayments of notes issued by securitization trusts	(606,299)	(552,046)	(210,368)
Payment of debt issuance costs	(22,443)	(13,751)	(12,499)
Extinguishment of convertible debt	(206,567)	0	0
Proceeds from exercise of common stock options and warrants and contributions to ESPP	15,768	73,914	47,042
Payments of tax withholding for stock-based compensation	(73,845)	(185,178)	(158,280)
Repurchases of common stock	(109)	(86)	(800)
Proceeds from issuance of redeemable convertible preferred stock, net	0	0	434,542
Repurchases and conversion of redeemable convertible preferred stock	0	0	(13)
Net cash provided by financing activities	1,349,945	2,037,119	2,577,830
Effect of exchange rate changes on cash, cash equivalents and restricted cash	81	(5,412)	1,837
Net increase (decrease) in cash, cash equivalents and restricted cash	(290,863)	(141,825)	1,364,504
Cash, cash equivalents and restricted cash, beginning of period	1,550,807	1,692,632	328,128
Cash, cash equivalents and restricted cash, end of period	1,259,944	1,550,807	1,692,632
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	892,027	1,255,171	1,466,558
Restricted cash	367,917	295,636	226,074
Total cash, cash equivalents and restricted cash	1,259,944	1,550,807	1,692,632
Supplemental disclosures of cash flow information
Cash payments for interest expense	163,191	51,524	41,690
Cash paid for operating leases	16,354	15,561	13,215
Cash paid for income taxes	808	220	219
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	80,108	54,542	13,999
Issuance of common stock in connection with settlement of contingent consideration liability	13,674	32,109	0
Securities retained under unconsolidated securitization transactions	0	54,997	0
Issuance of common stock in connection with acquisition	0	10,000	331,498
Right of use assets obtained in exchange for operating lease liabilities	494	4,604	78,421
Additions to property and equipment included in accrued expenses	0	107	6
Issuance of common stock, employee share purchase plan	0	0	1,327,271
Issuance of warrants in exchange for commercial agreement	0	0	270,579
Conversion of convertible debt	0	0	88,559
Acquisition of commercial agreement asset	$ 0	$ 0	$ 25,900

Business Description

Business Description	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time, with terms ranging up to 60 months. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert customers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied customer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ materially from those estimates. Immaterial Correction of Prior Period Amounts Subsequent to the issuance of our financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, which was filed with the SEC on September 17, 2021, we identified understatements in certain prior period amounts related to stock-based compensation. We measure stock-based compensation based on the fair value of an award at the grant date and recognize expense over the vesting period of the award based on the estimated portion of the award that is expected to vest. An incorrect determination of the grant date and service inception dates for certain awards granted prior to our initial public offering (“IPO”), as well as incorrect treatment of expense recognition for certain terminated employees, resulted in an understatement of additional paid in capital and misstatement of stock-based compensation expense as of and for the year ended June 30, 2021 as previously reported. Accordingly, we have corrected the accompanying financial statements and related footnotes as of and for the year ended June 30, 2021 from amounts previously reported. We have evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate. The following tables provide the impact of the correction as of and for the year ended June 30, 2021, as presented below (in thousands): Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of operations and comprehensive loss Processing and servicing 73,767 (189) 73,578 Technology and data analytics 256,082 (6,746) 249,336 Sales and marketing 184,279 (2,089) 182,190 General and administrative 370,251 13,498 383,749 Total operating expenses 1,249,657 4,474 1,254,131 Other expense, net (54,073) (5,630) (59,703) Loss before income taxes (433,266) (10,104) (443,370) Net loss attributable to common stockholders (430,923) (10,104) (441,027) Foreign currency translation adjustments 7,042 4 7,046 Net comprehensive income 7,071 4 7,075 Comprehensive loss (423,852) (10,100) (433,952) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (2.72) $ (0.06) $ (2.78) Diluted $ (2.88) $ (0.06) $ (2.94) Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of redeemable convertible preferred stock and stockholders’ equity Stock-based compensation - additional paid-in capital 302,032 4,474 306,506 Foreign currency translation adjustments - accumulated other comprehensive income (loss) 7,042 4 7,046 Net loss - accumulated deficit (430,923) (10,104) (441,027) Balance as of June 30, 2021 - total stockholders' equity 2,581,153 (5,626) 2,575,527 Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of cash flows Cash flows from operating activities Net loss (430,923) (10,104) (441,027) Adjustments to reconcile net loss to net cash used in operating activities: Changes in fair value of assets and liabilities 51,655 5,630 57,285 Stock-based compensation 288,033 4,474 292,507 Net cash used in operating activities (193,130) — (193,130) Segment Reporting We conduct our operations through a single operating segment and, therefore, one reportable segment. Operating segments are components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM, the Chief Executive Officer of Affirm Holdings, Inc., uses a variety of measures to assess the performance of the business; however, detailed profitability information that could be used to allocate resources and assess the performance of the business is managed and reviewed for the consolidated company as a whole. Business Combination We use the acquisition method of accounting for business combination transactions, and, accordingly, recognize the fair values of assets acquired and liabilities assumed in our consolidated financial statements. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value. Transaction costs related to the acquisition of the acquired company are expensed as incurred. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date. Cash and Cash Equivalents Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions and short term highly liquid marketable securities, including money market funds, government and agency securities, and other corporate securities purchased with an original maturity of three months or less. Restricted Cash Restricted cash consists primarily of: (i) deposits restricted by standby letters of credit for office leases and certain commercial agreements; (ii) funds held in accounts as collateral for our originating bank partners; (iii) servicing funds held in accounts contractually restricted by agreements with warehouse credit facilities, securitization trusts, and third-party loan owners; and (iv) pledged cash collateral requirements for certain derivative agreements. Our ability to withdraw funds is restricted by contractual provisions under the applicable agreements. Securities Available for Sale We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss) other (expense) income, net other (expense) income, net Interest income for available for sale securities is recorded within other (expense) income, net Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents. With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value. Loans Held for Investment We either originate loans directly or purchase our loans from our originating bank partners pursuant to the terms outlined in the respective executed loan sale program agreements between us and our bank partners. Loan receivables that we have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are reported at amortized cost, which includes unpaid principal balances, any related premiums including fees paid to our originating bank partners and discounts due to loss on loan purchase commitment for loans with a fair value below the purchase price, where applicable, adjusted for any charge-offs. The amortized cost is adjusted for the allowance for credit losses within loans held for investment, net. Loans Held for Sale We sell certain loans to third-party loan buyers and securitization trusts. A loan is initially classified as held for sale when the loan is identified as for sale to a third party loan buyer or to be sold to a securitization trust that is anticipated to be off balance sheet. Loans classified as held for sale are recorded at the lower of amortized cost or fair value. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. When a loan held for investment is reclassified to held for sale and reported at fair value, any allowance for the credit loss related to that loan is released and any fair value adjustment to record the loan at the lower of amortized cost or fair value is recorded. Our loans designated as held for sale are generally sold within one Transfers of Financial Assets We account for loan sales in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”) which states that a transfer of financial assets, a group of financial assets, or a participating interest in a financial asset is accounted for as a sale if all of the following conditions are met: a. The financial assets are isolated from the transferor and its consolidated affiliates as well as its creditors; b. The transferee or beneficial interest holders have the right to pledge or exchange the transferred financial assets; and c. The transferor does not maintain effective control of the transferred assets. When the requirements for sale accounting are met, we record the gain or loss on the sale of a loan at the sale date in an amount equal to the proceeds received less the carrying value of the loan, adjusted for initial recognition of assets obtained and liabilities incurred at the date of sale. Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization trust in which we retain servicing rights, we may recognize a servicing asset or liability. A servicing asset or liability arises when our contractual servicing fee with a counterparty differs from the adequate compensation rate that would be required by a third party to service the same portfolio of assets, as defined by ASC 860. Servicing assets and liabilities are measured and recorded at fair value and are presented as a component of other assets or accrued expenses and other liabilities, respectively. The recognition of a servicing asset results in a corresponding increase to the gain on sales of loans. The recognition of a servicing liability results in a corresponding decrease to gain on sales of loans. The servicing rights are remeasured at fair value each period, with the subsequent adjustment recognized in servicing income In connection with the sale of a loan to a third-party loan buyer or unconsolidated securitization trust we may also recognize a recourse liability in accordance with ASC 460, “Guarantees” (“ASC 460”) as in certain circumstances we may become required to re-purchase loans from third-party investors due to breaches in representations and warranties. The recognition of a recourse liability results in a corresponding decrease to gain on sales of loans. The recourse liability is amortized over the loan term and remeasured each period based on the outstanding loan balance and changes in our expectation of future repurchase obligations. Subsequent remeasurement of the recourse liability is recognized in other income (expense), net on the consolidated statement of operations and comprehensive loss. Allowance for Credit Losses on Loans Held for Investment The allowance for credit losses on loans held for investment is determined based on management’s current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations on individual loans as of each balance sheet date. We immediately recognize an allowance for expected credit losses upon the origination of a loan. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. We have made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. In estimating the allowance for credit losses, management utilizes a migration analysis of delinquent and current loan receivables. Migration analysis is a technique used to estimate the likelihood that a loan receivable will progress through various stages of delinquency and to charge-off. The analysis focuses on the pertinent factors underlying the quality of the loan portfolio. These factors include historical performance, the age of the receivable balance, seasonality, customer credit-worthiness, changes in the size and composition of the loan portfolio, delinquency levels, bankruptcy filings and actual credit loss experience. We also take into consideration certain qualitative factors where we adjust our quantitative baseline using our best judgment to consider the inherent uncertainty regarding future economic conditions and consumer loan performance. For example, the Company considers the impact of current economic factors at the reporting date that did not exist over the period from which historical experience was used. As of June 30, 2023, we have considered the impact of Federal Reserve monetary policy, labor market trends, inflation, consumer sentiment, and the end of the student loan repayment pause. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due or meets other charge-off policy requirements. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. Refer to Note 4. Loans Held for Investment and Allowance for Credit Losses for more information. Accounts Receivable, net Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $12.9 million and $13.9 million as of June 30, 2023 and June 30, 2022, respectively. Property, Equipment and Software, net Property, equipment and software consist of computer and office equipment, capitalized internal-use developed software and website development costs and leasehold improvements. Property, equipment and software is stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful lives of the assets, which range from three We capitalize costs to develop internally developed software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software or website will function and be used as intended. Capitalized internal-use software costs primarily include salaries and payroll-related costs for employees directly involved in the development efforts, software licenses acquired and fees paid to external consultants. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades. Capitalized internally developed software costs are included in property, equipment and software, and amortization expense is included in technology and data analytics expense in the consolidated statements of operations and comprehensive loss. Property, equipment and software is tested for impairment when there is an indication that the carrying value of the asset group it belongs to may not be recoverable. This would occur if the undiscounted cash flows estimated to be generated by an asset group are less than its carrying value. When an asset group is determined not to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset group over its respective fair value and recorded in the period the determination is made. Goodwill and Intangible Assets We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized but is reviewed for impairment annually and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value. Identifiable intangible assets include developed technology, merchant relationships, assembled workforce, and trade names resulting from acquisitions, including asset acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. We review the carrying amounts of intangible assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. We measure the recoverability of the asset group by comparing its carrying amount to the future undiscounted cash flows we expect the asset group to generate. If we consider the asset group to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset group exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization. Leases We determine whether an arrangement is a lease for accounting purposes at contract inception. For operating leases, we record a right-of-use asset (“ROU”) within other assets in our consolidated balance sheets, which represents our right to use an underlying asset for the lease term. A corresponding lease liability, which represents our obligation to make lease payments arising from the lease, is recorded in accrued expenses and other liabilities in our consolidated balance sheets. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To discount the lease payments, we use an incremental borrowing rate derived from a corporate yield curve corresponding with the lease term using information available on the commencement date. We have the option to renew or extend our leases. We include these periods in the lease term when a decision has been made to exercise the option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have elected the practical expedient allowing the combination of lease and non-lease components by class of underlying asset. We have also elected the short-term lease exception and will not recognize right-of-use assets or lease liabilities for qualifying leases with a term of less than 12 months from lease commencement. Non-marketable Equity Securities Non-marketable equity securities which do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Unrealized and realized gains and losses on the investment due to impairment or observable price changes in orderly transaction for an identical or similar investment of the same issuer, if any, are recognized in other (expense) income, net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition. Funding Debt and Debt Issuance Costs To finance loans we originate directly or that we purchase from our originating bank partners, we borrow from various lenders through collateralized funding arrangements, which include our warehouse credit facilities secured by pledged loans and sale and repurchase agreements secured by pledging certain retained interests in our off balance sheet securitizations. These borrowings are carried at amortized cost. Costs incurred in connection with borrowings, such as banker fees, commitment fees and legal fees, are classified as deferred debt issuance costs. We defer these costs and amortize them on a straight-line basis over the expected term of the debt. Interest payments and amortization of debt issuance costs incurred on funding debt is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized debt issuance costs are presented as a reduction of the associated debt. Notes Issued by Securitization Trusts In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the consolidated balance sheets. We defer and amortize note issuance costs, including banker fees, legal fees and other professional service fees, for consolidated securitization trusts on a straight-line basis over the expected life of the notes. Interest payments and amortization of note issuance costs incurred is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized note issuance costs are presented as a reduction of the associated notes. Income Taxes Income taxes are accounted for using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as an income tax expense (benefit) in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the applicable tax law. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, and tax planning strategies; however, in evaluating the positive evidence available, expectations of future taxable income and projections for growth are usually not sufficient to overcome the negative evidence of the presence of a three-year cumulative loss. Should there be a change in the ability to recover deferred tax assets, our income tax provision would increase or decrease in the period in which the assessment is changed. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex federal, state, and foreign tax laws and regulations, and positions taken in our tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are recognized in the financial statements only when it is more likely than not that the positions will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts. Interest and penalties, if any, on income tax uncertainties are classified within income tax expense in the income statement. Fair Value of Assets and Liabilities ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that use, as inputs, observable market-based parameters to the greatest extent possible. Additionally, ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Revenue Recognition Our revenue consists of five components: merchant network revenue, card network revenue, interest income, gain on sale of loans and servicing income. Refer to Note 3. Revenue for additional information. Loss on Loan Purchase Commitment We purchase certain loans from our originating bank partners that are processed through our platform that our originating bank partner puts back to us. Under the terms of the agreements with our originating bank partners, we are generally required to pay the principal amount plus accrued interest for such loans and fees. In certain instances, our originating bank partners may originate loans with zero or below market interest rates that we are required to purchase. In these instances, we may be required to purchase the loan for a price in excess of the fair market value of such loans, which results in a loss. These losses are recognized as loss on loan purchase commitment in our consolidated statements of operations and comprehensive loss. These costs are incurred on a per loan basis. Due to the nature of this arrangement with our originating bank partners, we recognize a net liability for this commitment when the merchant confirms the transaction. This liability is recorded at fair value, which is determined by the difference between the estimated fair value of the loan and the anticipated purchase price. Upon purchase, the liability is included in the amortized cost basis of the purchased loan as a discount, which is amortized into interest income over the life of the loan. Customer Referral Partners From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service. Payments made to customer referral partners tha

Revenue

Revenue	12 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents the company’s revenue disaggregated by revenue source (in thousands): Year ended June 30, 2023 2022 2021 Merchant network revenue $ 507,600 458,511 379,551 Card network revenue 119,338 100,696 49,851 Interest income 685,217 527,880 326,417 Gain on sales of loans 188,341 196,435 89,926 Servicing income 87,489 65,770 24,719 Total revenue, net $ 1,587,985 $ 1,349,292 $ 870,464 Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on GMV processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts are recorded as a reduction to merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense. On May 5, 2021, our largest merchant partner at the time, Peloton, announced a voluntary recall of two of its products following a report by the U.S. Consumer Product Safety Commission released on April 17, 2021. Pursuant to ASC 606, we revised our estimate of the variable consideration associated with revenue earned on the facilitation of transactions related to the recalled products and recorded a reduction in revenue of $5.4 million during the year ended June 30, 2021. A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs. For the years ended June 30, 2023 and 2022, there were no merchants that exceeded 10% of total revenue. For the year ended 2021, approximately 20% of total revenue was driven by one merchant. Card Network Revenue — Revenue from Contracts with Customers We have agreements with card-issuing partners to facilitate the issuance of physical and virtual debit cards to be used by consumers at checkout. Consumers can apply at Affirm.com or via the Affirm app and, upon approval, receive a single-use virtual card to use digitally online or in-store. The debit card is funded at the time a transaction is authorized using cash held by the card-issuing partner in a reserve fund. Eligible consumers can also use a debit card issued by a card-issuing partner to pay in full, debited from their bank account, or pay later, by using a unique post-purchase feature that allows them to instantly convert any eligible debit transaction into an installment loan. Where applicable, our originating bank partner, or wholly-owned subsidiaries, then originates a loan to the consumer after the transaction is confirmed by the merchant. The merchant is charged interchange fees for each successful debit card transaction, and a portion of this revenue is shared with us by our card-issuing partners. Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful debit card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue. Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers. A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by the issuer processors. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully. Interest Income Interest income consisted of the following components (in thousands): Year ended June 30, 2023 2022 2021 Contractual interest income on unpaid principal balance $ 561,192 365,993 237,526 Amortization of discount on loans 158,703 185,050 101,078 Amortization of premiums on loans (17,628) (13,085) (9,018) Interest receivable charged-off, net of recoveries (17,050) (10,078) (3,169) Total interest income $ 685,217 $ 527,880 $ 326,417 We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of June 30, 2023, June 30, 2022, and June 30, 2021, the balance of loans held for investment on non-accrual status was $1.8 million, $1.7 million, and $1.1 million, respectively. The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. Gain on Sales of Loans We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations as the difference between the proceeds received and the carrying value of the loan, adjusted for the initial recognition of any assets or liabilities incurred upon sale, which generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a recourse liability based on our estimate of future losses in connection with our obligation to repurchase loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Servicing Income Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. We recognize this revenue on a monthly basis. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	12 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans Held for Investment and Allowance for Credit Losses	Loans Held for Investment and Allowance for Credit Losses Loans held for investment consisted of the following (in thousands): June 30, 2023 June 30, 2022 Unpaid principal balance $ 4,451,324 $ 2,516,733 Accrued interest receivable 41,079 20,697 Premiums on loans held for investment 7,135 8,911 Less: Discount due to loss on loan purchase commitment (51,190) (20,692) Less: Discount due to loss on directly originated loans (45,145) (20,443) Less: Fair value adjustment on loans acquired through business combination (241) (1,645) Total loans held for investment $ 4,402,962 $ 2,503,561 Loans held for investment includes loans originated through our originating bank partners and directly originated loans. The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $16.2 billion, $12.1 billion, and $7.9 billion for the years ended June 30, 2023, 2022, and 2021, respectively. We directly originated $3.7 billion, $3.3 billion, and $0.6 billion of loans for the years ended June 30, 2023, 2022, and 2021, respectively. These loans have a variety of lending terms as well as maturities ranging from one We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our directly originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator. Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers. The following table presents an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2023 (in thousands): June 30, 2023 Amortized Costs Basis by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total 96+ $ 2,628,060 $ 39,428 $ 18,910 $ 3,439 $ 9 $ 1 $ 2,689,847 94 – 96 1,104,553 7,755 439 77 6 2 1,112,832 90 – 94 133,940 3,116 26 2 4 — 137,088 <90 13,363 1,623 4 2 — — 14,992 No score (1) 335,690 59,204 11,562 489 252 9 407,206 Total amortized cost basis $ 4,215,606 $ 111,126 $ 30,941 $ 4,009 $ 271 $ 12 $ 4,361,965 (1) This balance represents loan receivables in markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada. The following table presents net charge-offs by fiscal year of origination for the year ended June 30, 2023 (in thousands): Net Charge-offs by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total Current period charge-offs (119,520) (173,345) (6,482) (586) (89) (36) (300,058) Current period recoveries 5,997 17,719 4,653 1,259 794 587 31,009 Current period net charge-offs $ (113,523) $ (155,626) $ (1,829) $ 673 $ 705 $ 551 $ (269,049) The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2022 (in thousands): June 30, 2022 Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 1,218,104 $ 122,503 $ 33,458 $ 157 $ 1 $ — $ 1,374,223 94 – 96 620,403 11,240 773 13 2 — 632,431 90 – 94 220,056 3,886 6 4 — — 223,952 <90 44,300 135 2 — — — 44,437 No score (1) 186,044 20,554 3,368 444 79 2 210,491 Total amortized cost basis $ 2,288,907 $ 158,318 $ 37,607 $ 618 $ 82 $ 2 $ 2,485,534 (1) This balance represents loan receivables in markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada. Loan receivables are defined as past due if either the principal or interest have not been received within four June 30, 2023 June 30, 2022 Non-delinquent loans $ 4,183,248 $ 2,322,919 4 – 29 calendar days past due 92,876 77,963 30 – 59 calendar days past due 36,399 34,669 60 – 89 calendar days past due 28,171 26,919 90 – 119 calendar days past due (1) 21,271 23,064 Total amortized cost basis $ 4,361,965 $ 2,485,534 (1) Includes $20.9 million and $22.7 million of loan receivables as of June 30, 2023 and June 30, 2022, respectively, that are 90 days or more past due, but are not on nonaccrual status. We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses is determined based on our current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands): Year ended 2023 2022 2021 Balance at beginning of period $ 155,392 $ 117,760 $ 95,137 Adjustment due to adoption of new accounting standard — — 10,083 Provision for credit losses 318,188 240,804 63,755 Charge-offs (300,058) (227,770) (65,149) Recoveries of charged-off receivables 31,009 24,598 13,934 Balance at end of period $ 204,531 $ 155,392 $ 117,760

Acquisitions

Acquisitions	12 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the years ended June 30, 2023 and 2022, there was one acquisition accounted for as a business combination in each of the respective years, discussed further below. Acquisitions completed during the year ended June 30, 2023 Butter Holdings Ltd On February 1, 2023, we completed the closing of the transaction contemplated by a share purchase agreement entered into with certain sellers to acquire the entire issued share capital of Butter Holdings Ltd. (“Butter”), a buy now, pay later company based in the United Kingdom. The purchase price was comprised of (i) $14.9 million in cash, subject to adjustments in accordance with the purchase agreement, and (ii) $1.5 million settlement of subordinated secured notes. The acquisition date fair value of the consideration transferred for Butter was approximately $16.3 million, which consisted of the following (in thousands): Cash $ 14,863 Settlement of subordinated secured notes 1,475 Total acquisition date fair value of the consideration transferred $ 16,337 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration. The goodwill is not expected to be deductible for income tax purposes. The following table summarizes the allocation of the consideration paid of approximately $16.3 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 287 Loans held for investment, net 172 Accounts receivable, net 11 Intangible assets 9,243 Other assets 672 Total assets acquired 10,385 Accounts payable 568 Accrued expenses and other liabilities 2,923 Total liabilities assumed 3,491 Net assets acquired 6,894 Goodwill 9,443 Total purchase price $ 16,337 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (in years) Lending license $ 9,243 Indefinite The fair value of the intangible asset was determined by applying the with-and-without method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements. The transaction costs associated with the acquisition were approximately $1.8 million for the year ended June 30, 2023, which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. Acquisitions completed during the year ended June 30, 2022 ShopBrain On July 1, 2021, Affirm completed the acquisition of technology and intellectual property from Yroo, Inc. and entered into employment arrangements with certain of its employees (“the ShopBrain acquisition”). Yroo, Inc. is a data aggregation and cataloging technology company based in Canada (“ShopBrain”). The purchase price was comprised of (i) $30.0 million in cash and (ii) 151,745 shares of our Class A common stock issued to the shareholders of ShopBrain at closing. The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805 . The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration and the value of the assembled workforce. The goodwill is expected to be deductible for income tax purposes. The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (in years) Developed technology $ 9,488 3.0 The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements. The transaction costs associated with the acquisition were approximately $0.2 million for the year ended June 30, 2022 , which are included in general and administrative expense within the consolidated statements of operations and comprehensive loss. There were no transaction costs associated with the acquisition for the year ended June 30, 2023. Other acquisitions Fast On April 19, 2022, Affirm completed the closing of the transaction contemplated by a Release and Waiver Agreement entered into with Fast AF, Inc. (“Fast”) relating to the hiring of certain of its employees or service providers and an option to acquire certain of its assets. The purchase price was comprised of (i) $10.0 million in cash and (ii) forgiveness of a $15.0 million senior secured note issued to Fast in April 2022 prior to the closing. The acquisition was accounted for as an asset acquisition in accordance with ASC 805 since the assets acquired do not meet the definition of a business. The acquired identifiable intangible assets have been recorded at a total cost of $25.4 million, which includes approximately $0.4 million of transaction costs associated with the acquisition. The excess of the total cost of the assets over their total fair value was allocated between the assets on the basis of their relative fair values. The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands): Assembled workforce $ 12,490 Developed technology (1) 12,925 Total $ 25,415 (1) During the year ended June 30, 2023, we completed the purchase of the developed technology intangible asset.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): June 30, 2023 June 30, 2022 Internally developed software $ 377,301 $ 200,621 Leasehold improvements 20,214 16,169 Computer equipment 10,187 10,751 Furniture and equipment 6,503 4,279 Total property, equipment and software, at cost $ 414,205 $ 231,820 Less: Accumulated depreciation and amortization (124,070) (60,338) Total property, equipment and software, net $ 290,135 $ 171,482 Depreciation and amortization expense on property, equipment and software was $82.1 million, $29.2 million and $15.4 million for the years ended June 30, 2023, 2022, and 2021, respectively. No impairment losses related to property, equipment and software were recorded during the years ended June 30, 2023 and 2022. For the year ended June 30, 2021, we recorded impairment expense Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the years ended June 30, 2023 and 2022 were as follows (in thousands): Balance as of June 30, 2021 $ 516,515 Additions (1) 33,318 Adjustments (2) (10,299) Balance as of June 30, 2022 $ 539,534 Additions (1) 9,443 Adjustments (2) (6,406) Balance as of June 30, 2023 $ 542,571 (1) Refer to Note 5. Acquisitions for a description of additions to goodwill during the years ended June 30, 2023 and 2022. (2) Adjustments to goodwill during the years ended June 30, 2023 and 2022 primarily pertained to foreign currency translation adjustments. No impairment losses related to goodwill were recorded during the years ended June 30, 2023, 2022, and 2021. Intangible assets consisted of the following (in thousands): June 30, 2023 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,129 $ (27,637) $ 10,492 0.6 Developed technology 39,626 (30,653) 8,973 0.6 Assembled workforce 12,490 (9,983) 2,507 0.3 Trademarks and domains, definite 1,481 (990) 491 1.7 Trademarks, licenses and domains, indefinite 11,621 — 11,621 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,697 $ (69,263) $ 34,434 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017 Amortization expense for intangible assets was $52.5 million, $23.5 million and $4.6 million for the years ended June 30, 2023, 2022 and 2021, respectively. No impairment losses related to intangible assets were recorded during the years ended June 30, 2023, 2022, and 2021. The expected future amortization expense of these intangible assets as of June 30, 2023 is as follows (in thousands): 2024 $ 20,895 2025 1,396 2026 157 2027 15 2028 and thereafter — Total amortization expense $ 22,463 Commercial Agreement Assets During the year ended June 30, 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the approximate 3.2 year term of the commercial agreement at the grant date. For the years ended June 30, 2023 and 2022, we recognized amortization expense of $41.4 million and $26.3 million, respectively, in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 14. Stockholders’ Equity for further discussion of the warrants. During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of June 30, 2023. The expected benefit period of the asset was initially estimated to be four years, and the remaining useful life of the asset is reevaluated each reporting period. During fiscal year 2022, the remaining expected benefit period was extended by two years upon the execution of an amendment to the commercial agreement with Shopify which extended the term of the agreement. W e recorded amortization expense related to the commercial agreement asset of $35.8 million, $62.2 million, and $64.9 million for the years ended June 30, 2023, 2022, and 2021, respectively, in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with an enterprise partner, in which we granted stock appreciation rights in exchange for the benefit of acquiring access to the partner's consumers. This asset represents the probable future economic benefit to be realized over the three-year expected benefit period and is valued based on the fair value of the stock appreciation rights on the grant date. We initially recognized an asset of $25.9 million associated with the fair value of the stock appreciation rights. We recorded amortization expense related to the asset of $8.3 million, $8.1 million, and $4.3 million for the years ended June 30, 2023, 2022, and 2021, respectively, in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Other Assets Other assets consisted of the following (in thousands): June 30, 2023 June 30, 2022 Processing reserves $ 60,039 $ 26,483 Derivative instruments 50,545 49,983 Equity securities, at cost 43,172 43,172 Prepaid expenses 35,626 37,497 Operating lease right-of-use assets 30,171 50,671 Other assets 59,061 73,761 Total other assets $ 278,614 $ 281,567 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): June 30, 2023 June 30, 2022 Collateral held for derivative instruments $ 53,267 $ 55,779 Operating lease liability 52,557 65,713 Accrued expenses 50,704 67,343 Other liabilities 24,355 48,763 Total accrued expenses and other liabilities $ 180,883 $ 237,598

Leases

Leases	12 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from 9 months to one year. As of June 30, 2023, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to seven years. Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The cash collateral and deposits for the letters of credit have been recognized as restricted cash in the consolidated balance sheets and totaled $9.7 million as of both June 30, 2023 and June 30, 2022. During the years ended June 30, 2023 and June 30, 2021, we decided to sublease a portion of our leased office space in San Francisco. As a result, we recorded a lease impairment charge of $1.2 million and $11.5 million, respectively related to several of our operating lease ROU assets, included in general and administrative expense on our consolidated statements of operations and comprehensive loss. For the year ended June 30, 2022, the impairment expense related to leases was not material to our consolidated statements of operations. Operating lease expense was as follows (in thousands): Year ended 2023 2022 2021 Operating lease expense (1) (2) $ 18,954 $ 15,200 $ 15,300 (1) During the year ended June 30, 2023, we incurred charges of $4.7 million, within restructuring and other, on our consolidated statements of operations, related to a reduction to our ROU lease assets. (2) Lease expenses for our short-term leases were immaterial for the years presented. We have subleased a portion of our leased facilities. Sublease income totaled $3.4 million and $3.1 million during the years ended June 30, 2023 and 2022, respectively . There was no sublease income for the year ended June 30, 2021. Lease term and discount rate information are summarized as follows: June 30, 2023 Weighted average remaining lease term (in years) 3.9 Weighted average discount rate 4.8% Maturities of operating lease liabilities as of June 30, 2023 are as follows (in thousands) for the years ended: 2024 $ 16,496 2025 16,317 2026 15,371 2027 2,680 2028 2,185 Thereafter 5,503 Total lease payments 58,552 Less imputed interest (5,995) Present value of total lease liabilities $ 52,557

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Repurchase Obligation Under the normal terms of our whole loans sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representation and warranties is identified. Generally, a breach in representation and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. This amount was not material as of June 30, 2023. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Toole v. Affirm Holdings, Inc. On February 28, 2022, plaintiff Jeffrey Toole filed a putative class action against Affirm and Max Levchin in the U.S. District Court for the Northern District of California (the “Toole action”). The Toole action alleged that Affirm violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing and then subsequently deleting a tweet from its official Twitter account on February 10, 2022, which omitted full details of Affirm’s second quarter fiscal 2022 financial results. Plaintiff sought class certification, unspecified compensatory and punitive damages, and costs and expenses. On September 28, 2022, the Court granted Affirm’s motion to dismiss for failure to state a claim with leave to amend within 21 days. No amended complaint was filed by the deadline. On October 20, 2022, the Court dismissed the putative class action and entered judgment in Affirm’s favor. Vallieres v Levchin, et al. On April 25, 2022, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Vallieres action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Toole action. The Vallieres complaint purported to assert claims on Affirm's behalf for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the federal securities laws, and sought corporate reforms, unspecified damages and restitution, and fees and costs. On January 12, 2023, the Court dismissed the derivative action without prejudice. Williams v. Levchin, et al. On September 16, 2022, plaintiff Ron Williams filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Williams action”) against Affirm, as a nominal defendant, and certain of Affirm’s current and former officers and directors as defendants based on allegations substantially similar to those in the Toole action and Vallieres action. The Williams complaint purported to assert six causes of action on Affirm's behalf—violation of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The plaintiff in the Williams action also alleged a cause of action against defendant Levchin for contribution under 10(b) and 21D of the Exchange Act. The Williams complaint sought corporate reforms, unspecified damages and restitution, and fees and costs. On December 22, 2022, the Court dismissed the derivative action without prejudice. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). Plaintiff’s amended complaint filed on May 5, 2023 alleges that defendants: (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiff asserts that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiff seeks class certification, unspecified compensatory and punitive damages, and costs and expenses. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action. The Quiroga complaint purports to assert claims on Affirm's behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of June 30, 2023 and June 30, 2022 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. Purchase Commitments During the year ended June 30, 2023, we entered into non-cancelable purchase obligations with our third-party cloud computing web services provider, which included annual purchase commitments for the period from March 2023 through February 2030, and an additional aggregate purchase commitment of $650.0 million during such period. For the years ended June 30, 2023 and 2022, we had remaining purchase commitments of $659.2 million and $37.1 million, respectively, primarily related to cloud and hosting services. If we fail to meet any of the purchase commitments, we will be required to pay the difference. We pay our cloud-computing web services provider monthly, and we may pay more than the minimum purchase commitment based on usage.

Debt

Debt	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt encompasses funding debt, convertible senior notes and our revolving credit facility. Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): June 30, 2023 2024 $ 202,245 2025 $ 563,350 2026 542,288 2027 — 2028 39,155 Thereafter 428,660 Total $ 1,775,698 Deferred debt issuance costs (10,886) Total funding debt, net of deferred debt issuance costs $ 1,764,812 Secured Borrowing Facilities U.S. Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 82% to 86% of the total collateralized balance. These warehouse credit facility trusts, which have been classified as VIEs, are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between fiscal years 2024 and 2029, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of June 30, 2023, the aggregate commitment amount of these facilities was $3.3 billion on a revolving basis, of which $1.4 billion was drawn, with $1.9 billion remaining available. Some of the loans originated by us or purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $1.7 billion and $0.5 billion as of June 30, 2023 and June 30, 2022, respectively. Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of Secured Overnight Financing Rate (“SOFR”) or an alternative commercial paper rate (which is the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans), plus a spread ranging from 1.75% to 2.20%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.00% to 0.75% per annum on the undrawn portion available. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of June 30, 2023, we were in compliance with all applicable covenants in the agreements. International Additionally, we have various credit facilities utilized to finance the origination of loan receivables in Canada. Similar to our warehouse credit facilities, borrowings under these agreements are referred to as funding debt, and proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination. These facilities are secured by Canadian loan receivables pledged to the respective facility as collateral, mature between fiscal years 2025 and 2029, and bear interest based on benchmark rates plus a spread ranging from 1.25% to 4.25%. As of June 30, 2023, the aggregate commitment amount of these facilities was $548.4 million on a revolving basis, of which $349.6 million was drawn, with $198.8 million remaining available. The unpaid principal balance of loans pledged to these facilities totaled $412.8 million and $210.1 million as of June 30, 2023 and June 30, 2022, respectively. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth at the Affirm Canada subsidiary level or the Affirm Holdings level. As of June 30, 2023, we were in compliance with all applicable covenants in the agreements. Sales and Repurchase Agreements We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into one or more repurchase date extensions, each for an additional three-month term at market interest rates on such extension date. As of June 30, 2023, the interest rates were 7.23% for both the senior pledged securities and the residual certificate pledged securities. We had $11.0 million and $27.0 million in debt outstanding under our repurchase agreements disclosed within funding debt on the consolidated balance sheets as of June 30, 2023 and June 30, 2022, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $18.9 million and $32.4 million in pledged securities disclosed within securities available for sale at fair value on the consolidated balance sheets as of June 30, 2023 and June 30, 2022, respectively. Convertible Senior Notes On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026. Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances: 1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A 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; 2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; 3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period. No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A 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 immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any. If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events. During the year ended June 30, 2023, we entered into a series of privately negotiated transactions with certain holders of our 2026 Notes, pursuant to which we paid an aggregate amount of $206.6 million in cash for the repurchase of $299.1 million aggregate principal amount of our 2026 Notes (the “2026 Note Repurchases”). The carrying amount of the extinguished 2026 Notes was approximately $296.4 million resulting in a $89.8 million gain on early extinguishment of debt, which is reported as a component of other (expense) income, net On June 7, 2023, the Board of Directors authorized the repurchase of up to $800 million in aggregate principal amount of the 2026 Notes. Note repurchases may be made from time to time through December 31, 2023 in privately negotiated transactions. Repurchases are subject to available liquidity, general market and economic conditions, alternate uses for the capital, and other factors, and there is no minimum principal amount of 2026 Notes that the Company is obligated to repurchase. We have not executed any repurchases under this authorization to date. The convertible senior notes outstanding as of June 30, 2023 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible senior notes $ 1,425,900 (11,692) $ 1,414,208 The 2026 Notes do not bear interest. We recognized $3.9 million and $2.4 million during the years ended June 30, 2023 and 2022, respectively, of interest expense related to the amortization of debt discount and issuance costs in the consolidated statement of operations and comprehensive loss within other (expense) income, net Revolving Credit Facility On February 4, 2022, we entered into a revolving credit agreement with a syndicate of commercial banks for a $165.0 million unsecured revolving credit facility. On May 16, 2022, we increased unsecured revolving commitments under the facility to $205.0 million. This facility bears interest at a rate equal to, at our option, either (a) a Secured Overnight Financing Rate (“SOFR”) rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.85% per annum or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00% per annum, in each case, plus an applicable margin of 0.85% per annum. The revolving credit agreement has a final maturity date of February 4, 2025. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. There are no borrowings outstanding under the facility as of June 30, 2023.

Securitization and Variable Int

Securitization and Variable Interest Entities	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Securitization and Variable Interest Entities	Securitization and Variable Interest Entities Consolidated VIEs Warehouse Credit Facilities We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 9. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary. Securitizations In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the consolidated balance sheets. For each securitization, the residual certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. For the majority of consolidated securitization VIEs, we retain 100% of the residual certificates issued by the securitization trust. Any portion of the residual trust certificates sold to third-party investors are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands). June 30, 2023 Assets Liabilities Net Assets Warehouse credit facilities $ 1,930,641 $ 1,686,359 $ 244,282 Securitizations 2,272,991 2,169,835 103,156 Total consolidated VIEs $ 4,203,632 $ 3,856,194 $ 347,438 June 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 563,207 $ 534,422 $ 28,785 Securitizations 1,679,062 1,632,107 46,955 Total consolidated VIEs $ 2,242,269 $ 2,166,529 $ 75,740 Unconsolidated VIEs Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of June 30, 2023. The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): June 30, 2023 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 380,547 $ 367,788 $ 12,759 $ 19,149 Total unconsolidated VIEs $ 380,547 $ 367,788 $ 12,759 $ 19,149 June 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 996,242 $ 965,909 $ 30,333 $ 51,248 Total unconsolidated VIEs $ 996,242 $ 965,909 $ 30,333 $ 51,248 Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $18.9 million in retained notes and residual certificates disclosed within securities available for sale at fair value in our consolidated balance sheets and $0.2 million related to our servicing assets disclosed within other assets in our consolidated balance sheets as of June 30, 2023. Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. This amount was not material as of June 30, 2023. Retained Beneficial Interests in Unconsolidated VIEs The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our consolidated balance sheets. See Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of June 30, 2023 , we have pledged each of our ret ained beneficial interests as collateral in a sale and repurchase agreement as described in Note 9. Debt .

Investments

Investments	12 Months Ended
	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Investments	Investments Marketable Securities Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the consolidated balance sheets (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents: Money market funds $ 97,129 $ 162,483 Certificates of deposit — 16,026 Commercial paper 54,402 229,272 Agency bonds 60,865 — Government bonds US — 58,541 Securities, available for sale: Certificates of deposit 97,224 300,390 Corporate bonds 256,772 368,671 Commercial paper 266,193 478,293 Agency bonds 84,276 — Government bonds Non-US 9,151 17,955 US 441,096 378,386 Securitization notes receivable and certificates (1) 18,913 51,678 Other 1,028 — Total marketable securities: $ 1,387,049 $ 2,061,695 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2023 and June 30, 2022 were as follows (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 97,399 $ 11 $ (186) $ — $ 97,224 Corporate bonds 260,627 55 (3,910) — 256,772 Commercial paper (1) 320,882 34 (321) — 320,595 Agency bonds (1) 145,312 62 (233) — 145,141 Government bonds Non-US 9,330 — (179) — 9,151 US 444,858 28 (3,790) — 441,096 Securitization notes receivable and certificates (2) 19,841 — (475) (453) 18,913 Other 1,028 — — — 1,028 Total securities available for sale $ 1,299,277 $ 190 $ (9,094) $ (453) $ 1,289,920 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 317,331 $ 6 $ (921) $ — $ 316,416 Corporate bonds 371,907 7 (3,243) — 368,671 Commercial paper (1) 708,694 16 (1,145) — 707,565 Government bonds Non-US 18,196 — (241) — 17,955 US (1) 438,947 — (2,020) — 436,927 Securitization notes receivable and certificates (2) 52,180 178 (659) (21) 51,678 Total securities available for sale $ 1,907,255 $ 207 $ (8,229) $ (21) $ 1,899,212 (1) Certificates of deposit, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt As of June 30, 2023 and June 30, 2022, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of June 30, 2023 and June 30, 2022, are as follows (in thousands): June 30, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 63,489 $ (186) $ — $ — $ 63,489 $ (186) Corporate bonds 92,171 (834) 131,762 (3,076) 223,933 (3,910) Commercial paper 164,037 (321) — — 164,037 (321) Agency bonds 44,214 (233) — — 44,214 (233) Government bonds Non-US 3,061 (58) 6,089 (121) 9,150 (179) US 292,333 (2,395) 67,606 (1,395) 359,939 (3,790) Total securities available for sale (1) $ 659,305 $ (4,027) $ 205,457 $ (4,592) $ 864,762 $ (8,619) June 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 290,169 $ (921) $ — $ — $ 290,169 $ (921) Corporate bonds 351,088 (3,243) — — 351,088 (3,243) Commercial paper 679,272 (1,145) — — 679,272 (1,145) Government bonds Non-US 17,955 (241) — — 17,955 (241) US 431,903 (2,020) — — 431,903 (2,020) Securitization notes receivable and certificates 722 (45) — — 722 (45) Total securities available for sale (1) $ 1,771,109 $ (7,615) $ — $ — $ 1,771,109 $ (7,615) (1) The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 142 and 270 as of June 30, 2023 and June 30, 2022, respectively. The length of time to contractual maturities of securities available for sale as of June 30, 2023 and June 30, 2022, were as follows (in thousands): June 30, 2023 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 97,399 $ 97,224 $ — $ — $ 97,399 $ 97,224 Corporate bonds 173,523 171,634 87,104 85,138 260,627 256,772 Commercial paper (1) 320,882 320,595 — — 320,882 320,595 Agency bonds (1) 130,176 130,165 15,136 14,976 145,312 145,141 Government bonds Non-US 4,063 3,996 5,267 5,155 9,330 9,151 US 308,179 306,656 136,679 134,440 444,858 441,096 Securitization notes receivable and certificates (2) — — 19,841 18,913 19,841 18,913 Other — — 1,028 1,028 1,028 1,028 Total securities available for sale $ 1,034,222 $ 1,030,270 $ 265,055 $ 259,650 $ 1,299,277 $ 1,289,920 June 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (1) $ 317,331 $ 316,416 $ — $ — $ 317,331 $ 316,416 Corporate bonds 206,208 204,614 165,699 164,057 371,907 368,671 Commercial paper (1) 708,694 707,565 — — 708,694 707,565 Government bonds Non-US 11,895 11,813 6,301 6,142 18,196 17,955 US (1) 360,757 359,242 78,190 77,685 438,947 436,927 Securitization notes receivable and certificates (2) — — 52,180 51,678 52,180 51,678 Total securities available for sale $ 1,604,885 $ 1,599,650 $ 302,370 $ 299,562 $ 1,907,255 $ 1,899,212 (1) Certificates of deposit, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of June 30, 2023 and June 30, 2022 . Gross proceeds from matured or redeemed securities were $3.7 billion and $2.2 billion for the years ended June 30, 2023 and June 30, 2022, respectively. For available for sale securities realized gains and losses from portfolio sales were not material for the June 30, 2023 and June 30, 2022. Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $43.2 million as of both June 30, 2023 and June 30, 2022 and are included in other assets within the consolidated balance sheets. There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the years ended June 30, 2023 or June 30, 2022 .

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 June 30, 2022 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as cash flow hedges Interest rate contracts - cash flow hedges $ 800,000 $ 751 $ — $ — $ — $ — Derivatives not designated as hedges Interest rate contracts 2,102,944 49,794 — 1,690,000 49,983 — Total gross derivative assets/liabilities $ 2,902,944 $ 50,545 $ — $ 1,690,000 $ 49,983 $ — The following table summarizes the impact of the cash flow hedges on AOCI (in thousands): Year ended June 30, 2023 Balance at beginning of period $ — Changes in fair value 805 Amounts reclassified into earnings (1) 54 Balance at end of period (2) $ 751 (1) The amounts reclassified into earnings is presented in the consolidated statements of income within funding costs. (2) Over the next 12 months, we expect to reclassify $0.8 million of net derivative gains included in AOCI into funding costs within our consolidated statement of operations and comprehensive loss. The following table summarizes the impact of the derivative instruments on income and indicates where within the consolidated statement of operations and comprehensive loss such impact is reported (in thousands): Location of gains (losses) where the effects of derivatives are recorded Year ended 2023 2022 The effects of cash flow hedging Funding costs 54 — The effects of derivatives not designated in hedging relationships Other income, net 48,074 48,607

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	12 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Financial Assets and Liabilities Recorded at Fair Value The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 97,129 $ — $ — $ 97,129 Commercial paper — 54,402 — 54,402 Agency bonds — 60,865 — 60,865 Securities, available for sale: Certificates of deposit — 97,224 — 97,224 Corporate bonds — 256,772 — 256,772 Commercial paper — 266,193 — 266,193 Agency bonds — 84,276 — 84,276 Government bonds: Non-U.S. — 9,151 — 9,151 U.S. — 441,096 — 441,096 Securitization notes receivable and residual trust certificates — — 18,913 18,913 Other — — 1,028 1,028 Servicing assets — — 880 880 Derivative instruments — 50,545 — 50,545 Total assets $ 97,129 $ 1,320,524 $ 20,821 $ 1,438,474 Liabilities: Servicing liabilities $ — $ — $ 1,392 $ 1,392 Performance fee liability — — 1,581 1,581 Residual trust certificates, held by third-parties — — 125 125 Profit share liability — — 1,832 1,832 Total liabilities $ — $ — $ 4,930 $ 4,930 June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 162,483 $ — $ — $ 162,483 Certificates of deposit — 16,026 — 16,026 Commercial paper — 229,272 — 229,272 Government bonds - U.S. — 58,541 — 58,541 Securities, available for sale: Certificates of deposit — 300,390 — 300,390 Corporate bonds — 368,671 — 368,671 Commercial paper — 478,293 — 478,293 Government bonds: Non-U.S. — 17,955 — 17,955 U.S. — 378,386 — 378,386 Securitization notes receivable and residual trust certificates — — 51,678 51,678 Servicing assets — — 1,192 1,192 Derivative instruments — 49,983 — 49,983 Total assets $ 162,483 $ 1,897,517 $ 52,870 $ 2,112,870 Liabilities: Servicing liabilities $ — $ — $ 2,673 $ 2,673 Performance fee liability — — 1,710 1,710 Residual trust certificates, held by third-parties — — 377 377 Contingent consideration — — 23,348 23,348 Profit share liability — — 1,987 1,987 Total liabilities $ — $ — $ 30,095 $ 30,095 There were no transfers between levels during the periods ended June 30, 2023 and June 30, 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Marketable Securities As of June 30, 2023, we held marketable securities classified as cash and cash equivalents and available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services. Derivative Instruments As of June 30, 2023 and June 30, 2022, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 12. Derivative Financial Instruments in the notes to the consolidated financial statements for further details on our derivative instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, contingent consideration, profit share liability, and credit enhancement liability do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made. Servicing Assets and Liabilities We sold loans with an unpaid principal balance of $7.5 billion, $7.1 billion, and $3.2 billion for the years ended June 30, 2023, 2022, and 2021, respectively, for which we retained servicing rights. As of June 30, 2023 and June 30, 2022, we serviced loans which we sold with a remaining unpaid principal balance of $4.1 billion and $4.5 billion, respectively. We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows: Adequate Compensation We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio. Discount Rate Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require. Gross Default Rate We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses. We earned $87.5 million, $65.8 million, and $24.7 million of servicing income for the years ended June 30, 2023, 2022, and 2021, respectively. As of June 30, 2023 and June 30, 2022, the aggregate fair value of the servicing assets was measured at $0.9 million and $1.2 million, respectively, and presented within other assets on the consolidated balance sheets. As of June 30, 2023 and June 30, 2022, the aggregate fair value of the servicing liabilities was measured at $1.4 million and $2.7 million, respectively, and presented within accrued expenses and other liabilities on the consolidated balance sheets. The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,192 $ 2,349 Initial transfers of financial assets 433 2,899 Subsequent changes in fair value (745) (4,056) Fair value at end of period $ 880 $ 1,192 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 2,673 $ 3,961 Initial transfers of financial assets 7,723 15,617 Subsequent changes in fair value (9,004) (16,905) Fair value at end of period $ 1,392 $ 2,673 The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.92 % 2.31 % 0.93 % Gross default rate (2) 2.15 % 11.20 % 3.36 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.92 % 2.31 % 2.27 % Gross default rate (2) 9.50 % 21.54 % 13.64 % June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.78 % 1.85 % 1.10 % Gross default rate (2) 0.59 % 50.59 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.13 % 2.34 % 2.21 % Gross default rate (2) 9.03 % 24.44 % 13.81 % (1) Estimated annual cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance (3) Unobservable inputs were weighted by relative fair value The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2023 June 30, 2022 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ — $ 11 Gross default rate increase of 50% $ (1) $ 22 Adequate compensation assumption: Adequate compensation increase of 10% $ (382) $ — Adequate compensation increase of 20% $ (764) $ — Adequate compensation increase of 25% $ — $ (3,513) Adequate compensation increase of 50% $ — $ (7,026) Discount rate assumption: Discount rate increase of 25% $ (29) $ (57) Discount rate increase of 50% $ (55) $ (109) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ (9) $ (10) Gross default rate increase of 50% $ (19) $ (21) Adequate compensation assumption: Adequate compensation increase of 10% $ 2,798 $ — Adequate compensation increase of 20% $ 5,597 $ — Adequate compensation increase of 25% $ — $ 6,139 Adequate compensation increase of 50% $ — $ 12,278 Discount rate assumption: Discount rate increase of 25% $ (19) $ (50) Discount rate increase of 50% $ (38) $ (98) Performance Fee Liability In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,710 $ 1,290 Purchases of loans 1,758 1,764 Settlements paid (2,031) (418) Subsequent changes in fair value 144 (926) Fair value at end of period $ 1,581 $ 1,710 Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.79% 3.34% 2.86% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 3.10% 2.42% (1) Unobservable inputs were weighted by remaining principal balances Residual Trust Certificates Held by Third-Parties in Consolidated VIEs Residual trust certificates held by third-party investor(s) are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 377 $ 914 Repayments (306) (908) Subsequent changes in fair value 54 371 Fair value at end of period $ 125 $ 377 Significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Loss rate 0.92% 0.92% 0.92% Prepayment rate 7.70% 7.70% 7.70% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% (1) Unobservable inputs were weighted by relative fair value Retained Beneficial Interests in Unconsolidated VIEs As of June 30, 2023, we held notes receivable and residual trust certificates with an aggregate fair value of $18.9 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention the Company is required to maintain as the securitization sponsor. These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value on the consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income (loss) on the consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other (expense) income, net on the consolidated statements of operations and comprehensive loss. The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 51,678 $ 16,170 Additions — 54,998 Cash received (due to payments or sales) (33,544) (19,559) Change in unrealized gain (loss) 6 (509) Accrued interest 1,205 595 Reversal of (impairment on) securities available for sale (432) (17) Fair value at end of period $ 18,913 $ 51,678 Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certific ates as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.72% 29.84% 7.30% Loss rate 1.25% 14.96% 3.02% Prepayment rate 5.90% 29.90% 18.10% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 3.68% 22.50% 5.37% Loss rate 0.61% 10.95% 2.65% Prepayment rate 5.25% 35.00% 18.48% (1) Unobservable inputs were weighted by relative fair value The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): Year ended 2023 2022 Discount rate assumption: Discount rate increase of 25% $ (218) $ (1,410) Discount rate increase of 50% $ (429) $ (2,295) Loss rate assumption: Loss rate increase of 25% $ (165) $ (729) Loss rate increase of 50% $ (243) $ (964) Prepayment rate assumption: Prepayment rate decrease of 25% $ (30) $ (545) Prepayment rate decrease of 50% $ (59) $ (519) Contingent Consideration Our acquisition of PayBright, Inc. (“PayBright”) on January 1, 2021 included consideration transferred and 2,587,362 shares of our common stock held in escrow, contingent upon the achievement of future milestones. At the acquisition date, we classified the contingent consideration as a liability and estimated its fair value using a Monte Carlo simulation utilizing assumptions of simulated revenue, equity volatility, and a discount rate. The liability is remeasured to its fair value at each reporting date, until the contingency is resolved. For periods in which actual revenues are unknown, the fair value is estimated using a Monte Carlo simulation. For periods in which revenue is known, the fair value is estimated based on the shares expected to be released from escrow multiplied by the estimated share price. The fair value estimate represents a Level 3 measurement, as the revenue milestone represents a significant unobservable input. During the year ended June 30, 2022, one of these milestones was achieved and 1,293,681 shares of our Class A common stock were released from escrow, resulting in a reduction to the contingent liability. During the year ended June 30, 2023, an additional milestone was achieved, resulting in the release of the remaining 1,293,681 shares of our Class A and Class B common stock from escrow and settlement of the remaining contingent liability. The change in fair value of the contingent consideration at each reporting date is recognized as a component of other (expense) income, net The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 23,348 $ 153,447 Subsequent changes in fair value (8,172) (89,313) Fair value of shares released from escrow (13,674) (32,110) Effect of foreign currency translation (1,502) (8,676) Fair value at end of period $ — $ 23,348 Profit Share Liability On January 1, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the consolidated balance sheets. The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,987 $ 2,464 Facilitation of loans 5,792 5,955 Actual performance (7,009) (7,642) Subsequent changes in fair value 1,062 1,210 Fair value at end of period $ 1,832 $ 1,987 Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liab ility as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.13% 1.13% 1.13% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.28% (1) Unobservable inputs were weighted by relative fair value Risk Sharing Arrangements In connection with certain capital funding arrangements with third party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer if actual losses on the loans sold exceed agreed-upon expected losses, subject to a cap based on a percentage of the principal balance of loans sold. Losses are calculated at a cohort level based on the sale date. For a given cohort where actual losses are below the contractual loss threshold, we may earn credits that reduce our liability with respect to cohorts where losses have exceeded the contractual loss threshold. The Company accounts for these arrangements as derivatives measured at fair value with gains and losses recognized in the income statement through Gain on sale of loans. Given the recency of loan sales in connection with these arrangements, which were in close proximity to the end of the period, there have not been any significant changes in our loss expectations since the time of sale. At the time of sale and as of June 30, 2023, we estimated that the fair value of these loss sharing arrangements was $0, in each case using forward looking loss assumptions which are derived based on historical loan performance for loans with similar contractual terms and credit characteristics. Through June 30, 2023 we have sold $381.1 million unpaid principal balance of loans under these risk sharing arrangements, of which our maximum exposure to losses is $8.2 million. Financial Assets and Liabilities Not Recorded at Fair Value The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 76 $ — $ 76 $ — $ 76 Loans held for investment, net 4,198,431 — — 4,397,931 4,397,931 Other assets 9,325 — 9,325 — 9,325 Total assets $ 4,207,832 $ — $ 9,401 $ 4,397,931 $ 4,407,332 Liabilities: Convertible senior notes, net (1) $ 1,414,208 $ — $ 1,053,866 $ — $ 1,053,866 Notes issued by securitization trusts 2,165,577 — — 1,748,772 1,748,772 Funding debt (2) 1,775,698 — — 1,777,635 1,777,635 Total liabilities $ 5,355,483 $ — $ 1,053,866 $ 3,526,407 $ 4,580,273 June 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 2,670 $ — $ 2,670 $ — $ 2,670 Loans held for investment, net 2,348,169 — — 2,412,871 2,412,871 Other assets 12,661 — 12,661 — 12,661 Total assets $ 2,363,500 $ — $ 15,331 $ 2,412,871 $ 2,428,202 Liabilities: Convertible senior notes, net (1) 1,706,668 — 984,285 — 984,285 Notes issued by securitization trusts 1,627,580 — — 1,529,401 1,529,401 Funding debt (2) 683,395 — — 683,388 683,388 Total liabilities $ 4,017,643 $ — $ 984,285 $ 2,212,789 $ 3,197,074 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. (2) As of June 30, 2023 and

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock The Company had shares of common stock reserved for issuance as follows: June 30, 2023 June 30, 2022 Available outstanding under stock option plan 52,572,230 53,158,233 Available for future grant under stock option plan 37,245,232 31,156,746 Total 89,817,462 84,314,979 The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors. Common Stock Warrants Common stock warrants are included as a component of additional paid in capital within the consolidated balance sheets. During the year ended June 30, 2022, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested at the grant date. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. During the years ended June 30, 2023 and June 30, 2022, a total of $463.3 million and $281.0 million, respectively, was recognized within sales and marketing expense which included $41.4 million and $26.3 million, respectively, in amortization expense of the commercial agreement asset and $421.9 million and $254.7 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested. The following table summarizes the warrants activity during the years ended June 30, 2023 and June 30, 2022: Number of Shares Weighted Average Exercise Price ($) Weighted Average Remaining Life (years) Warrants outstanding, June 30, 2021 — $— 0.00 Granted 22,000,000 68.19 5.60 Exercised — — 0.00 Cancelled — — 0.00 Warrants outstanding, June 30, 2022 22,000,000 $68.19 5.60 Granted — — 0.00 Exercised — — 0.00 Cancelled — — 0.00 Warrants outstanding, June 30, 2023 22,000,000 $68.19 4.60 Warrants exercisable, June 30, 2023 7,424,442 $42.32 3.60

Equity Incentive Plans

Equity Incentive Plans	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	quity Incentive Plans 2012 Stock Plan Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of June 30, 2023, the maximum number of shares of common stock which may be issued under the Plan is 146,209,197 Class A shares. As of June 30, 2023 and June 30, 2022, there were 37,245,232 and 31,156,746 shares of Class A common stock, respectively, available for future grants under the Plan. Stock Options For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years. The following table summarizes our stock option activity for the year ended June 30, 2023: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2022 19,310,706 $ 15.22 6.94 Granted 1,991,427 19.10 Exercised (971,863) 4.67 Forfeited, expired or cancelled (1,825,132) 33.94 Balance as of June 30, 2023 18,505,138 14.34 6.07 Vested and exercisable, June 30, 2023 14,758,426 $ 10.74 5.45 $ 112,834 Vested and exercisable, and expected to vest thereafter (1) June 30, 2023 18,321,690 $ 14.14 6.05 $ 115,791 (1) Options expected to vest reflect the application of an estimated forfeiture rate. The weighted-average grant date fair value of employee options granted for the years ended June 30, 2023, 2022, and 2021, was $10.92, $13.29, and $59.83, respectively. The aggregate intrinsic value of options exercised was approximately $12.6 million, $1.4 billion, and $0.7 billion for the years ended June 30, 2023, 2022, and 2021, respectively. The total fair value of stock options vested during the years ended June 30, 2023, 2022, and 2021 was $39.5 million, $30.3 million, and $97.4 million, respectively. The fair value of each option on the date of grant is determined using the Black Scholes-Merton option pricing model using the single-option award approach with the weighted-average assumptions set forth in the table below. Volatility is based on historical volatility rates obtained from certain public companies that operate in the same or related business as us since there is a limited period of historical market data for our common stock. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth. We used the simplified method to determine an estimate of the expected term of an employee share option. Year ended June 30, 2023 2022 2021 Volatility 59% 54% 46% Risk-free interest rate 2.88% - 3.87% 1.47% - 3.01% 0.70% - 1.05% Expected term (in years) 6.04 5.56 6.35 Expected dividend yield — — — As of June 30, 2023, unrecognized compensation expense related to unvested stock options was approximately $36.2 million. The weighted-average period over which such compensation expense will be recognized is approximately 2.2 years. When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of June 30, 2023 and June 30, 2022, the balance of equity exercise taxes payable was $3.4 million and $10.9 million, respectively, which is included in accounts payable on the consolidated balance sheets. Value Creation Award In November 2020, in connection with an overall review of the compensation of Max Levchin, our Chief Executive Officer, in advance of the IPO, and taking into account Mr. Levchin’s leadership since the inception of the Company, the comparatively modest level of cash compensation he had received from the Company during his many years of service, and that he did not hold any unvested equity awards, the Company's Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company's Class A common stock (the “Value Creation Award”). As discussed below, the Value Creation Award will only be earned, if at all, in the event the price of our Class A common stock attains stock price hurdles that are significantly in excess of the Company's IPO price per share, over a period of five years, subject to Mr. Levchin’s continued service to the Company. The Value Creation Award is divided into ten tranches, each of which Mr. Levchin may earn by satisfying a performance condition within a five-year period following the IPO. The performance condition for each tranche will be satisfied on the date the 90 average trading day volume weighted share price of the Company’s Class A common stock exceeds certain specified stock price hurdles, presented in the table below, which were determined based on a target percentage of share price appreciation from the IPO price. Once earned as a result of satisfying the performance condition, the options will vest and become exercisable over a five-year period that commenced at the time of the IPO, subject to Mr. Levchin’s continued service to the Company, in annual amounts equal to 15%, 15%, 20%, 25% and 25%, respectively. The per share exercise price of the Value Creation Award is $49.00, the price to the public in the IPO. Tranche Stock Price Hurdle Number of Options 1 $ 65.66 1,000,000 2 $ 82.32 1,000,000 3 $ 98.98 1,000,000 4 $ 115.64 1,000,000 5 $ 132.30 1,000,000 6 $ 148.47 1,000,000 7 $ 165.13 1,000,000 8 $ 181.79 1,000,000 9 $ 247.94 2,250,000 10 $ 371.91 2,250,000 Total 12,500,000 We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the years ended June 30, 2023 and June 30, 2022, we incurred stock-based compensation expense of $94.6 million and $140.7 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the consolidated statements of operations and comprehensive loss. Based on achievement of the stock price hurdles and time-based service conditions, 1,875,000 shares vested during both years ended June 30, 2023 and 2022. As of June 30, 2023, none of these awards have been exercised. As of June 30, 2023, unrecognized compensation expense related to the Value Creation Award was approximately $112.9 million, which is expected to be recognized over a remaining weighted-average period of 2.5 years. Restricted Stock Units RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one The following table summarizes our RSU activity during the year ended June 30, 2023: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2022 21,387,592 $ 38.41 Granted 19,025,716 21.34 Vested (12,498,098) 33.28 Forfeited, expired or cancelled (6,262,014) 36.28 Non-vested at June 30, 2023 21,653,196 $ 26.99 As of June 30, 2023, unrecognized compensation expense related to unvested RSUs was approximately $473.1 million, which is expected to be recognized over a remaining weighted-average period of 1.7 years. 2020 Employee Stock Purchase Plan On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 10.9 million shares of Class A common stock are reserved and available for issuance under the ESPP and 1.1 million shares have been issued as of June 30, 2023. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Year ended June 30, 2023 2022 2021 General and administrative $ 239,923 $ 248,797 $ 196,554 Technology and data analytics 181,396 116,531 76,643 Sales and marketing 25,914 23,224 17,092 Processing and servicing 4,476 2,431 2,218 Total stock-based compensation in operating expenses 451,709 390,983 292,507 Capitalized into property, equipment and software, net 80,108 54,542 13,999 Total stock-based compensation $ 531,817 $ 445,525 $ 306,506 In connection with the acquisition of Returnly on May 1, 2021, we issued 304,364 shares of our Class A common stock, which were held in escrow. Because the future payment of the escrowed shares was contingent on continued employment of certain employees, the arrangement represents stock-based compensation in the post combination period. The grant-date fair value was estimated based on the value of the shares at the date of closing. The escrowed shares had a requisite service period of two years and contained a performance-based vesting condition (i.e., the achievement of certain revenue targets). We recorded stock-based compensation expense on a straight-line basis for each tranche over the requisite service period, as long as the performance-based conditions were considered probable of being satisfied. During the year ended June 30, 2023, the arrangement was modified and subsequently terminated. The modification and subsequent termination resulted in the recognition of $2.0 million of incremental compensation cost within general and administrative expense in our consolidated statement of operations and comprehensive loss, as well as the release of 45,459 shares from escrow and the remittance of 258,905 shares back to the Company.

Restructuring and other

Restructuring and other	12 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and other	Restructuring and other On February 8, 2023, we committed to a restructuring plan (the “2023 Restructuring Plan”) designed to manage our operating expenses in response to current macroeconomic conditions and ongoing business prioritization efforts. As part of the plan, we reduced our workforce by approximately 500 employees, representing approximately 19% of our employees and incurred lease exit costs related to vacating a portion of our San Francisco office. Restructuring and other consists of employee severance pay and related costs and accelerations of amortization expense for the lease asset associated with certain of our office spaces. For the year ended June 30, 2023, restructuring and other was comprised of the following (in thousands): June 30, 2023 Employee severance pay and related costs $ 29,654 Non-cash accelerations of depreciation and amortization expense 6,216 Restructuring and other $ 35,870 The Company’s restructuring accrual activity for the year ended June 30, 2023 is summarized as follows (in thousands): 2023 Other Exit and Disposal Activities (1) Accrued restructuring costs, June 30, 2022 $ — $ — Additions 26,297 2,116 Cash paid (27,353) — Adjustments 1,302 — Impact of foreign currency translation 62 — Accrued restructuring costs, June 30, 2023 $ 308 $ 2,116 (1) Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The U.S. and foreign components of income (loss) before income taxes for the years ended June 30, 2023, 2022, and 2021 are as follows (in thousands): Year Ended June 30, 2023 2022 2021 U.S. $ (974,074) $ (780,699) $ (330,313) Foreign (15,171) 55,868 (113,057) Total loss before income taxes $ (989,245) $ (724,831) $ (443,370) Income tax expense (benefit) for the years ended June 30, 2023, 2022, and 2021 is summarized as follows (in thousands): Year Ended June 30, 2023 2022 2021 Current State $ 759 $ 145 $ (10) Foreign 408 230 (410) Total current expense $ 1,167 $ 375 $ (420) Deferred Federal $ 137 $ 113 $ 88 State 249 281 (2,570) Foreign (5,453) (18,183) 559 Total deferred expense (5,067) (17,789) (1,923) Income tax (benefit) expense $ (3,900) $ (17,414) $ (2,343) The income tax benefit for the year ended June 30, 2023 was primarily attributable to the effects of foreign income taxes on our Canadian subsidiary and partially offset by various U.S. state and other foreign income taxes, while the income tax benefits for the years ended June 30, 2022 and June 30, 2021 were primarily attributable to a change in our assessment of the future realization of our Canadian deferred tax assets and to an adjustment to the Company's valuation allowance resulting from a deferred tax liability assumed with the acquisition of Returnly, respectively. The following is a reconciliation of the U.S. statutory federal income tax rate to our effective tax rate for the years ended June 30, 2023, 2022, and 2021: Year Ended June 30, 2023 2022 2021 U.S. statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 7.7 % 8.3 % 9.1 % Foreign rate differential 0.1 % (0.4) % 1.5 % Stock-based compensation (14.9) % 64.0 % 66.4 % Non-deductible compensation expense (2.2) % (12.4) % (8.4) % Tax benefit related to tax credits, net 0.9 % 15.4 % 0.5 % Impact of change in fair value of contingent consideration 0.2 % 3.3 % (5.6) % Change in unrecognized tax benefits (0.4) % (6.2) % — % Other (0.1) % 0.2 % 1.6 % Change in valuation allowance (11.9) % (90.8) % (85.6) % Effective income tax rate 0.4 % 2.4 % 0.5 % Significant components of deferred tax assets and liabilities are as follows (in thousands): Year Ended June 30, 2023 2022 Net operating loss carryforwards $ 1,070,325 $ 1,056,403 Allowance for credit losses 65,699 55,154 Stock-based compensation 45,974 51,288 Stock warrants 50,097 — Operating lease liabilities 15,253 19,840 Purchased intangible assets 315 — Tax credit carryforwards 74,589 69,144 Other 10,338 7,581 Total deferred tax assets $ 1,332,590 $ 1,259,410 Capitalized R&E including internally developed software (21,304) (47,217) Purchased intangible assets — (11,386) Right-of-use lease assets (8,751) (15,289) Stock warrants — (7,200) Other (2,670) (2,920) Total deferred tax liabilities $ (32,725) $ (84,012) Valuation allowance (1,280,216) (1,158,246) Deferred tax assets (liabilities), net of valuation allowance $ 19,649 $ 17,152 We continue to recognize a full valuation allowance against our U.S. federal and state and certain foreign net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company for the years ended June 30, 2023, 2022, and 2021. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth. The valuation allowance increased by $122.0 million during the year ended June 30, 2023. As a result of the integration and consolidation of our PayBright business into and with Affirm’s Canadian business, the expansion of our overall business in Canada, and other objectively verifiable positive evidence available, all of which we have concluded is sufficient to outweigh the existing negative evidence – including the presence of a three-year cumulative loss attributable to the Canadian jurisdiction, we have determined that it is more likely than not that our Canadian deferred tax assets will be realized and a valuation allowance is not required. As of June 30, 2023, we had pretax U.S. federal net operating loss ("NOL") carryforwards of approximately $3,393.3 million, state NOL carryforwards of $4,706.7 million, Canadian NOL carryforwards of $77.4 million, and U.K. NOL carryforwards of $9.6 million. If not utilized, certain U.S. federal and state NOL carryforwards will begin to expire in 2029, whereas others have an unlimited carryforward period, and foreign NOL carryforwards will begin to expire in 2039, with others that have an unlimited carryforward period as well. Additionally, as of June 30, 2023, we also had U.S. federal and state research and development tax credit carryforwards of $87.8 million and $41.9 million, respectively. The U.S. federal research and development tax credit carryforwards will begin to expire in 2041 while the state research and development tax credits may be carried forward indefinitely. As of June 30, 2023, the Company also had other state tax credit carryforwards of $2.6 million, which will begin to expire in 2024 if not utilized. Of the above NOL carryforwards, approximately $42.0 million pretax U.S. federal NOL carryforwards and $36.4 million state NOL carryforwards are from domestic acquisitions, which may be subject to an annual utilization limitation under Internal Revenue Code Section 382. The future utilization of all domestic NOL and tax credit carryforwards may be subject to an annual limitation, pursuant to Internal Revenue Code Sections 382 and 383 and similar state provisions, due to ownership changes that may have occurred previously or that could occur in the future. Any limitation may result in the expiration of all or a portion of the NOL carryforwards before utilization. The Company accounts for uncertainties in income taxes in accordance with ASC 740, Income Taxes (“ASC 740”) . The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (in thousands): Year ended June 30, 2023 2022 2021 Beginning balance $ 47,867 $ — $ — Gross increase for tax positions related to the current year 5,828 28,407 — Gross increase for tax positions related to prior years — 19,460 — Gross decrease for tax positions related to prior years (1,845) — — Ending balance $ 51,850 $ 47,867 $ — As of June 30, 2023, the Company had no unrecognized tax benefits related to uncertain tax positions that, if recognized, would impact the effective tax rate. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. Interest and penalties on unrecognized tax benefits are recorded as a component of tax expense. During the years ended June 30, 2023, 2022, and 2021, we did not recognize accrued interest and penalties related to unrecognized tax benefits. We file U.S. federal and state income tax returns as well as various foreign income tax returns with varying statutes of limitation. With respect to the Company’s major tax filings, all tax years remain open to examination due to the carryover of unused net operating losses.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following tables present basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Year ended June 30, 2023 Class A Class B Numerator: Net loss $ (785,080) $ (200,265) Net loss attributable to common stockholders - basic and diluted $ (785,080) $ (200,265) Denominator: Weighted average shares of common stock - basic 235,316,821 60,026,645 Weighted average shares of common stock - diluted 235,316,821 60,026,645 Net loss per share: Basic $ (3.34) $ (3.34) Diluted $ (3.34) $ (3.34) Year ended June 30, 2022 Class A Class B Numerator: Net loss $ (536,654) $ (170,763) Net loss attributable to common stockholders - basic and diluted $ (536,654) $ (170,763) Denominator: Weighted average shares of common stock - basic 213,703,749 68,000,292 Weighted average shares of common stock - diluted 213,703,749 68,000,292 Net loss per share: Basic $ (2.51) $ (2.51) Diluted $ (2.51) $ (2.51) The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: Year ended June 30, 2023 2022 2021 Stock options, including early exercise of options 18,505,138 18,922,009 44,178,776 Restricted stock units 21,653,196 21,387,592 14,238,738 Common stock warrants 5,859,226 5,817,203 350,000 Employee stock purchase plan shares 485,465 614,659 — Total 46,503,025 46,741,463 58,767,514

Segments and Geographical Infor

Segments and Geographical Information	12 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments and Geographical Information	Segments and Geographical Information We conduct our operations through a single operating segment and, therefore, one reportable segment. Revenue Revenue by geography is based on the billing addresses of the borrower or the location of the merchant’s national headquarters. The following table sets forth revenue by geographic area (in thousands): Year ended June 30, 2023 2022 2021 United States $ 1,540,044 $ 1,304,304 $ 857,222 Canada 47,423 44,852 13,242 Other 518 136 — Total $ 1,587,985 $ 1,349,292 $ 870,464 Long-Lived Assets The following table summarizes our long-lived assets, which consists of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): Year ended June 30, 2023 2022 United States $ 317,354 $ 217,532 Canada 2,488 4,390 Other $ 463 $ 231 Total $ 320,306 $ 222,153

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Pay vs Performance Disclosure
Net loss	$ (985,345)	$ (707,417)	$ (441,027)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of ConsolidationThe accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).
Principles of Consolidation	Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ materially from those estimates.
Segment Reporting	Segment Reporting We conduct our operations through a single operating segment and, therefore, one reportable segment. Operating segments are components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM, the Chief Executive Officer of Affirm Holdings, Inc., uses a variety of measures to assess the performance of the business; however, detailed profitability information that could be used to allocate resources and assess the performance of the business is managed and reviewed for the consolidated company as a whole.
Business Combination	Business Combination We use the acquisition method of accounting for business combination transactions, and, accordingly, recognize the fair values of assets acquired and liabilities assumed in our consolidated financial statements. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value. Transaction costs related to the acquisition of the acquired company are expensed as incurred. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions and short term highly liquid marketable securities, including money market funds, government and agency securities, and other corporate securities purchased with an original maturity of three months or less.
Restricted Cash	Restricted Cash Restricted cash consists primarily of: (i) deposits restricted by standby letters of credit for office leases and certain commercial agreements; (ii) funds held in accounts as collateral for our originating bank partners; (iii) servicing funds held in accounts contractually restricted by agreements with warehouse credit facilities, securitization trusts, and third-party loan owners; and (iv) pledged cash collateral requirements for certain derivative agreements. Our ability to withdraw funds is restricted by contractual provisions under the applicable agreements.
Securities Available for Sale	Securities Available for Sale We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss) other (expense) income, net other (expense) income, net Interest income for available for sale securities is recorded within other (expense) income, net Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents. With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value.
Loans Held for Investment	Loans Held for Investment We either originate loans directly or purchase our loans from our originating bank partners pursuant to the terms outlined in the respective executed loan sale program agreements between us and our bank partners. Loan receivables that we have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are reported at amortized cost, which includes unpaid principal balances, any related premiums including fees paid to our originating bank partners and discounts due to loss on loan purchase commitment for loans with a fair value below the purchase price, where applicable, adjusted for any charge-offs. The amortized cost is adjusted for the allowance for credit losses within loans held for investment, net.
Loans Held for Sale	Loans Held for Sale We sell certain loans to third-party loan buyers and securitization trusts. A loan is initially classified as held for sale when the loan is identified as for sale to a third party loan buyer or to be sold to a securitization trust that is anticipated to be off balance sheet. Loans classified as held for sale are recorded at the lower of amortized cost or fair value. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. When a loan held for investment is reclassified to held for sale and reported at fair one
Transfers of Financial Assets	Transfers of Financial Assets We account for loan sales in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”) which states that a transfer of financial assets, a group of financial assets, or a participating interest in a financial asset is accounted for as a sale if all of the following conditions are met: a. The financial assets are isolated from the transferor and its consolidated affiliates as well as its creditors; b. The transferee or beneficial interest holders have the right to pledge or exchange the transferred financial assets; and c. The transferor does not maintain effective control of the transferred assets. When the requirements for sale accounting are met, we record the gain or loss on the sale of a loan at the sale date in an amount equal to the proceeds received less the carrying value of the loan, adjusted for initial recognition of assets obtained and liabilities incurred at the date of sale. Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization trust in which we retain servicing rights, we may recognize a servicing asset or liability. A servicing asset or liability arises when our contractual servicing fee with a counterparty differs from the adequate compensation rate that would be required by a third party to service the same portfolio of assets, as defined by ASC 860. Servicing assets and liabilities are measured and recorded at fair value and are presented as a component of other assets or accrued expenses and other liabilities, respectively. The recognition of a servicing asset results in a corresponding increase to the gain on sales of loans. The recognition of a servicing liability results in a corresponding decrease to gain on sales of loans. The servicing rights are remeasured at fair value each period, with the subsequent adjustment recognized in servicing income
Allowance for Credit Losses on Loans Held for Investment	Allowance for Credit Losses on Loans Held for Investment The allowance for credit losses on loans held for investment is determined based on management’s current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations on individual loans as of each balance sheet date. We immediately recognize an allowance for expected credit losses upon the origination of a loan. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. We have made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. In estimating the allowance for credit losses, management utilizes a migration analysis of delinquent and current loan receivables. Migration analysis is a technique used to estimate the likelihood that a loan receivable will
Accounts Receivable, net	Accounts Receivable, netOur accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses.
Property, Equipment and Software, net	Property, Equipment and Software, net Property, equipment and software consist of computer and office equipment, capitalized internal-use developed software and website development costs and leasehold improvements. Property, equipment and software is stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful lives of the assets, which range from three We capitalize costs to develop internally developed software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software or website will function and be used as intended. Capitalized internal-use software costs primarily include salaries and payroll-related costs for employees directly involved in the development efforts, software licenses acquired and fees paid to external consultants. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades. Capitalized internally developed software costs are included in property, equipment and software, and amortization expense is included in technology and data analytics expense in the consolidated statements of operations and comprehensive loss. Property, equipment and software is tested for impairment when there is an indication that the carrying value of the asset group it belongs to may not be recoverable. This would occur if the undiscounted cash flows estimated to be generated by an asset group are less than its carrying value. When an asset group is determined not to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset group over its respective fair value and recorded in the period the determination is made.
Goodwill and Intangible Assets	Goodwill and Intangible Assets We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized but is reviewed for impairment annually and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value. Identifiable intangible assets include developed technology, merchant relationships, assembled workforce, and trade names resulting from acquisitions, including asset acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. We review the carrying amounts of intangible assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. We measure the recoverability of the asset group by comparing its carrying amount to the future undiscounted cash flows we expect the asset group to generate. If we consider the asset group to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset group exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization.
Leases	Leases We determine whether an arrangement is a lease for accounting purposes at contract inception. For operating leases, we record a right-of-use asset (“ROU”) within other assets in our consolidated balance sheets, which represents our right to use an underlying asset for the lease term. A corresponding lease liability, which represents our obligation to make lease payments arising from the lease, is recorded in accrued expenses and other liabilities in our consolidated balance sheets. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To discount the lease payments, we use an incremental borrowing rate derived from a corporate yield curve corresponding with the lease term using information available on the commencement date. We have the option to renew or extend our leases. We include these periods in the lease term when a decision has been made to exercise the option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have elected the practical expedient allowing the combination of lease and non-lease components by class of underlying asset. We have also elected the short-term lease exception and will not recognize right-of-use assets or lease liabilities for qualifying leases with a term of less than 12 months from lease commencement.
Non-marketable Equity Securities	Non-marketable Equity Securities Non-marketable equity securities which do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Unrealized and realized gains and losses on the investment due to impairment or observable price changes in orderly transaction for an identical or similar investment of the same issuer, if any, are recognized in other (expense) income, net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition.
Funding Debt and Debt Issuance Costs	Funding Debt and Debt Issuance Costs To finance loans we originate directly or that we purchase from our originating bank partners, we borrow from various lenders through collateralized funding arrangements, which include our warehouse credit facilities secured by pledged loans and sale and repurchase agreements secured by pledging certain retained interests in our off balance sheet securitizations. These borrowings are carried at amortized cost. Costs incurred in connection with borrowings, such as banker fees, commitment fees and legal fees, are classified as deferred debt issuance costs. We defer these costs and amortize them on a straight-line basis over the expected term of the debt. Interest payments and amortization of debt issuance costs incurred on funding debt is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized debt issuance costs are presented as a reduction of the associated debt.
Notes Issued by Securitization Trusts	Notes Issued by Securitization Trusts In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the consolidated balance sheets. We defer and amortize note issuance costs, including banker fees, legal fees and other professional service fees, for consolidated securitization trusts on a straight-line basis over the expected life of the notes. Interest payments and amortization of note issuance costs incurred is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized note issuance costs are presented as a reduction of the associated notes.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as an income tax expense (benefit) in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the applicable tax law. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, and tax planning strategies; however, in evaluating the positive evidence available, expectations of future taxable income and projections for growth are usually not sufficient to overcome the negative evidence of the presence of a three-year cumulative loss. Should there be a change in the ability to recover deferred tax assets, our income tax provision would increase or decrease in the period in which the assessment is changed. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex federal, state, and foreign tax laws and regulations, and positions taken in our tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are recognized in the financial statements only when it is more likely than not that the positions will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts. Interest and penalties, if any, on income tax uncertainties are classified within income tax expense in the income statement.
Fair Value of Assets and Liabilities	ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that use, as inputs, observable market-based parameters to the greatest extent possible. Additionally, ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.
Revenue Recognition	Revenue RecognitionOur revenue consists of five components: merchant network revenue, card network revenue, interest income, gain on sale of loans and servicing income.
Loss on Loan Purchase Commitment	Loss on Loan Purchase Commitment We purchase certain loans from our originating bank partners that are processed through our platform that our originating bank partner puts back to us. Under the terms of the agreements with our originating bank partners, we are generally required to pay the principal amount plus accrued interest for such loans and fees. In certain instances, our originating bank partners may originate loans with zero or below market interest rates that we are required to purchase. In these instances, we may be required to purchase the loan for a price in excess of the fair market value of such loans, which results in a loss. These losses are recognized as loss on loan purchase commitment in our consolidated statements of operations and comprehensive loss. These costs are incurred on a per loan basis. Due to the nature of this arrangement with our originating bank partners, we recognize a net liability for this commitment when the merchant confirms the transaction. This liability is recorded at fair value, which is determined by the difference between the estimated fair value of the loan and the anticipated purchase price. Upon purchase, the liability is included in the amortized cost basis of the purchased loan as a discount, which is amortized into interest income over the life of the loan.
Customer Referral Partners	Customer Referral Partners From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service.
Sales and Marketing Costs	Sales and Marketing CostsSales and marketing costs include the expense related to warrants and other share-based payments granted to our enterprise partners. See Note 6. Balance Sheet Components for more information on these arrangements. Sales and marketing costs also include salaries and personnel-related costs, as well as costs of marketing and promotional activities, promotional event programs, sponsorships, and allocated overhead. A portion of these costs related to general marketing and promotional activities are considered advertising costs within the meaning of ASC Topic 720, “Other Expenses” (“ASC 720”), and are expensed as incurred.
Derivative Instruments	Derivative Instruments We use derivative financial instruments (“derivatives”) to manage exposure to variable interest rates. Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with our funding activities arising from changes in interest rates. We do not employ derivatives for trading or speculative purposes. We use a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risk associated with variable interest rates. ASC Topic 815 “Derivatives and Hedging” (“ASC 815”) requires that an entity recognize all derivative instruments as either assets or liabilities in the statement of financial position at fair value. In accordance with ASC 815, we designate certain derivative instruments as cash flow hedges, while others are not designated as hedges. Certain of our derivative agreements provide for netting arrangements for contracts that settle with the same counterparty, however, we do not offset assets and liabilities under these arrangements for financial statement presentation purposes. As such, the fair values are presented gross within other assets and accrued expenses and other liabilities. Offsetting collateral received by or paid to the counterparty is presented gross within accrued expenses and other liabilities or other assets, as applicable, on the consolidated balance sheet. Cash Flow Hedges We have interest rate swaps designated as cash flow hedges in order to mitigate our exposure to changes in interest rates on our variable rate warehouse funding debt. Swaps that qualify as cash flow hedges are documented and designated as such when we enter into the contracts. In accordance with our risk management policies, we structure our hedges with terms similar to that of the item being hedged. At inception of the hedge accounting relationship and on a quarterly basis, we formally assess whether derivatives designated as cash flow hedges are highly effective in offsetting changes to the forecasted cash flows of the hedged items. If the cash flow hedges are deemed to be highly effective, the gain or loss on the cash flow hedges are recorded in other comprehensive income (loss) (“OCI”) and reclassified into earnings when the hedged cash flows are recognized in funding costs within the consolidated statements of operations and comprehensive income. The amount that is reclassified into earnings is presented in the consolidated statements of operations and comprehensive loss within funding costs, the same line item in which the hedged transaction is recognized. Derivatives Not Designated as Hedges We have interest rate caps and interest rate swaps that are not designated as hedging instruments. We enter into these contracts to manage interest rate risk. Any changes in the fair value of these financial instruments are reflected in other (expense) income, net, on the consolidated statements of operations and comprehensive loss.
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of U.S. GAAP, which requires compensation cost for the grant date fair value of stock-based awards to be recognized over the requisite service period. We have elected to estimate the expected forfeiture rate for service-based awards and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on our historical experience with stock-based awards that are granted and forfeited prior to vesting. The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques. Service-Based Awards We record stock-based compensation expense for service-based stock options and restricted stock units (“RSUs”) on a straight-line basis over the requisite service period, which is generally one We account for stock-based awards to non-employees, including consultants, in accordance with ASC Topic 718, “Compensation — Stock Compensation” (“ASC 718”), in which equity-classified awards are measured at the grant date fair value and recognized as expense in the period and manner as though we had paid cash in exchange for goods or services instead of granting a stock-based award. Performance-Based Awards Prior to the IPO, we granted RSUs that were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either certain change in control transactions or an initial public offering). The performance-based condition was met upon the IPO. We record stock-based compensation expense for these awards on an accelerated attribution method over the requisite service period, which is generally four years. Upon exercise or vesting of a stock-based award, the tax effect of the difference, if any, between the cumulative compensation cost recognized for financial statement purposes and the deduction for income tax purposes, will be recognized as an income tax expense or benefit in the consolidated statement of operations. Market-Based Awards We have granted stock option awards with service-based, performance-based, and market-based vesting conditions. We determined the grant date fair value of these awards by utilizing a Monte Carlo simulation model that incorporates the probability of achievement of the market-based conditions. The Monte Carlo simulation also incorporates assumptions including expected stock price volatility, expected term, and risk-free interest rates. We estimated the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies in our industry group. We estimated the expected term of the award based on various exercise scenarios. The risk-free interest rate was determined using a U.S. Treasury rate for the period that coincides with the expected term of the award. We record stock-based compensation expense for market-based equity awards on an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied.
Foreign Currency	Foreign Currency We have wholly-owned foreign subsidiaries that use the local currency of their respective country as their functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenue, costs, and expenses of these subsidiaries are translated into U.S. dollars using daily exchange rates when incurred. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net, in our consolidated statements of operations and comprehensive loss.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share We calculate net income or loss per share using the two-class method. The two-class method requires income available to common stockholders for the period to be allocated between each class of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Our participating securities include common stock issued upon the early exercise of stock options and convertible senior notes. We consider any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on our common stock. These participating securities do not contractually require the holders of such shares to participate in our losses. As such, net losses for the years presented were not allocated to our participating securities. We calculate basic net loss per share attributable to common stockholders for Class A and Class B common stock by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding in each class for the period.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Financial Instruments - Credit Losses In March 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We early adopted the new standard effective July 1, 2022 on a prospective basis. The adoption of the guidance did not have a material impact on our financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We early adopted the new standard effective January 1, 2023 on a prospective basis. The adoption of the guidance did not have a material impact on our financial statements. Reference Rate Reform

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Prior Period Adjustments Error Corrections	The following tables provide the impact of the correction as of and for the year ended June 30, 2021, as presented below (in thousands): Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of operations and comprehensive loss Processing and servicing 73,767 (189) 73,578 Technology and data analytics 256,082 (6,746) 249,336 Sales and marketing 184,279 (2,089) 182,190 General and administrative 370,251 13,498 383,749 Total operating expenses 1,249,657 4,474 1,254,131 Other expense, net (54,073) (5,630) (59,703) Loss before income taxes (433,266) (10,104) (443,370) Net loss attributable to common stockholders (430,923) (10,104) (441,027) Foreign currency translation adjustments 7,042 4 7,046 Net comprehensive income 7,071 4 7,075 Comprehensive loss (423,852) (10,100) (433,952) Net loss per share attributable to common stockholders for Class A and Class B: Basic $ (2.72) $ (0.06) $ (2.78) Diluted $ (2.88) $ (0.06) $ (2.94) Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of redeemable convertible preferred stock and stockholders’ equity Stock-based compensation - additional paid-in capital 302,032 4,474 306,506 Foreign currency translation adjustments - accumulated other comprehensive income (loss) 7,042 4 7,046 Net loss - accumulated deficit (430,923) (10,104) (441,027) Balance as of June 30, 2021 - total stockholders' equity 2,581,153 (5,626) 2,575,527 Year Ended June 30, 2021 As Previously Reported Adjustments As Corrected Consolidated statement of cash flows Cash flows from operating activities Net loss (430,923) (10,104) (441,027) Adjustments to reconcile net loss to net cash used in operating activities: Changes in fair value of assets and liabilities 51,655 5,630 57,285 Stock-based compensation 288,033 4,474 292,507 Net cash used in operating activities (193,130) — (193,130)

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the company’s revenue disaggregated by revenue source (in thousands): Year ended June 30, 2023 2022 2021 Merchant network revenue $ 507,600 458,511 379,551 Card network revenue 119,338 100,696 49,851 Interest income 685,217 527,880 326,417 Gain on sales of loans 188,341 196,435 89,926 Servicing income 87,489 65,770 24,719 Total revenue, net $ 1,587,985 $ 1,349,292 $ 870,464
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Year ended June 30, 2023 2022 2021 Contractual interest income on unpaid principal balance $ 561,192 365,993 237,526 Amortization of discount on loans 158,703 185,050 101,078 Amortization of premiums on loans (17,628) (13,085) (9,018) Interest receivable charged-off, net of recoveries (17,050) (10,078) (3,169) Total interest income $ 685,217 $ 527,880 $ 326,417

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	12 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): June 30, 2023 June 30, 2022 Unpaid principal balance $ 4,451,324 $ 2,516,733 Accrued interest receivable 41,079 20,697 Premiums on loans held for investment 7,135 8,911 Less: Discount due to loss on loan purchase commitment (51,190) (20,692) Less: Discount due to loss on directly originated loans (45,145) (20,443) Less: Fair value adjustment on loans acquired through business combination (241) (1,645) Total loans held for investment $ 4,402,962 $ 2,503,561
Schedule of Credit Quality by ITACs Score	The following table presents an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2023 (in thousands): June 30, 2023 Amortized Costs Basis by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total 96+ $ 2,628,060 $ 39,428 $ 18,910 $ 3,439 $ 9 $ 1 $ 2,689,847 94 – 96 1,104,553 7,755 439 77 6 2 1,112,832 90 – 94 133,940 3,116 26 2 4 — 137,088 <90 13,363 1,623 4 2 — — 14,992 No score (1) 335,690 59,204 11,562 489 252 9 407,206 Total amortized cost basis $ 4,215,606 $ 111,126 $ 30,941 $ 4,009 $ 271 $ 12 $ 4,361,965 (1) This balance represents loan receivables in markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada. The following table presents net charge-offs by fiscal year of origination for the year ended June 30, 2023 (in thousands): Net Charge-offs by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total Current period charge-offs (119,520) (173,345) (6,482) (586) (89) (36) (300,058) Current period recoveries 5,997 17,719 4,653 1,259 794 587 31,009 Current period net charge-offs $ (113,523) $ (155,626) $ (1,829) $ 673 $ 705 $ 551 $ (269,049) The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2022 (in thousands): June 30, 2022 Amortized Costs Basis by Fiscal Year of Origination 2022 2021 2020 2019 2018 Prior Total 96+ $ 1,218,104 $ 122,503 $ 33,458 $ 157 $ 1 $ — $ 1,374,223 94 – 96 620,403 11,240 773 13 2 — 632,431 90 – 94 220,056 3,886 6 4 — — 223,952 <90 44,300 135 2 — — — 44,437 No score (1) 186,044 20,554 3,368 444 79 2 210,491 Total amortized cost basis $ 2,288,907 $ 158,318 $ 37,607 $ 618 $ 82 $ 2 $ 2,485,534
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands): June 30, 2023 June 30, 2022 Non-delinquent loans $ 4,183,248 $ 2,322,919 4 – 29 calendar days past due 92,876 77,963 30 – 59 calendar days past due 36,399 34,669 60 – 89 calendar days past due 28,171 26,919 90 – 119 calendar days past due (1) 21,271 23,064 Total amortized cost basis $ 4,361,965 $ 2,485,534
Schedule of Loans Held for Investment and Allowance for Credit Loss	The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands): Year ended 2023 2022 2021 Balance at beginning of period $ 155,392 $ 117,760 $ 95,137 Adjustment due to adoption of new accounting standard — — 10,083 Provision for credit losses 318,188 240,804 63,755 Charge-offs (300,058) (227,770) (65,149) Recoveries of charged-off receivables 31,009 24,598 13,934 Balance at end of period $ 204,531 $ 155,392 $ 117,760

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisition Consideration Transferred	The acquisition date fair value of the consideration transferred for Butter was approximately $16.3 million, which consisted of the following (in thousands): Cash $ 14,863 Settlement of subordinated secured notes 1,475 Total acquisition date fair value of the consideration transferred $ 16,337 The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the consideration paid of approximately $16.3 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash and cash equivalents $ 287 Loans held for investment, net 172 Accounts receivable, net 11 Intangible assets 9,243 Other assets 672 Total assets acquired 10,385 Accounts payable 568 Accrued expenses and other liabilities 2,923 Total liabilities assumed 3,491 Net assets acquired 6,894 Goodwill 9,443 Total purchase price $ 16,337 The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (in years) Lending license $ 9,243 Indefinite The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life (in years) Developed technology $ 9,488 3.0
Asset Acquisition	The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands): Assembled workforce $ 12,490 Developed technology (1) 12,925 Total $ 25,415 (1) During the year ended June 30, 2023, we completed the purchase of the developed technology intangible asset.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consisted of the following (in thousands): June 30, 2023 June 30, 2022 Internally developed software $ 377,301 $ 200,621 Leasehold improvements 20,214 16,169 Computer equipment 10,187 10,751 Furniture and equipment 6,503 4,279 Total property, equipment and software, at cost $ 414,205 $ 231,820 Less: Accumulated depreciation and amortization (124,070) (60,338) Total property, equipment and software, net $ 290,135 $ 171,482
Schedule of Goodwill	The changes in the carrying amount of goodwill during the years ended June 30, 2023 and 2022 were as follows (in thousands): Balance as of June 30, 2021 $ 516,515 Additions (1) 33,318 Adjustments (2) (10,299) Balance as of June 30, 2022 $ 539,534 Additions (1) 9,443 Adjustments (2) (6,406) Balance as of June 30, 2023 $ 542,571 (1) Refer to Note 5. Acquisitions for a description of additions to goodwill during the years ended June 30, 2023 and 2022. (2) Adjustments to goodwill during the years ended June 30, 2023 and 2022 primarily pertained to foreign currency translation adjustments.
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): June 30, 2023 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,129 $ (27,637) $ 10,492 0.6 Developed technology 39,626 (30,653) 8,973 0.6 Assembled workforce 12,490 (9,983) 2,507 0.3 Trademarks and domains, definite 1,481 (990) 491 1.7 Trademarks, licenses and domains, indefinite 11,621 — 11,621 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,697 $ (69,263) $ 34,434 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): June 30, 2023 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,129 $ (27,637) $ 10,492 0.6 Developed technology 39,626 (30,653) 8,973 0.6 Assembled workforce 12,490 (9,983) 2,507 0.3 Trademarks and domains, definite 1,481 (990) 491 1.7 Trademarks, licenses and domains, indefinite 11,621 — 11,621 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,697 $ (69,263) $ 34,434 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017
Schedule of Intangible Assets, Future Amortization Expense	The expected future amortization expense of these intangible assets as of June 30, 2023 is as follows (in thousands): 2024 $ 20,895 2025 1,396 2026 157 2027 15 2028 and thereafter — Total amortization expense $ 22,463
Schedule of Other Assets	Other assets consisted of the following (in thousands): June 30, 2023 June 30, 2022 Processing reserves $ 60,039 $ 26,483 Derivative instruments 50,545 49,983 Equity securities, at cost 43,172 43,172 Prepaid expenses 35,626 37,497 Operating lease right-of-use assets 30,171 50,671 Other assets 59,061 73,761 Total other assets $ 278,614 $ 281,567
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): June 30, 2023 June 30, 2022 Collateral held for derivative instruments $ 53,267 $ 55,779 Operating lease liability 52,557 65,713 Accrued expenses 50,704 67,343 Other liabilities 24,355 48,763 Total accrued expenses and other liabilities $ 180,883 $ 237,598

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Term and Discount Rate	Operating lease expense was as follows (in thousands): Year ended 2023 2022 2021 Operating lease expense (1) (2) $ 18,954 $ 15,200 $ 15,300 (1) During the year ended June 30, 2023, we incurred charges of $4.7 million, within restructuring and other, on our consolidated statements of operations, related to a reduction to our ROU lease assets. (2) Lease expenses for our short-term leases were immaterial for the years presented. Lease term and discount rate information are summarized as follows: June 30, 2023 Weighted average remaining lease term (in years) 3.9 Weighted average discount rate 4.8%
Schedule of Maturities of Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2023 are as follows (in thousands) for the years ended: 2024 $ 16,496 2025 16,317 2026 15,371 2027 2,680 2028 2,185 Thereafter 5,503 Total lease payments 58,552 Less imputed interest (5,995) Present value of total lease liabilities $ 52,557

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Funding Debt and Aggregate Future Maturities	Funding debt and its aggregate future maturities consists of the following (in thousands): June 30, 2023 2024 $ 202,245 2025 $ 563,350 2026 542,288 2027 — 2028 39,155 Thereafter 428,660 Total $ 1,775,698 Deferred debt issuance costs (10,886) Total funding debt, net of deferred debt issuance costs $ 1,764,812
Schedule of Long-term Debt Instruments	he convertible senior notes outstanding as of June 30, 2023 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible senior notes $ 1,425,900 (11,692) $ 1,414,208

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs	The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands). June 30, 2023 Assets Liabilities Net Assets Warehouse credit facilities $ 1,930,641 $ 1,686,359 $ 244,282 Securitizations 2,272,991 2,169,835 103,156 Total consolidated VIEs $ 4,203,632 $ 3,856,194 $ 347,438 June 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 563,207 $ 534,422 $ 28,785 Securitizations 1,679,062 1,632,107 46,955 Total consolidated VIEs $ 2,242,269 $ 2,166,529 $ 75,740
Schedule of Variable Interest Entities	The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): June 30, 2023 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 380,547 $ 367,788 $ 12,759 $ 19,149 Total unconsolidated VIEs $ 380,547 $ 367,788 $ 12,759 $ 19,149 June 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 996,242 $ 965,909 $ 30,333 $ 51,248 Total unconsolidated VIEs $ 996,242 $ 965,909 $ 30,333 $ 51,248

Investments (Tables)

Investments (Tables)	12 Months Ended
	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Marketable Securities	Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the consolidated balance sheets (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents: Money market funds $ 97,129 $ 162,483 Certificates of deposit — 16,026 Commercial paper 54,402 229,272 Agency bonds 60,865 — Government bonds US — 58,541 Securities, available for sale: Certificates of deposit 97,224 300,390 Corporate bonds 256,772 368,671 Commercial paper 266,193 478,293 Agency bonds 84,276 — Government bonds Non-US 9,151 17,955 US 441,096 378,386 Securitization notes receivable and certificates (1) 18,913 51,678 Other 1,028 — Total marketable securities: $ 1,387,049 $ 2,061,695 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt.
Unrealized Gain (Loss) on Investments	The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2023 and June 30, 2022 were as follows (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 97,399 $ 11 $ (186) $ — $ 97,224 Corporate bonds 260,627 55 (3,910) — 256,772 Commercial paper (1) 320,882 34 (321) — 320,595 Agency bonds (1) 145,312 62 (233) — 145,141 Government bonds Non-US 9,330 — (179) — 9,151 US 444,858 28 (3,790) — 441,096 Securitization notes receivable and certificates (2) 19,841 — (475) (453) 18,913 Other 1,028 — — — 1,028 Total securities available for sale $ 1,299,277 $ 190 $ (9,094) $ (453) $ 1,289,920 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 317,331 $ 6 $ (921) $ — $ 316,416 Corporate bonds 371,907 7 (3,243) — 368,671 Commercial paper (1) 708,694 16 (1,145) — 707,565 Government bonds Non-US 18,196 — (241) — 17,955 US (1) 438,947 — (2,020) — 436,927 Securitization notes receivable and certificates (2) 52,180 178 (659) (21) 51,678 Total securities available for sale $ 1,907,255 $ 207 $ (8,229) $ (21) $ 1,899,212 (1) Certificates of deposit, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets.
Schedule of Available-for-sale Securities with Unrealized Losses	A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of June 30, 2023 and June 30, 2022, are as follows (in thousands): June 30, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 63,489 $ (186) $ — $ — $ 63,489 $ (186) Corporate bonds 92,171 (834) 131,762 (3,076) 223,933 (3,910) Commercial paper 164,037 (321) — — 164,037 (321) Agency bonds 44,214 (233) — — 44,214 (233) Government bonds Non-US 3,061 (58) 6,089 (121) 9,150 (179) US 292,333 (2,395) 67,606 (1,395) 359,939 (3,790) Total securities available for sale (1) $ 659,305 $ (4,027) $ 205,457 $ (4,592) $ 864,762 $ (8,619) June 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 290,169 $ (921) $ — $ — $ 290,169 $ (921) Corporate bonds 351,088 (3,243) — — 351,088 (3,243) Commercial paper 679,272 (1,145) — — 679,272 (1,145) Government bonds Non-US 17,955 (241) — — 17,955 (241) US 431,903 (2,020) — — 431,903 (2,020) Securitization notes receivable and certificates 722 (45) — — 722 (45) Total securities available for sale (1) $ 1,771,109 $ (7,615) $ — $ — $ 1,771,109 $ (7,615) (1) The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 142 and 270 as of June 30, 2023 and June 30, 2022, respectively.
Schedule of Length of Contractual Maturities of Securities Available for Sale	The length of time to contractual maturities of securities available for sale as of June 30, 2023 and June 30, 2022, were as follows (in thousands): June 30, 2023 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 97,399 $ 97,224 $ — $ — $ 97,399 $ 97,224 Corporate bonds 173,523 171,634 87,104 85,138 260,627 256,772 Commercial paper (1) 320,882 320,595 — — 320,882 320,595 Agency bonds (1) 130,176 130,165 15,136 14,976 145,312 145,141 Government bonds Non-US 4,063 3,996 5,267 5,155 9,330 9,151 US 308,179 306,656 136,679 134,440 444,858 441,096 Securitization notes receivable and certificates (2) — — 19,841 18,913 19,841 18,913 Other — — 1,028 1,028 1,028 1,028 Total securities available for sale $ 1,034,222 $ 1,030,270 $ 265,055 $ 259,650 $ 1,299,277 $ 1,289,920 June 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (1) $ 317,331 $ 316,416 $ — $ — $ 317,331 $ 316,416 Corporate bonds 206,208 204,614 165,699 164,057 371,907 368,671 Commercial paper (1) 708,694 707,565 — — 708,694 707,565 Government bonds Non-US 11,895 11,813 6,301 6,142 18,196 17,955 US (1) 360,757 359,242 78,190 77,685 438,947 436,927 Securitization notes receivable and certificates (2) — — 52,180 51,678 52,180 51,678 Total securities available for sale $ 1,604,885 $ 1,599,650 $ 302,370 $ 299,562 $ 1,907,255 $ 1,899,212 (1) Certificates of deposit, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of June 30, 2023 and June 30, 2022 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 June 30, 2022 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as cash flow hedges Interest rate contracts - cash flow hedges $ 800,000 $ 751 $ — $ — $ — $ — Derivatives not designated as hedges Interest rate contracts 2,102,944 49,794 — 1,690,000 49,983 — Total gross derivative assets/liabilities $ 2,902,944 $ 50,545 $ — $ 1,690,000 $ 49,983 $ —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table summarizes the impact of the cash flow hedges on AOCI (in thousands): Year ended June 30, 2023 Balance at beginning of period $ — Changes in fair value 805 Amounts reclassified into earnings (1) 54 Balance at end of period (2) $ 751 (1) The amounts reclassified into earnings is presented in the consolidated statements of income within funding costs. (2) Over the next 12 months, we expect to reclassify $0.8 million of net derivative gains included in AOCI into funding costs within our consolidated statement of operations and comprehensive loss.
Summary of Gain (Loss) on Derivative Instruments	The following table summarizes the impact of the derivative instruments on income and indicates where within the consolidated statement of operations and comprehensive loss such impact is reported (in thousands): Location of gains (losses) where the effects of derivatives are recorded Year ended 2023 2022 The effects of cash flow hedging Funding costs 54 — The effects of derivatives not designated in hedging relationships Other income, net 48,074 48,607

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	12 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Fair Value Measured on Recurring Basis	The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 97,129 $ — $ — $ 97,129 Commercial paper — 54,402 — 54,402 Agency bonds — 60,865 — 60,865 Securities, available for sale: Certificates of deposit — 97,224 — 97,224 Corporate bonds — 256,772 — 256,772 Commercial paper — 266,193 — 266,193 Agency bonds — 84,276 — 84,276 Government bonds: Non-U.S. — 9,151 — 9,151 U.S. — 441,096 — 441,096 Securitization notes receivable and residual trust certificates — — 18,913 18,913 Other — — 1,028 1,028 Servicing assets — — 880 880 Derivative instruments — 50,545 — 50,545 Total assets $ 97,129 $ 1,320,524 $ 20,821 $ 1,438,474 Liabilities: Servicing liabilities $ — $ — $ 1,392 $ 1,392 Performance fee liability — — 1,581 1,581 Residual trust certificates, held by third-parties — — 125 125 Profit share liability — — 1,832 1,832 Total liabilities $ — $ — $ 4,930 $ 4,930 June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 162,483 $ — $ — $ 162,483 Certificates of deposit — 16,026 — 16,026 Commercial paper — 229,272 — 229,272 Government bonds - U.S. — 58,541 — 58,541 Securities, available for sale: Certificates of deposit — 300,390 — 300,390 Corporate bonds — 368,671 — 368,671 Commercial paper — 478,293 — 478,293 Government bonds: Non-U.S. — 17,955 — 17,955 U.S. — 378,386 — 378,386 Securitization notes receivable and residual trust certificates — — 51,678 51,678 Servicing assets — — 1,192 1,192 Derivative instruments — 49,983 — 49,983 Total assets $ 162,483 $ 1,897,517 $ 52,870 $ 2,112,870 Liabilities: Servicing liabilities $ — $ — $ 2,673 $ 2,673 Performance fee liability — — 1,710 1,710 Residual trust certificates, held by third-parties — — 377 377 Contingent consideration — — 23,348 23,348 Profit share liability — — 1,987 1,987 Total liabilities $ — $ — $ 30,095 $ 30,095
Schedule of Servicing Assets at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,192 $ 2,349 Initial transfers of financial assets 433 2,899 Subsequent changes in fair value (745) (4,056) Fair value at end of period $ 880 $ 1,192
Schedule of Servicing Liabilities at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 2,673 $ 3,961 Initial transfers of financial assets 7,723 15,617 Subsequent changes in fair value (9,004) (16,905) Fair value at end of period $ 1,392 $ 2,673
Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement	The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.92 % 2.31 % 0.93 % Gross default rate (2) 2.15 % 11.20 % 3.36 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.92 % 2.31 % 2.27 % Gross default rate (2) 9.50 % 21.54 % 13.64 % June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (3) Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.78 % 1.85 % 1.10 % Gross default rate (2) 0.59 % 50.59 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.13 % 2.34 % 2.21 % Gross default rate (2) 9.03 % 24.44 % 13.81 % (1) Estimated annual cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance (3) Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.79% 3.34% 2.86% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 3.10% 2.42% (1) Unobservable inputs were weighted by remaining principal balances The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Loss rate 0.92% 0.92% 0.92% Prepayment rate 7.70% 7.70% 7.70% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% (1) Unobservable inputs were weighted by relative fair value The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certific ates as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 5.72% 29.84% 7.30% Loss rate 1.25% 14.96% 3.02% Prepayment rate 5.90% 29.90% 18.10% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 3.68% 22.50% 5.37% Loss rate 0.61% 10.95% 2.65% Prepayment rate 5.25% 35.00% 18.48% (1) Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liab ility as of June 30, 2023 and June 30, 2022: June 30, 2023 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.13% 1.13% 1.13% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.28% (1) Unobservable inputs were weighted by relative fair value
Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): June 30, 2023 June 30, 2022 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ — $ 11 Gross default rate increase of 50% $ (1) $ 22 Adequate compensation assumption: Adequate compensation increase of 10% $ (382) $ — Adequate compensation increase of 20% $ (764) $ — Adequate compensation increase of 25% $ — $ (3,513) Adequate compensation increase of 50% $ — $ (7,026) Discount rate assumption: Discount rate increase of 25% $ (29) $ (57) Discount rate increase of 50% $ (55) $ (109) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ (9) $ (10) Gross default rate increase of 50% $ (19) $ (21) Adequate compensation assumption: Adequate compensation increase of 10% $ 2,798 $ — Adequate compensation increase of 20% $ 5,597 $ — Adequate compensation increase of 25% $ — $ 6,139 Adequate compensation increase of 50% $ — $ 12,278 Discount rate assumption: Discount rate increase of 25% $ (19) $ (50) Discount rate increase of 50% $ (38) $ (98)
Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value	The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,710 $ 1,290 Purchases of loans 1,758 1,764 Settlements paid (2,031) (418) Subsequent changes in fair value 144 (926) Fair value at end of period $ 1,581 $ 1,710 The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 377 $ 914 Repayments (306) (908) Subsequent changes in fair value 54 371 Fair value at end of period $ 125 $ 377 The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 51,678 $ 16,170 Additions — 54,998 Cash received (due to payments or sales) (33,544) (19,559) Change in unrealized gain (loss) 6 (509) Accrued interest 1,205 595 Reversal of (impairment on) securities available for sale (432) (17) Fair value at end of period $ 18,913 $ 51,678 The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 23,348 $ 153,447 Subsequent changes in fair value (8,172) (89,313) Fair value of shares released from escrow (13,674) (32,110) Effect of foreign currency translation (1,502) (8,676) Fair value at end of period $ — $ 23,348 The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Year ended 2023 2022 Fair value at beginning of period $ 1,987 $ 2,464 Facilitation of loans 5,792 5,955 Actual performance (7,009) (7,642) Subsequent changes in fair value 1,062 1,210 Fair value at end of period $ 1,832 $ 1,987
Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): Year ended 2023 2022 Discount rate assumption: Discount rate increase of 25% $ (218) $ (1,410) Discount rate increase of 50% $ (429) $ (2,295) Loss rate assumption: Loss rate increase of 25% $ (165) $ (729) Loss rate increase of 50% $ (243) $ (964) Prepayment rate assumption: Prepayment rate decrease of 25% $ (30) $ (545) Prepayment rate decrease of 50% $ (59) $ (519)
Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value	The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of June 30, 2023 and June 30, 2022 (in thousands): June 30, 2023 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 76 $ — $ 76 $ — $ 76 Loans held for investment, net 4,198,431 — — 4,397,931 4,397,931 Other assets 9,325 — 9,325 — 9,325 Total assets $ 4,207,832 $ — $ 9,401 $ 4,397,931 $ 4,407,332 Liabilities: Convertible senior notes, net (1) $ 1,414,208 $ — $ 1,053,866 $ — $ 1,053,866 Notes issued by securitization trusts 2,165,577 — — 1,748,772 1,748,772 Funding debt (2) 1,775,698 — — 1,777,635 1,777,635 Total liabilities $ 5,355,483 $ — $ 1,053,866 $ 3,526,407 $ 4,580,273 June 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 2,670 $ — $ 2,670 $ — $ 2,670 Loans held for investment, net 2,348,169 — — 2,412,871 2,412,871 Other assets 12,661 — 12,661 — 12,661 Total assets $ 2,363,500 $ — $ 15,331 $ 2,412,871 $ 2,428,202 Liabilities: Convertible senior notes, net (1) 1,706,668 — 984,285 — 984,285 Notes issued by securitization trusts 1,627,580 — — 1,529,401 1,529,401 Funding debt (2) 683,395 — — 683,388 683,388 Total liabilities $ 4,017,643 $ — $ 984,285 $ 2,212,789 $ 3,197,074 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period. (2) As of June 30, 2023 and

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	The Company had shares of common stock reserved for issuance as follows: June 30, 2023 June 30, 2022 Available outstanding under stock option plan 52,572,230 53,158,233 Available for future grant under stock option plan 37,245,232 31,156,746 Total 89,817,462 84,314,979
Schedule of Warrant Activity	The following table summarizes the warrants activity during the years ended June 30, 2023 and June 30, 2022: Number of Shares Weighted Average Exercise Price ($) Weighted Average Remaining Life (years) Warrants outstanding, June 30, 2021 — $— 0.00 Granted 22,000,000 68.19 5.60 Exercised — — 0.00 Cancelled — — 0.00 Warrants outstanding, June 30, 2022 22,000,000 $68.19 5.60 Granted — — 0.00 Exercised — — 0.00 Cancelled — — 0.00 Warrants outstanding, June 30, 2023 22,000,000 $68.19 4.60 Warrants exercisable, June 30, 2023 7,424,442 $42.32 3.60

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the year ended June 30, 2023: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2022 19,310,706 $ 15.22 6.94 Granted 1,991,427 19.10 Exercised (971,863) 4.67 Forfeited, expired or cancelled (1,825,132) 33.94 Balance as of June 30, 2023 18,505,138 14.34 6.07 Vested and exercisable, June 30, 2023 14,758,426 $ 10.74 5.45 $ 112,834 Vested and exercisable, and expected to vest thereafter (1) June 30, 2023 18,321,690 $ 14.14 6.05 $ 115,791 (1) Options expected to vest reflect the application of an estimated forfeiture rate. Tranche Stock Price Hurdle Number of Options 1 $ 65.66 1,000,000 2 $ 82.32 1,000,000 3 $ 98.98 1,000,000 4 $ 115.64 1,000,000 5 $ 132.30 1,000,000 6 $ 148.47 1,000,000 7 $ 165.13 1,000,000 8 $ 181.79 1,000,000 9 $ 247.94 2,250,000 10 $ 371.91 2,250,000 Total 12,500,000
Schedule of Stock Options Valuation Assumptions	We used the simplified method to determine an estimate of the expected term of an employee share option. Year ended June 30, 2023 2022 2021 Volatility 59% 54% 46% Risk-free interest rate 2.88% - 3.87% 1.47% - 3.01% 0.70% - 1.05% Expected term (in years) 6.04 5.56 6.35 Expected dividend yield — — —
Schedule of Restricted Stock Unit Activity	The following table summarizes our RSU activity during the year ended June 30, 2023: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2022 21,387,592 $ 38.41 Granted 19,025,716 21.34 Vested (12,498,098) 33.28 Forfeited, expired or cancelled (6,262,014) 36.28 Non-vested at June 30, 2023 21,653,196 $ 26.99
Schedule of Components and Classification of Stock-based Compensation	The following table presents the components and classification of stock-based compensation (in thousands): Year ended June 30, 2023 2022 2021 General and administrative $ 239,923 $ 248,797 $ 196,554 Technology and data analytics 181,396 116,531 76,643 Sales and marketing 25,914 23,224 17,092 Processing and servicing 4,476 2,431 2,218 Total stock-based compensation in operating expenses 451,709 390,983 292,507 Capitalized into property, equipment and software, net 80,108 54,542 13,999 Total stock-based compensation $ 531,817 $ 445,525 $ 306,506

Restructuring and other (Tables

Restructuring and other (Tables)	12 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	For the year ended June 30, 2023, restructuring and other was comprised of the following (in thousands): June 30, 2023 Employee severance pay and related costs $ 29,654 Non-cash accelerations of depreciation and amortization expense 6,216 Restructuring and other $ 35,870
Schedule of Restructuring Accrual Activity	The Company’s restructuring accrual activity for the year ended June 30, 2023 is summarized as follows (in thousands): 2023 Other Exit and Disposal Activities (1) Accrued restructuring costs, June 30, 2022 $ — $ — Additions 26,297 2,116 Cash paid (27,353) — Adjustments 1,302 — Impact of foreign currency translation 62 — Accrued restructuring costs, June 30, 2023 $ 308 $ 2,116 (1) Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The U.S. and foreign components of income (loss) before income taxes for the years ended June 30, 2023, 2022, and 2021 are as follows (in thousands): Year Ended June 30, 2023 2022 2021 U.S. $ (974,074) $ (780,699) $ (330,313) Foreign (15,171) 55,868 (113,057) Total loss before income taxes $ (989,245) $ (724,831) $ (443,370)
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) for the years ended June 30, 2023, 2022, and 2021 is summarized as follows (in thousands): Year Ended June 30, 2023 2022 2021 Current State $ 759 $ 145 $ (10) Foreign 408 230 (410) Total current expense $ 1,167 $ 375 $ (420) Deferred Federal $ 137 $ 113 $ 88 State 249 281 (2,570) Foreign (5,453) (18,183) 559 Total deferred expense (5,067) (17,789) (1,923) Income tax (benefit) expense $ (3,900) $ (17,414) $ (2,343)
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the U.S. statutory federal income tax rate to our effective tax rate for the years ended June 30, 2023, 2022, and 2021: Year Ended June 30, 2023 2022 2021 U.S. statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 7.7 % 8.3 % 9.1 % Foreign rate differential 0.1 % (0.4) % 1.5 % Stock-based compensation (14.9) % 64.0 % 66.4 % Non-deductible compensation expense (2.2) % (12.4) % (8.4) % Tax benefit related to tax credits, net 0.9 % 15.4 % 0.5 % Impact of change in fair value of contingent consideration 0.2 % 3.3 % (5.6) % Change in unrecognized tax benefits (0.4) % (6.2) % — % Other (0.1) % 0.2 % 1.6 % Change in valuation allowance (11.9) % (90.8) % (85.6) % Effective income tax rate 0.4 % 2.4 % 0.5 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities are as follows (in thousands): Year Ended June 30, 2023 2022 Net operating loss carryforwards $ 1,070,325 $ 1,056,403 Allowance for credit losses 65,699 55,154 Stock-based compensation 45,974 51,288 Stock warrants 50,097 — Operating lease liabilities 15,253 19,840 Purchased intangible assets 315 — Tax credit carryforwards 74,589 69,144 Other 10,338 7,581 Total deferred tax assets $ 1,332,590 $ 1,259,410 Capitalized R&E including internally developed software (21,304) (47,217) Purchased intangible assets — (11,386) Right-of-use lease assets (8,751) (15,289) Stock warrants — (7,200) Other (2,670) (2,920) Total deferred tax liabilities $ (32,725) $ (84,012) Valuation allowance (1,280,216) (1,158,246) Deferred tax assets (liabilities), net of valuation allowance $ 19,649 $ 17,152
Schedule of Unrecognized Tax Benefits	The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (in thousands): Year ended June 30, 2023 2022 2021 Beginning balance $ 47,867 $ — $ — Gross increase for tax positions related to the current year 5,828 28,407 — Gross increase for tax positions related to prior years — 19,460 — Gross decrease for tax positions related to prior years (1,845) — — Ending balance $ 51,850 $ 47,867 $ —

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following tables present basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Year ended June 30, 2023 Class A Class B Numerator: Net loss $ (785,080) $ (200,265) Net loss attributable to common stockholders - basic and diluted $ (785,080) $ (200,265) Denominator: Weighted average shares of common stock - basic 235,316,821 60,026,645 Weighted average shares of common stock - diluted 235,316,821 60,026,645 Net loss per share: Basic $ (3.34) $ (3.34) Diluted $ (3.34) $ (3.34) Year ended June 30, 2022 Class A Class B Numerator: Net loss $ (536,654) $ (170,763) Net loss attributable to common stockholders - basic and diluted $ (536,654) $ (170,763) Denominator: Weighted average shares of common stock - basic 213,703,749 68,000,292 Weighted average shares of common stock - diluted 213,703,749 68,000,292 Net loss per share: Basic $ (2.51) $ (2.51) Diluted $ (2.51) $ (2.51)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: Year ended June 30, 2023 2022 2021 Stock options, including early exercise of options 18,505,138 18,922,009 44,178,776 Restricted stock units 21,653,196 21,387,592 14,238,738 Common stock warrants 5,859,226 5,817,203 350,000 Employee stock purchase plan shares 485,465 614,659 — Total 46,503,025 46,741,463 58,767,514

Segments and Geographical Inf_2

Segments and Geographical Information (Tables)	12 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The following table sets forth revenue by geographic area (in thousands): Year ended June 30, 2023 2022 2021 United States $ 1,540,044 $ 1,304,304 $ 857,222 Canada 47,423 44,852 13,242 Other 518 136 — Total $ 1,587,985 $ 1,349,292 $ 870,464
Long-lived Assets by Geographic Areas	The following table summarizes our long-lived assets, which consists of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): Year ended June 30, 2023 2022 United States $ 317,354 $ 217,532 Canada 2,488 4,390 Other $ 463 $ 231 Total $ 320,306 $ 222,153

Business Description (Details)

Business Description (Details)	12 Months Ended
	Jun. 30, 2023
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 180,883	$ 237,598
Number of reportable segments | segment	1
Number of operating segments | segment	1
Past due charge-off threshold	120 days
Allowance for accounts receivable	$ 12,900	13,900
Revenue	(626,938)	(559,207)	$ (429,402)
Advertising costs	$ 22,600	74,000	48,100
Servicing Liability, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing income
Merchant network revenue
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue	$ (507,600)	$ (458,511)	(379,551)
Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales period for loans held for sale	1 year
Service period	1 year
Minimum | Property, Plant and Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	3 years
Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales period for loans held for sale	3 days
Service period	4 years
Maximum | Property, Plant and Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	7 years
Maximum | Software Development
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	3 years
Restricted stock units
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Service period	4 years
Adjustments | Merchant network revenue
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue			$ 5,400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Processing and servicing	$ 257,343	$ 157,814	$ 73,578
Technology and data analytics	615,818	418,643	249,336
Sales and marketing	638,280	532,343	182,190
General and administrative	586,398	577,493	383,749
Total operating expenses	2,788,847	2,215,340	1,254,131
Other expense, net	211,617	141,217	(59,703)
Loss before income taxes	(989,245)	(724,831)	(443,370)
Net loss	(985,345)	(707,417)	(441,027)
Other comprehensive income (loss)
Foreign currency translation adjustments	(8,143)	(5,900)	7,046
Net comprehensive income	(8,274)	(13,922)	7,075
Comprehensive loss	$ (993,619)	$ (721,339)	$ (433,952)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (3.34)	$ (2.51)	$ (2.78)
Diluted (in USD per share)	$ (3.34)	$ (2.51)	$ (2.94)
As Previously Reported
Operating expenses
Processing and servicing			$ 73,767
Technology and data analytics			256,082
Sales and marketing			184,279
General and administrative			370,251
Total operating expenses			1,249,657
Other expense, net			(54,073)
Loss before income taxes			(433,266)
Net loss			(430,923)
Other comprehensive income (loss)
Foreign currency translation adjustments			7,042
Net comprehensive income			7,071
Comprehensive loss			$ (423,852)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)			$ (2.72)
Diluted (in USD per share)			$ (2.88)
Adjustments
Operating expenses
Processing and servicing			$ (189)
Technology and data analytics			(6,746)
Sales and marketing			(2,089)
General and administrative			13,498
Total operating expenses			4,474
Other expense, net			(5,630)
Loss before income taxes			(10,104)
Net loss			(10,104)
Other comprehensive income (loss)
Foreign currency translation adjustments			4
Net comprehensive income			4
Comprehensive loss			$ (10,100)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)			$ (0.06)
Diluted (in USD per share)			$ (0.06)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - additional paid-in capital	$ 531,817	$ 445,525	$ 306,506
Foreign currency translation adjustments	(8,143)	(5,900)	7,046
Net loss - accumulated deficit	(985,345)	(707,417)	(441,027)
Total stockholders’ equity	$ 2,534,183	$ 2,618,255	2,575,527	$ (367,096)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - additional paid-in capital			302,032
Foreign currency translation adjustments			7,042
Net loss - accumulated deficit			(430,923)
Total stockholders’ equity			2,581,153
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - additional paid-in capital			4,474
Foreign currency translation adjustments			4
Net loss - accumulated deficit			(10,104)
Total stockholders’ equity			$ (5,626)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (985,345)	$ (707,417)	$ (441,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities	(15,883)	(101,789)	57,285
Stock-based compensation	451,709	390,983	292,507
Net cash provided by (used in) operating activities	$ 12,181	$ (162,194)	(193,130)
As Previously Reported
Cash flows from operating activities
Net loss			(430,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities			51,655
Stock-based compensation			288,033
Net cash provided by (used in) operating activities			(193,130)
Adjustments
Cash flows from operating activities
Net loss			(10,104)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities			5,630
Stock-based compensation			4,474
Net cash provided by (used in) operating activities			$ 0

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 626,938	$ 559,207	$ 429,402
Interest income	685,217	527,880	326,417
Gain on sales of loans	188,341	196,435	89,926
Servicing income	87,489	65,770	24,719
Total revenue, net	1,587,985	1,349,292	870,464
Merchant network revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	507,600	458,511	379,551
Card network revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 119,338	$ 100,696	$ 49,851

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ (626,938)	$ (559,207)	$ (429,402)
Past due charge-off threshold	120 days
Loan receivable on nonaccrual status	$ 1,800	1,700	1,100
Merchant network revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ (507,600)	$ (458,511)	(379,551)
Merchant network revenue | Adjustments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue			$ 5,400
Customer Concentration Risk | One Merchant | Revenue from Contract with Customer Benchmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue concentration percent			20%

Revenue - Schedule of Interest

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contractual interest income on unpaid principal balance	$ 561,192	$ 365,993	$ 237,526
Amortization of discount on loans	158,703	185,050	101,078
Amortization of premiums on loans	(17,628)	(13,085)	(9,018)
Interest receivable charged-off, net of recoveries	(17,050)	(10,078)	(3,169)
Interest income	$ 685,217	$ 527,880	$ 326,417

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Unpaid principal balance	$ 4,451,324	$ 2,516,733
Accrued interest receivable	41,079	20,697
Premiums on loans held for investment	7,135	8,911
Less: Discount due to loss on loan purchase commitment	(51,190)	(20,692)
Less: Discount due to loss on directly originated loans	(45,145)	(20,443)
Less: Fair value adjustment on loans acquired through business combination	(241)	(1,645)
Loans held for investment	$ 4,402,962	$ 2,503,561

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 16,200	$ 12,100	$ 7,900
Loans originated	$ 3,700	$ 3,300	$ 600
Threshold period for delinquent loans past due	4 days
Past due charge-off threshold	120 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Proprietary credit quality score	0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	100

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	$ 4,215,606	$ 2,288,907
2022	111,126	158,318
2021	30,941	37,607
2020	4,009	618
2019	271	82
Prior	12	2
Total amortized cost basis	4,361,965	2,485,534
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	(119,520)
2022	(173,345)
2021	(6,482)
2020	(586)
2019	(89)
Prior	(36)
Total	(300,058)	(227,770)	$ (65,149)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery, by Origination Year [Abstract]
2023	5,997
2022	17,719
2021	4,653
2020	1,259
2019	794
Prior	587
Recoveries of charged-off receivables	31,009	24,598	$ 13,934
2023	(113,523)
2022	(155,626)
2021	(1,829)
2020	673
2019	705
Prior	551
Total	(269,049)
96+
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	2,628,060	1,218,104
2022	39,428	122,503
2021	18,910	33,458
2020	3,439	157
2019	9	1
Prior	1	0
Total amortized cost basis	2,689,847	1,374,223
94 – 96
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	1,104,553	620,403
2022	7,755	11,240
2021	439	773
2020	77	13
2019	6	2
Prior	2	0
Total amortized cost basis	1,112,832	632,431
90 – 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	133,940	220,056
2022	3,116	3,886
2021	26	6
2020	2	4
2019	4	0
Prior	0	0
Total amortized cost basis	137,088	223,952
Less than 90
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	13,363	44,300
2022	1,623	135
2021	4	2
2020	2	0
2019	0	0
Prior	0	0
Total amortized cost basis	14,992	44,437
No score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	335,690	186,044
2022	59,204	20,554
2021	11,562	3,368
2020	489	444
2019	252	79
Prior	9	2
Total amortized cost basis	$ 407,206	$ 210,491

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 4,361,965	$ 2,485,534
Loan receivable on nonaccrual status	20,900	22,700
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Loans held for investment	4,183,248	2,322,919
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	92,876	77,963
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	36,399	34,669
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	28,171	26,919
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 21,271	$ 23,064

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 155,392	$ 117,760	$ 95,137
Provision for credit losses	318,188	240,804	63,755
Charge-offs	(300,058)	(227,770)	(65,149)
Recoveries of charged-off receivables	31,009	24,598	13,934
Balance at end of period	204,531	155,392	117,760
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0	0	10,083
Balance at end of period		$ 0	$ 0

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)				12 Months Ended
	Feb. 01, 2023 USD ($)	Apr. 19, 2022 USD ($)	Jul. 01, 2021 USD ($) shares	Jun. 30, 2023 USD ($) business	Jun. 30, 2022 USD ($) business
Business Acquisition [Line Items]
Number of businesses acquired | business				1	1
Fast AF, Inc
Business Acquisition [Line Items]
Cash		$ 10,000,000
Forgiveness of senior secured note		15,000,000
Fair Value		25,415,000
Transaction costs		$ 400,000
Butter Holdings, Ltd.
Business Acquisition [Line Items]
Cash	$ 14,863,000
Settlement of subordinated secured notes	1,475,000
Purchase price	$ 16,337,000
Transaction costs				$ 1,800,000
ShopBrain
Business Acquisition [Line Items]
Cash			$ 30,000,000
Purchase price			$ 40,000,000
Transaction costs				$ 0	$ 200,000
Common stock issued (in shares) | shares			151,745

Acquisitions - Butter Holdings

Acquisitions - Butter Holdings Acquisition, Fair Value of Consideration Transferred (Details) - Butter Holdings, Ltd. $ in Thousands	Feb. 01, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 14,863
Settlement of subordinated secured notes	1,475
Total acquisition date fair value of the consideration transferred	$ 16,337

Acquisitions - Butter Holding_2

Acquisitions - Butter Holdings Acquisition, Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 542,571	$ 539,534	$ 516,515
Butter Holdings, Ltd.
Business Acquisition [Line Items]
Purchase price	$ 16,337
Cash and cash equivalents	287
Loans held for investment, net	172
Accounts receivable, net	11
Intangible assets	9,243
Other assets	672
Total assets acquired	10,385
Accounts payable	568
Accrued expenses and other liabilities	2,923
Total liabilities assumed	3,491
Net assets acquired	6,894
Goodwill	9,443
Total purchase price	$ 16,337

Acquisitions - Butter Holding_3

Acquisitions - Butter Holdings Acquisition, Identifiable Intangible Assets Acquired (Details) $ in Thousands	Feb. 01, 2023 USD ($)
Butter Holdings, Ltd. | Lending license
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 9,243

Acquisitions - ShopBrain Acquis

Acquisitions - ShopBrain Acquisition, Fair Value of Consideration Transferred (Details) - ShopBrain $ in Thousands	Jul. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash	$ 30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$ 40,000

Acquisitions - ShopBrain Acqu_2

Acquisitions - ShopBrain Acquisition, Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jul. 01, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 542,571	$ 539,534		$ 516,515
ShopBrain
Business Acquisition [Line Items]
Intangible assets			$ 9,488
Total assets acquired			9,488
Goodwill			30,512
Total purchase price			$ 40,000

Acquisitions - Identifiable Int

Acquisitions - Identifiable Intangible Assets Acquired (Details) - ShopBrain - Developed technology $ in Thousands	Jul. 01, 2021 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 9,488
Useful Life (in years)	3 years

Acquisitions - Fast Asset Acqui

Acquisitions - Fast Asset Acquisition (Details) - Fast AF, Inc $ in Thousands	Apr. 19, 2022 USD ($)
Asset Acquisition [Line Items]
Fair Value	$ 25,415
Assembled workforce
Asset Acquisition [Line Items]
Fair Value	12,490
Developed technology
Asset Acquisition [Line Items]
Fair Value	$ 12,925

Balance Sheet Components - Prop

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 414,205	$ 231,820
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(124,070)	(60,338)
Property, Plant and Equipment, Net, Total	290,135	171,482
Software Development
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	377,301	200,621
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	20,214	16,169
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	10,187	10,751
Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 6,503	$ 4,279

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 19, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Depreciation		$ 82,100,000	$ 29,200,000	$ 15,400,000
Impairment expense on leasehold improvements		0	0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]				Other (expense) income, net
Goodwill impairment loss		0	0	$ 0
Amortization of intangible assets		52,500,000	23,500,000	4,600,000
Impairment of intangible assets		0	$ 0	0
Commercial agreement term			3 years 2 months 12 days
Amortization of sales and marketing expense		41,400,000	$ 26,300,000
Asset amortization period, length of extension			2 years
Amortization of commercial agreement assets		85,524,000	$ 96,737,000	69,103,000
Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets recorded at cost	$ 25,415,000
Fast AF, Inc | Developed technology
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets recorded at cost	$ 12,925,000
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross			133,500,000	$ 270,600,000
Asset amortization period				4 years
Amortization of commercial agreement assets		35,800,000	62,200,000	$ 64,900,000
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross				$ 25,900,000
Asset amortization period				3 years
Amortization of commercial agreement assets		$ 8,300,000	$ 8,100,000	$ 4,300,000
Leasehold Improvements [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment expense on leasehold improvements				$ 1,500,000

Balance Sheet Components - Good

Balance Sheet Components - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Roll Forward]
Beginning balance	$ 539,534	$ 516,515
Additions	9,443	33,318
Adjustments	(6,406)	(10,299)
Ending balance	$ 542,571	$ 539,534

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (69,263)	$ (28,629)
Total amortization expense	22,463
Total intangible assets, gross	103,697	94,646
Total intangible assets	34,434	66,017
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	11,621	2,146
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	38,129	38,371
Accumulated Amortization	(27,637)	(10,281)
Total amortization expense	$ 10,492	$ 28,090
Weighted Average Remaining Useful Life (in years)	7 months 6 days	3 years 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,626	$ 39,782
Accumulated Amortization	(30,653)	(15,882)
Total amortization expense	$ 8,973	$ 23,900
Weighted Average Remaining Useful Life (in years)	7 months 6 days	1 year 10 months 24 days
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(9,983)	(1,664)
Total amortization expense	$ 2,507	$ 10,826
Weighted Average Remaining Useful Life (in years)	3 months 18 days	1 year 3 months 18 days
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,481	$ 1,507
Accumulated Amortization	(990)	(802)
Total amortization expense	$ 491	$ 705
Weighted Average Remaining Useful Life (in years)	1 year 8 months 12 days	2 years 4 months 24 days

Balance Sheet Components - Expe

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Balance Sheet Related Disclosures [Abstract]
2024	$ 20,895
2025	1,396
2026	157
2027	15
2028 and thereafter	0
Total amortization expense	$ 22,463

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 60,039	$ 26,483
Derivative instruments	50,545	49,983
Equity securities, at cost	43,172	43,172
Prepaid expenses	35,626	37,497
Operating lease right-of-use assets	30,171	50,671
Other assets	59,061	73,761
Total other assets	$ 278,614	$ 281,567
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Offsetting [Abstract]
Collateral held for derivative instruments	$ 53,267	$ 55,779
Operating lease liability	52,557	65,713
Accrued expenses	50,704	67,343
Other liabilities	24,355	48,763
Total accrued expenses and other liabilities	$ 180,883	$ 237,598
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accrued expenses and other liabilities	Total accrued expenses and other liabilities

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Restricted cash	$ 367,917,000	$ 295,636,000	$ 226,074,000
Right-of-use assets	30,171,000	50,671,000
Present value of total lease liabilities	52,557,000	65,713,000
Impairment expense	1,244,000	362,000	11,544,000
Sublease income	$ 3,400,000	3,100,000	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	9 months
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	7 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,700,000	$ 9,700,000

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 18,954	$ 15,200	$ 15,300
Restructuring and other	35,870	$ 0	$ 0
Restructuring Charges
Lessee, Lease, Description [Line Items]
Restructuring and other	$ 4,700

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 10 months 24 days
Weighted average discount rate	4.80%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
2024	$ 16,496
2025	16,317
2026	15,371
2027	2,680
2028	2,185
Thereafter	5,503
Total lease payments	58,552
Less imputed interest	(5,995)
Present value of total lease liabilities	$ 52,557	$ 65,713

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Committed spend	$ 650
Purchase commitments	$ 659.2	$ 37.1

Debt - Aggregate Future Maturit

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Line of Credit Facility [Line Items]
2024	$ 202,245
2025	563,350
2026	542,288
2027	0
2028	39,155
Thereafter	428,660
Total	1,775,698
Deferred debt issuance costs	(10,886)	$ (10,800)
Total funding debt, net of deferred debt issuance costs	$ 1,764,812

Debt - Additional Information (

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 04, 2022 USD ($)	Nov. 23, 2021 USD ($) tradingDay segment $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 07, 2023 USD ($)	May 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Loans held for investment			$ 4,361,965	$ 2,485,534
Extinguishment of convertible debt			206,567	0	$ 0
Extinguishment of convertible debt			$ 89,841	0	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other (expense) income, net
Remaining life			41 months
Funding debt			$ 1,764,812	672,577
Repurchase Agreement
Line of Credit Facility [Line Items]
Long-term debt			11,000	27,000
Warehouse Credit Facilities | Funding debt | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			$ 1,700,000	500,000
2022-X1 | Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			7.23%
2021-Z1 | Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			7.23%
2021-Z2 | Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			7.23%
2021-Z1 and 2021-Z2 | Repurchase Agreement | Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			$ 18,900	32,400
Convertible Senior Notes
Line of Credit Facility [Line Items]
Conversion ratio		0.0046371
Debt instrument, authorized repurchase amount						$ 800,000
Funding costs			3,900	2,400
Convertible Senior Notes | Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days | tradingDay		20
Threshold consecutive trading days | segment		30
Threshold percentage of stock price trigger		130%
Debt instrument, redemption price, percentage		100%
Convertible Senior Notes | Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days | tradingDay		5
Minimum percentage of common stock price trigger		98%
Convertible Senior Notes | Convertible Debt
Line of Credit Facility [Line Items]
Borrowings outstanding			296,400
Long-term debt			1,414,208
Securitization issued		$ 1,725,000	1,425,900
Proceeds from debt		$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) | $ / shares		$ 215.65
Extinguishment of convertible debt			206,600
Debt instrument, repurchased face amount			299,100
Extinguishment of convertible debt			89,800
PayBright Funding Facilities | Funding debt | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			412,800	$ 210,100
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	$ 165,000						$ 205,000
Unused commitment fee percentage	0.20%
Funding debt			0
Revolving facilities | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities | One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1%
Revolving facilities | Base Rate
Line of Credit Facility [Line Items]
Basis spread	0.85%
Revolving facilities | LIBOR
Line of Credit Facility [Line Items]
Basis spread	1.85%
Revolving facilities | Funding debt
Line of Credit Facility [Line Items]
Borrowings outstanding			1,775,698
Long-term debt			$ 1,764,812
Revolving facilities | Warehouse Credit Facilities | Funding debt
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur			12 months
Aggregate commitment amount of credit facility			$ 3,300,000
Borrowings outstanding			1,400,000
Remaining amount available of credit facility			1,900,000
Revolving facilities | PayBright Funding Facilities | Funding debt
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility			548,400
Borrowings outstanding			349,600
Remaining amount available of credit facility			$ 198,800
Minimum | Revolving facilities | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0%
Minimum | Revolving facilities | Warehouse Credit Facilities | Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage			82%
Minimum | Revolving facilities | Warehouse Credit Facilities | Funding debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread			1.75%
Minimum | Revolving facilities | PayBright Funding Facilities | Funding debt | Commercial paper rate
Line of Credit Facility [Line Items]
Basis spread			1.25%
Maximum | Revolving facilities | Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0.75%
Maximum | Revolving facilities | Warehouse Credit Facilities | Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage			86%
Maximum | Revolving facilities | Warehouse Credit Facilities | Funding debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread			2.20%
Maximum | Revolving facilities | PayBright Funding Facilities | Funding debt | Commercial paper rate
Line of Credit Facility [Line Items]
Basis spread			4.25%

Debt - Convertible Notes Outsta

Debt - Convertible Notes Outstanding (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2023	Nov. 23, 2021
Line of Credit Facility [Line Items]
Convertible senior notes	$ 1,425,900	$ 1,725,000
Unamortized Discount and Issuance Cost	(11,692)
Total funding debt, net of deferred debt issuance costs	$ 1,414,208

Securitization and Variable I_3

Securitization and Variable Interest Entities - Securitizations Narrative (Details)	Jun. 30, 2023
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2022-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%

Securitizations and Variable In

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 8,155,615	$ 6,973,792
Liabilities	5,621,432	4,355,537
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	4,203,632	2,242,269
Liabilities	3,856,194	2,166,529
Net Assets	347,438	75,740
Consolidated Variable Interest Entities | Warehouse credit facilities
Debt Instrument [Line Items]
Assets	1,930,641	563,207
Liabilities	1,686,359	534,422
Net Assets	244,282	28,785
Consolidated Variable Interest Entities | Securitizations
Debt Instrument [Line Items]
Assets	2,272,991	1,679,062
Liabilities	2,169,835	1,632,107
Net Assets	$ 103,156	$ 46,955

Securitization and Variable I_4

Securitization and Variable Interest Entities - Unconsolidated VIEs Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Fair Value	$ 1,289,920	$ 1,899,212
Other Assets
Debt Instrument [Line Items]
Pledged securities	200
Securitization notes receivable and certificates
Debt Instrument [Line Items]
Fair Value	$ 18,913	$ 51,678

Securitizations and Variable _2

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 8,155,615	$ 6,973,792
Liabilities	5,621,432	4,355,537
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	380,547	996,242
Liabilities	367,788	965,909
Net Assets	12,759	30,333
Maximum Exposure to Losses	19,149	51,248
Variable Interest Entity, Not Primary Beneficiary | Securitizations
Debt Instrument [Line Items]
Assets	380,547	996,242
Liabilities	367,788	965,909
Net Assets	12,759	30,333
Maximum Exposure to Losses	$ 19,149	$ 51,248

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Marketable Securities [Line Items]
Marketable securities	$ 1,387,049	$ 2,061,695
Money market funds | Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	97,129	162,483
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	97,224	300,390
Certificates of deposit | Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	0	16,026
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	256,772	368,671
Commercial paper
Marketable Securities [Line Items]
Marketable securities	266,193	478,293
Commercial paper | Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	54,402	229,272
Agency bonds
Marketable Securities [Line Items]
Marketable securities	84,276	0
Agency bonds | Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	60,865	0
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable securities	9,151	17,955
Government bonds, US
Marketable Securities [Line Items]
Marketable securities	441,096	378,386
Government bonds, US | Cash Equivalents
Marketable Securities [Line Items]
Marketable securities	0	58,541
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	18,913	51,678
Other
Marketable Securities [Line Items]
Marketable securities	$ 1,028	$ 0

Investments - Securities Availa

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,299,277	$ 1,907,255
Gross Unrealized Gains	190	207
Gross Unrealized Losses	(9,094)	(8,229)
Allowance for Credit Losses	(453)	(21)
Fair Value	1,289,920	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	97,399	317,331
Gross Unrealized Gains	11	6
Gross Unrealized Losses	(186)	(921)
Allowance for Credit Losses	0	0
Fair Value	97,224	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	260,627	371,907
Gross Unrealized Gains	55	7
Gross Unrealized Losses	(3,910)	(3,243)
Allowance for Credit Losses	0	0
Fair Value	256,772	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	320,882	708,694
Gross Unrealized Gains	34	16
Gross Unrealized Losses	(321)	(1,145)
Allowance for Credit Losses	0	0
Fair Value	320,595	707,565
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,312
Gross Unrealized Gains	62
Gross Unrealized Losses	(233)
Allowance for Credit Losses	0
Fair Value	145,141
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,330	18,196
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(179)	(241)
Allowance for Credit Losses	0	0
Fair Value	9,151	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	444,858	438,947
Gross Unrealized Gains	28	0
Gross Unrealized Losses	(3,790)	(2,020)
Allowance for Credit Losses	0	0
Fair Value	441,096	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,841	52,180
Gross Unrealized Gains	0	178
Gross Unrealized Losses	(475)	(659)
Allowance for Credit Losses	(453)	(21)
Fair Value	18,913	51,678
Certificates Of Deposit, Corporate Bonds, Commercial Paper, and US Government Bonds | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	115,300	$ 303,800
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,028
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Fair Value	$ 1,028

Investments - Available for Sal

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Jun. 30, 2023 USD ($) position	Jun. 30, 2022 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 659,305	$ 1,771,109
Less than or equal to 1 year, unrealized losses	(4,027)	(7,615)
Greater than 1 year, fair value	205,457	0
Greater than 1 year, unrealized losses	(4,592)	0
Total, fair value	864,762	1,771,109
Total, unrealized losses	$ (8,619)	$ (7,615)
Number of positions with unrealized losses | position	142,000	270,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 63,489	$ 290,169
Less than or equal to 1 year, unrealized losses	(186)	(921)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	63,489	290,169
Total, unrealized losses	(186)	(921)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	92,171	351,088
Less than or equal to 1 year, unrealized losses	(834)	(3,243)
Greater than 1 year, fair value	131,762	0
Greater than 1 year, unrealized losses	(3,076)	0
Total, fair value	223,933	351,088
Total, unrealized losses	(3,910)	(3,243)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	164,037	679,272
Less than or equal to 1 year, unrealized losses	(321)	(1,145)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	164,037	679,272
Total, unrealized losses	(321)	(1,145)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	44,214
Less than or equal to 1 year, unrealized losses	(233)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	44,214
Total, unrealized losses	(233)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	3,061	17,955
Less than or equal to 1 year, unrealized losses	(58)	(241)
Greater than 1 year, fair value	6,089	0
Greater than 1 year, unrealized losses	(121)	0
Total, fair value	9,150	17,955
Total, unrealized losses	(179)	(241)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	292,333	431,903
Less than or equal to 1 year, unrealized losses	(2,395)	(2,020)
Greater than 1 year, fair value	67,606	0
Greater than 1 year, unrealized losses	(1,395)	0
Total, fair value	359,939	431,903
Total, unrealized losses	$ (3,790)	(2,020)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		722
Less than or equal to 1 year, unrealized losses		(45)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		722
Total, unrealized losses		$ (45)

Investments - Length of Contrac

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 1,034,222	$ 1,604,885
Within 1 year, fair value	1,030,270	1,599,650
Greater than 1 year, less than or equal to 5 years, amortized cost	265,055	302,370
Greater than 1 year, less than or equal to 5 years, fair value	259,650	299,562
Amortized Cost	1,299,277	1,907,255
Fair Value	1,289,920	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	97,399	317,331
Within 1 year, fair value	97,224	316,416
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	97,399	317,331
Fair Value	97,224	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	173,523	206,208
Within 1 year, fair value	171,634	204,614
Greater than 1 year, less than or equal to 5 years, amortized cost	87,104	165,699
Greater than 1 year, less than or equal to 5 years, fair value	85,138	164,057
Amortized Cost	260,627	371,907
Fair Value	256,772	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	320,882	708,694
Within 1 year, fair value	320,595	707,565
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	320,882	708,694
Fair Value	320,595	707,565
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	130,176
Within 1 year, fair value	130,165
Greater than 1 year, less than or equal to 5 years, amortized cost	15,136
Greater than 1 year, less than or equal to 5 years, fair value	14,976
Amortized Cost	145,312
Fair Value	145,141
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	4,063	11,895
Within 1 year, fair value	3,996	11,813
Greater than 1 year, less than or equal to 5 years, amortized cost	5,267	6,301
Greater than 1 year, less than or equal to 5 years, fair value	5,155	6,142
Amortized Cost	9,330	18,196
Fair Value	9,151	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	308,179	360,757
Within 1 year, fair value	306,656	359,242
Greater than 1 year, less than or equal to 5 years, amortized cost	136,679	78,190
Greater than 1 year, less than or equal to 5 years, fair value	134,440	77,685
Amortized Cost	444,858	438,947
Fair Value	441,096	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	19,841	52,180
Greater than 1 year, less than or equal to 5 years, fair value	18,913	51,678
Amortized Cost	19,841	52,180
Fair Value	18,913	51,678
Other
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0
Within 1 year, fair value	0
Greater than 1 year, less than or equal to 5 years, amortized cost	1,028
Greater than 1 year, less than or equal to 5 years, fair value	1,028
Amortized Cost	1,028
Fair Value	1,028
Certificates of deposit, corporate bonds, US government bonds and commercial paper | Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 115,300	$ 303,800

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 3,700,000	$ 2,200,000
Equity securities, at cost	$ 43,172	$ 43,172

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments	$ 2,902,944	$ 1,690,000
Derivative Assets	50,545	49,983
Derivative Liabilities	0	0
Derivatives designated as cash flow hedges | Interest rate contracts - cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments	800,000	0
Derivative Assets	751	0
Derivative Liabilities	0	0
Derivatives not designated as hedges | Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments	2,102,944	1,690,000
Derivative Assets	49,794	49,983
Derivative Liabilities	$ 0	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Impact of Cash Flow Hedges on AOCI (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Expected reclassifications	$ (800)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	0
Changes in fair value	805
Amounts reclassified into earnings	54
Balance at end of period	$ 751

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivatives designated as cash flow hedges | Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 54	$ 0
Derivatives not designated as hedges | Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ 48,074	$ 48,607

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 900	$ 1,200
Derivative instruments	50,545	49,983
Servicing liabilities	1,392	2,673	$ 3,961
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,129	162,483
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		16,026
Restricted cash	97,224	300,390
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	256,772	368,671
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	54,402	229,272
Restricted cash	266,193	478,293
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	60,865
Restricted cash	84,276
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	9,151	17,955
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		58,541
Restricted cash	441,096	378,386
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates		51,678
Servicing assets	880	1,192
Derivative instruments	50,545	49,983
Other	1,028
Total assets	1,438,474	2,112,870
Servicing liabilities	1,392	2,673
Performance fee liability	1,581	1,710
Residual trust certificates, held by third-parties	125	377
Contingent consideration		23,348
Profit share liability	1,832	1,987
Total liabilities	4,930	30,095
Recurring | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	18,913
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	0
Total assets	0	0
Total liabilities	0	0
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,129	162,483
Level 1 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates		0
Servicing assets	0	0
Derivative instruments	0	0
Other	0
Total assets	97,129	162,483
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration		0
Profit share liability	0	0
Total liabilities	0	0
Level 1 | Recurring | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	9,325	12,661
Total assets	9,401	15,331
Total liabilities	1,053,866	984,285
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		16,026
Restricted cash	97,224	300,390
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	256,772	368,671
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	54,402	229,272
Restricted cash	266,193	478,293
Level 2 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	60,865
Restricted cash	84,276
Level 2 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	9,151	17,955
Level 2 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		58,541
Restricted cash	441,096	378,386
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates		0
Servicing assets	0	0
Derivative instruments	50,545	49,983
Other	0
Total assets	1,320,524	1,897,517
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration		0
Profit share liability	0	0
Total liabilities	0	0
Level 2 | Recurring | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	0
Total assets	4,397,931	2,412,871
Total liabilities	3,526,407	2,212,789
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 | Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 3 | Securitization notes receivable and certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	18,913
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates		51,678
Servicing assets	880	1,192
Derivative instruments	0	0
Other	1,028
Total assets	20,821	52,870
Servicing liabilities	1,392	2,673
Performance fee liability	1,581	1,710
Residual trust certificates, held by third-parties	125	377
Contingent consideration		23,348
Profit share liability	1,832	1,987
Total liabilities	$ 4,930	$ 30,095

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 7,500,000,000	$ 7,100,000,000	$ 3,200,000,000
Loans held by third party investors or unconsolidated VIEs	4,100,000,000
Unpaid principal balance on serviced sold loans		4,500,000,000
Servicing income	87,489,000	65,770,000	24,719,000
Servicing assets	900,000	1,200,000
Servicing liabilities	$ 1,400,000	2,700,000
Economic risk retention	5%
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Net comprehensive income
Fair value, loss sharing arrangement	$ 0
Loss sharing arrangement, unpaid principal balance, sold	381,100,000
Loss sharing arrangement, maximum exposure to losses	8,200,000
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 18,913,000	$ 51,678,000	$ 16,170,000
PayBright | Class B common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)				2,587,362
Common stock issued (in shares)	1,293,681	1,293,681

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,192	$ 2,349
Initial transfers of financial assets	433	2,899
Subsequent changes in fair value	(745)	(4,056)
Fair value at end of period	$ 880	$ 1,192

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 2,673	$ 3,961
Initial transfers of financial assets	7,723	15,617
Subsequent changes in fair value	(9,004)	(16,905)
Fair value at end of period	$ 1,392	$ 2,673

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Jun. 30, 2023	Jun. 30, 2022
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate | Weighted Average (3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation assumption: | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0092	0.0078
Servicing liability, measurement input	0.0092	0.0213
Adequate compensation assumption: | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0231	0.0185
Servicing liability, measurement input	0.0231	0.0234
Adequate compensation assumption: | Weighted Average (3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0093	0.0110
Servicing liability, measurement input	0.0227	0.0221
Gross default rate assumption: | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0215	0.0059
Servicing liability, measurement input	0.0950	0.0903
Gross default rate assumption: | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1120	0.5059
Servicing liability, measurement input	0.2154	0.2444
Gross default rate assumption: | Weighted Average (3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0336	0.0159
Servicing liability, measurement input	0.1364	0.1381

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Gross default rate assumption:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 0	$ 11
Servicing asset, effect of 50% increase in measurement input	(1)	22
Servicing liability, effect of 25% increase in measurement input	(9)	(10)
Servicing liability, effect of 50% increase in measurement input	(19)	(21)
Adequate compensation assumption:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	0	(3,513)
Servicing asset, effect of 50% increase in measurement input	0	(7,026)
Servicing asset, effect of 10% increase in measurement input	(382)	0
Servicing asset, effect of 20% increase in measurement input	(764)	0
Servicing liability, effect of 10% increase in measurement input	2,798	0
Servicing liability, effect of 20% increase in measurement input	5,597	0
Servicing liability, effect of 25% increase in measurement input	0	6,139
Servicing liability, effect of 50% increase in measurement input	0	12,278
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(29)	(57)
Servicing asset, effect of 50% increase in measurement input	(55)	(109)
Servicing liability, effect of 25% increase in measurement input	(19)	(50)
Servicing liability, effect of 50% increase in measurement input	$ (38)	$ (98)

Fair Value of Financial Asset_9

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,710	$ 1,290
Purchases of loans	1,758	1,764
Settlements paid	(2,031)	(418)
Subsequent changes in fair value	144	(926)
Fair value at end of period	$ 1,581	$ 1,710

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Jun. 30, 2023	Jun. 30, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Minimum | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Minimum | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0179	0.0178
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Maximum | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0334	0.0310
Weighted Average (3) | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Weighted Average (3) | Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Weighted Average (3) | Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0286	0.0242

Fair Value of Financial Asse_11

Fair Value of Financial Assets and Liabilities - Fair Value of Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 377	$ 914
Repayments	(306)	(908)
Subsequent changes in fair value	$ 54	371
Fair value at end of period		$ 377

Fair Value of Financial Asse_12

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs	Jun. 30, 2023	Jun. 30, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Minimum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0092	0.0075
Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0770	0.0800
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0092	0.0075
Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0770	0.0800
Weighted Average (3) | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Weighted Average (3) | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0092	0.0075
Weighted Average (3) | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0770	0.0800

Fair Value of Financial Asse_13

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes and Residual Trust Certificates - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 51,678	$ 16,170
Additions	0	54,998
Cash received (due to payments or sales)	(33,544)	(19,559)
Change in unrealized gain (loss)	6	(509)
Accrued interest	1,205	595
Reversal of (impairment on) securities available for sale	(432)	(17)
Fair value at end of period	$ 18,913	$ 51,678

Fair Value of Financial Asse_14

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes and Residual Trust Certificates	Jun. 30, 2023	Jun. 30, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0572	0.0368
Minimum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0125	0.0061
Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0590	0.0525
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2984	0.2250
Maximum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1496	0.1095
Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2990	0.3500
Weighted Average (3) | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0730	0.0537
Weighted Average (3) | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0302	0.0265
Weighted Average (3) | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1810	0.1848

Fair Value of Financial Asse_15

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (218)	$ (1,410)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(429)	(2,295)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(165)	(729)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(243)	(964)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(30)	(545)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (59)	$ (519)

Fair Value of Financial Asse_16

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 23,348	$ 153,447
Subsequent changes in fair value	(8,172)	(89,313)
Settlements paid	(13,674)	(32,110)
Effect of foreign currency translation	(1,502)	(8,676)
Fair value at end of period	$ 0	$ 23,348

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,987	$ 2,464
Facilitation of loans	5,792	5,955
Actual performance	(7,009)	(7,642)
Subsequent changes in fair value	1,062	1,210
Fair value at end of period	$ 1,832	$ 1,987

Fair Value of Financial Asse_18

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Jun. 30, 2023	Jun. 30, 2022
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0113	0.0125
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0113	0.0354
Weighted Average (3) | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average (3) | Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0113	0.0128

Fair Value of Financial Asse_19

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Revolving facilities | Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance costs, net	$ 10,886	$ 10,800
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	0	0
Other assets	0	0
Total assets	0	0
Convertible senior notes, net	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accrued expenses and other liabilities		0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	76	2,670
Loans held for investment, net	0	0
Other assets	9,325	12,661
Total assets	9,401	15,331
Convertible senior notes, net	1,053,866
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accrued expenses and other liabilities		984,285
Total liabilities	1,053,866	984,285
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	4,397,931	2,412,871
Other assets	0	0
Total assets	4,397,931	2,412,871
Convertible senior notes, net	0
Notes issued by securitization trusts	1,748,772	1,529,401
Funding debt	1,777,635	683,388
Accrued expenses and other liabilities		0
Total liabilities	3,526,407	2,212,789
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	76	2,670
Loans held for investment, net	4,198,431	2,348,169
Other assets	9,325	12,661
Total assets	4,207,832	2,363,500
Convertible senior notes, net	1,414,208
Notes issued by securitization trusts	2,165,577	1,627,580
Funding debt	1,775,698	683,395
Accrued expenses and other liabilities		1,706,668
Total liabilities	5,355,483	4,017,643
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	76	2,670
Loans held for investment, net	4,397,931	2,412,871
Other assets	9,325	12,661
Total assets	4,407,332	2,428,202
Convertible senior notes, net	1,053,866
Notes issued by securitization trusts	1,748,772	1,529,401
Funding debt	1,777,635	683,388
Accrued expenses and other liabilities		984,285
Total liabilities	$ 4,580,273	$ 3,197,074

Stockholders_ Equity - Common S

Stockholders’ Equity - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	89,817,462	84,314,979
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	52,572,230	53,158,233
Available for future grant under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	37,245,232	31,156,746

Stockholders_ Equity - Addition

Stockholders’ Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) class vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($)
Temporary Equity [Line Items]
Number of classes of common stock | class	2
Total common stock reserved for future issuance (in shares) | shares	89,817,462	84,314,979
Warrants granted for purchase (in shares) | shares	22,000,000
Exercise price of warrants (in USD per share) | $ / shares	$ 42.32
Dividend yield	0%
Volatility	45%
Vesting of warrants exercised	$ 133,500
Sale of warrants recognized	463,300	$ 281,000
Amortization expense of warrants sold	41,400	26,300
Expenses on sale of warrants	$ 421,900	$ 254,700
Weighted-average grant date fair value of warrants granted (in dollars per share) | $ / shares		$ 94.20	$ 13.34
Weighted-average grant date fair value for outstanding warrants (in dollars per share) | $ / shares	$ 94.20
Weighted-average grant date fair value for exercisable warrants (in dollars per share) | $ / shares	$ 109.12
Granted (in shares) | shares	0	22,000,000
Commercial Agreement Asset, Shopify Inc, Warrants
Temporary Equity [Line Items]
Commercial agreement asset, gross		$ 133,500	$ 270,600
Minimum
Temporary Equity [Line Items]
Warrants exercise term	3 years 6 months
Risk free rate	0.93%
Maximum
Temporary Equity [Line Items]
Warrants exercise term	7 years 6 months
Risk free rate	1.47%
Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, aggregate purchase amount			$ 434,542
Conversion of convertible debt (in shares) | shares			4,444,321
Carrying value reclassified	$ 0	$ 0	$ 0	$ 804,170
Class A common stock
Temporary Equity [Line Items]
Number of votes per share | vote	1
Exercise price of warrants (in USD per share) | $ / shares	$ 100
Class A common stock | First Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) | shares	7,000,000
Exercise price of warrants (in USD per share) | $ / shares	$ 0.01
Warrants exercise term	7 years 6 months
Class A common stock | Second Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) | shares	15,000,000
Class B common stock
Temporary Equity [Line Items]
Number of votes per share | vote	15

Stockholders_ Equity - Warrant

Stockholders’ Equity - Warrant Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Beginning balance, warrants outstanding (in shares)	22,000,000	0
Granted (in shares)	0	22,000,000
Exercised (in shares)	0	0
Cancelled (in shares)	0	0
Ending balance, warrants outstanding (in shares)	22,000,000	22,000,000
Exercisable, warrants outstanding (in shares)	7,424,442
Weighted Average Exercise Price ($)
Beginning balance, warrants outstanding (in USD per share)	$ 68.19	$ 0
Granted (in USD per share)	0	68.19
Exercised (in USD per share)	0	0
Cancelled (in USD per share)	0	0
Ending balance, warrants outstanding (in USD per share)	68.19	$ 68.19
Exercisable, warrants outstanding (in USD per share)	$ 42.32
Weighted Average Remaining Life (years)
Beginning balance	5 years 7 months 6 days	0 years
Granted	0 years	5 years 7 months 6 days
Exercised	0 years	0 years
Cancelled	0 years	0 years
Ending balance	4 years 7 months 6 days	5 years 7 months 6 days
Exercisable	3 years 7 months 6 days

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended			19 Months Ended
	May 01, 2021 shares	Jun. 30, 2023 USD ($) tranche $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) shares	Jan. 14, 2021 segment	Nov. 18, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		89,817,462	84,314,979		84,314,979
Weighted-average fair value of employee options granted (in USD per share) | $ / shares		$ 10.92	$ 13.29	$ 59.83
Aggregate intrinsic value of options exercised | $		$ 12,600	$ 1,400,000	$ 700,000
Aggregate intrinsic value of options exercised (in USD per share) | $		$ 39,500	30,300	97,400
Issuance of common stock upon exercise of stock option (in shares)		971,863
Right to purchase shares (in shares)		1,991,427
Granted (in USD per share) | $ / shares		$ 19.10
Stock-based compensation expense | $		$ 451,709	$ 390,983	$ 292,507
Exercised (in shares)		18,321,690
Expected dividend		0%	0%	0%
Expected term (in years)		6 years 14 days	5 years 6 months 21 days	6 years 4 months 6 days
Incremental compensation cost recognized | $		$ 2,000
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		37,245,232	31,156,746		31,156,746
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)	304,364
Service period	2 years
Shares released from escrow (in shares)		45,459
Forfeiture of common stock related to acquisitions (in shares)		258,905
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		4 years
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		52,572,230	53,158,233		53,158,233
Vesting period		4 years
Non-vested stock options, unrecognized compensation cost | $		$ 36,200
Weighted-average compensation expense recognition period		2 years 2 months 12 days
Equity exercise taxes payable | $		$ 3,400	$ 10,900		$ 10,900
Stock options, including early exercise of options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25%
Stock options, including early exercise of options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock options, including early exercise of options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		7 years
Expiration period		3 months
Stock options, including early exercise of options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		10 years
Expiration period		10 years
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Issuance of common stock upon exercise of stock option (in shares)		0
Non-vested stock options, unrecognized compensation cost | $		$ 112,900
Weighted-average compensation expense recognition period		2 years 6 months
Right to purchase shares (in shares)		12,500,000
Number of tranches | tranche		10
Average trading day		90 days
Granted (in USD per share) | $ / shares		$ 49
Stock-based compensation expense | $		$ 94,600	$ 140,700
Vested (in shares)		1,875,000	1,875,000
Performance-based stock options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		15%
Right to purchase shares (in shares)		1,000,000
Performance-based stock options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		15%
Right to purchase shares (in shares)		1,000,000
Performance-based stock options | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		20%
Right to purchase shares (in shares)		1,000,000
Performance-based stock options | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25%
Right to purchase shares (in shares)		1,000,000
Performance-based stock options | Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25%
Right to purchase shares (in shares)		1,000,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period		1 year 8 months 12 days
Number of vesting conditions | segment						2
Non-vested RSUs, unrecognized compensation cost | $		$ 473,100
Service period		4 years
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2012 Stock Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		146,209,197
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent		85%
2020 Employee Stock Purchase Plan | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)							10,900,000
Number of common stock issued (in shares)					1,100,000

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Options
Beginning balance (in shares)	19,310,706
Granted (in shares)	1,991,427
Exercised (in shares)	(971,863)
Forfeited, expired or cancelled (in shares)	(1,825,132)
Ending balance (in shares)	18,505,138	19,310,706
Vested and exercisable (in shares)	14,758,426
Vested and exercisable, and expected to vest thereafter (in shares)	18,321,690
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 15.22
Granted (in USD per share)	19.10
Exercised (in USD per share)	4.67
Forfeited, expired or cancelled (in USD per share)	33.94
Ending balance (in USD per share)	14.34	$ 15.22
Vested and exercisable (in USD per share)	10.74
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 14.14
Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (Years)	6 years 25 days	6 years 11 months 8 days
Vested and exercisable	5 years 5 months 12 days
Vested and exercisable, and expected to vest	6 years 18 days
Aggregate Intrinsic Value [Abstract]
Vested and exercisable	$ 112,834
Vested and exercisable, and expected to vest	$ 115,791

Equity Incentive Plans - Fair V

Equity Incentive Plans - Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	59%	54%	46%
Risk-free interest rate, minimum	2.88%	1.47%	0.70%
Risk-free interest rate, maximum	3.87%	3.01%	1.05%
Expected term (in years)	6 years 14 days	5 years 6 months 21 days	6 years 4 months 6 days
Expected dividend	0%	0%	0%

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Tranches (Details)	12 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	1,991,427
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	12,500,000
Performance-based stock options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 65.66
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 82.32
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 98.98
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 115.64
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 132.30
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 148.47
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 165.13
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Eight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 181.79
Number of options (in shares)	1,000,000
Performance-based stock options | Tranche Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 247.94
Number of options (in shares)	2,250,000
Performance-based stock options | Tranche Ten
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price hurdle (in USD per share) | $ / shares	$ 371.91
Number of options (in shares)	2,250,000

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	12 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) | shares	21,387,592
Granted (in shares) | shares	19,025,716
Vested (in shares) | shares	(12,498,098)
Forfeited, expired or cancelled (in shares) | shares	(6,262,014)
Ending balance, Non-vested (in shares) | shares	21,653,196
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) | $ / shares	$ 38.41
Granted (in USD per share) | $ / shares	21.34
Vested (in USD per share) | $ / shares	33.28
Forfeited, expired or cancelled (in USD per share) | $ / shares	36.28
Ending balance, Non-vested (in USD per share) | $ / shares	$ 26.99

Equity Incentive Plans - Compon

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 451,709	$ 390,983	$ 292,507
Capitalized into property, equipment and software, net	80,108	54,542	13,999
Total stock-based compensation	531,817	445,525	306,506
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	239,923	248,797	196,554
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	181,396	116,531	76,643
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	25,914	23,224	17,092
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 4,476	$ 2,431	$ 2,218

Restructuring and other - Addit

Restructuring and other - Additional Details (Details) - Office Closure	Feb. 08, 2023 employee
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated	500
Number of positions eliminated, percent	19%

Restructuring and other - Sched

Restructuring and other - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and other	$ 35,870	$ 0	$ 0
Right-of-use assets	30,171	$ 50,671
Office Closure
Restructuring Cost and Reserve [Line Items]
Employee severance pay and related costs	29,654
Non-cash accelerations of depreciation and amortization expense	6,216
Restructuring and other	$ 35,870

Restructuring and other - Sch_2

Restructuring and other - Schedule of Restructuring Accrual Activity (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Additions	26,297
Cash paid	(27,353)
Adjustments	1,302
Impact of foreign currency translation	62
Ending balance	308
Other Exit and Disposal Activities
Restructuring Reserve [Roll Forward]
Beginning balance	0
Additions	2,116
Cash paid	0
Adjustments	0
Impact of foreign currency translation	0
Ending balance	$ 2,116

Income Taxes - Components of In

Income Taxes - Components of Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
U.S.	$ (974,074)	$ (780,699)	$ (330,313)
Foreign	(15,171)	55,868	(113,057)
Loss before income taxes	$ (989,245)	$ (724,831)	$ (443,370)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Current
State	$ 759	$ 145	$ (10)
Foreign	408	230	(410)
Total current expense	1,167	375	(420)
Deferred
Federal	137	113	88
State	249	281	(2,570)
Foreign	(5,453)	(18,183)	559
Total deferred expense	(5,067)	(17,789)	(1,923)
Income tax (benefit) expense	$ (3,900)	$ (17,414)	$ (2,343)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21%	21%	21%
State and local income taxes, net of federal tax benefit	7.70%	8.30%	9.10%
Foreign rate differential	0.10%	(0.40%)	1.50%
Stock-based compensation	0.90%	15.40%	0.50%
Non-deductible compensation expense	(14.90%)	64%	66.40%
Tax benefit related to tax credits, net	(0.40%)	(6.20%)	0%
Impact of change in fair value of contingent consideration	(2.20%)	(12.40%)	(8.40%)
Change in unrecognized tax benefits	0.20%	3.30%	(5.60%)
Other	(0.10%)	0.20%	1.60%
Change in valuation allowance	(11.90%)	(90.80%)	(85.60%)
Effective income tax rate	0.40%	2.40%	0.50%

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 1,070,325	$ 1,056,403
Allowance for credit losses	65,699	55,154
Stock-based compensation	45,974	51,288
Stock warrants	50,097	0
Operating lease liabilities	15,253	19,840
Purchased intangible assets	315	0
Tax credit carryforwards	74,589	69,144
Other	10,338	7,581
Total deferred tax assets	1,332,590	1,259,410
Capitalized R&E including internally developed software	(21,304)	(47,217)
Purchased intangible assets	0	(11,386)
Right-of-use lease assets	(8,751)	(15,289)
Stock warrants	0	(7,200)
Other	(2,670)	(2,920)
Total deferred tax liabilities	(32,725)	(84,012)
Valuation allowance	(1,280,216)	(1,158,246)
Deferred tax assets (liabilities), net of valuation allowance	$ 19,649	$ 17,152

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ 122,000,000
Unrecognized tax benefits that would impact effective tax rate	0
Increase in unrecognized tax benefits	0
Decrease in unrecognized tax benefits	0
Accrued interest and penalties related to unrecognized tax benefits	0	$ 0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,393,300,000
NOL carryforwards subject to annual utilization limitation	42,000,000
Domestic Tax Authority | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	87,800,000
Foreign Tax Authority | Canada
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	77,400,000
Foreign Tax Authority | U.K.
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	9,600,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	4,706,700,000
Tax credit carryforwards	2,600,000
NOL carryforwards subject to annual utilization limitation	36,400,000
State and Local Jurisdiction | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 41,900,000

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 47,867	$ 0	$ 0
Gross increase for tax positions related to the current year	5,828	28,407	0
Gross increase for tax positions related to prior years	0	19,460	0
Gross decrease for tax positions related to prior years	(1,845)	0	0
Ending balance	$ 51,850	$ 47,867	$ 0

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (985,345)	$ (707,417)	$ (441,027)
Denominator:
Weighted average shares of common stock - basic (in shares)	295,343,466	281,704,041	158,367,923
Weighted average shares of common stock - diluted (in shares)	295,343,466	281,704,041	159,244,611
Net loss per share:
Basic (in USD per share)	$ (3.34)	$ (2.51)	$ (2.78)
Diluted (in USD per share)	$ (3.34)	$ (2.51)	$ (2.94)
Class A common stock
Numerator:
Net loss	$ (785,080)	$ (536,654)
Net loss attributable to common stockholders - basic	(785,080)	(536,654)
Net loss attributable to common stockholders - diluted	$ (785,080)	$ (536,654)
Denominator:
Weighted average shares of common stock - basic (in shares)	235,316,821	213,703,749
Weighted average shares of common stock - diluted (in shares)	235,316,821
Net loss per share:
Basic (in USD per share)	$ (3.34)	$ (2.51)
Diluted (in USD per share)	$ (3.34)	$ (2.51)
Class B common stock
Numerator:
Net loss	$ (200,265)	$ (170,763)
Net loss attributable to common stockholders - basic	(200,265)	(170,763)
Net loss attributable to common stockholders - diluted	$ (200,265)	$ (170,763)
Denominator:
Weighted average shares of common stock - basic (in shares)	60,026,645	68,000,292
Weighted average shares of common stock - diluted (in shares)	60,026,645
Net loss per share:
Basic (in USD per share)	$ (3.34)	$ (2.51)
Diluted (in USD per share)	$ (3.34)	$ (2.51)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	46,503,025	46,741,463	58,767,514
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	18,505,138	18,922,009	44,178,776
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	21,653,196	21,387,592	14,238,738
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	5,859,226	5,817,203	350,000
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	485,465	614,659	0

Segments and Geographical Inf_3

Segments and Geographical Information - Additional Information (Details)	12 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segments and Geographical Inf_4

Segments and Geographical Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue, net	$ 1,587,985	$ 1,349,292	$ 870,464
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue, net	1,540,044	1,304,304	857,222
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue, net	47,423	44,852	13,242
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue, net	$ 518	$ 136	$ 0

Segments and Geographical Inf_5

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 320,306	$ 222,153
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	317,354	217,532
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	2,488	4,390
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 463	$ 231