BILL.COM HOLDINGS, INC., 10-Q filed on 2/3/2023
Quarterly Report
v3.22.4
Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2022
Jan. 27, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2022  
Document Transition Report false  
Entity File Number 001-39149  
Entity Registrant Name BILL.COM HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-2661725  
Entity Address, Address Line One 6220 America Center Drive, Suite 100  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95002  
City Area Code 650  
Local Phone Number 621-7700  
Title of 12(b) Security Common Stock, $0.00001 par value  
Trading Symbol BILL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   106,385,536
Entity Central Index Key 0001786352  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 1,616,758 $ 1,596,542
Short-term investments 1,066,538 1,108,493
Accounts receivable, net 31,261 24,045
Acquired card receivables, net 380,895 256,392
Prepaid expenses and other current assets 178,688 151,258
Funds held for customers 3,474,048 3,142,660
Total current assets 6,748,188 6,279,390
Non-current assets:    
Operating lease right-of-use assets, net 72,725 76,445
Property and equipment, net 69,383 56,985
Intangible assets, net 401,869 432,583
Goodwill 2,396,509 2,362,893
Other assets 49,600 47,730
Total assets 9,738,274 9,256,026
Current liabilities:    
Accounts payable 14,262 9,948
Accrued compensation and benefits 31,021 29,004
Deferred revenue 30,358 31,868
Other accruals and current liabilities 181,551 120,080
Borrowings from revolving credit facility, net 0 75,097
Customer fund deposits 3,474,048 3,142,660
Total current liabilities 3,731,240 3,408,657
Non-current liabilities:    
Deferred revenue 2,013 2,159
Operating lease liabilities 78,207 82,728
Borrowings from revolving credit facility, net 112,570 0
Convertible senior notes, net 1,701,397 1,697,985
Other long-term liabilities 28,970 20,803
Total liabilities 5,654,397 5,212,332
Commitments and contingencies
Stockholders' equity:    
Common stock 2 2
Additional paid-in capital 4,811,780 4,598,737
Accumulated other comprehensive loss (6,361) (10,217)
Accumulated deficit (721,544) (544,828)
Total stockholders' equity 4,083,877 4,043,694
Total liabilities and stockholders' equity $ 9,738,274 $ 9,256,026
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]        
Revenue $ 260,006 $ 156,478 $ 489,930 $ 274,827
Cost of revenue        
Service costs 36,965 24,338 71,786 45,051
Depreciation and amortization of intangible assets [1] 10,502 10,048 20,789 19,170
Total cost of revenue 47,467 34,386 92,575 64,221
Gross profit 212,539 122,092 397,355 210,606
Operating expenses        
Research and development 78,910 51,377 154,030 93,261
Sales and marketing 164,683 69,896 283,308 123,525
General and administrative 69,381 64,965 136,119 122,480
Depreciation and amortization of intangible assets [1] 12,028 11,929 24,055 21,620
Total operating expenses 325,002 198,167 597,512 360,886
Loss from operations (112,463) (76,075) (200,157) (150,280)
Other income (expenses), net 17,022 (5,000) 22,970 (8,475)
Loss before benefit from income taxes (95,441) (81,075) (177,187) (158,755)
Benefit from income taxes (365) (635) (471) (4,056)
Net loss $ (95,076) $ (80,440) $ (176,716) $ (154,699)
Net loss per share attributable to common stockholders:        
Net loss per share, basic (dollars per share) $ (0.90) $ (0.78) $ (1.68) $ (1.56)
Net loss per share, diluted (dollars per share) $ (0.90) $ (0.78) $ (1.68) $ (1.56)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders:        
Weighted-average number of shares outstanding, basic (in shares) 105,906 102,910 105,494 99,401
Weighted-average number of shares outstanding, diluted (in shares) 105,906 102,910 105,494 99,401
[1] (1) Depreciation expense does not include amortization of capitalized internal-use software costs.
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]        
Net loss $ (95,076) $ (80,440) $ (176,716) $ (154,699)
Other comprehensive income (loss):        
Net unrealized gain (loss) on investments in available-for-sale securities 4,126 (1,711) 3,856 (1,750)
Comprehensive loss $ (90,950) $ (82,151) $ (172,860) $ (156,449)
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common stock
Additional paid-in capital
Additional paid-in capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive loss
Accumulated deficit
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Jun. 30, 2021     94,504          
Beginning balance at Jun. 30, 2021 $ 2,529,590 $ (216,066) $ 2 $ 2,777,155 $ (245,066) $ (100) $ (247,467) $ 29,000
Issuance of common stock upon public offering, net of underwriting discounts and other offering costs (in shares)     5,074          
Issuance of common stock upon public offering, net of underwriting discounts and other offering costs 1,341,122     1,341,122        
Issuance of common stock as consideration for an acquisition (in shares)     1,788          
Issuance of common stock as consideration for an acquisition, net of issuance costs 488,263     488,263        
Fair value of replacement awards 26,710     26,710        
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)     1,033          
Issuance of common stock upon exercise of stock options and release of restricted stock units 8,644     8,644        
Issuance of common stock under the employee stock purchase plan (in shares)     40          
Issuance of common stock under the employee stock purchase plan 5,726     5,726        
Purchase of capped calls (37,893)     (37,893)        
Stock-based compensation 38,839     38,839        
Other comprehensive income (loss) (39)         (39)    
Net loss (74,259)           (74,259)  
Ending balance (in shares) at Sep. 30, 2021     102,439          
Ending balance at Sep. 30, 2021 4,110,637   $ 2 4,403,500   (139) (292,726)  
Beginning balance (in shares) at Jun. 30, 2021     94,504          
Beginning balance at Jun. 30, 2021 2,529,590 $ (216,066) $ 2 2,777,155 $ (245,066) (100) (247,467) $ 29,000
Net loss (154,699)              
Ending balance (in shares) at Dec. 31, 2021     103,461          
Ending balance at Dec. 31, 2021 4,093,327   $ 2 4,468,341   (1,850) (373,166)  
Beginning balance (in shares) at Sep. 30, 2021     102,439          
Beginning balance at Sep. 30, 2021 4,110,637   $ 2 4,403,500   (139) (292,726)  
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)     1,022          
Issuance of common stock upon exercise of stock options and release of restricted stock units 14,140     14,140        
Stock-based compensation 50,701     50,701        
Other comprehensive income (loss) (1,711)         (1,711)    
Net loss (80,440)           (80,440)  
Ending balance (in shares) at Dec. 31, 2021     103,461          
Ending balance at Dec. 31, 2021 4,093,327   $ 2 4,468,341   (1,850) (373,166)  
Beginning balance (in shares) at Jun. 30, 2022     104,731          
Beginning balance at Jun. 30, 2022 4,043,694   $ 2 4,598,737   (10,217) (544,828)  
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)     835          
Issuance of common stock upon exercise of stock options and release of restricted stock units 3,901     3,901        
Issuance of common stock under the employee stock purchase plan (in shares)     67          
Issuance of common stock under the employee stock purchase plan 8,494     8,494        
Stock-based compensation 73,352     73,352        
Other comprehensive income (loss) (270)         (270)    
Net loss (81,640)           (81,640)  
Ending balance (in shares) at Sep. 30, 2022     105,633          
Ending balance at Sep. 30, 2022 4,047,531   $ 2 4,684,484   (10,487) (626,468)  
Beginning balance (in shares) at Jun. 30, 2022     104,731          
Beginning balance at Jun. 30, 2022 4,043,694   $ 2 4,598,737   (10,217) (544,828)  
Net loss (176,716)              
Ending balance (in shares) at Dec. 31, 2022     106,336          
Ending balance at Dec. 31, 2022 4,083,877   $ 2 4,811,780   (6,361) (721,544)  
Beginning balance (in shares) at Sep. 30, 2022     105,633          
Beginning balance at Sep. 30, 2022 4,047,531   $ 2 4,684,484   (10,487) (626,468)  
Issuance of common stock as consideration for an acquisition (in shares)     40          
Issuance of common stock as consideration for an acquisition, net of issuance costs 3,376     3,376        
Issuance of common stock upon exercise of stock options and release of restricted stock units (in shares)     663          
Issuance of common stock upon exercise of stock options and release of restricted stock units 4,316     4,316        
Stock-based compensation 119,604     119,604        
Other comprehensive income (loss) 4,126         4,126    
Net loss (95,076)           (95,076)  
Ending balance (in shares) at Dec. 31, 2022     106,336          
Ending balance at Dec. 31, 2022 $ 4,083,877   $ 2 $ 4,811,780   $ (6,361) $ (721,544)  
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (176,716) $ (154,699)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 191,925 87,571
Amortization of intangible assets 39,763 36,440
Depreciation of property and equipment 5,081 4,350
Amortization of capitalized internal-use software costs 1,901 673
Amortization of debt premium and issuance costs 3,483 1,955
Amortization of premium (accretion of discount) on investments in marketable debt securities (10,401) 6,638
Provision for losses on acquired card receivables 15,042 9,535
Non-cash operating lease expense 4,718 4,083
Deferred income taxes (826) (3,822)
Other 516 0
Changes in assets and liabilities:    
Accounts receivable (7,052) (3,420)
Prepaid expenses and other current assets (4,623) (8,547)
Other assets (1,880) (1,099)
Accounts payable 3,511 (2,023)
Other accruals and current liabilities 15,408 (11,430)
Operating lease liabilities (4,794) (2,952)
Other long-term liabilities 35 (1,698)
Deferred revenue (1,709) 4,381
Net cash provided by (used in) operating activities 73,382 (34,064)
Cash flows from investing activities:    
Cash paid for acquisition, net of acquired cash and cash equivalents (28,902) (144,541)
Purchases of corporate and customer fund short-term investments (1,641,193) (1,452,419)
Proceeds from maturities of corporate and customer fund short-term investments 1,683,413 667,854
Proceeds from sale of corporate and customer fund short-term investments 5,088 44,744
Increase in acquired card receivables, net and other (101,353) (77,459)
Purchases of property and equipment (3,161) (2,467)
Capitalization of internal-use software costs (10,510) (5,023)
Proceeds from beneficial interest 2,080 0
Net cash used in investing activities (94,538) (969,311)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs 0 1,341,152
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs 0 560,075
Purchase of capped calls 0 (37,893)
Increase (decrease) in customer fund deposits liability and other 332,661 1,171,446
Proceeds from line of credit borrowings 37,500 0
Proceeds from exercise of stock options 8,217 22,784
Proceeds from issuance of common stock under the employee stock purchase plan 8,494 5,726
Net cash provided by financing activities 386,872 3,063,290
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 182 (75)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 365,898 2,059,840
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 3,542,715 1,809,692
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 3,908,613 3,869,532
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:    
Cash and cash equivalents 1,616,758 1,672,166
Restricted cash included in other current assets 103,809 16,364
Restricted cash included in other assets 6,724 6,724
Restricted cash and restricted cash equivalents included in funds held for customers 2,181,322 2,174,278
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 3,908,613 $ 3,869,532
v3.22.4
The Company and Its Significant Accounting Policies
 6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
The Company and Its Significant Accounting Policies THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES
Bill.com, Inc. was incorporated in the State of Delaware in April 2006. In November 2018, Bill.com, Inc. consummated a reorganization with Bill.com Holdings, Inc., which resulted in the latter becoming the parent entity of Bill.com, Inc. Bill.com, Inc. was subsequently converted into a limited liability company and renamed Bill.com, LLC. Bill.com Holdings, Inc., which was incorporated in the State of Delaware in August 2018, and its subsidiaries are collectively referred to as the “Company”.
The Company is a provider of software-as-a-service, cloud-based payments, spend, and expense management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve back office efficiency.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated.
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022.
Segment Reporting
The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and revenue generated outside the U.S. are not material.
Reclassification
Certain accounts in the prior period condensed consolidated statements of operation were reclassified to conform with the current year presentation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities; the estimate of credit losses on accounts receivable, acquired card receivables, and other financial assets; accrual for rewards; variable consideration used in revenue recognition for certain contracts; benefit periods used to amortize deferred commissions; reserve for losses on funds held for customers; inputs used to
value certain stock-based compensation awards; and valuation of income taxes. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase, and securities purchased under overnight reverse repurchase agreements.
Restricted cash consists of (i) amounts restricted under deposit account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies included in funds held for customers.
Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers.
Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying condensed consolidated balance sheets.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, and acquired card receivables (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk.
The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on Financial Assets is recognized, if material. As of December 31, 2022 and June 30, 2022, the allowance for potential credit losses related to accounts receivable and acquired card receivables totaled approximately $12.3 million and $5.8 million, respectively. These amounts do not include the immaterial allowance for potential credit losses on purchase of card receivables that have been authorized but not cleared at the end of the periods (see Note 12).
There were no customers that exceeded 10% of the Company’s total revenue during the three and six months ended December 31, 2022 and 2021.
Foreign CurrencyThe Company has two foreign subsidiaries whose functional currency is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other income (expense), net in the accompanying condensed consolidated statements of operations
Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2022, other than those new accounting policies that were implemented as a result of the adoption of new accounting standards as described below.
Recently Adopted Accounting Pronouncements
In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors
in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires a company to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company early adopted this ASU on a prospective basis beginning July 1, 2022. See Note 6 for additional disclosures resulting from the adoption of this ASU.
v3.22.4
Revenue
 6 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The Company generates revenue primarily from subscription and transaction fees. The Company serves small and midsize businesses (SMB), accounting firms, and financial institutions. The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by sales channel, and revenue from interest on funds held for customers (in thousands).
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Small-to-midsize businesses, accounting firms and other
$220,406 $147,530 $425,227 $261,132 
Financial institutions10,689 7,989 20,479 11,945 
Total subscription and transaction fees231,095 155,519 445,706 273,077 
Interest on funds held for customers28,911 959 44,224 1,750 
Total revenue$260,006 $156,478 $489,930 $274,827 
Deferred revenue
Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied.
During the three and six months ended December 31, 2022, the Company recognized $11.4 million and $25.7 million of revenue, respectively, that was included in the deferred revenue balance as of June 30, 2022.
Remaining performance obligations
The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of December 31, 2022, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was approximately $133.5 million. Of the total remaining performance obligations, the Company expects to recognize approximately 75% within two years and 25% over the next three to five years thereafter. The Company determines remaining performance obligations at a point of time. Actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals and/or terminations.
Unbilled revenue
Unbilled revenue consists of revenue recognized that has not been billed to the customers yet. The unbilled revenue amounted to $12.4 million and $11.4 million as of December 31, 2022 and June 30, 2022, respectively.
v3.22.4
Fair Value Measurement
 6 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities, and contingent consideration at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:
Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value.
The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands):
December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,227,764 $— $— $1,227,764 
Corporate bonds— 19,121 — 19,121 
U.S. treasury securities19,950 — — 19,950 
1,247,714 19,121 — 1,266,835 
Short-term investments:
Corporate bonds— 641,267 — 641,267 
U.S. treasury securities313,704 — — 313,704 
U.S. agency securities— 26,119 — 26,119 
Asset-backed securities— 31,270 — 31,270 
Certificates of deposit— 54,178 — 54,178 
313,704 752,834 — 1,066,538 
Funds held for customers:
Restricted cash equivalents:
Money market funds29,061 — — 29,061 
Corporate bonds— 237,682 — 237,682 
29,061 237,682 — 266,743 
Short-term investments:
Corporate bonds— 734,878 — 734,878 
Certificates of deposit— 426,189 — 426,189 
Municipal bonds— 635 — 635 
Asset-backed securities— 81,680 — 81,680 
U.S. treasury securities53,221 — — 53,221 
53,221 1,243,382 — 1,296,603 
Total assets measured at fair value$1,643,700 $2,253,019 $— $3,896,719 
Liabilities
Contingent consideration(1)
$— $— $10,794 $10,794 
Total liabilities measured at fair value$— $— $10,794 $10,794 
(1) The Company used the probability-weighted discounted cash flow method to estimate the contingent consideration. The significant inputs used in the fair value measurement of the contingent consideration are the probability of payout and discount rate. As these inputs are not based on observable market data, the liability represents a Level 3 measurement within the fair value hierarchy.
June 30, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,435,111 $— $— $1,435,111 
Corporate bonds— 11,430 — 11,430 
1,435,111 11,430 — 1,446,541 
Short-term investments:
Corporate bonds— 597,204 — 597,204 
U.S. treasury securities421,728 — — 421,728 
Asset-backed securities— 51,406 — 51,406 
Certificates of deposit— 38,155 — 38,155 
421,728 686,765 — 1,108,493 
Funds held for customers:
Restricted cash equivalents:
Money market funds34,703 — — 34,703 
Corporate bonds— 133,557 — 133,557 
34,703 133,557 — 168,260 
Short-term investments:
Corporate bonds— 807,685 — 807,685 
Certificates of deposit— 397,533 — 397,533 
Municipal bonds— 6,516 — 6,516 
Asset-backed securities— 69,912 — 69,912 
U.S. treasury securities3,072 — — 3,072 
3,072 1,281,646 — 1,284,718 
Beneficial interest derivative on card receivables sold— — 398 398 
Total assets measured at fair value$1,894,614 $2,113,398 $398 $4,008,410 
There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.
The fair values of the Company’s Level 1 instruments were derived from quoted market prices and active markets for these specific instruments.
The valuation techniques used to measure the fair values of Level 2 instruments were derived from non-binding market consensus prices that were corroborated with observable market data, quoted market prices for similar instruments, or pricing models.
The Company has $575.0 million and $1.15 billion in aggregate principal amount of its 0% convertible senior notes due in 2027 (2027 Notes) and in 2025 (2025 Notes, together with the 2027 Notes, the Notes), respectively, outstanding as of December 31, 2022. The Company carries the Notes at par value, less the unamortized debt discount and issuance costs in the accompanying condensed consolidated balance sheets. As of December 31, 2022, the estimated fair value of the 2027 Notes and 2025 Notes, which is presented for disclosure purposes only, was approximately $451.1 million and $1.18 billion, respectively. The fair value was based on a market approach, which represents a Level 2 valuation estimate. The market approach was determined based on the actual bids and offers of the Notes in an over-the-counter market as of the last day of trading prior to the end of the period.
v3.22.4
Short-Term Investments
 6 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments SHORT-TERM INVESTMENTS
Short-term investments consisted of the following as of the dates presented (in thousands):
December 31, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$644,658 $70 $(3,461)$641,267 
U.S. treasury securities315,325 21 (1,641)313,705 
Asset-backed securities31,368 10 (108)31,270 
Certificates of deposit54,178 — — 54,178 
U.S. agency securities26,079 51 (11)26,119 
Total$1,071,607 $152 $(5,221)$1,066,538 
June 30, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$601,987 $3 $(4,786)$597,204 
U.S. treasury securities424,644 1 (2,917)421,728 
Asset-backed securities51,622 — (216)51,406 
Certificates of deposit38,155 — — 38,155 
Total$1,116,408 $4 $(7,919)$1,108,493 
The amortized cost and fair value amounts include accrued interest receivable of $3.4 million and $3.0 million as of December 31, 2022 and June 30, 2022, respectively.
As of December 31, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $915.9 million and $150.7 million, respectively, or 86% and 14%, respectively, of the Company’s total short-term investments. As of June 30, 2022, the fair value of the Company’s short-term investments that mature within one year and thereafter was $961.8 million and $146.7 million, respectively, or 87% and 13%, respectively, of the Company’s total short-term investments.
As of December 31, 2022, approximately 210 out of approximately 350 investment positions were in an unrealized loss position. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2022
Fair valueUnrealized
losses
Corporate bonds$354,715 $(3,461)
U.S. treasury securities223,429 (1,641)
Asset backed securities27,508 (108)
U.S. agency securities8,769 (11)
Total$614,421 $(5,221)
June 30, 2022
Fair valueUnrealized
losses
Corporate bonds$392,699 $(4,786)
U.S. treasury securities411,787 (2,917)
Asset backed securities51,406 (216)
Total$855,892 $(7,919)
Most of the Company investments with unrealized losses had been in a continuous unrealized loss position for less than 12 months. Investments with unrealized losses that had been in a continuous unrealized loss position for more than 12 months have not been material. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the three and six months ended December 31, 2022 and 2021.
The Company has not recorded an allowance for credit losses on investments that were in an unrealized loss position as of December 31, 2022 and June 30, 2022 because they were not material.
v3.22.4
Funds Held for Customers
 6 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Funds Held for Customers FUNDS HELD FOR CUSTOMERS
Funds held for customers consisted of the following as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Restricted cash$1,914,579 $1,685,937 
Restricted cash equivalents266,743 168,260 
Funds receivable9,470 6,747 
Corporate bonds734,878 807,685 
Certificates of deposit426,189 397,533 
Municipal bonds635 6,516 
Asset backed securities81,680 69,912 
U.S. treasury securities53,221 3,072 
Total funds held for customers3,487,395 3,145,662 
Less - income earned by the Company included in other current assets
(13,347)(3,002)
Total funds held for customers, net of income earned by the Company$3,474,048 $3,142,660 
Income earned by the Company that is included in other current assets represents interest income, accretion of discount (offset by amortization of premium), and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. Earnings from these investments are contractually earned by the Company and are expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment.
Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands):
December 31, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$735,248 $35 $(405)$734,878 
Certificates of deposit426,230 — (41)426,189 
Municipal bonds638 — (3)635 
Asset backed securities82,258 32 (610)81,680 
U.S. treasury securities53,351 2 (132)53,221 
Total$1,297,725 $69 $(1,191)$1,296,603 
June 30, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$809,113 $1 $(1,429)$807,685 
Certificates of deposit397,533 — — 397,533 
Municipal bonds6,542 — (26)6,516 
Asset backed securities70,574 — (662)69,912 
U.S. treasury securities3,082 — (10)3,072 
Total$1,286,844 $1 $(2,127)$1,284,718 
The amortized cost and fair value amounts include accrued interest receivable of $5.6 million and $3.0 million and as of December 31, 2022 and June 30, 2022, respectively.
As of December 31, 2022, approximately 94%, or $1.2 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 6% or $81.7 million mature thereafter. As of June 30, 2022, approximately 95%, or $1.2 billion, of the total funds held for customers invested in marketable debt securities mature within one year and approximately 5% or $69.9 million mature thereafter.
As of December 31, 2022, approximately 120 out of approximately 390 investment positions were in an unrealized loss position. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2022
Fair valueUnrealized
losses
Corporate bonds$171,981 $(405)
Certificates of deposit7,848 (41)
Municipal bonds635 (3)
Asset backed securities62,569 (610)
U.S. treasury securities43,601 (132)
Total$286,634 $(1,191)
June 30, 2022
Fair valueUnrealized
losses
Corporate bonds$301,625 $(1,429)
Municipal bonds6,516 (26)
Asset backed securities64,361 (662)
U.S. treasury securities3,072 (10)
Total$375,574 $(2,127)
Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which will be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on funds held for customers that were invested in short-term marketable debt securities during the three and six months ended December 31, 2022 and 2021.
v3.22.4
Acquired Card Receivables
 6 Months Ended
Dec. 31, 2022
Acquired Card Receivables [Abstract]  
Acquired Card Receivables ACQUIRED CARD RECEIVABLES
Acquired Card Receivables
Acquired card receivables consisted of the following as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Gross amount of acquired card receivables$392,843 $261,806 
Less: allowance for credit losses(11,948)(5,414)
Total$380,895 $256,392 
Certain lines of credit and acquired card receivable balances are collateralized by cash deposits held by the Issuing Banks. Before an account is charged off, the Company obtains any available cash collateral from the Issuing Banks. As of December 31, 2022, approximately $129.8 million of the acquired card receivable balance served as collateral for the Company’s borrowings from the Revolving Credit Facility (see Note 7).
The Company also incurred losses related to card transactions disputed by spending businesses. The amounts were not material during the three and six months ended December 31, 2022 and 2021.
The acquired card receivable balances above do not include purchases of card receivables from the Issuing Banks that have not cleared at the end of the reporting period. Purchases of card receivables that have not cleared as of December 31, 2022 totaled $21.2 million. The Company recognized an immaterial amount of expected credit losses on the purchased card receivables that have not cleared yet as of December 31, 2022 and 2021 (see Note 12).
Credit Quality Information
The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company uses the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period,
which is generally limited to five days. Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Current and less than 30 days past due$384,944 $257,618 
30 ~ 59 days past due2,882 1,677 
60 ~ 89 days past due2,449 1,199 
90 ~ 119 days past due2,463 1,186 
Over 119 days past due105 126 
Total$392,843 $261,806 
As part of its collection efforts, the Company may modify card receivables terms with spending businesses that defaulted on payments; such modifications may include principal forgiveness, late fee forgiveness, and/or an extension of payment terms. The following table provides additional information with respect to card receivables that were modified during the three and six months ended December 31, 2022 (in thousands):
Three Months Ended
December 31, 2022		Six Months Ended
December 31, 2022
Principal subject to forgiveness(1)
$81 $81 
Principal subject to late fee forgiveness(1)
— 696 
Other-than-insignificant payment delay(2)
199 2,439 
Payment term extension(3)
544 577 
Total card receivables$824 $3,793 
(1) Forgiveness of principal and late fee payments waived were not material during three and six months ended December 31, 2022.
(2) Other-than-insignificant payment delay represents accounts that are allowed to utilize available credit despite being delinquent outside of standard policy.
(3) Weighted-average payment term extensions were approximately 3 months during the three and six months ended December 31, 2022.
Outstanding and modified card receivables as of December 31, 2022 subject to modification were not material. Defaulted payments on card receivables during three and six months ended December 31, 2022 that were previously modified within the last 12 months were not material. Upon the Company's determination that a modified card receivable (or a portion of the card receivable) has subsequently been deemed uncollectible, the card receivable balance and allowance for credit losses are adjusted for the uncollectible portion.
Allowance for Credit Losses
Below is a summary of the changes in allowance for credit losses presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Balance, beginning$7,541 $3,717 $5,414 $1,740 
Initial allowance for credit losses on purchased card receivables with credit deterioration
— 296 10 310 
Provision for expected credit losses8,520 5,190 15,103 9,225 
Charge-off amounts(4,379)(5,020)(9,412)(7,296)
Recoveries collected266 424 833 628 
Balance, end of period$11,948 $4,607 $11,948 $4,607 
Card receivables acquired from the Issuing Banks and held for investment were $3.3 billion and $6.0 billion during the three and six months ended December 31, 2022, respectively and $2.7 billion and $1.5 billion during the three and six months ended December 31, 2021, respectively. The allowance for credit losses related to acquired card receivables increased during the three and six months ended December 31, 2022 due to portfolio growth.
Gross charge-off amounts for the six months ended December 31, 2022 consisted of $3.1 million that originated in the year ended June 30, 2022 and $6.3 million originated in the six months ended December 31, 2022.
Card Receivables Held for Sale
The Company previously sold a portion of acquired card receivables to a Purchasing Bank at a discount. Effective August 2022, the Company ceased selling acquired card receivables.
Card receivables held for sale, which are carried at the lower of cost or estimated market value at the individual user account level and included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, were zero and $8.7 million as of December 31, 2022 and June 30, 2022, respectively.
Card Receivables Sold and Related Servicing and Beneficial Interest Derivative Retained
The Company accounts for the transfer of card receivables as a sale if all of the following conditions are met:
•the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership;
•the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and
•the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset.
The card receivables that the Company transferred to the Purchasing Bank during the six months ended December 31, 2022 and the six months ended December 31, 2021 met all of the requirements described above; therefore, the Company accounted for the transfer as a sale of financial assets. Accordingly, the Company measures gain or loss on the sales of financial assets as the net proceeds less the carrying amount of the card receivables sold. The net proceeds represent the fair value of any assets obtained or liabilities incurred as part of the transfer, including, but not limited to, servicing assets, servicing liabilities, or beneficial interest derivatives.
Under the agreement with the Purchasing Bank, the Company had a continuing involvement as servicer. Effective August 2022, the Company ceased selling acquired card receivables. The outstanding transferred card receivable balance as of December 31, 2022 and June 30, 2022 was $0.4 million and $57.3 million, respectively. The fair value of the beneficial interest derivative, which is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, was zero and immaterial as of December 31, 2022 and June 30, 2022, respectively. The servicing fee income was not material during the three and six months ended December 31, 2022 and 2021.
Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands):
 Three Months Ended
December 31,		Six Months Ended
December 31,
2022 (1)
2021
2022 (1)
2021
Initial fair value of consideration received:
Cash$— $366,706 $316,477 $625,207 
Beneficial interest derivative— 1,093 1,682 2,287 
Total$— $367,799 $318,159 $627,494 
(1) Effective August 2022, the Company ceased selling acquired card receivables.
v3.22.4
Debt and Borrowings
 6 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt and Borrowings DEBT AND BORROWINGS
Debt and borrowings consisted of the following (in thousands):
December 31,
2022		June 30,
2022
Current liabilities:
Borrowings from revolving credit facility (including unamortized debt premium of $0.1 million)(1)
$— $75,097 
Non-current liabilities:
Convertible senior notes:
2027 Notes, principal575,000 575,000 
2025 Notes, principal1,150,000 1,150,000 
Less: unamortized debt issuance costs(23,603)(27,015)
Convertible senior notes, net1,701,397 1,697,985 
Borrowings from revolving credit facility (including unamortized debt premium of $0.1 million)(1)
112,570 — 
Net carrying value of debt and borrowings$1,813,967 $1,773,082 
(1) Unamortized debt issuance costs on the Revolving Credit Facility were $0.3 million and zero as of December 31, 2022 and June 30, 2022, respectively, and are included in "Other assets" on the condensed consolidated balance sheet.
2027 Notes
On September 24, 2021, the Company issued $575.0 million in aggregate principal amount of its 0% convertible senior notes due on April 1, 2027, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2027 Notes are subject to the terms and conditions of the Indenture governing the 2027 Notes between the Company and Wells Fargo Bank, N.A., as trustee (Trustee). The net proceeds from the issuance of the 2027 Notes were $560.1 million, after deducting debt discount and debt issuance costs totaling $14.9 million.
The 2027 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2027 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2027 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2025 Notes. In addition, the 2027 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries.
The 2027 Notes have an initial conversion rate of 2.4108 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $414.80 per share of the Company’s common stock and approximately 1.4 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2027 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock.
The Company may redeem for cash, all or any portion of the 2027 Notes, at the Company’s option, on or after October 5, 2024 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day (Conversion Condition) preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.
The holders of the 2027 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding January 1, 2027 in multiples of $1,000 principal amount, under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ending on December 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five business day periods after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2027 Notes for each trading day of that period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;
•if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2027 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2027 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 1.2656 per $1,000 principal (the lowest price of $272.00 in the make whole).
The Indenture governing the 2027 Notes contains customary events of default with respect to the 2027 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2027 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their
outstanding notes, at a price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest.
2025 Notes
On November 30, 2020, the Company issued $1.15 billion in aggregate principal amount of its 0% convertible senior notes due on December 1, 2025, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2025 Notes are subject to the terms and conditions of the Indenture governing the 2025 Notes between the Company and the Trustee. The net proceeds from the issuance of the 2025 Notes were $1.13 billion, after deducting debt discount and debt issuance costs totaling $20.6 million.
The 2025 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions, or failure to deliver reports to the Trustee. The 2025 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2025 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2027 Notes. In addition, the 2025 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries.
The 2025 Notes have an initial conversion rate of 6.2159 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $160.88 per share of the Company’s common stock and approximately 7.1 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2025 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock.
The Company may redeem for cash, all or any portion of the 2025 Notes, at the Company’s option, on or after December 5, 2023 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day (Conversion Condition) preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2025 Notes.
The holders of the 2025 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 in multiples of $1,000 principal amount, under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ending on March 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five business day periods after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2025 Notes for each trading day of that period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;
•if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2025 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2025 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 2.9525 per $1,000 principal (the lowest price of $109.07 in the make whole).
The Indenture governing the 2025 Notes contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest.
Additional Information About the Notes
Effective July 1, 2021, the Company early-adopted ASU 2020-06 using the modified retrospective method which resulted in the accounting for the 2027 Notes and 2025 Notes as a single liability and no longer required to be accounted for separately between liability and equity components.
As of December 31, 2022 and June 30, 2022, the Notes consisted of the following:
December 31, 2022June 30, 2022
2027 Notes 2025 Notes 2027 Notes2025 Notes
Liability component:
Principal$575,000 $1,150,000 $575,000 $1,150,000 
Less: unamortized debt discount and issuance costs(11,532)(12,071)(12,873)(14,142)
Net carrying amount$563,468 $1,137,929 $562,127 $1,135,858 
The debt discount and issuance costs of the Notes are being amortized using the effective interest method. During the three and six months ended December 31, 2022, the Company recognized $1.7 million and $3.4 million, respectively, of the debt discount and issuance amortization costs related to the Notes. During the three and six months ended December 31, 2021, the Company recognized $1.7 million and $2.8 million, respectively, of the debt discount and issuance amortization costs related to the Notes. The effective interest rate of the 2027 Notes was 0.48%. The effective interest rate of the 2025 Notes was 0.36% after the adoption of ASU 2020-06 beginning July 1, 2021. As of December 31, 2022, the weighted-average remaining life of the Notes was 3.4 years.
The "if-converted" value of the Notes did not exceed the principal amount of $1.7 billion as of December 31, 2022 and June 30, 2022.
Capped Call Transactions
In conjunction with the issuance of each of the 2025 Notes and the 2027 Notes, the Company entered into Capped Call transactions (collectively, the Capped Calls) with certain of the initial purchasers of the Notes and/or their respective affiliates or other financial institutions at a total cost of $125.8 million. The Capped Calls are separate transactions and are not part of the terms of the Notes. The total amount paid for the Capped Calls was recorded as a reduction of additional paid-in capital. The Company used the proceeds from the Notes to pay for the cost of the Capped Call premium. The cost of the Capped Calls is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the Notes for tax purposes.
The Capped Calls associated with the 2027 Notes and 2025 Notes each have an initial strike price of approximately $414.80 per share and $160.88 per share, respectively, subject to certain adjustments, which corresponds to the respective initial conversion price of the 2027 Notes and 2025 Notes, and have an initial cap price of $544.00 per share and $218.14 per share, respectively, subject to certain adjustments; provided that such cap price shall not be reduced to an amount less than their respective strike price. The Capped Calls
associated with the Notes cover, subject to anti-dilution adjustments, a total of approximately 8.5 million shares of the Company’s common stock. The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap.
Revolving Credit Facility
The Revolving Credit Agreement was executed in March 2021, and was amended in August 2022 (Revolving Credit Facility), to finance the acquisition of card receivables. The Revolving Credit Facility matures in June 2024 or earlier pursuant to the agreement and has a total commitment of $225.0 million. The required minimum utilization was $112.5 million, or 50% of the total commitment, as of December 31, 2022, which increases to $135.0 million, or 60% of the total commitment on February 28, 2023. As of December 31, 2022, the Company had borrowed $112.5 million against the Revolving Credit Facility. The Revolving Credit Facility requires the Company to pay unused fees up to 0.50% per annum. Borrowings are secured by acquired card receivables. Prior to March 3, 2023, borrowings of up $75 million bear interest of 2.75% per annum and borrowings greater than $75 million bear interest of 2.65% per annum, plus SOFR (subject to a floor rate of 0.25% and benchmark adjustment rate of 0.28%). The effective interest rate was 7.58% per annum as of December 31, 2022. Beginning March 3, 2023, borrowings bear interest of 2.65% per annum, plus SOFR (subject to a floor rate of 0.25% and benchmark adjustment rate of 0.28%). The Company is required to comply with certain restricted covenants, including liquidity requirements. As of December 31, 2022, the Company was in compliance with those covenants.
The debt issuance costs and debt premium associated with the Revolving Credit Facility is amortized using the effective interest method over the remaining term of the credit agreement, with a weighted-average remaining amortization period of approximately 1.4 years. The interest income (expense), net related to the amortization of the debt issuance costs and debt premium during the three and six months ended December 31, 2022 and 2021 was not material.
v3.22.4
Stockholders' Equity
 6 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Performance-based RSUs
During the six months ended December 31, 2022, the Company granted approximately 150,000 restricted stock units (RSUs) to certain executive employees that vest based upon the achievement of designated financial metrics and continued employment over a period of three years. The weighted-average grant date fair value of these performance-based RSUs was $133.48 per unit. The Company recognizes expense for performance-based RSUs over the requisite service period based on management's estimate of the number of performance-based RSUs expected to vest. For any change in the estimate of the number of performance-based RSUs that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made.
As of December 31, 2022, the total unrecognized compensation expense related to the performance-based RSUs was $9.2 million, which is expected to be recognized over a weighted-average period of 1.5 years.
Stock Based Compensation Cost
Stock-based compensation cost by award type (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Stock options$13,117 $14,666 $24,911 $27,902 
RSUs(1)
101,266 33,699 156,935 57,232 
Performance-based awards3,157 — 6,448 — 
Market-based RSUs1,254 230 2,507 230 
Employee stock purchase plan2,961 2,106 5,782 4,163 
Total stock-based compensation cost$121,755 $50,701 $196,583 $89,528 
Stock-based compensation cost was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Cost of revenue$2,298 $1,285 $4,299 $2,412 
Research and development26,981 14,280 47,831 24,840 
Sales and marketing(1)
69,522 11,039 98,779 19,153 
General and administrative20,641 23,080 41,152 41,166 
Total amount charged to expense119,442 49,684 192,061 87,571 
Property and equipment (capitalized internal-use software)2,313 1,017 4,522 1,957 
Total stock-based compensation cost$121,755 $50,701 $196,583 $89,528 
(1) In October 2022, the Company entered into separation and advisory agreements with its former Chief Revenue Officer (the CRO Agreements). Pursuant to the CRO Agreements, the former CRO will serve the Company as an advisor through September 2024. Upon execution of the CRO Agreements, the Company recognized $52.2 million of stock-based compensation expense related to the former CRO's RSUs.
v3.22.4
Other Income (Expenses), Net
 6 Months Ended
Dec. 31, 2022
Other Income, Nonoperating [Abstract]  
Other Income (Expenses), Net OTHER INCOME (EXPENSES), NET
Other income (expenses), net consisted of the following for the periods presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Interest expense$(3,562)$(2,494)$(6,411)$(4,322)
Lower of cost or market adjustment on card receivables sold and held for sale— (2,970)(1,545)(4,646)
Interest income20,910 770 32,375 1,271 
Other(326)(306)(1,449)(778)
Total$17,022 $(5,000)$22,970 $(8,475)
v3.22.4
Income Taxes
 6 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXESThe Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period.
The Company’s effective tax rate differs from the federal statutory rate primarily due to its federal, state and foreign valuation allowance positions. The income tax benefit during the three and six months ended December 31, 2022 consisted primarily of a reduction to the net deferred tax liability as a result of the Company's current year losses, partially offset by an estimated cash tax liability associated with the capitalization of R&D costs for federal and certain state tax purposes for the year ending June 30, 2023.
The Company is subject to income tax audits in the U.S., Australia, and Canada. The Company records liabilities related to uncertain tax positions, which provide adequate reserves for income tax uncertainties in all open tax years. Due to the Company’s history of tax losses, all years remain open to tax audit. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future.
The Company has been selected for examination by the Internal Revenue Service for Divvy's pre-acquisition tax year ending December 31, 2020 for income and employment tax purposes. The examination is in the early stages of the audit and the Company is in the process of responding to requests for information by the Internal Revenue Service. As of December 31, 2022, there have been no adjustments proposed by the Internal Revenue Service. While the Company believes it has adequately reserved for all potential tax liabilities, the Company will continue to evaluate its positions as the examination proceeds.
v3.22.4
Leases
 6 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LEASES
The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Also, the Company subleases part of its office facility in Draper, Utah under a non-cancellable operating lease that expires in December 2025. The Company's leases do not contain any material residual value guarantees.
As of December 31, 2022, the weighted-average remaining term of these operating leases is 7.8 years and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 5.10%.
The total amounts paid included in the measurement of operating lease liabilities were $3.7 million and $7.2 million during the three and six months ended December 31, 2022, respectively, and $3.4 million and $6.5 million during the three and six months ended December 31, 2021, respectively.
The total amounts of right-of-use assets obtained in exchange for new operating lease liabilities were not material during the three and six months ended December 31, 2022 and 2021.
The components of lease expense during the three and six months ended December 31, 2022 and 2021 is shown on the table below (in thousands).
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Operating lease expense$3,279 $3,335 $6,396 $6,515 
Short-term lease expense279 5 483 87 
Variable lease expense, net of credit412 600 925 1,198 
Sublease income(144)(149)(289)(331)
Total$3,826 $3,791 $7,515 $7,469 
v3.22.4
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Future minimum lease payments as of December 31, 2022 are as follows (in thousands):
Fiscal years ending June 30:
Amount
Remainder of 2023
$7,558 
202413,920 
202513,424 
202613,292 
202713,226 
202813,590 
Thereafter35,919 
Gross lease payments110,929 
Less - present value adjustments(19,913)
Total operating lease liabilities, net$91,016 
In addition to the minimum lease payments above, the Company has multi-year agreements with certain third parties and financial institution partners, expiring through 2029, which require the Company to pay fees over the term of the respective agreements. Future payments under these agreements as of December 31, 2022 are as follows (in thousands):
Fiscal years ending June 30:
Amount
Remainder of 2023
$16,991 
202415,372 
202510,755 
20265,329 
20275,241 
20285,491 
Thereafter29,250 
Total$88,429 
Purchase of Card Receivables that have not Cleared
The Company is contractually obligated to purchase all card receivables from the Issuing Banks including authorized transactions that have not cleared. The transactions that have been authorized but not cleared totaled $21.2 million as of December 31, 2022 and have not been recorded on the accompanying consolidated balance sheets. The Company has credit exposures with these authorized but not cleared transactions; however, the expected credit losses recorded were not material as of December 31, 2022.
Litigation
From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of December 31, 2022 and June 30, 2022, the Company’s reserve for litigation is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.
v3.22.4
Net Loss Per Share Attributable To Common Stockholders
 6 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable To Common Stockholders NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Numerator:
Net loss attributable to common stockholders$(95,076)$(80,440)$(176,716)$(154,699)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders
Basic and diluted105,906 102,910 105,494 99,401 
Net loss per share attributable to common stockholders:
Basic and diluted$(0.90)$(0.78)$(1.68)$(1.56)
Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands):
December 31,
20222021
Stock options3,156 4,862 
Restricted stock units4,644 2,866 
Total7,800 7,728 
In addition, approximately 8.5 million shares underlying the conversion option of the Notes are not considered in the calculation of diluted net loss per share as they would be anti-dilutive. Such number of shares issuable under the Notes is subject to adjustment up to approximately 12.7 million shares if certain corporate events occur prior to the maturity date of the Notes or if the Company issues a notice of redemption. The Company’s current intent is to settle conversions of the Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company uses the "as-if converted" method for calculating any potential dilutive effect of the conversion option on diluted earnings per share, if applicable. As of December 31, 2022, the Conversion Condition was not triggered for either the 2025 Notes or the 2027 Notes.
v3.22.4
The Company and Its Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2023 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated.
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022.
Segment Reporting Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are mainly located in the United States (U.S.) and revenue is mainly generated in the U.S. Long-lived assets and revenue generated outside the U.S. are not material.
Reclassification
Reclassification
Certain accounts in the prior period condensed consolidated statements of operation were reclassified to conform with the current year presentation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; incremental borrowing rates for right-of-use operating lease assets and operating lease liabilities; the estimate of credit losses on accounts receivable, acquired card receivables, and other financial assets; accrual for rewards; variable consideration used in revenue recognition for certain contracts; benefit periods used to amortize deferred commissions; reserve for losses on funds held for customers; inputs used to
value certain stock-based compensation awards; and valuation of income taxes. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase, and securities purchased under overnight reverse repurchase agreements.
Restricted cash consists of (i) amounts restricted under deposit account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies included in funds held for customers.
Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers.
Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying condensed consolidated balance sheets.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, and acquired card receivables (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents, and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk.
Foreign Currency Foreign CurrencyThe Company has two foreign subsidiaries whose functional currency is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other income (expense), net in the accompanying condensed consolidated statements of operations
Significant Accounting Policies
Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2022, other than those new accounting policies that were implemented as a result of the adoption of new accounting standards as described below.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors
in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires a company to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company early adopted this ASU on a prospective basis beginning July 1, 2022. See Note 6 for additional disclosures resulting from the adoption of this ASU.
Fair Value Measurement
The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities, and contingent consideration at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:
Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value.
v3.22.4
Revenue (Tables)
 6 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by sales channel, and revenue from interest on funds held for customers (in thousands).
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Small-to-midsize businesses, accounting firms and other
$220,406 $147,530 $425,227 $261,132 
Financial institutions10,689 7,989 20,479 11,945 
Total subscription and transaction fees231,095 155,519 445,706 273,077 
Interest on funds held for customers28,911 959 44,224 1,750 
Total revenue$260,006 $156,478 $489,930 $274,827 
v3.22.4
Fair Value Measurement (Tables)
 6 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands):
December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,227,764 $— $— $1,227,764 
Corporate bonds— 19,121 — 19,121 
U.S. treasury securities19,950 — — 19,950 
1,247,714 19,121 — 1,266,835 
Short-term investments:
Corporate bonds— 641,267 — 641,267 
U.S. treasury securities313,704 — — 313,704 
U.S. agency securities— 26,119 — 26,119 
Asset-backed securities— 31,270 — 31,270 
Certificates of deposit— 54,178 — 54,178 
313,704 752,834 — 1,066,538 
Funds held for customers:
Restricted cash equivalents:
Money market funds29,061 — — 29,061 
Corporate bonds— 237,682 — 237,682 
29,061 237,682 — 266,743 
Short-term investments:
Corporate bonds— 734,878 — 734,878 
Certificates of deposit— 426,189 — 426,189 
Municipal bonds— 635 — 635 
Asset-backed securities— 81,680 — 81,680 
U.S. treasury securities53,221 — — 53,221 
53,221 1,243,382 — 1,296,603 
Total assets measured at fair value$1,643,700 $2,253,019 $— $3,896,719 
Liabilities
Contingent consideration(1)
$— $— $10,794 $10,794 
Total liabilities measured at fair value$— $— $10,794 $10,794 
(1) The Company used the probability-weighted discounted cash flow method to estimate the contingent consideration. The significant inputs used in the fair value measurement of the contingent consideration are the probability of payout and discount rate. As these inputs are not based on observable market data, the liability represents a Level 3 measurement within the fair value hierarchy.
June 30, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,435,111 $— $— $1,435,111 
Corporate bonds— 11,430 — 11,430 
1,435,111 11,430 — 1,446,541 
Short-term investments:
Corporate bonds— 597,204 — 597,204 
U.S. treasury securities421,728 — — 421,728 
Asset-backed securities— 51,406 — 51,406 
Certificates of deposit— 38,155 — 38,155 
421,728 686,765 — 1,108,493 
Funds held for customers:
Restricted cash equivalents:
Money market funds34,703 — — 34,703 
Corporate bonds— 133,557 — 133,557 
34,703 133,557 — 168,260 
Short-term investments:
Corporate bonds— 807,685 — 807,685 
Certificates of deposit— 397,533 — 397,533 
Municipal bonds— 6,516 — 6,516 
Asset-backed securities— 69,912 — 69,912 
U.S. treasury securities3,072 — — 3,072 
3,072 1,281,646 — 1,284,718 
Beneficial interest derivative on card receivables sold— — 398 398 
Total assets measured at fair value$1,894,614 $2,113,398 $398 $4,008,410 
v3.22.4
Short-Term Investments (Tables)
 6 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-Term Investments
Short-term investments consisted of the following as of the dates presented (in thousands):
December 31, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$644,658 $70 $(3,461)$641,267 
U.S. treasury securities315,325 21 (1,641)313,705 
Asset-backed securities31,368 10 (108)31,270 
Certificates of deposit54,178 — — 54,178 
U.S. agency securities26,079 51 (11)26,119 
Total$1,071,607 $152 $(5,221)$1,066,538 
June 30, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$601,987 $3 $(4,786)$597,204 
U.S. treasury securities424,644 1 (2,917)421,728 
Asset-backed securities51,622 — (216)51,406 
Certificates of deposit38,155 — — 38,155 
Total$1,116,408 $4 $(7,919)$1,108,493 
Schedule of Gross Unrealized Loss and Fair Values The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2022
Fair valueUnrealized
losses
Corporate bonds$354,715 $(3,461)
U.S. treasury securities223,429 (1,641)
Asset backed securities27,508 (108)
U.S. agency securities8,769 (11)
Total$614,421 $(5,221)
June 30, 2022
Fair valueUnrealized
losses
Corporate bonds$392,699 $(4,786)
U.S. treasury securities411,787 (2,917)
Asset backed securities51,406 (216)
Total$855,892 $(7,919)
v3.22.4
Funds Held for Customers (Tables)
 6 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Funds Held For Customers
Funds held for customers consisted of the following as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Restricted cash$1,914,579 $1,685,937 
Restricted cash equivalents266,743 168,260 
Funds receivable9,470 6,747 
Corporate bonds734,878 807,685 
Certificates of deposit426,189 397,533 
Municipal bonds635 6,516 
Asset backed securities81,680 69,912 
U.S. treasury securities53,221 3,072 
Total funds held for customers3,487,395 3,145,662 
Less - income earned by the Company included in other current assets
(13,347)(3,002)
Total funds held for customers, net of income earned by the Company$3,474,048 $3,142,660 
Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities
Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands):
December 31, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$735,248 $35 $(405)$734,878 
Certificates of deposit426,230 — (41)426,189 
Municipal bonds638 — (3)635 
Asset backed securities82,258 32 (610)81,680 
U.S. treasury securities53,351 2 (132)53,221 
Total$1,297,725 $69 $(1,191)$1,296,603 
June 30, 2022
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Corporate bonds$809,113 $1 $(1,429)$807,685 
Certificates of deposit397,533 — — 397,533 
Municipal bonds6,542 — (26)6,516 
Asset backed securities70,574 — (662)69,912 
U.S. treasury securities3,082 — (10)3,072 
Total$1,286,844 $1 $(2,127)$1,284,718 
Summary of Gross Unrealized Losses And Fair Values The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2022
Fair valueUnrealized
losses
Corporate bonds$171,981 $(405)
Certificates of deposit7,848 (41)
Municipal bonds635 (3)
Asset backed securities62,569 (610)
U.S. treasury securities43,601 (132)
Total$286,634 $(1,191)
June 30, 2022
Fair valueUnrealized
losses
Corporate bonds$301,625 $(1,429)
Municipal bonds6,516 (26)
Asset backed securities64,361 (662)
U.S. treasury securities3,072 (10)
Total$375,574 $(2,127)
v3.22.4
Acquired Card Receivables (Tables)
 6 Months Ended
Dec. 31, 2022
Acquired Card Receivables [Abstract]  
Schedule of Acquired Card Receivables
Acquired card receivables consisted of the following as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Gross amount of acquired card receivables$392,843 $261,806 
Less: allowance for credit losses(11,948)(5,414)
Total$380,895 $256,392 
Summary of Acquired Card Receivables by Class Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2022		June 30,
2022
Current and less than 30 days past due$384,944 $257,618 
30 ~ 59 days past due2,882 1,677 
60 ~ 89 days past due2,449 1,199 
90 ~ 119 days past due2,463 1,186 
Over 119 days past due105 126 
Total$392,843 $261,806 
Summary of Modified Card Receivables The following table provides additional information with respect to card receivables that were modified during the three and six months ended December 31, 2022 (in thousands):
Three Months Ended
December 31, 2022		Six Months Ended
December 31, 2022
Principal subject to forgiveness(1)
$81 $81 
Principal subject to late fee forgiveness(1)
— 696 
Other-than-insignificant payment delay(2)
199 2,439 
Payment term extension(3)
544 577 
Total card receivables$824 $3,793 
(1) Forgiveness of principal and late fee payments waived were not material during three and six months ended December 31, 2022.
(2) Other-than-insignificant payment delay represents accounts that are allowed to utilize available credit despite being delinquent outside of standard policy.
(3) Weighted-average payment term extensions were approximately 3 months during the three and six months ended December 31, 2022.
Summary of Change in Allowance for Credit Losses
Below is a summary of the changes in allowance for credit losses presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Balance, beginning$7,541 $3,717 $5,414 $1,740 
Initial allowance for credit losses on purchased card receivables with credit deterioration
— 296 10 310 
Provision for expected credit losses8,520 5,190 15,103 9,225 
Charge-off amounts(4,379)(5,020)(9,412)(7,296)
Recoveries collected266 424 833 628 
Balance, end of period$11,948 $4,607 $11,948 $4,607 
Summary of Fair Value of Consideration Received from Transfer of Card Receivables
Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands):
 Three Months Ended
December 31,		Six Months Ended
December 31,
2022 (1)
2021
2022 (1)
2021
Initial fair value of consideration received:
Cash$— $366,706 $316,477 $625,207 
Beneficial interest derivative— 1,093 1,682 2,287 
Total$— $367,799 $318,159 $627,494 
(1) Effective August 2022, the Company ceased selling acquired card receivables.
v3.22.4
Debt and Borrowings (Tables)
 6 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule Of Debt
Debt and borrowings consisted of the following (in thousands):
December 31,
2022		June 30,
2022
Current liabilities:
Borrowings from revolving credit facility (including unamortized debt premium of $0.1 million)(1)
$— $75,097 
Non-current liabilities:
Convertible senior notes:
2027 Notes, principal575,000 575,000 
2025 Notes, principal1,150,000 1,150,000 
Less: unamortized debt issuance costs(23,603)(27,015)
Convertible senior notes, net1,701,397 1,697,985 
Borrowings from revolving credit facility (including unamortized debt premium of $0.1 million)(1)
112,570 — 
Net carrying value of debt and borrowings$1,813,967 $1,773,082 
(1) Unamortized debt issuance costs on the Revolving Credit Facility were $0.3 million and zero as of December 31, 2022 and June 30, 2022, respectively, and are included in "Other assets" on the condensed consolidated balance sheet.
Convertible Debt
As of December 31, 2022 and June 30, 2022, the Notes consisted of the following:
December 31, 2022June 30, 2022
2027 Notes 2025 Notes 2027 Notes2025 Notes
Liability component:
Principal$575,000 $1,150,000 $575,000 $1,150,000 
Less: unamortized debt discount and issuance costs(11,532)(12,071)(12,873)(14,142)
Net carrying amount$563,468 $1,137,929 $562,127 $1,135,858 
v3.22.4
Stockholders' Equity (Tables)
 6 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP
Stock-based compensation cost by award type (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Stock options$13,117 $14,666 $24,911 $27,902 
RSUs(1)
101,266 33,699 156,935 57,232 
Performance-based awards3,157 — 6,448 — 
Market-based RSUs1,254 230 2,507 230 
Employee stock purchase plan2,961 2,106 5,782 4,163 
Total stock-based compensation cost$121,755 $50,701 $196,583 $89,528 
Stock-based compensation cost was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Cost of revenue$2,298 $1,285 $4,299 $2,412 
Research and development26,981 14,280 47,831 24,840 
Sales and marketing(1)
69,522 11,039 98,779 19,153 
General and administrative20,641 23,080 41,152 41,166 
Total amount charged to expense119,442 49,684 192,061 87,571 
Property and equipment (capitalized internal-use software)2,313 1,017 4,522 1,957 
Total stock-based compensation cost$121,755 $50,701 $196,583 $89,528 
(1) In October 2022, the Company entered into separation and advisory agreements with its former Chief Revenue Officer (the CRO Agreements). Pursuant to the CRO Agreements, the former CRO will serve the Company as an advisor through September 2024. Upon execution of the CRO Agreements, the Company recognized $52.2 million of stock-based compensation expense related to the former CRO's RSUs.
v3.22.4
Other Income (Expenses), Net (Tables)
 6 Months Ended
Dec. 31, 2022
Other Income, Nonoperating [Abstract]  
Schedule of Other Expenses, Net
Other income (expenses), net consisted of the following for the periods presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Interest expense$(3,562)$(2,494)$(6,411)$(4,322)
Lower of cost or market adjustment on card receivables sold and held for sale— (2,970)(1,545)(4,646)
Interest income20,910 770 32,375 1,271 
Other(326)(306)(1,449)(778)
Total$17,022 $(5,000)$22,970 $(8,475)
v3.22.4
Leases (Tables)
 6 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components Of Lease Expense
The components of lease expense during the three and six months ended December 31, 2022 and 2021 is shown on the table below (in thousands).
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Operating lease expense$3,279 $3,335 $6,396 $6,515 
Short-term lease expense279 5 483 87 
Variable lease expense, net of credit412 600 925 1,198 
Sublease income(144)(149)(289)(331)
Total$3,826 $3,791 $7,515 $7,469 
v3.22.4
Commitments and Contingencies (Tables)
 6 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of Future Minimum Lease Payments Future minimum lease payments as of December 31, 2022 are as follows (in thousands):
Fiscal years ending June 30:
Amount
Remainder of 2023
$7,558 
202413,920 
202513,424 
202613,292 
202713,226 
202813,590 
Thereafter35,919 
Gross lease payments110,929 
Less - present value adjustments(19,913)
Total operating lease liabilities, net$91,016 
Schedule of Future Payments Under Other Agreements Future payments under these agreements as of December 31, 2022 are as follows (in thousands):
Fiscal years ending June 30:
Amount
Remainder of 2023
$16,991 
202415,372 
202510,755 
20265,329 
20275,241 
20285,491 
Thereafter29,250 
Total$88,429 
v3.22.4
Net Loss Per Share Attributable To Common Stockholders (Tables)
 6 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended
December 31,		Six Months Ended
December 31,
2022202120222021
Numerator:
Net loss attributable to common stockholders$(95,076)$(80,440)$(176,716)$(154,699)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders
Basic and diluted105,906 102,910 105,494 99,401 
Net loss per share attributable to common stockholders:
Basic and diluted$(0.90)$(0.78)$(1.68)$(1.56)
Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation
Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands):
December 31,
20222021
Stock options3,156 4,862 
Restricted stock units4,644 2,866 
Total7,800 7,728 
v3.22.4
The Company and Its Significant Accounting Policies - Segment Reporting (Details)
 6 Months Ended
Dec. 31, 2022
Segment
Accounting Policies [Abstract]  
Number of operating segments 1
v3.22.4
The Company and Its Significant Accounting Policies - Concentrations of Credit Risk (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
USD ($)
Customer
Dec. 31, 2021
Customer
Dec. 31, 2022
USD ($)
Customer
Dec. 31, 2021
Customer
Jun. 30, 2022
USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]          
Allowance for potential credit losses related to accounts receivable and acquired card receivables | $ $ 12.3   $ 12.3   $ 5.8
Revenue Benchmark | Customer Concentration Risk          
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]          
Number of customers exceed 10% of revenue | Customer 0 0 0 0  
Revenue Benchmark | Customer Concentration Risk | No Customer          
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]          
Concentration percentage     10.00%    
v3.22.4
Revenue - Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Disaggregation Of Revenue [Line Items]        
Total revenue $ 260,006 $ 156,478 $ 489,930 $ 274,827
Subscription and Transaction Fees        
Disaggregation Of Revenue [Line Items]        
Total revenue 231,095 155,519 445,706 273,077
Subscription and Transaction Fees | Small-to-midsize businesses, accounting firms and other        
Disaggregation Of Revenue [Line Items]        
Total revenue 220,406 147,530 425,227 261,132
Subscription and Transaction Fees | Financial institutions        
Disaggregation Of Revenue [Line Items]        
Total revenue 10,689 7,989 20,479 11,945
Interest on Funds Held for Customers        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 28,911 $ 959 $ 44,224 $ 1,750
v3.22.4
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Jun. 30, 2022
Disaggregation Of Revenue [Line Items]      
Deferred revenue, recognized $ 11.4 $ 25.7  
Aggregate amount of transaction price allocated to performance obligations 133.5 133.5  
Unbilled revenue $ 12.4 $ 12.4 $ 11.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 75.00% 75.00%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 25.00% 25.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | Minimum      
Disaggregation Of Revenue [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years 3 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | Maximum      
Disaggregation Of Revenue [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 5 years 5 years  
v3.22.4
Fair Value Measurement - Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Assets    
Cash equivalents: $ 1,266,835 $ 1,446,541
Short-term investments: 1,066,538 1,108,493
Funds held for customers: 1,296,603 1,284,718
Beneficial interest derivative on card receivables sold   398
Total assets measured at fair value 3,896,719 4,008,410
Liabilities    
Contingent consideration 10,794  
Total liabilities measured at fair value 10,794  
Money market funds    
Assets    
Cash equivalents: 1,227,764 1,435,111
Corporate bonds    
Assets    
Cash equivalents: 19,121 11,430
Short-term investments: 641,267 597,204
Funds held for customers: 734,878 807,685
U.S. treasury securities    
Assets    
Cash equivalents: 19,950  
Short-term investments: 313,704 421,728
Funds held for customers: 53,221 3,072
U.S. agency securities    
Assets    
Short-term investments: 26,119  
Asset-backed securities    
Assets    
Short-term investments: 31,270 51,406
Funds held for customers: 81,680 69,912
Certificates of deposit    
Assets    
Short-term investments: 54,178 38,155
Funds held for customers: 426,189 397,533
Municipal bonds    
Assets    
Funds held for customers: 635 6,516
Restricted cash equivalents: | Corporate bonds    
Assets    
Funds held for customers: 237,682 133,557
Restricted cash equivalents: | Restricted cash equivalents:    
Assets    
Funds held for customers: 266,743 168,260
Restricted cash equivalents: | Restricted cash equivalents: | Money market funds    
Assets    
Funds held for customers: 29,061 34,703
Level 1    
Assets    
Cash equivalents: 1,247,714 1,435,111
Short-term investments: 313,704 421,728
Funds held for customers: 53,221 3,072
Beneficial interest derivative on card receivables sold   0
Total assets measured at fair value 1,643,700 1,894,614
Liabilities    
Contingent consideration 0  
Total liabilities measured at fair value 0  
Level 1 | Money market funds    
Assets    
Cash equivalents: 1,227,764 1,435,111
Level 1 | Corporate bonds    
Assets    
Cash equivalents: 0 0
Short-term investments: 0 0
Funds held for customers: 0 0
Level 1 | U.S. treasury securities    
Assets    
Cash equivalents: 19,950  
Short-term investments: 313,704 421,728
Funds held for customers: 53,221 3,072
Level 1 | U.S. agency securities    
Assets    
Short-term investments: 0  
Level 1 | Asset-backed securities    
Assets    
Short-term investments: 0 0
Funds held for customers: 0 0
Level 1 | Certificates of deposit    
Assets    
Short-term investments: 0 0
Funds held for customers: 0 0
Level 1 | Municipal bonds    
Assets    
Funds held for customers: 0 0
Level 1 | Restricted cash equivalents: | Corporate bonds    
Assets    
Funds held for customers: 0 0
Level 1 | Restricted cash equivalents: | Restricted cash equivalents:    
Assets    
Funds held for customers: 29,061 34,703
Level 1 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds    
Assets    
Funds held for customers: 29,061 34,703
Level 2    
Assets    
Cash equivalents: 19,121 11,430
Short-term investments: 752,834 686,765
Funds held for customers: 1,243,382 1,281,646
Beneficial interest derivative on card receivables sold   0
Total assets measured at fair value 2,253,019 2,113,398
Liabilities    
Contingent consideration 0  
Total liabilities measured at fair value 0  
Level 2 | Money market funds    
Assets    
Cash equivalents: 0 0
Level 2 | Corporate bonds    
Assets    
Cash equivalents: 19,121 11,430
Short-term investments: 641,267 597,204
Funds held for customers: 734,878 807,685
Level 2 | U.S. treasury securities    
Assets    
Cash equivalents: 0  
Short-term investments: 0 0
Funds held for customers: 0 0
Level 2 | U.S. agency securities    
Assets    
Short-term investments: 26,119  
Level 2 | Asset-backed securities    
Assets    
Short-term investments: 31,270 51,406
Funds held for customers: 81,680 69,912
Level 2 | Certificates of deposit    
Assets    
Short-term investments: 54,178 38,155
Funds held for customers: 426,189 397,533
Level 2 | Municipal bonds    
Assets    
Funds held for customers: 635 6,516
Level 2 | Restricted cash equivalents: | Corporate bonds    
Assets    
Funds held for customers: 237,682 133,557
Level 2 | Restricted cash equivalents: | Restricted cash equivalents:    
Assets    
Funds held for customers: 237,682 133,557
Level 2 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds    
Assets    
Funds held for customers: 0 0
Level 3    
Assets    
Cash equivalents: 0 0
Short-term investments: 0 0
Funds held for customers: 0 0
Beneficial interest derivative on card receivables sold   398
Total assets measured at fair value 0 398
Liabilities    
Contingent consideration 10,794  
Total liabilities measured at fair value 10,794  
Level 3 | Money market funds    
Assets    
Cash equivalents: 0 0
Level 3 | Corporate bonds    
Assets    
Cash equivalents: 0 0
Short-term investments: 0 0
Funds held for customers: 0 0
Level 3 | U.S. treasury securities    
Assets    
Cash equivalents: 0  
Short-term investments: 0 0
Funds held for customers: 0 0
Level 3 | U.S. agency securities    
Assets    
Short-term investments: 0  
Level 3 | Asset-backed securities    
Assets    
Short-term investments: 0 0
Funds held for customers: 0 0
Level 3 | Certificates of deposit    
Assets    
Short-term investments: 0 0
Funds held for customers: 0 0
Level 3 | Municipal bonds    
Assets    
Funds held for customers: 0 0
Level 3 | Restricted cash equivalents: | Corporate bonds    
Assets    
Funds held for customers: 0 0
Level 3 | Restricted cash equivalents: | Restricted cash equivalents:    
Assets    
Funds held for customers: 0 0
Level 3 | Restricted cash equivalents: | Restricted cash equivalents: | Money market funds    
Assets    
Funds held for customers: $ 0 $ 0
v3.22.4
Fair Value Measurement - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2021
Nov. 30, 2020
2025 Senior Notes      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Debt instrument, aggregate principal amount $ 1,150.0   $ 1,150.0
Debt stated percentage 0.00%   0.00%
Debt instrument, fair value estimated $ 1,180.0    
2027 Senior Notes      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Debt instrument, aggregate principal amount $ 575.0 $ 575.0  
Debt stated percentage 0.00% 0.00%  
Debt instrument, fair value estimated $ 451.1    
v3.22.4
Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost $ 1,071,607 $ 1,116,408
Gross unrealized gains 152 4
Gross unrealized losses (5,221) (7,919)
Fair value 1,066,538 1,108,493
Corporate bonds    
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost 644,658 601,987
Gross unrealized gains 70 3
Gross unrealized losses (3,461) (4,786)
Fair value 641,267 597,204
U.S. treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost 315,325 424,644
Gross unrealized gains 21 1
Gross unrealized losses (1,641) (2,917)
Fair value 313,705 421,728
Asset-backed securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost 31,368 51,622
Gross unrealized gains 10 0
Gross unrealized losses (108) (216)
Fair value 31,270 51,406
Certificates of deposit    
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost 54,178 38,155
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Fair value 54,178 $ 38,155
U.S. agency securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized cost 26,079  
Gross unrealized gains 51  
Gross unrealized losses (11)  
Fair value $ 26,119  
v3.22.4
Short-Term Investments - Additional Information (Details)
 6 Months Ended
Dec. 31, 2022
USD ($)
InvestmentPosition
Jun. 30, 2022
USD ($)
Schedule Of Available For Sale Securities [Line Items]    
Accrued interest receivable $ 3,400,000 $ 3,000,000
Short-term investments mature within one year 915,900,000 961,800,000
Short-term investments mature thereafter $ 150,700,000 $ 146,700,000
Percentage of short-term investments maturing within one year 86.00% 87.00%
Percentage of short-term investments maturing thereafter 14.00% 13.00%
Number of investments in unrealized loss positions | InvestmentPosition 210  
Number of investment positions | InvestmentPosition 350  
Allowance for credit losses on investments that were in an unrealized loss position $ 0 $ 0
v3.22.4
Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Schedule Of Available For Sale Securities [Line Items]    
Fair value $ 614,421 $ 855,892
Unrealized losses (5,221) (7,919)
Corporate bonds    
Schedule Of Available For Sale Securities [Line Items]    
Fair value 354,715 392,699
Unrealized losses (3,461) (4,786)
U.S. treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Fair value 223,429 411,787
Unrealized losses (1,641) (2,917)
Asset-backed securities    
Schedule Of Available For Sale Securities [Line Items]    
Fair value 27,508 51,406
Unrealized losses (108) $ (216)
U.S. agency securities    
Schedule Of Available For Sale Securities [Line Items]    
Fair value 8,769  
Unrealized losses $ (11)  
v3.22.4
Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Funds Held For Customers [Line Items]    
Total funds held for customers $ 3,487,395 $ 3,145,662
Less - income earned by the Company included in other current assets (13,347) (3,002)
Total funds held for customers, net of income earned by the Company 3,474,048 3,142,660
Municipal bonds    
Funds Held For Customers [Line Items]    
Total funds held for customers 635 6,516
Certificates of deposit    
Funds Held For Customers [Line Items]    
Total funds held for customers 426,189 397,533
Restricted cash    
Funds Held For Customers [Line Items]    
Total funds held for customers 1,914,579 1,685,937
Restricted cash equivalents:    
Funds Held For Customers [Line Items]    
Total funds held for customers 266,743 168,260
Funds receivable    
Funds Held For Customers [Line Items]    
Total funds held for customers 9,470 6,747
Corporate bonds    
Funds Held For Customers [Line Items]    
Total funds held for customers 734,878 807,685
Asset-backed securities    
Funds Held For Customers [Line Items]    
Total funds held for customers 81,680 69,912
U.S. treasury securities    
Funds Held For Customers [Line Items]    
Total funds held for customers $ 53,221 $ 3,072
v3.22.4
Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Funds Held For Customers [Line Items]    
Amortized cost $ 1,297,725 $ 1,286,844
Gross unrealized gains 69 1
Gross unrealized losses (1,191) (2,127)
Fair value 1,296,603 1,284,718
Certificates of deposit    
Funds Held For Customers [Line Items]    
Amortized cost 426,230 397,533
Gross unrealized gains 0 0
Gross unrealized losses (41) 0
Fair value 426,189 397,533
Municipal bonds    
Funds Held For Customers [Line Items]    
Amortized cost 638 6,542
Gross unrealized gains 0 0
Gross unrealized losses (3) (26)
Fair value 635 6,516
Corporate bonds    
Funds Held For Customers [Line Items]    
Amortized cost 735,248 809,113
Gross unrealized gains 35 1
Gross unrealized losses (405) (1,429)
Fair value 734,878 807,685
Asset backed securities    
Funds Held For Customers [Line Items]    
Amortized cost 82,258 70,574
Gross unrealized gains 32 0
Gross unrealized losses (610) (662)
Fair value 81,680 69,912
U.S. treasury securities    
Funds Held For Customers [Line Items]    
Amortized cost 53,351 3,082
Gross unrealized gains 2 0
Gross unrealized losses (132) (10)
Fair value $ 53,221 $ 3,072
v3.22.4
Funds Held for Customers - Additional Information (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
InvestmentPosition
Jun. 30, 2022
USD ($)
Funds Held For Customers [Line Items]    
Amortized Cost $ 1,297,725 $ 1,286,844
Fair value $ 1,296,603 $ 1,284,718
Debt securities percentage mature within one year 94.00% 95.00%
Debt securities mature within one year $ 1,200,000 $ 1,200,000
Debt securities percentage mature thereafter 6.00% 5.00%
Debt securities mature thereafter $ 81,700 $ 69,900
Number of unrealized loss investment positions | InvestmentPosition 120  
Number of investment positions | InvestmentPosition 390  
Accrued Interest Receivable    
Funds Held For Customers [Line Items]    
Amortized Cost $ 5,600 3,000
Fair value $ 5,600 $ 3,000
v3.22.4
Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Funds Held For Customers [Line Items]    
Fair value $ 286,634 $ 375,574
Unrealized losses (1,191) (2,127)
Municipal bonds    
Funds Held For Customers [Line Items]    
Fair value 635 6,516
Unrealized losses (3) (26)
Corporate bonds    
Funds Held For Customers [Line Items]    
Fair value 171,981 301,625
Unrealized losses (405) (1,429)
Asset-backed securities    
Funds Held For Customers [Line Items]    
Fair value 62,569 64,361
Unrealized losses (610) (662)
U.S. treasury securities    
Funds Held For Customers [Line Items]    
Fair value 43,601 3,072
Unrealized losses (132) $ (10)
Certificates of deposit    
Funds Held For Customers [Line Items]    
Fair value 7,848  
Unrealized losses $ (41)  
v3.22.4
Acquired Card Receivables - Schedule of Acquired Card Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Acquired Card Receivables [Abstract]            
Gross amount of acquired card receivables $ 392,843   $ 261,806      
Less: allowance for credit losses (11,948) $ (7,541) (5,414) $ (4,607) $ (3,717) $ (1,740)
Total $ 380,895   $ 256,392      
v3.22.4
Acquired Card Receivables - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Jun. 30, 2022
Financing Receivable, Past Due [Line Items]          
Acquired card receivable as collateral $ 129,800   $ 129,800    
Authorized transactions but not cleared 21,200   $ 21,200    
Grace period to payment on acquired card receivables     5 days    
Card receivables acquired during the period 3,300,000 $ 2,700,000 $ 6,000,000 $ 1,500,000  
Gross charge-off amount, prior fiscal year     3,100    
Gross charge-off amount, current fiscal year     6,300    
Transferred card receivables 400   400   $ 57,300
Fair value, beneficial interest derivative 0   0   0
Prepaid Expenses and Other Current Assets          
Financing Receivable, Past Due [Line Items]          
Card receivables held for sale, amount $ 0   $ 0   $ 8,700
v3.22.4
Acquired Card Receivables - Summary of Acquired Card Receivables by Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Financing Receivable, Past Due [Line Items]    
Total $ 392,843 $ 261,806
Current and less than 30 days past due    
Financing Receivable, Past Due [Line Items]    
Total 384,944 257,618
30 ~ 59 days past due    
Financing Receivable, Past Due [Line Items]    
Total 2,882 1,677
60 ~ 89 days past due    
Financing Receivable, Past Due [Line Items]    
Total 2,449 1,199
90 ~ 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total 2,463 1,186
Over 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total $ 105 $ 126
v3.22.4
Acquired Card Receivables - Summary of Modified Card Receivables (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Total card receivables $ 824 $ 3,793
Weighted-average payment term extension 3 months 3 months
Principal subject to forgiveness    
Financing Receivable, Past Due [Line Items]    
Total card receivables $ 81 $ 81
Principal subject to late fee forgiveness    
Financing Receivable, Past Due [Line Items]    
Total card receivables 0 696
Other-than-insignificant payment delay    
Financing Receivable, Past Due [Line Items]    
Total card receivables 199 2,439
Payment term extension    
Financing Receivable, Past Due [Line Items]    
Total card receivables $ 544 $ 577
v3.22.4
Acquired Card Receivables - Summary of Change in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Allowance For Credit Losses [Roll Forward]        
Balance, beginning $ 7,541 $ 3,717 $ 5,414 $ 1,740
Initial allowance for credit losses on purchased card receivables with credit deterioration 0 296 10 310
Provision for expected credit losses 8,520 5,190 15,103 9,225
Charge-off amounts (4,379) (5,020) (9,412) (7,296)
Recoveries collected 266 424 833 628
Balance, end of period $ 11,948 $ 4,607 $ 11,948 $ 4,607
v3.22.4
Acquired Card Receivables - Summary of Fair Value of Consideration Received from Transfer of Card Receivables (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Acquired Card Receivables [Abstract]        
Cash $ 0 $ 366,706 $ 316,477 $ 625,207
Beneficial interest derivative 0 1,093 1,682 2,287
Total $ 0 $ 367,799 $ 318,159 $ 627,494
v3.22.4
Debt and Borrowings - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Debt Instrument [Line Items]    
Less: unamortized debt issuance costs $ (23,603) $ (27,015)
Convertible senior notes, net 1,701,397 1,697,985
Net carrying amount 1,813,967 1,773,082
Line of Credit    
Debt Instrument [Line Items]    
Borrowings from revolving credit facility 0 75,097
Non-current liabilites 112,570 0
Unamortized premium, current 100  
Unamortized premium, noncurrent 100  
Unamortized debt issuance costs 300 0
2027 Senior Notes    
Debt Instrument [Line Items]    
Non-current liabilites 575,000 575,000
Net carrying amount 563,468 562,127
2025 Senior Notes    
Debt Instrument [Line Items]    
Non-current liabilites 1,150,000 1,150,000
Net carrying amount $ 1,137,929 $ 1,135,858
v3.22.4
Debt and Borrowings - Additional Information (Details)
$ / shares in Units, shares in Millions
 3 Months Ended 6 Months Ended
Sep. 24, 2021
USD ($)
$ / shares
shares
Nov. 30, 2020
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Tradingday
$ / shares
shares
Dec. 31, 2021
USD ($)
Jun. 30, 2022
USD ($)
Debt Instrument [Line Items]              
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs         $ 0 $ 560,075,000  
Amortization of debt discount and issuance costs         $ 3,483,000 1,955,000  
Debt instrument, weighted average remaining term         3 years 4 months 24 days    
Line of Credit              
Debt Instrument [Line Items]              
Principal     $ 112,500,000   $ 112,500,000    
2027 Senior Notes              
Debt Instrument [Line Items]              
Debt instrument, aggregate principal amount $ 575,000,000   $ 575,000,000   $ 575,000,000    
Debt stated percentage 0.00%   0.00%   0.00%    
Debt instrument, maturity date Apr. 01, 2027            
Debt issuance costs $ 14,900,000            
Debt initial conversion rate 0.0024108            
Debt instrument denomination of principal amount for conversion into common stock $ 1,000            
Initial conversion price per share | $ / shares $ 414.80            
Notes issued upon conversion (in shares) | shares 1.4            
Debt instrument threshold percentage of conversion price         130.00%    
Number of trading days for conversion of notes | Tradingday         20    
Number of consecutive trading days for conversion of notes | Tradingday         30    
Debt convertible date Jan. 01, 2027            
Number of business day period for conversion of notes         5 days    
Number of consecutive trading day period in consideration for conversion of notes         5 days    
Threshold percentage of stock price trigger in measurement period         98.00%    
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs $ 560,100,000            
Debt default threshold principal amount percentage         100.00%    
Debt conversion rate in make whole         1.2656    
Debt conversion price per share in make whole | $ / shares     $ 272.00   $ 272.00    
Debt instrument, effective interest rate percentage     0.48%   0.48%    
Cost of capped call         $ 125,800,000    
Capped call, initial strike price (dollars per share) | $ / shares     $ 414.80   $ 414.80    
Capped call, initial cap price (dollars per share) | $ / shares     $ 544.00   $ 544.00    
Cap calls cover subject to anti-dilution adjustments to common stock (in shares) | shares         8.5    
Principal     $ 575,000,000   $ 575,000,000   $ 575,000,000
2027 Senior Notes | Redeem On or After October 5, 2024              
Debt Instrument [Line Items]              
Redemption period, start date         Oct. 05, 2024    
Debt instrument threshold percentage of conversion price         130.00%    
Number of trading days for conversion of notes | Tradingday         20    
Number of consecutive trading days for conversion of notes | Tradingday         30    
Redemption price percentage of principal amount redeemed         100.00%    
Sinking fund         $ 0    
2025 Senior Notes              
Debt Instrument [Line Items]              
Debt instrument, aggregate principal amount   $ 1,150,000,000 $ 1,150,000,000   $ 1,150,000,000    
Debt stated percentage   0.00% 0.00%   0.00%    
Debt instrument, maturity date   Dec. 01, 2025          
Debt issuance costs   $ 20,600,000          
Debt initial conversion rate   0.0062159          
Debt instrument denomination of principal amount for conversion into common stock   $ 1,000     $ 1,000    
Initial conversion price per share | $ / shares   $ 160.88          
Notes issued upon conversion (in shares) | shares   7.1          
Debt instrument threshold percentage of conversion price         130.00%    
Number of trading days for conversion of notes | Tradingday         20    
Number of consecutive trading days for conversion of notes | Tradingday         30    
Debt convertible date   Sep. 01, 2025          
Number of business day period for conversion of notes         5 days    
Number of consecutive trading day period in consideration for conversion of notes         5 days    
Threshold percentage of stock price trigger in measurement period         98.00%    
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs   $ 1,130,000,000          
Debt default threshold principal amount percentage         100.00%    
Debt conversion rate in make whole         2.9525    
Debt conversion price per share in make whole | $ / shares     $ 109.07   $ 109.07    
Debt instrument, effective interest rate percentage     0.36%   0.36%    
Cost of capped call         $ 125,800,000    
Capped call, initial strike price (dollars per share) | $ / shares     $ 160.88   $ 160.88    
Capped call, initial cap price (dollars per share) | $ / shares     $ 218.14   $ 218.14    
Cap calls cover subject to anti-dilution adjustments to common stock (in shares) | shares         8.5    
Principal     $ 1,150,000,000   $ 1,150,000,000   1,150,000,000
2025 Senior Notes | Redeem On or After December 5, 2023              
Debt Instrument [Line Items]              
Redemption period, start date         Dec. 05, 2023    
Debt instrument threshold percentage of conversion price         130.00%    
Number of trading days for conversion of notes | Tradingday         20    
Number of consecutive trading days for conversion of notes | Tradingday         30    
Redemption price percentage of principal amount redeemed         100.00%    
Sinking fund         $ 0    
2027 and 2025 Convertible Senior Notes              
Debt Instrument [Line Items]              
Amortization of debt discount and issuance costs     1,700,000 $ 1,700,000 3,400,000 $ 2,800,000  
Debt instrument, aggregate principal amount if converted     $ 1,700,000,000   $ 1,700,000,000   $ 1,700,000,000
v3.22.4
Debt and Borrowings - Schedule of Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Debt Instrument [Line Items]    
Net carrying amount $ 1,813,967 $ 1,773,082
2027 Senior Notes    
Debt Instrument [Line Items]    
Principal 575,000 575,000
Less: unamortized debt discount and issuance costs (11,532) (12,873)
Net carrying amount 563,468 562,127
2025 Senior Notes    
Debt Instrument [Line Items]    
Principal 1,150,000 1,150,000
Less: unamortized debt discount and issuance costs (12,071) (14,142)
Net carrying amount $ 1,137,929 $ 1,135,858
v3.22.4
Debt and Borrowings - Revolving Credit Facility- Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Aug. 31, 2022
Dec. 31, 2022
Aug. 01, 2022
Debt Instrument [Line Items]      
Line of credit facility, interest rate   7.58%  
2021 Revolving Credit Agreement      
Debt Instrument [Line Items]      
Line of credit facility maturity month and year 2024-06    
Line of credit facility, maximum borrowing capacity     $ 225,000
Line of credit facility, unused capacity, commitment fee percentage 0.50%    
Line of credit, outstanding amount threshold     $ 75,000
Benchmark adjustment rate     0.28%
Remaining weighted-average amortization period   1 year 4 months 24 days  
2021 Revolving Credit Agreement | Utilization Period One      
Debt Instrument [Line Items]      
Line of credit facility, minimum utilization     $ 112,500
Line of credit, minimum utilization percentage     50.00%
2021 Revolving Credit Agreement | Utilization Period Two      
Debt Instrument [Line Items]      
Line of credit facility, minimum utilization     $ 135,000
Line of credit, minimum utilization percentage     60.00%
2021 Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument floor rate 0.25%    
2021 Revolving Credit Agreement | Variable Rate Component One | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument basis spread on variable rate 2.75%    
2021 Revolving Credit Agreement | Variable Rate Component Two | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument basis spread on variable rate 2.65%    
2021 Revolving Credit Agreement | Variable Rate Component Three | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument basis spread on variable rate 2.65%    
v3.22.4
Stockholders' Equity - Additional Information (Details) - RSUs(1)
$ / shares in Units, shares in Thousands, $ in Millions
 6 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]  
Number of other than options granted (in shares) | shares 150
Requisite period for expenses recognized 3 years
Weighted grant-date fair value (dollars per share) | $ / shares $ 133.48
Unamortized stock-based compensation expense | $ $ 9.2
Weighted-average period over which unrecognized compensation cost is expected to be recognized 1 year 6 months
v3.22.4
Stockholders' Equity - Summary of Stock-Based Compensation Cost By Award Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense $ 121,755 $ 50,701 $ 196,583 $ 89,528
Stock options        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 13,117 14,666 24,911 27,902
RSUs(1)        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 101,266 33,699 156,935 57,232
Performance-based awards        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 3,157 0 6,448 0
Market-based RSUs        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 1,254 230 2,507 230
Employee stock purchase plan        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense $ 2,961 $ 2,106 $ 5,782 $ 4,163
v3.22.4
Stockholders' Equity - Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Oct. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]          
Total amount charged to expense   $ 119,442 $ 49,684 $ 192,061 $ 87,571
Property and equipment (capitalized internal-use software)   2,313 1,017 4,522 1,957
Total stock-based compensation cost   121,755 50,701 196,583 89,528
Stock-based compensation, CRO agreement $ 52,200        
Cost of revenue          
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]          
Total amount charged to expense   2,298 1,285 4,299 2,412
Research and development          
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]          
Total amount charged to expense   26,981 14,280 47,831 24,840
Sales and marketing          
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]          
Total amount charged to expense   69,522 11,039 98,779 19,153
General and administrative          
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]          
Total amount charged to expense   $ 20,641 $ 23,080 $ 41,152 $ 41,166
v3.22.4
Other Income (Expenses), Net - Schedule of Other Income (Expenses), Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Other Income, Nonoperating [Abstract]        
Interest expense $ (3,562) $ (2,494) $ (6,411) $ (4,322)
Lower of cost or market adjustment on card receivables sold and held for sale 0 (2,970) (1,545) (4,646)
Interest income 20,910 770 32,375 1,271
Other (326) (306) (1,449) (778)
Total $ 17,022 $ (5,000) $ 22,970 $ (8,475)
v3.22.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]        
Weighted average remaining term 7 years 9 months 18 days   7 years 9 months 18 days  
Weighted average discount rate 5.10%   5.10%  
Lease expense paid during period $ 3.7 $ 3.4 $ 7.2 $ 6.5
Various Locations        
Lessee, Lease, Description [Line Items]        
Non-cancellable operating lease expiration year     2031  
Draper, Utah        
Lessee, Lease, Description [Line Items]        
Non-cancellable operating lease expiration     2025-12  
v3.22.4
Leases - Components Of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Lease, Cost [Abstract]        
Operating lease expense $ 3,279 $ 3,335 $ 6,396 $ 6,515
Short-term lease expense 279 5 483 87
Variable lease expense, net of credit 412 600 925 1,198
Sublease income (144) (149) (289) (331)
Total $ 3,826 $ 3,791 $ 7,515 $ 7,469
v3.22.4
Commitments and Contingencies - Additional Information (Details)
$ in Millions
 6 Months Ended
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other facility and equipment expiration year 2031
Multiyear third party and financial institutions Agreements expiration year 2029
Authorized transactions but not cleared $ 21.2
v3.22.4
Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2023 $ 7,558
2024 13,920
2025 13,424
2026 13,292
2027 13,226
2028 13,590
Thereafter 35,919
Gross lease payments 110,929
Less - present value adjustments (19,913)
Total operating lease liabilities, net $ 91,016
v3.22.4
Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2023 $ 16,991
2024 15,372
2025 10,755
2026 5,329
2027 5,241
2028 5,491
Thereafter 29,250
Total $ 88,429
v3.22.4
Net Loss Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Numerator:        
Net loss attributable to common stockholders $ (95,076) $ (80,440) $ (176,716) $ (154,699)
Denominator:        
Weighted-average number of shares outstanding, diluted (in shares) 105,906 102,910 105,494 99,401
Weighted-average number of shares outstanding, basic (in shares) 105,906 102,910 105,494 99,401
Net loss per share attributable to common stockholders:        
Net loss per share, basic (dollars per share) $ (0.90) $ (0.78) $ (1.68) $ (1.56)
Net loss per share, diluted (dollars per share) $ (0.90) $ (0.78) $ (1.68) $ (1.56)
v3.22.4
Net Loss Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares
shares in Thousands
 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares not considered in calculation of diluted net loss per share 7,800 7,728
Stock options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares not considered in calculation of diluted net loss per share 3,156 4,862
Restricted stock units    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares not considered in calculation of diluted net loss per share 4,644 2,866
v3.22.4
Net Loss Per Share Attributable To Common Stockholders - Additional Information (Details) - shares
shares in Thousands
 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares not considered in calculation of diluted net loss per share 7,800 7,728
Notes | Maximum    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares subject to adjustment 12,700  
Shares Underlying Conversion Option in Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Number of shares not considered in calculation of diluted net loss per share 8,500  
v3.22.4
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2020-06 [Member]