BILL HOLDINGS, INC., 10-K filed on 8/28/2025
Annual Report
v3.25.2
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Jun. 30, 2025
Aug. 21, 2025
Dec. 31, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2025    
Current Fiscal Year End Date --06-30    
Document Transition Report false    
Entity File Number 001-39149    
Entity Registrant Name BILL 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 8.4
Entity Common Stock, Shares Outstanding   101,628,611  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders (Proxy Statement), to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
    
Entity Central Index Key 0001786352    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Insider Trading Policies and Procedures Adopted true    
v3.25.2
Audit Information
 12 Months Ended
Jun. 30, 2025
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Jose, California
Auditor Firm ID 238
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Current assets:    
Cash and cash equivalents $ 1,038,346 $ 985,941
Short-term investments 1,180,110 601,535
Accounts receivable, net 32,341 28,049
Acquired card receivables, net of allowances of $15,020 and $20,883 as of June 30, 2025 and 2024, respectively 685,108 697,216
Prepaid expenses and other current assets 258,418 297,169
Funds held for customers 4,044,470 3,704,907
Total current assets 7,238,793 6,314,817
Non-current assets:    
Operating lease right-of-use assets, net 56,086 59,414
Property and equipment, net 116,611 88,034
Intangible assets, net 222,805 281,471
Goodwill 2,396,509 2,396,509
Other assets 33,178 38,568
Total assets 10,063,982 9,178,813
Current liabilities:    
Accounts payable 16,293 7,447
Accrued compensation and benefits 39,581 34,158
Deferred revenue 22,435 17,006
Other accruals and current liabilities 252,455 299,506
Borrowings from credit facilities, net 180,005 0
Convertible senior notes, net 33,421 0
Customer fund deposits 4,044,470 3,704,907
Total current liabilities 4,588,660 4,063,024
Non-current liabilities:    
Deferred revenue 285 4,167
Operating lease liabilities 58,372 62,847
Borrowings from credit facilities, net 0 180,009
Convertible senior notes, net 1,501,044 733,991
Other long-term liabilities 1,581 574
Total liabilities 6,149,942 5,044,612
Commitments and contingencies (Note 14)
Stockholders' equity:    
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding 0 0
Common stock; $0.00001 par value per share; 500,000 shares authorized; 103,012 and 106,646 shares issued and outstanding at June 30, 2025 and 2024, respectively 2 2
Additional paid-in capital 5,414,645 5,233,037
Accumulated other comprehensive income (loss) 10,197 (1,890)
Accumulated deficit (1,510,804) (1,096,948)
Total stockholders' equity 3,914,040 4,134,201
Total liabilities and stockholders' equity $ 10,063,982 $ 9,178,813
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Statement of Financial Position [Abstract]    
Acquired card receivables, net of allowances $ 15,020 $ 20,883
Preferred stock par value (dollars per share) $ 0.00001 $ 0.00001
Preferred stock authorized (shares) 10,000,000 10,000,000
Preferred stock issued (shares) 0 0
Preferred stock outstanding (shares) 0 0
Common stock par value (dollars per share) $ 0.00001 $ 0.00001
Common stock shares authorized (shares) 500,000,000 500,000,000
Common stock issued (shares) 103,012,000 106,646,000
Common stock shares outstanding (shares) 103,012,000 106,646,000
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Revenue      
Total revenue $ 1,462,570 $ 1,290,172 $ 1,058,468
Cost of revenue      
Service costs 229,805 189,894 151,010
Depreciation and amortization [1] 42,298 44,722 42,967
Total cost of revenue 272,103 234,616 193,977
Gross profit 1,190,467 1,055,556 864,491
Operating expenses      
Research and development 340,059 336,754 314,632
Sales and marketing 543,711 478,540 515,858
General and administrative 281,913 277,662 249,054
Provision for expected credit losses 72,749 60,105 32,224
Depreciation and amortization [1] 32,637 49,072 48,496
Restructuring 0 27,587 0
Total operating expenses 1,271,069 1,229,720 1,160,264
Operating loss (80,602) (174,164) (295,773)
Other income, net 111,012 147,845 72,856
Income (loss) before provision for income taxes 30,410 (26,319) (222,917)
Provision for income taxes 6,611 2,559 808
Net income (loss) $ 23,799 $ (28,878) $ (223,725)
Net income (loss) per share attributable to common stockholders:      
Basic (dollars per share) $ 0.23 $ (0.27) $ (2.11)
Diluted (dollars per share) $ (0.07) $ (0.27) $ (2.11)
Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:      
Basic (shares) 103,568 106,102 105,976
Diluted (shares) 103,912 106,102 105,976
Subscription and transaction fees      
Revenue      
Total revenue $ 1,300,804 $ 1,122,733 $ 944,710
Interest on funds held for customers      
Revenue      
Total revenue $ 161,766 $ 167,439 $ 113,758
[1] Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 23,799 $ (28,878) $ (223,725)
Other comprehensive income (loss):      
Net unrealized gain on investments in available-for-sale securities 12,087 2,598 5,729
Comprehensive income (loss) $ 35,886 $ (26,280) $ (217,996)
v3.25.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Beginning balance, shares at Jun. 30, 2022   104,731,000      
Beginning balance at Jun. 30, 2022 $ 4,043,694 $ 2 $ 4,598,737 $ (10,217) $ (544,828)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax (shares)   2,703,000      
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax 13,872   13,872    
Issuance of common stock as consideration for an acquisition (shares)   40,000      
Issuance of common stock as consideration for an acquisition 3,375   3,375    
Issuance of common stock under the employee stock purchase plan (shares)   182,000      
Issuance of common stock under the employee stock purchase plan $ 17,879   17,879    
Repurchase and retirement of common stock (shares) (1,077,445) (1,106,000)      
Repurchase and retirement of common stock $ (87,615)       (87,615)
Stock-based compensation 312,760   312,760    
Other comprehensive income 5,729     5,729  
Net income (loss) (223,725)       (223,725)
Ending balance, shares at Jun. 30, 2023   106,550,000      
Ending balance at Jun. 30, 2023 4,085,969 $ 2 4,946,623 (4,488) (856,168)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax (shares)   2,754,000      
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax 13,002   13,002    
Issuance of common stock under the employee stock purchase plan (shares)   225,000      
Issuance of common stock under the employee stock purchase plan $ 16,495   16,495    
Repurchase and retirement of common stock (shares) (2,882,634) (2,883,000)      
Repurchase and retirement of common stock $ (211,902)       (211,902)
Unwind of capped calls 9,657   9,657    
Stock-based compensation 247,260   247,260    
Other comprehensive income 2,598     2,598  
Net income (loss) $ (28,878)       (28,878)
Ending balance, shares at Jun. 30, 2024 106,646,000 106,646,000      
Ending balance at Jun. 30, 2024 $ 4,134,201 $ 2 5,233,037 (1,890) (1,096,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax (shares)   2,843,000      
Issuance of common stock upon exercise of stock options, warrants and release of restricted stock units, net of shares withheld and retired for tax 8,986   8,986    
Issuance of common stock under the employee stock purchase plan (shares)   270,000      
Issuance of common stock under the employee stock purchase plan 11,553   11,553    
Repurchase and retirement of common stock (shares)   (6,747,000)      
Repurchase and retirement of common stock (437,655)       (437,655)
Purchases of capped calls (92,960)   (92,960)    
Stock-based compensation 254,029   254,029    
Other comprehensive income 12,087     12,087  
Net income (loss) $ 23,799       23,799
Ending balance, shares at Jun. 30, 2025 103,012,000 103,012,000      
Ending balance at Jun. 30, 2025 $ 3,914,040 $ 2 $ 5,414,645 $ 10,197 $ (1,510,804)
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:      
Net income (loss) $ 23,799 $ (28,878) $ (223,725)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation 242,532 248,375 313,567
Amortization of intangible assets 61,925 79,956 80,205
Depreciation of property and equipment 13,010 13,838 11,258
Amortization of capitalized internal-use software costs paid in cash 14,508 9,369 4,215
Amortization of debt discount and issuance costs 4,739 6,238 6,964
Accretion of discount on investments in marketable debt securities (37,000) (55,062) (37,194)
Accretion of discount on loans held for investment (21,215) (9,209) (127)
Gain on debt extinguishment (40,550) (46,654) 0
Provision for expected credit losses on acquired card receivables and other financial assets 72,749 60,105 32,189
Non-cash operating lease expense 8,164 8,642 9,493
Other 395 1,395 (107)
Changes in assets and liabilities:      
Accounts receivable (4,458) 69 (4,482)
Prepaid expenses and other current assets (26,986) (6,825) (16,844)
Other assets 8,417 7,528 320
Accounts payable 8,213 (1,125) (1,686)
Other accruals and current liabilities 30,222 20,992 34,465
Operating lease liabilities (9,412) (9,839) (10,303)
Other long-term liabilities 46 (14,580) (3,097)
Deferred revenue 1,546 (5,564) (7,343)
Net cash provided by operating activities 350,644 278,771 187,768
Cash flows from investing activities:      
Cash paid for acquisition, net of acquired cash and cash equivalents 0 0 (28,902)
Purchases of corporate and customer fund short-term investments (2,847,736) (2,682,659) (2,743,763)
Proceeds from maturities and sales of corporate and customer fund short-term investments 2,214,628 2,513,646 3,295,568
Purchase of intangible assets (2,868) 0 0
Purchases of loans held for investment (798,926) (359,654) (5,878)
Principal repayments of loans held for investment 787,513 326,172 4,472
Acquired card receivables, net (129,439) (185,486) (234,256)
Purchases of property and equipment (4,335) (976) (7,589)
Capitalization of internal-use software costs (33,767) (19,917) (23,614)
Proceeds from beneficial interest 0 0 2,080
Other (2,460) (500) 1,167
Net cash provided by (used in) investing activities (817,390) (409,374) 259,285
Cash flows from financing activities:      
Proceeds from issuance of convertible senior notes 1,400,000 0 0
Cash paid for convertible senior notes issuance costs (24,006) 0 0
Payments for repurchase of convertible senior notes (539,403) (933,187) 0
Proceeds from unwind of capped calls 0 11,442 0
Purchase of capped calls (92,960) 0 0
Customer fund deposits liability and other 318,683 353,964 204,390
Prepaid card deposits 28,517 (17,901) 26,584
Repurchase of common stock (430,002) (211,902) (87,615)
Proceeds from line of credit borrowings 0 45,000 60,000
Cash paid for line of credit issuance costs (1,721) 0 0
Proceeds from exercise of stock options 3,701 8,114 13,872
Tax withholdings related to net share settlements of equity awards (7,840) (3,862) 0
Proceeds from issuance of common stock under the employee stock purchase plan 11,553 16,495 17,879
Contingent consideration payout 0 (10,762) 0
Net cash provided by (used in) financing activities 666,522 (742,599) 235,110
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (290) (240) (38)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 199,486 (873,442) 682,125
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 3,351,398 4,224,840 3,542,715
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 3,550,884 3,351,398 4,224,840
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:      
Cash and cash equivalents 1,038,346 985,941 1,617,151
Restricted cash included in other current assets 101,620 174,101 87,322
Restricted cash included in other assets 4,885 5,297 13,810
Restricted cash and restricted cash equivalents included in funds held for customers 2,406,033 2,186,059 2,506,557
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 3,550,884 3,351,398 4,224,840
Supplemental disclosure of cash flow information:      
Cash paid for interest during the period 13,782 12,611 7,440
Cash paid for income taxes during the period 6,321 5,628 1,266
Noncash investing and financing activities:      
Payable on purchases of property and equipment and internal-use software costs 5,234 906 174
Payable on purchases of acquired card receivables 9,213 105,406 0
Payable on repurchase of common stock 5,000 0 0
Payable on excise tax 2,653 0 0
Issuance and exercise of warrants $ 13,125 $ 8,750 $ 0
v3.25.2
The Company and Its Significant Accounting Policies
 12 Months Ended
Jun. 30, 2025
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. Bill.com Holdings, Inc. was incorporated in the State of Delaware in August 2018 (and renamed BILL Holdings, Inc. in February 2023). In November 2018, Bill.com, Inc. consummated a reorganization with BILL Holdings, Inc., resulting in the latter becoming the parent entity of Bill.com, Inc. BILL Holdings, Inc. and its wholly-owned subsidiaries are collectively referred to as the “Company”.
The Company is a provider of software-as-a-service, cloud-based payments, and 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.
Offering of Convertible Notes
On December 6, 2024, the Company issued $1.4 billion in aggregate principal amount of 0% convertible senior notes due 2030 (the 2030 Notes). The Company received $1.38 billion in net proceeds from the sale of the 2030 Notes, after deducting initial purchaser discounts and other offering costs. The Company used a portion of the net proceeds to pay the cost of capped call transactions in the amount of $93.0 million, to repurchase portions of its outstanding 2025 and 2027 convertible senior notes for $130.8 million and $408.6 million, respectively, and to repurchase $200.0 million of shares of its common stock.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC). All intercompany accounts and transactions have been eliminated.
Segment Reporting
The Company operates as one operating segment because its chief operating decision maker (CODM), who is the Chief Executive Officer, reviews its financial information on a consolidated basis with net income (loss) as the primary measure of segment profitability for purposes of making decisions regarding allocating resources and assessing performance. The CODM uses this measure to evaluate the Company’s operational efficiency and profitability, make strategic capital allocation decisions, and assess progress against financial targets, and is regularly provided with financial results comparing actual performance to budgeted targets and prior periods. The CODM does not evaluate the performance of the operating segment using asset information.
On a regular basis, the Company’s CODM is provided with significant segment expenses as reported within the consolidated statements of operations, adjusted for depreciation, amortization and restructuring, as presented in the consolidated statements of operations, stock-based compensation (refer to Note 10), amortization of debt issuance costs and gain on debt extinguishment (refer to Note 11). Other items included in the segment's profit or loss measure are interest income, interest expense (refer to Note 11) and provision for income taxes presented in the consolidated statements of operations and comprehensive income (loss).
Total revenue from external customers outside of the U.S. was less than 3% of consolidated total revenue during each of the years ended June 30, 2025, 2024, and 2023.
Reclassification
Certain accounts in the prior period consolidated statements of cash flows were reclassified to conform with the current year presentation.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; the estimate of expected credit losses on accounts receivable, acquired card receivables, and loans held for investment; accrual for rewards; benefit periods used to amortize deferred costs; reserve for losses on funds held for customers; and valuation of deferred tax assets. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Funds Held for Customers and Customer Fund Deposits
Funds held for customers and the corresponding liability on customer fund deposits represent funds that are collected from customers for payments to their suppliers and funds that are collected on behalf of customers. Generally, these funds held for customers are initially deposited in separate bank accounts until remitted to the customers’ suppliers or to the customers. Funds held for customers also include amounts that are held by or deposited into the accounts of payment processing companies and receivables from customers. The funds held for customers are restricted for the purpose of satisfying the customers’ fund obligations and are not available for general business use by the Company. The Company partially invests funds held for customers in highly liquid investments, which include money market funds and marketable debt securities with maturities of three months or less, as well as marketable debt securities with maturities ranging from three months up to thirty-seven months at the time of purchase based on the effective maturity date. Funds held for customers that are invested in marketable debt securities are classified as available-for-sale. These investments are carried at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the consolidated balance sheets and as a component of the consolidated statements of comprehensive income (loss). The Company contractually earns interest on funds held for customers with associated counterparties.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents consist of cash in banks, and highly liquid investments with maturities of three months or less at the time of purchase.
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 consolidated balance sheets.
Short–term Investments
The Company invests excess cash in a diversified portfolio of highly rated marketable debt securities with maturities of more than three months. These securities are classified as available-for-sale and recorded at fair value. The Company determines the appropriate classification of investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. After consideration of risk versus reward attributes and liquidity requirements, the Company may sell these debt securities prior to their stated maturities. As the Company views these securities as available to support current operations, including those with maturities beyond 12 months, and therefore classifies these securities as current assets in the accompanying consolidated balance sheets. Unrealized gains or losses are included in accumulated other comprehensive income (loss) on the consolidated balance sheets and as a component of the consolidated
statements of comprehensive income (loss). If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income, net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income, net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables and loans held for investment (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents and short-term investments with large multinational financial institutions that may at times exceed federally insured limits. Management believes that the financial institutions with which the Company does business are financially sound with minimal credit risk. Management further believes the associated risk of concentration for the Company’s investments is mitigated by holding a diversified portfolio of highly rated investments consisting of money market funds and short-term debt securities.
The Company performs credit evaluations to verify the credit quality of its Financial Assets and determine any at-risk financial instruments. As of June 30, 2025 and 2024, the allowance for expected credit losses related to accounts receivable, acquired card receivables and loans held for investment totaled approximately $30.3 million and $25.8 million, respectively.
There were no customers that exceeded 10% of the Company’s total revenue during each of the years ended June 30, 2025, 2024, and 2023.
Foreign Currency
The functional currency of the Company's foreign subsidiary 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, net in the accompanying statements of operations
Accounts Receivable and Unbilled Revenue
Accounts receivable, which consist primarily of fees from customers, including accounting firm and financial institution customers, are recorded at the invoiced amount, net of an allowance for expected credit losses. Unbilled revenue is recorded based on amounts that the Company expects to invoice to customers in the subsequent period. The allowance for expected credit losses related to accounts receivable and unbilled revenue is based on the Company’s assessment of the collectability of the receivables. The Company regularly reviews the adequacy of the allowance for expected credit losses by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectible are charged against the allowance for expected credit losses when identified. For all periods presented, the allowance for expected credit losses related to accounts receivable and unbilled revenue was not material.
Loans Held for Investment
Loans held for investment represent funds advanced under either a term loan or line of credit agreement, through a partnership with a third-party bank (the Originating Bank Partner) in connection with the Company's invoice financing product, with each invoice financed having a repayment term of 12 months. The Company purchases loans or lines of credit draws from the Originating Bank Partner pursuant to the terms
outlined in the loan sale agreement between the Company and the Originating Bank Partner. The undrawn lines of credit are unconditionally cancellable. Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are initially recognized at their purchase price and subsequently reported at amortized cost. The loans held for investment are recorded net of the allowance for expected credit losses. Loans held for investment are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets.
The Company accretes discount and interest income using the effective interest method over the life of the loan. Accretion of discount and interest income on these loans is included in subscription and transaction fees revenue in the accompanying consolidated statements of operations.
Loans are considered past due if payment is not received on the scheduled payment due date. The Company places loans on nonaccrual status when they become 60 days past due and applies the modified cost recovery method to record payments received on nonaccrual assets. The allowance for expected credit losses reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of expected credit losses inherent in the loans held for investment balance as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the reporting date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary area of judgment used in measuring the quantitative components of the Company’s reserves is the historical loss experience look-back period. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding loans held for investment balances to estimate reserves for expected credit losses. The Company’s models may include past loss experience and payment history to estimate the loss rates. Additionally, management evaluates whether to include qualitative reserves to cover credit losses that are expected but may not be adequately represented by the quantitative methodology or the economic assumptions. The qualitative reserves address possible limitations within the models or factors not included within the models, such as macroeconomic conditions, changes in underwriting strategies, the nature and volume of the portfolio, and the volume and severity of past due accounts. In general, loans held for investment are charged-off on or before the loan becomes 120 days delinquent. Assumptions regarding expected losses are reviewed periodically and may be impacted by actual performance of the loans receivable and changes in any of the factors discussed above.
Acquired Card Receivables
The portfolio of acquired card receivables consists of U.S. based commercial accounts diversified across various geographies and industries. The Company manages credit risk based on common risk characteristics including financial condition of the users of the spend and expense management application.
Acquired card receivables are reported at their principal amounts outstanding net of allowance for expected credit losses and represent a revolving line of credit. The undrawn lines of credit are unconditionally cancellable. Acquired card receivables are deemed to be held for investment when such receivables are not acquired specifically for resale.
As part of the onboarding process, users of the Company’s free spend and expense management application are provided with a credit limit subject to a credit policy and underwriting process which is periodically re-performed based on risk indicators and the size of the credit limit.
Spending businesses may over fund their accounts through payments in excess of the outstanding balance. Such over funded amounts are recorded as prepaid card deposits, which are included in other accruals and current liabilities in the accompanying consolidated balance sheets.
Acquired card receivables represent amounts due on card transactions integrated with the spend and expense management application. The Company is contractually obligated to purchase a 100% participation interest in all card receivables from U.S.-based card issuing banks (Issuing Banks) including authorized transactions that have not cleared at the Issuing Banks. Acquired card receivables are recorded at the time a transaction clears at the Issuing Banks and generally payment for the card receivables is made on the day the transaction clears at the Issuing Banks.
The acquired card receivables portfolio consists of a large group of smaller balances from spending businesses across a wide range of industries. The allowance for expected credit losses reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of expected credit losses inherent in the acquired card receivables as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary areas of judgment used in measuring the quantitative components of the Company’s reserves relate to the attributes used to segment the portfolio, the determination of the historical loss experience look-back period, and the weighting of historical loss experience by monthly cohort. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding acquired card receivables balances to estimate reserves for expected credit losses. Based on historical loss experience, the probability of default varies by credit limit size, therefore it is incorporated as an attribute used to segment the portfolio. The Company’s models use past loss experience to estimate the probability of default and exposure at default by credit limit size and aged balances. The Company also estimates the likelihood and magnitude of recovery of previously charged-off loans based on historical recovery experience. Additionally, management evaluates whether to include qualitative reserves to cover credit losses that are expected but may not be adequately represented by the quantitative methodology or the economic assumptions. The qualitative reserves address possible limitations within the models or factors not included within the models, such as macroeconomic conditions, changes in underwriting strategies, the nature and volume of the portfolio, and the volume and severity of past due accounts. In general, acquired card receivables are charged-off after the balance becomes 120 days delinquent. Assumptions regarding expected losses are reviewed periodically and may be impacted by actual performance of the acquired card receivables and changes in any of the factors discussed above.
Property and Equipment
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally two to three years. Leasehold improvements are amortized over the shorter of estimated useful lives of the assets or the lease term. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of operations.
The Company capitalizes internal and external direct costs incurred related to obtaining or developing internal-use software. Costs incurred during the application development stage are capitalized and are amortized using the straight-line method over the estimated useful lives of the software, generally three years commencing on the first day of the month following when the software is ready for its intended use. Costs related to planning and other preliminary project activities and post-implementation activities are expensed as incurred.
Goodwill
Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized. The Company monitors goodwill for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. No triggering events indicating possible impairment were identified during the fiscal year or in any prior period. The Company continually evaluates its current and estimated future financial results, macroeconomic environment and industry-specific conditions, which are subject to many uncertainties, including the impact of tariffs, volatility related to changes in rates of inflation, interest rates, the strength of the U.S. dollar, and the potential for a slowing economy. These conditions, if sustained or exacerbated, could negatively impact the estimated fair value of the Company’s single reporting unit. As a result, the Company may be required to perform a quantitative goodwill impairment test in a future period, which could result in a non-cash impairment charge.
Intangible Assets
The Company generally recognizes assets for customer relationships, developed technology and finite-lived trade names from an acquisition. Finite-lived intangible assets are carried at acquisition cost less accumulated amortization. Such amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, generally from three to ten years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and trade names is recognized in sales and marketing expenses.
Impairment
Goodwill is tested annually at the reporting unit level for impairment during the fourth fiscal quarter or more frequently if facts or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has one reporting unit; therefore, all of its goodwill is associated with the entire company. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the Company is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the Company is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment.
The Company reviews the valuation of long-lived assets, including property and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of long-lived assets or asset groups is calculated based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. Impairment testing is performed at the asset group level.
Based on management's assessment, the Company did not recognize any impairment losses on its goodwill, finite-lived intangible assets or other long-lived assets during the periods presented herein.
Leases
The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use.
The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset.
Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term.
The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease.
Convertible Senior Notes, net and Capped Calls
Convertible senior notes, net are accounted as a liability and measured at amortized cost. The carrying amount of the convertible senior notes is calculated as the proceeds at issuance, net of debt discounts and debt issuance costs. The difference between the principal amount and carrying amount is amortized to interest expense over the term of the convertible senior notes using the effective interest rate method and is included within other income, net in the consolidated statements of operations.
The cost of capped calls executed in connection with the offering of the convertible senior notes is recorded as a reduction to additional paid-in capital in the consolidated statements of stockholders' equity (refer to Note 9 for further details on convertible senior notes and capped calls).
Accrued Rewards
Spending businesses participate in rewards programs based on card transactions. The Company records a rewards liability that represents the estimated cost for rewards owed to spending businesses. Rewards liabilities are impacted over time by redemption costs and by spending businesses meeting eligibility requirements. Changes in the rewards liabilities during the period are recognized as an increase or decrease to sales and marketing expense in the accompanying consolidated statements of operations. The accrued rewards liability, which was $87.6 million and $67.7 million as of June 30, 2025 and 2024, respectively, is included in other accruals and current liabilities in the accompanying consolidated balance sheets. The rewards expense, which was $272.0 million, $219.8 million, and $173.9 million, during the years ended June 30, 2025, 2024, and 2023, respectively, is included in sales and marketing expenses in the accompanying consolidated statements of operations.
Revenue Recognition
The Company enters into contracts with small and midsize businesses (SMB) and accounting firm customers to provide access to the functionality of the Company’s cloud-based payments platform to process transactions. These contracts are either monthly contracts paid in arrears, or annual arrangements paid up front. The Company charges its SMB and accounting firm customers subscription fees for access to its platform either based on the number of users or per customer account and the level of service. The Company generally also charges customers transaction fees based on transaction volume and the category of transaction. The contractual price for subscription and transaction services is based on either negotiated fees or the rates published on the Company’s website.
The Company accounts for its annual and monthly contracts as a series of distinct services that are satisfied over time. Revenues recognized exclude amounts collected on behalf of third parties, such as sales taxes collected and remitted to governmental authorities.
The Company enables SMB and accounting firm customers to make virtual card payments to their suppliers. The Company also facilitates the extension of credit to spending businesses through the BILL Spend and Expense product in the form of BILL Divvy Cards. The spending businesses utilize the credit on BILL Divvy Cards as a means of payment for goods and services provided by their suppliers. Virtual card payments and BILL Divvy Cards are originated through agreements with Issuing Banks. The agreements with the Issuing Banks allow for card transactions on the Mastercard and Visa networks. For each virtual card and BILL Divvy Card transaction, suppliers are required to pay interchange fees to the issuer of the card. Based on the Company's agreements with its Issuing Banks, the Company recognizes the interchange fees as revenue gross or net of fees paid to the Issuing Bank based on the Company's determination of whether it is the principal or agent under the agreements.
The Company enters into multi-year contracts with financial institution customers to provide them with access to the Company’s cloud-based payments platform. These contracts typically include fees for initial implementation services that are paid during the period the implementation services are provided as well as fees for subscription and transaction processing services, which are subject to guaranteed minimum fees that are paid over the contract term. These contracts enable the financial institutions to provide their customers with access to online bill pay services through the financial institutions’ online platforms. Implementation services are required up-front to establish an infrastructure that allows the financial institutions’ online platforms to
communicate with the Company’s online platform. A financial institution’s customers cannot access online bill pay services until implementation is complete.
Initial implementation services and transaction processing services are not capable of being distinct from the subscription for online bill pay services and are combined into a single performance obligation. The total consideration in these contracts varies based on the number of users and transactions to be processed. The Company has determined it meets the variable consideration allocation exception and therefore recognizes guaranteed monthly payments and any overages as revenue in the month they are earned. Implementation fees are recognized based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. The Company allocates revenue to each performance obligation based on its relative standalone selling price.
Interest on Funds Held for Customers
The Company also earns revenue from interest earned on funds held for customers that are initially deposited into the Company’s bank accounts that are separate from the Company’s operating cash accounts until remitted to the customers or their suppliers. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of three months to one year at the time of purchase. Interest and fees earned are recognized based on the effective interest method and also include the accretion of discounts and the amortization of premiums on marketable debt securities.
Deferred Revenue
Subscription and transaction fees from customers for which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied.
Deferred Costs
Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products for general availability (go-live) to customers. Deferred sales commissions are amortized ratably over the estimated life of the customer relationship aligned with the pattern of customer attrition, taking into consideration the initial contract term and expected renewal periods. Deferred service costs are amortized ratably over the estimated benefit period of the capitalized costs starting on the go-live date of the service.
Service Costs
Service costs consist primarily of costs that are directly attributed to processing customers’ and spending businesses' transactions (such as the cost of printing checks, postage for mailing checks, fees associated with the issuance and processing of card transactions, net of card network incentives, fees for processing payments), personnel-related costs, including stock-based compensation, for the Company’s customer success and payment operations teams, outsourced support services for the Company's customer success team, direct and amortized costs for implementing and integrating the Company’s cloud-based platform into the customers’ systems, and cloud payments infrastructure costs.
Research and Development
Costs incurred in research and development, excluding development costs eligible for capitalization as internal-use software, are expensed as incurred.
Stock-based Compensation
The Company measures stock-based compensation for purchase rights issued under the Employee Stock Purchase Plan (ESPP) at fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures stock-based compensation for restricted stock units (RSUs) and market-based RSUs based on the closing price of the Company’s stock and using the Monte Carlo simulation model, respectively, on
the date of grant. The Company measures stock-based compensation for performance-based awards at fair value on the date of grant. Awards that are classified as liabilities are remeasured at fair value at the end of each reporting period.
The Company recognizes compensation on a straight-line basis over the requisite service period of one to four years for RSUs, the offering period of one year for purchase rights under the ESPP, and the requisite period of one to three years for market-based RSUs. The Company recognizes compensation for performance-based awards over the vesting period if it is probable that the performance condition will be achieved. The Company accounts for forfeitures as they occur.
Advertising
The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses during the years ended June 30, 2025, 2024, and 2023 were $47.2 million, $43.6 million, and $39.0 million, respectively.
Income Taxes
The Company accounts for income taxes using the asset and liability method, which requires the recognition of taxes payable or refundable for the current year and deferred income tax assets and liabilities for the future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the Company's assets and liabilities, net operating loss (NOL), and tax credit carryforwards. A valuation allowance is established to reduce deferred tax assets to the amount expected to be realized.
The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net income per share attributable to common stockholders is calculated by dividing net income by the weighted average number of common and dilutive common stock outstanding during the period, using the treasury stock and if-converted methods. Diluted net loss per share attributable to common stock equals to basic net loss per share since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company in that period.
Restructuring
The Company records a liability for involuntary employee termination benefits when management has committed to a plan that establishes the terms of the arrangement and that plan has been communicated to employees. Costs to terminate a contract before the end of the term are recognized on the termination date, and costs that will continue to be incurred in a contract for the remaining term without economic benefit are recognized as of the cease-use date.
New Accounting Pronouncements and Disclosure Rules Recently Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Reportable Segments (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses, including public entities with a single operating or
reportable segment. The Company adopted ASU 2023-07 beginning with its annual report for fiscal year ended June 30, 2025 on a retrospective basis. For additional information, see Note 1, Segment Reporting.
New Accounting Pronouncements and Disclosure Rules Not Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The updated standard will be effective for annual periods beginning in fiscal 2026. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted.
In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires additional disclosures, for interim and annual reporting, of expenses by nature, such as employee compensation, depreciation and amortization, and selling expenses. The updated standard will be effective beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the consolidated financial statements on a prospective basis, with the option for retrospective application, once adopted.
In November 2024, the Financial Accounting Standards Board issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments (Topic 470), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The guidance in ASU 2025-05 provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
v3.25.2
Revenue
 12 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The Company generates revenue primarily from subscription and transaction fees. The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by solutions, and revenue from interest on funds held for customers (in thousands). For the purpose of disaggregating revenue by solutions, the Company defines BILL AP/AR as transaction and subscription revenue derived from businesses that use its core BILL accounts payable and receivable platform; BILL Spend and Expense as interchange revenue derived from BILL Divvy Card transactions; and Embedded and Other Solutions as transaction and subscription revenue from businesses that access the Company's solutions through its embedded partners' platforms and other indirect sales channels (including financial institution partners), and Invoice2go revenue.
June 30,
202520242023
BILL AP/AR$667,782 $595,408 $505,644 
BILL Spend and Expense555,016 457,309 353,132 
   Integrated platform1,222,798 1,052,717 858,776 
Embedded and Other Solutions78,006 70,016 85,934 
   Total subscription and transaction fees1,300,804 1,122,733 944,710 
Interest on funds held for customers161,766 167,439 113,758 
Total revenue$1,462,570 $1,290,172 $1,058,468 
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 year ended June 30, 2025, the Company recognized $21.1 million of revenue that was included in the short and long term deferred revenue balances as of June 30, 2024.
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 June 30, 2025, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was $73.1 million. Of the total remaining performance obligations, the Company expects to recognize approximately 46% over the next year, 23% between one to two years and 31% over the next three to five years thereafter. The Company determines remaining performance obligations at a point in time based on contracts with customers. The Company evaluates its customer relationships on an ongoing basis, and may selectively renegotiate certain terms of its agreements with financial institutions, accounting firms and SMBs. There were no subsequent events that would materially impact the amount of the remaining performance obligations as of June 30, 2025. However, 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 $17.3 million and $16.7 million as of June 30, 2025 and 2024, respectively.
Deferred costs
Deferred costs consisted of the following as of the dates presented (in thousands):
 June 30,
 20252024
Deferred sales commissions:
Current$10,094 $8,142 
Non-current16,237 15,113 
Total deferred sales commissions$26,331 $23,255 
Deferred service costs:
Current$627 $430 
Non-current2,418 1,930 
Total deferred service costs$3,045 $2,360 
The current portion of deferred costs is included in prepaid expenses and other current assets and the non-current portion is included in other assets in the accompanying consolidated balance sheets. The amortization of deferred sales commissions, which is included in sales and marketing in the accompanying consolidated statements of operations, was $9.7 million, $7.9 million, and $6.6 million during the years ended June 30, 2025, 2024, and 2023, respectively. The amortization of deferred service costs, which is included in service costs in the accompanying consolidated statements of operations, was $0.2 million, $2.0 million, and $2.5 million during the years ended June 30, 2025, 2024, and 2023, respectively.
v3.25.2
Fair Value Measurement
 12 Months Ended
Jun. 30, 2025
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 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 table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):
Fair Value at
Pricing CategoryJune 30,
2025		June 30,
2024
Assets
Cash equivalents:
Money market fundsLevel 1$365,456$522,618
Corporate bondsLevel 269,956—
Certificates of depositLevel 22,216—
Short-term investments:
Corporate bondsLevel 2758,333 298,202 
U.S. treasury securitiesLevel 2287,559 180,983 
Asset-backed securitiesLevel 2118,236 59,363 
Certificates of depositLevel 215,982 38,370 
U.S. agency securitiesLevel 2— 24,617 
Funds held for customers:
Restricted cash equivalents
Money market fundsLevel 11,642,494 1,319,609 
Corporate bondsLevel 218,929 89,082 
Short-term investments
Corporate bondsLevel 2486,362 937,198 
U.S. treasury securitiesLevel 2868,705 342,041 
Asset-backed securitiesLevel 2167,970 116,475 
Certificates of depositLevel 299,138 119,616 
Municipal bondsLevel 26,592 — 
Liabilities (1)
0% 2025 Notes
Level 232,567 154,933 
0% 2027 Notes
Level 2112,738 489,112 
0% 2030 Notes
Level 2$1,185,128 $— 
(1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying consolidated balance sheets.
There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.
The Company's financial instruments that are not measured and recorded at fair value, including cash, restricted cash, acquired cards receivables, loans held for investment, interest receivable, incentive receivables and borrowings from credit facilities, are carried at amortized cost, which approximates their fair value. If these financial instruments were measured at fair value in the financial statements, cash would be classified as
Level 1; restricted cash, interest receivables, incentive receivables and borrowings from credit facilities would be classified as Level 2 and the acquired card receivables and loans held for investment would be classified as Level 3 in the fair value hierarchy.
v3.25.2
Short-Term Investments And Funds Held For Customers
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments And Funds Held For Customers SHORT-TERM INVESTMENTS AND FUNDS HELD FOR CUSTOMERS
The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
June 30,
2025		June 30,
2024
Short-term investments:
Available-for-sale debt securities$1,180,110 $601,535 
Total short-term investments1,180,110 601,535 
Funds held for customers:
Restricted cash749,111 779,838 
Restricted cash equivalents1,661,423 1,408,691 
Funds receivable25,499 11,870 
Available-for-sale debt securities1,628,767 1,515,330 
Total funds held for customers4,064,800 3,715,729 
Less - interest income included in other current assets(1)
(20,330)(10,822)
Total funds held for customers, net of income earned by the Company$4,044,470 $3,704,907 
(1) 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. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.
The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):
June 30, 2025
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Short-term investments:
Corporate bonds$756,009 $2,598 $(274)$758,333 
U.S. treasury securities287,356 261 (58)287,559 
Asset-backed securities118,074 177 (15)118,236 
Certificates of deposit15,982 — — 15,982 
Total short-term investments$1,177,421 $3,036 $(347)$1,180,110 
Funds held for customers:
Corporate bonds$483,604 $2,759 $(1)$486,362 
Certificates of deposit99,138 — — 99,138 
Asset-backed securities167,179 791 — 167,970 
Municipal bonds6,560 32 — 6,592 
U.S. treasury securities864,602 4,319 (216)868,705 
Total funds held for customers$1,621,083 $7,901 $(217)$1,628,767 
June 30, 2024
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair value
Short-term investments:
Corporate bonds$298,628 $140 $(566)$298,202 
U.S. treasury securities181,225 — (242)180,983 
U.S. agency securities59,340 68 (45)59,363 
Asset-backed securities38,370 — — 38,370 
Certificates of deposit24,669 — (52)24,617 
Total short-term investments$602,232 $208 $(905)$601,535 
Funds held for customers:
Corporate bonds$937,989 $23 $(814)$937,198 
Certificates of deposit119,615 1 — 119,616 
Asset-backed securities116,542 11 (78)116,475 
U.S. treasury securities342,202 1 (162)342,041 
Total funds held for customers$1,516,348 $36 $(1,054)$1,515,330 
The amortized cost and fair value amounts for short-term investments include interest receivables of $8.9 million and $4.9 million as of June 30, 2025 and 2024, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $12.4 million and $6.8 million as of June 30, 2025 and 2024, respectively.
The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
June 30,
2025		June 30,
2024
Due within 1 year$1,118,478 $1,699,009 
Due in 1 year through 5 years1,689,477 409,309 
Due in 5 years through 10 years922 8,547 
Total$2,808,877 $2,116,865 
As of June 30, 2025, approximately 161 out of approximately 829 investments in available-for-sale debt securities were in an unrealized loss position. The following tables show gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
June 30, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$209,648 $(274)$— $— $209,648 $(274)
U.S. treasury securities139,598 (58)— — 139,598 (58)
Asset-backed securities30,362 (15)— — 30,362 (15)
Total short-term investments$379,608 $(347)$— $— $379,608 $(347)
Funds held for customers:
Corporate bonds$12,867 $(1)$— $— $12,867 $(1)
Asset-backed securities4,576 — — — 4,576 — 
U.S. treasury securities82,910 (216)— — 82,910 (216)
Total funds held for customers$100,353 $(217)$— $— $100,353 $(217)
June 30, 2024
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$130,469 $(333)$60,576 $(232)$191,045 $(565)
U.S. treasury securities152,004 (156)28,979 (86)180,983 (242)
Asset-backed securities24,149 (39)2,155 (7)26,304 (46)
U.S. agency securities24,617 (52)— — 24,617 (52)
Total short-term investments$331,239 $(580)$91,710 $(325)$422,949 $(905)
Funds held for customers:
Corporate bonds$506,540 $(814)$— $— $506,540 $(814)
Asset-backed securities68,629 (76)5,546 (2)74,175 (78)
U.S. treasury securities327,340 (162)— — 327,340 (162)
Total funds held for customers$902,509 $(1,052)$5,546 $(2)$908,055 $(1,054)
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses.
There have been no significant realized gains or losses on the short-term investments and funds held for customers during the years ended June 30, 2025, 2024, and 2023.
v3.25.2
Acquired Card Receivables
 12 Months Ended
Jun. 30, 2025
Acquired Card Receivables [Abstract]  
Acquired Card Receivables ACQUIRED CARD RECEIVABLES
As of June 30, 2025, approximately $221.7 million of the acquired card receivables balance served as collateral for the Company’s borrowings from the Revolving Credit Facilities (as defined below, see Note 9).
The Company incurred losses related to card transactions disputed by spending businesses. The amounts were not material during the years ended June 30, 2025 and 2024.
The acquired card receivables balances do not include purchases of participation interests in card receivables from the Company's card issuing partner banks (Issuing Banks) that have not cleared at the end of the reporting period. Purchases of participation interests in card receivables that have not cleared as of June 30, 2025 totaled $76.0 million. The Company recognized an immaterial amount of expected credit losses on the card receivables that have not cleared yet as of each of June 30, 2025 and 2024.
Credit Quality Information
The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for expected 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):
June 30,
20252024
Current and less than 30 days past due$686,070 $706,026 
30 ~ 59 days past due6,173 4,277 
60 ~ 89 days past due5,312 3,393 
90 ~ 119 days past due2,562 4,093 
Over 119 days past due11 310 
Total$700,128 $718,099 
Allowance for Expected Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
June 30,
20252024
Balance, beginning
$20,883 $15,498 
Provision for expected credit losses45,326 52,327 
Charge-off amounts(59,265)(51,805)
Recoveries collected8,076 4,863 
Balance, ending
$15,020 $20,883 
During the year ended June 30, 2025, the Company refined its methodology used to reserve for credit losses. The refinements include incorporating credit limit size into the attributes used to segment the portfolio as well as updating how economic assumptions are applied. The refinements to the methodology maintain the timeliness and accuracy of the Company's estimate of expected credit losses on the acquired card receivables, supporting the continuous evolution of the acquired card receivable portfolio. As a result, the provision for expected credit losses for the year ended June 30, 2025 included a release of $5.7 million.
Card receivables acquired from the Issuing Banks were $21.7 billion and $17.6 billion during the years ended June 30, 2025 and 2024, respectively. The provision for expected credit losses related to acquired card receivables decreased during the year ended June 30, 2025 compared to prior year due to refinements in methodology used to reserve for credit losses described above and improvements in delinquency performance, which were offset by growth in cards receivables acquired. The charged-off amounts related to acquired card receivables increased during the year ended June 30, 2025 compared to June 30, 2024 due to growth in cards receivables acquired offset by improvements in delinquency performance. The decrease in allowance for expected credit losses as of June 30, 2025 compared to June 30, 2024, was primarily due to the refinements in methodology
v3.25.2
Loans Held For Investment
 12 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans Held For Investment LOANS HELD FOR INVESTMENT
Loans held for investment represent funds advanced under either a term loan or line of credit agreement, through a partnership with a third-party bank (the Originating Bank Partner). Loans held for investment are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets and consisted of the following as of the dates presented (in thousands):
June 30,
20252024
Unpaid principal balance (1)
$61,938 $44,491 
Less: Discount at loan purchase, net of amortization(1,527)(1,120)
Less: Allowance for expected credit losses(14,853)(4,700)
Loans held for investment, net$45,558 $38,671 
(1) The Company started offering only line of credit in June 2024 through the Originating Bank Partner. There were no term loans outstanding as of June 30, 2025 or originated during the year ended June 30, 2025. As of June 30, 2024, the outstanding balance of term loans, originated during fiscal 2024, was $24.2 million.
Credit Quality Information
The Company conducts an eligibility assessment prior to loan origination by the Originating Bank Partner. This process is performed at the invoice level and involves evaluating the invoice repayment likelihood by the respective network members associated with each invoice. Subsequently, the credit quality of these loans is monitored based on the delinquency trends or past due status of the loans held for investment, which are considered the credit quality indicators. Below is a summary of the loans held for investment by class (i.e., past due status) as of the dates presented (in thousands):
June 30,
2025
2024(1)
Current and less than 30 days past due$55,540 $39,130 
30 ~ 59 days past due1,471 1,617 
60 ~ 89 days past due1,461 1,469 
90 ~ 119 days past due1,685 1,142 
Over 119 days past due254 13 
Total$60,411 $43,371 
(1) The Company started offering only line of credit in June 2024 through the Originating Bank Partner, as such the entire line of credit outstanding balance of $19.2 million was included under 'Current and less than 30 days past due' as of June 30, 2024. The outstanding balance of term loans, originated during fiscal 2024, was $24.2 million as of June 30, 2024.
Allowance for Credit Losses
Below is a summary of the changes in allowance for credit losses presented (in thousands):
June 30,
20252024
Balance, beginning$4,700 $— 
Provision for expected credit losses27,032 7,884 
Charge-off amounts(17,382)(3,266)
Recoveries collected503 82 
Balance, end of period$14,853 $4,700 
The provision for expected credit losses, charge-off amounts and allowance for expected credit losses related to loans held for investment increased during the year ended June 30, 2025 compared to the same prior year due to growth in purchases of loans held for investment and an increase in loss rates.
v3.25.2
Property and Equipment
 12 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment PROPERTY AND EQUIPMENT
Property and equipment consisted of the following as of the dates presented (in thousands):
June 30,
20252024
Software and equipment$21,815 $20,802 
Capitalized software129,520 81,582 
Furniture and fixtures15,510 13,361 
Leasehold improvements39,855 39,103 
Property and equipment, gross206,700 154,848 
Less: accumulated depreciation and amortization(90,089)(66,814)
Property and equipment, net$116,611 $88,034 
Depreciation and amortization expense, which includes the amortization of capitalized software, during the years ended June 30, 2025, 2024, and 2023 was $27.5 million, $23.2 million, and $15.5 million, respectively.
As of June 30, 2025 and 2024, the unamortized capitalized software cost was $85.6 million and $57.5 million, respectively.
v3.25.2
Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill
Goodwill, which is primarily attributable to expected synergies from acquisitions and is not deductible for U.S. federal and state income tax purposes, consisted of $2.4 billion as of each of June 30, 2025 and 2024.
Intangible Assets
Intangible assets consisted of the following as of the dates presented (amounts in thousands):
June 30, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted average remaining
useful life
(In years)
Customer relationships$259,268 $(104,336)$154,932 6.0
Developed technology219,217 (151,344)67,873 1.9
Trade name48,042 (48,042)— 0.0
Total$526,527 $(303,722)$222,805 
Jun 30, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted average remaining
useful life
(In years)
Customer relationships$259,269 $(78,410)$180,859 7.0
Developed technology215,958 (116,126)99,832 2.9
Trade name48,042 (47,262)780 0.2
Total$523,269 $(241,798)$281,471 
Amortization of finite-lived intangible assets was as follows during the years ended June 30, 2025 and 2024 (in thousands):
June 30,
20252024
Cost of revenue$35,217 $38,948 
Sales and marketing26,708 41,008 
Total$61,925 $79,956 
As of June 30, 2025, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands):
Fiscal years ending June 30:
Amount
2026$60,660 
202757,990 
202827,004 
202925,927 
203025,927 
Thereafter25,297 
Total$222,805 
v3.25.2
Debt and Borrowings
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Borrowings DEBT AND BORROWINGS
Debt and borrowings consisted of the following (in thousands):
Carrying Value at
June 30, 2025June 30, 2024Expected
Remaining Term (years)		Effective
Interest Rate at June 30, 2025
Current liabilities:
Convertible senior notes:
2025 Notes, principal
$33,463 $— 0.40.36 %
Less: unamortized debt discount and issuance costs(42)— 
Convertible senior notes, net current33,421 — 
Revolving credit facility:
2021 Credit Facility180,005 — 0.97.89 %
Borrowings from Revolving Credit Facility (including unamortized debt premium)(1)
180,005 — 
Non-current liabilities:
Convertible senior notes:
2030 Notes, principal1,400,000 — 4.80.32 %
2027 Notes, principal123,548 575,000 1.80.48 %
2025 Notes, principal— 167,314 
Less: unamortized debt discount and issuance costs(22,504)(8,323)
Convertible senior notes, net1,501,044 733,991 
Revolving credit facility:
2021 Credit Facility— 180,009 
Borrowings from Revolving Credit Facility (including unamortized debt premium)(1)
— 180,009 
Total $1,714,470 $914,000 
(1) Unamortized debt issuance costs balance for the Revolving Credit Facilities was $2.1 million and $0.6 million as of June 30, 2025 and June 30, 2024, respectively, and is included in other assets on the consolidated balance sheets.
Convertible senior notes
2030 Notes
On December 6, 2024, the Company issued $1.4 billion aggregate principal amount of 0% convertible senior notes due April 1, 2030, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2030 Notes are subject to the terms and conditions of the indenture governing the 2030 Notes between the Company and Computershare Trust Company, N.A., as trustee (in its capacity as trustee for each of the 2030 Notes, the 2025 Notes (as defined below) and the 2027 Notes (as defined below), as applicable, the Notes Trustee). The net proceeds from the issuance of the 2030 Notes were approximately $1.4 billion, after deducting the debt discount and debt issuance costs totaling approximately $24.0 million.
The 2030 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, the failure to remove certain trading restrictions, or failure to deliver reports to the Notes Trustee. The 2030 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2030 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 and 2027 Notes. In addition, the 2030 Notes are effectively junior in right of payment to any of the Company's secured indebtedness to the extent of the
value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries.
The 2030 Notes have an initial conversion rate of 8.3718 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $119.45 per share of the Company’s common stock and 11.7 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 the Company's election. The Company’s current intent is to settle conversions of the 2030 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 2030 Notes, at the Company’s option, on or after December 1, 2027 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2030 Notes. The holders of the 2030 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, 2030 in multiples of $1,000 principal amount, under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ending on December 31, 2024, 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 5 business day periods after any 5 consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 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 2030 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 2030 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 2.9301 per $1,000 principal (the lowest price of $88.48 in the make whole).
The indenture governing the 2030 Notes contains customary events of default with respect to the 2030 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2030 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 2030 Notes to be repurchased, plus any accrued and unpaid interest.
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). The 2027 Notes are subject to the terms and conditions of the indenture governing the 2027 Notes between the Company and the Notes 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 Notes 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. 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.
On December 6, 2024, using proceeds from the issuance of the 2030 Notes, the Company entered into privately negotiated transactions with certain holders of its 2027 Notes to repurchase $451.5 million aggregate principal amount for an aggregate cash repurchase price of $408.6 million. The carrying amount of the extinguished 2027 Notes was $446.5 million, net of unamortized issuance cost of $5.0 million, resulting in a $37.9 million gain recorded in other income, net in the accompanying consolidated statement of operations.
The shares issuable upon conversion of the remaining outstanding 2027 Notes at the initial conversion price is 0.3 million.
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, and together with the 2027 Notes and 2030 Notes, the Notes). The 2025 Notes are subject to the terms and conditions of the indenture governing the 2025 Notes between the Company and the Notes 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 Notes 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. 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 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.
On March 6, 2024, the Company entered into privately-negotiated transactions with certain holders of its 2025 Notes to repurchase $748.2 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $711.0 million, inclusive of transaction costs. The carrying amount of the extinguished 2025 Notes was $743.6 million, net of unamortized issuance cost of $4.6 million, resulting in a $32.6 million gain recorded in other income, net in the accompanying consolidated statement of operations, comprised of $35.7 million gain on extinguishment of debt and $3.2 million loss on mark to market derivative related to forward contract to settle the repurchase.
On May 29, 2024, the Company entered into privately-negotiated transactions with certain holders of its 2025 Notes to repurchase $234.5 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $222.2 million, inclusive of transaction costs. The carrying amount of the extinguished 2025 Notes was $233.2 million, net of unamortized issuance cost of $1.2 million, resulting in a $11.0 million gain on extinguishment of debt recorded in other income, net in the accompanying consolidated statement of operations.
On December 6, 2024, using proceeds from the issuance of the 2030 Notes, the Company entered into privately negotiated transactions with certain holders of its 2025 Notes to repurchase $133.9 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $130.8 million. The carrying amount of the extinguished 2025 Notes was $133.4 million, net of unamortized issuance cost of $0.5 million, resulting in a $2.6 million gain recorded in other income, net in the accompanying consolidated statement of operations.
The shares issuable upon conversion of the remaining outstanding 2025 Notes at the initial conversion price is 0.2 million.
The "if-converted" value of the Notes did not exceed the principal amount of $1.6 billion and $0.7 billion as of June 30, 2025 and 2024, respectively.
Capped Call Transactions
In conjunction with the issuance of each of the 2025 Notes, 2027 Notes and 2030 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 $93.0 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.
On March 6, 2024, the Company entered into agreements to terminate a portion of the Capped Calls previously entered into in connection with the issuance of the 2025 Notes, in a notional amount corresponding to the amount of 2025 Notes that are repurchased. The Company received $10.3 million in cash, and also recorded a $1.7 million gain on mark to market derivative to settle the Capped Call unwinding. The gain was recorded in other income, net in the accompanying consolidated statement of operations.
On May 29, 2024, the Company entered into agreements to terminate the remaining portion of the Capped Calls previously entered into in connection with the issuance of the 2025 Notes. The Company received $1.2 million in cash, and recorded an immaterial gain in other income, net in the accompanying consolidated statement of operations.
The Capped Calls associated with the 2027 Notes and 2030 Notes have an initial strike price of $414.80 and $119.45 per share, respectively, subject to certain adjustments, which corresponds to the respective initial conversion price of the 2027 Notes and 2030 Notes, and have an initial cap price of $544.00 and $154.84 per share, respectively, subject to certain adjustments. The Capped Calls associated with the 2027 Notes and 2030 Notes cover, approximately 0.3 million and 11.7 million shares, respectively, of the Company’s common stock, subject to anti-dilution adjustments. The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the 2027 Notes and 2030 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 Facilities
2021 Credit Facility
The Company’s Revolving Credit and Security Agreement by and among Divvy Peach, LLC, a wholly-owned subsidiary of the Company, and Goldman Sachs Bank USA, as administrative agent, and the lenders party thereto (as amended from time to time, the 2021 Credit Facility) was initially executed in March 2021, amended in August 2022 to finance the acquisition of card receivables and increase the borrowing capacity, and further amended in March 2024 to extend the maturity date and further increase the borrowing capacity. The 2021 Credit Facility matures in June 2026 or earlier pursuant to the agreement and has a total commitment of $300.0 million. The required minimum utilization was $180.0 million, or 60% of the total commitment, and the Company had borrowed an additional $45.0 million in March 2024. Total outstanding borrowings were $180.0 million as of June 30, 2025. Borrowings are secured by acquired card receivables and 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 June 30, 2025, the Company was in compliance with those covenants.
The debt issuance costs and debt premium associated with the 2021 Credit Facility is amortized using the effective interest method over the remaining term of the contract and recorded in other income, net in the accompanying consolidated statement of operations. During each of the years ended June 30, 2025 and 2024 the amortization amount was not material.
2025 Credit Facility
On May 23, 2025, the Company entered into a $300.0 million revolving credit facility, by and among Odin Financing, LLC, a wholly-owned subsidiary of the Company, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the 2025 Credit Facility). The facility is secured by card receivables and is intended to finance the acquisition of such receivables. Borrowings bear interest per annum based on SOFR or an adjusted benchmark rate plus an applicable margin of 1.80%. The 2025 Credit Facility matures in November 2027 or earlier pursuant to the agreement. The required minimum utilization is $150.0 million, or 50% of the total commitment, starting two months subsequent the contract execution. In July 2025, the Company borrowed $150.0 million from the 2025 Credit Facility.
The Company is required to comply with certain restricted covenants, including liquidity requirements. As of June 30, 2025, the Company was in compliance with those covenants.
The debt issuance costs associated with the 2025 Credit Facility is amortized on a straight-line over the term of the contract and is recorded in other income, net in the accompanying consolidated statement of operations. During the period ended June 30, 2025 the amortization amount was not material.
v3.25.2
Stockholders' Equity
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Equity Incentive Plans
On November 26, 2019, the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 Plan), which became effective on December 10, 2019. The 2019 Plan authorizes the award of stock options, RSUs, restricted stock awards, stock appreciation rights, performance-based awards, market-based awards, cash awards, and stock bonus awards, as determined by the Company’s board of directors.
The Company initially reserved 7,100,000 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under previous equity incentive plans, for issuance pursuant to awards granted under the 2019 Plan. The number of shares reserved for issuance under the 2019 Plan increases automatically on July 1 of each of 2020 through 2029 by the number of shares equal to the lesser of 5% of the total number of outstanding shares of the Company’s common stock as of the immediately preceding June 30, or a number as may be determined by the Company’s board of directors.
The total number of shares of common stock available for future grants under the Equity Incentive Plans was 17,870,737 shares as of June 30, 2025.
Restricted Stock Units
The following table summarizes RSU activity for the year ended June 30, 2025.
Number of
shares (1)
(in thousands)
Weighted
average
grant date
fair value
Nonvested at June 30, 2024
4,600 $108.24 
Granted6,871 53.03 
Vested(2,361)95.17 
Forfeited(1,224)84.78 
Nonvested at June 30, 2025
7,886 $67.67 
(1) Includes RSU, market-based RSUs and performance-based RSUs.
The fair value of the RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The weighted-average grant date fair value of RSUs granted during the years ended June 30, 2025, 2024, and 2023 was $53.03, $90.90, and $120.25 per share, respectively. The RSUs vest over the requisite service period, which ranges between 1 year and 4 years from the date of grant, subject to the continued employment of the employees and services of the non-employee directors. The total fair value of RSUs that vested during the years ended June 30, 2025, 2024, and 2023 was approximately $145.7 million, $145.1 million, and $197.3 million, respectively.
Performance-based RSUs
During the year ended June 30, 2025 the Company granted 292,403 RSUs to certain executive employees that vest based upon the achievement of designated financial metrics and continued employment with the Company over a period of three years. The fair value of the performance-based RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The weighted-average grant date fair value of these performance-based RSUs was $51.23 per unit. The Company recognizes expense for performance-based RSUs over the requisite service period. 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. The number of shares that ultimately vest vary with the achievement of the specified performance criteria.
Stock Based Compensation
Stock-based compensation by award type (in thousands):
Year ended
June 30,
Unrecognized compensation
(in thousands)
Weighted-average recognition period (in years)
202520242023
Restricted stock units (RSUs)
$228,374 $217,696 $251,456 $451,785 2.9
Stock options2,964 10,719 37,882 476 0.2
Performance-based awards12,911 13,351 17,914 15,240 2.5
Employee stock purchase plan6,063 9,129 11,280 5,620 0.9
Market-based RSUs6,101 5,912 4,308 13,001 0.9
Total stock-based compensation
$256,413 $256,807 $322,840 $486,122 
Stock-based compensation was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands):
Year ended
June 30,
202520242023
Revenue - subscription and transaction fees$2,329 $1,831 $188 
Cost of revenue - service costs9,627 9,309 9,111 
Research and development107,603 103,382 93,364 
Sales and marketing39,992 49,070 130,421 
General and administrative82,981 81,209 80,619 
Restructuring— 3,574 — 
Total amount charged to operating loss242,532 248,375 313,703 
Property and equipment (capitalized internal-use software)13,881 8,432 9,137 
Total stock-based compensation$256,413 $256,807 $322,840 
Share Repurchase Program
In January 2023, the Company's board of directors authorized the repurchase of up to $300.0 million of the Company's outstanding shares of common stock (the January 2023 Share Repurchase Program). During the years ended June 30, 2024 and 2023, the Company repurchased and subsequently retired 2,882,634 shares for $211.9 million and 1,077,445 shares for $87.6 million under the January 2023 Share Repurchase Program, respectively. The Company completed the repurchase of shares with an aggregate value equal to the full authorized amount under the January 2023 Share Repurchase Program by December 31, 2023.
In August 2024, the Company's board of directors approved a new share repurchase program, pursuant to which the Company announced its intention to purchase up to $300.0 million of its outstanding shares of common stock (the August 2024 Share Repurchase Program). The Company repurchased and subsequently retired 4,487,417 shares for $236.4 million under the August 2024 Share Repurchase Program, including the immaterial amount of accrued excise tax, during the year ended June 30, 2025. As of June 30, 2025, approximately $65.0 million remained available for future share repurchases under the August 2024 Share Repurchase Program. In July 2025, the Company repurchased $65.0 million of its common stock under this program and completed the repurchase of shares under the August 2024 Share Repurchase Program.
In addition, in December 2024, the Company's board of directors approved the repurchase of up to an additional $200.0 million of its outstanding shares of common stock in connection with the issuance of the 2030 Notes. The Company repurchased 2,260,397 shares of its common stock for $201.2 million, which included an immaterial amount of accrued excise tax, in privately negotiated transactions concurrently with the pricing of, and using proceeds from, the issuance of the 2030 Notes.
In August 2025, the Company's board of directors authorized an additional share repurchase program pursuant to which the Company announced its intention to purchase up to $300 million of its outstanding shares of common stock (the 2025 Share Repurchase Program). The Company may repurchase such shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The 2025 Share Repurchase Program has no mandated end date, may be suspended, discontinued or modified at any time, and does not obligate the Company to acquire any amount of common stock.
The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and an increase to accumulated deficit on the accompanying consolidated balance sheets.
v3.25.2
Other Income, Net
 12 Months Ended
Jun. 30, 2025
Other Income, Nonoperating [Abstract]  
Other Income, Net OTHER INCOME, NET
Other income, net consisted of the following for the periods presented (in thousands):
Year ended
June 30,
202520242023
Interest income$90,903 $122,298 $91,279 
Gain on debt extinguishment, net of change on mark to market derivatives40,550 45,272 — 
Lower of cost or market adjustment on card
     receivables sold and held for sale		— — (1,545)
Interest expense(13,824)(12,944)(8,239)
Amortization of debt discount and issuance costs
(4,739)(6,238)(6,964)
Other(1,878)(543)(1,675)
Total other income, net
$111,012 $147,845 $72,856 
v3.25.2
Income Taxes
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The components of income (loss) before provision for income taxes were as follows during the periods presented (in thousands):
Year ended
June 30,
202520242023
Domestic$(43,567)$5,312 $(199,452)
Foreign73,977 (31,631)(23,465)
Total income (loss) before provision for income taxes$30,410 $(26,319)$(222,917)
The components of provision for income taxes were as follows during the periods presented (in thousands):
Year ended
June 30,
202520242023
Current:
Federal$3,850 $1,650 $572 
State2,758 1,251 1,583 
Foreign80 19 14 
Total current6,688 2,920 2,169 
Deferred:
Federal(32)(262)(995)
State(45)(99)(366)
Total deferred(77)(361)(1,361)
Provision for income taxes$6,611 $2,559 $808 
The items accounting for the difference between the income taxes computed at the federal statutory rate and the provision for income taxes consisted of the following during the periods presented (in thousands):
Year ended
June 30,
202520242023
Expected provision (benefit) at U.S. federal statutory rate$6,386 $(5,528)$(46,813)
State income taxes, net of federal benefit7,325 9,134 8,087 
Stock-based compensation (1)
19,204 24,300 4,253 
Research and development tax credits(23,383)(24,039)(19,974)
Change in valuation allowance (2)
10,939 4,943 48,321 
Restructuring— (13,769)— 
Foreign rate differential(15,455)6,658 4,942 
Other1,595 860 1,992 
Provision for income taxes$6,611 $2,559 $808 
(1) The rate impact during the year ended June 30, 2025, 2024 and 2023 relates to the impact of non-deductible stock compensation and shortfalls related to tax deductions being smaller than the associated stock compensation expense.
(2) The rate impact during the year ended June 30, 2025, 2024 and 2023 pertains to an increase in valuation allowance due to the increase in net deferred tax assets, capitalized R&D expense and tax credits generated during the year.
The components of deferred tax assets and liabilities were as follows as of the dates presented (in thousands):
June 30,
20252024
Deferred tax assets:
Accruals and reserves$17,888 $13,966 
Capitalized research and development160,755 120,882 
Deferred revenue28 1,084 
Stock-based compensation19,532 17,093 
Net operating and other loss carryforwards280,004 360,592 
Research and development credits99,626 85,910 
Accrued rewards154 40 
Operating lease liabilities17,874 19,139 
Other3,660 598 
Total deferred tax assets before valuation allowance
599,521 619,304 
Valuation allowance(503,692)(494,424)
Deferred tax assets$95,829 $124,880 
Deferred tax liabilities:
Deferred contract costs$(6,603)$(5,868)
Property and equipment(22,253)(15,853)
Intangible assets(53,280)(68,218)
Operating right of use assets(14,066)(14,992)
Other reserve— (20,399)
Total deferred tax liabilities(96,202)(125,330)
Net deferred tax liabilities$(373)$(450)
Accounting Standards Codification 740 requires that the tax benefit of net operating losses, temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability
to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The change in valuation allowance was approximately $9.3 million, $15.0 million, and $95.3 million during the years ended June 30, 2025, 2024, and 2023, respectively. The increase in the June 30, 2025 valuation allowance is primarily from the application of the Tax Cuts and Jobs Act of 2017 effective fiscal year 2023 and thereafter, that requires companies to capitalize and amortize research and development expenses rather than deduct the costs as incurred, offset by a reduction in a deferred tax liabilities. The net deferred tax liability is included as other long-term liabilities in the accompanying consolidated balance sheets.
The Tax Cuts and Job Act subjects a U.S. company to tax on its Global Intangible Low Tax Income (GILTI). Under GAAP, the Company can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into the measurement of deferred taxes. The Company elected the period expense method.
The Company does not currently operate under any tax holiday in any country in which it operates.
The Company does not have foreign earnings available to distribute. As such, there is no unrecorded deferred tax liability associated with an outside basis of foreign subsidiaries.
As of June 30, 2025, the Company had NOL carryforwards of $944.3 million, $881.6 million, and $13.4 million for federal, state, and foreign tax purposes, respectively, that are available to reduce future taxable income. If not utilized, the state NOL carryforwards will begin to expire in 2025. As of June 30, 2025, the federal and foreign NOL carryforwards do not expire and will carry forward indefinitely until utilized. As of June 30, 2025, the Company had capital loss carryforwards of $74.3 million for foreign tax purposes. The foreign capital loss carryforwards do not expire and will carry forward indefinitely until utilized. As of June 30, 2025, the Company also had research and development tax credit carryforwards of $89.4 million and $66.2 million for federal and state tax purposes, respectively. If not utilized, the federal tax credits will expire at various dates beginning in 2041. The majority of the state tax credits do not expire and will carry forward indefinitely until utilized.
Utilization of the NOL and tax credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Code and other similar state provisions. The annual limitation may result in the expiration of NOLs and tax credits before utilization.
Below is the reconciliation of the unrecognized tax benefits related to federal and California research and development credits during the periods presented (in thousands):
Year e
ded June 30,
202520242023
Balance at the beginning of the year$35,128 $23,300 $16,724 
Add:
Tax positions related to the current year
10,622 9,134 6,642 
Purchase of intangible assets209 — — 
Tax positions related to the prior year
— 2,714 226 
Less:
Statute of limitations lapse— (20)(292)
Balance at the end of the year$45,959 $35,128 $23,300 
The Company had unrecognized tax benefits of $46.0 million and $35.1 million as of June 30, 2025 and 2024, respectively, all of which are offset by a full valuation allowance. If the unrecognized tax benefits as of June 30, 2025 were recognized, they would not have an impact to the effective tax rate due to the Company’s valuation allowance.
The amount of interest and penalties accrued as of each of June 30, 2025 and 2024 were not material.
The Company files income tax returns in the U.S. for U.S. federal, California, and various states and foreign jurisdictions. The Company’s U.S. federal, state, and foreign tax returns for all years remain subject to examination by taxing authorities as a result of unused tax attributes being carried forward. The Company records liabilities related to uncertain tax positions, which provide adequate reserves for income tax uncertainties in all open tax years. 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 does not anticipate any material change on its unrecognized tax benefits over the next 12 months.
Subsequent to the Company’s fiscal year ended June 30, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025. The legislation includes tax related provisions that may impact the Company, including a repeal of Section 174 of the Internal Revenue Code relating to the capitalization and amortization of domestic research and experimental expenditures, applicable to the Company starting fiscal year ending June 30, 2026. The Company is in the process of evaluating the impacts of the OBBBA to its consolidated financial statements. A quantitative estimate of the OBBBA's effects cannot be reasonably determined at this time due to the complexity of the changes
v3.25.2
Leases
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases LEASES
The Company has non-cancelable operating leases for office and other facilities in various locations, 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 2030. The Company's leases do not contain any material residual value guarantees.
As of June 30, 2025, the weighted average remaining term of these operating leases is 6.0 years and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 5.0%.
The total payment for amounts included in the measurement of operating lease liabilities was $13.4 million, $13.9 million, and $14.9 million during the years ended June 30, 2025, 2024, and 2023, respectively.
The total amount of ROU assets obtained in exchange for new operating lease liabilities was $4.8 million, $0.0 million, and $2.0 million during the years ended June 30, 2025, 2024, and 2023, respectively.
The components of lease expense during the years ended June 30, 2025, 2024, and 2023 are shown in the table below (in thousands):
Year ended June 30
202520242023
Operating lease expense (1)
$12,627 $12,877 $14,081 
Variable lease expense, net of credit2,412 2,461 2,251 
Sublease income(842)(581)(586)
Total lease cost$14,197 $14,757 $15,746 
(1) Includes short-term lease, which is not material for the fiscal years ended June 30, 2025, 2024, and 2023.
v3.25.2
Commitments and Contingencies
 12 Months Ended
Jun. 30, 2025
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, which expire through 2031. Future minimum lease payments as of June 30, 2025 are as follows (in thousands):
Fiscal years ending June 30:
Amount
2026$13,292 
202713,226 
202813,590 
202913,974 
203014,361 
Thereafter14,278 
Gross lease payments82,721 
Less - present value adjustments(11,449)
Total operating lease liabilities, net$71,272 
The current portion of operating lease liabilities, which is included in other accruals and current liabilities in the accompanying consolidated balance sheets, was $12.9 million and $13.0 million as of June 30, 2025 and 2024, respectively. The non-current portion of operating lease liabilities was $58.4 million and $62.8 million as of June 30, 2025 and 2024, respectively.
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 other agreements as of June 30, 2025 are as follows (in thousands).
Fiscal years ending June 30:
Amount
2026$22,426 
202724,648 
202811,812 
20294,250 
Total$63,136 
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 $76.0 million as of June 30, 2025 and are not 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 June 30, 2025. See Note 5 for additional discussion about acquired card receivables.
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 each of June 30, 2025 and 2024, 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.
Unused Credit Arrangements
As of June 30, 2025, the Company, in partnership with the Issuing Banks and the Originating Bank Partner, had approximately $3.6 billion in unused credit available to spending businesses and borrowers using the invoice financing product. While this balance represents the total unused credit available, historical trends and current expectations indicate that the unused credit will likely not be fully utilized by spending businesses using the spend and expense product and borrowers using the invoice financing product at any one time.
The Company manages credit risk exposure by limiting total credit for each spending business using the spend and expense product and borrowers using the invoice financing product. The Company periodically reviews credit lines to assess different factors, including account usage and creditworthiness of spending businesses using the spend and expense product and borrowers using the invoice financing product. The credit lines can be terminated by the Company at any time, and they do not necessarily represent future cash requirements. The Company does not record a liability for expected credit losses for unused lines of credit as they are unconditionally cancellable.
v3.25.2
Restructuring
 12 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring RESTRUCTURING
On December 5, 2023, the Company announced a restructuring plan (Restructuring Plan) intended to right-size the Company's organization, enhance profitability, and reallocate resources towards the most impactful initiatives. The Restructuring Plan included a reduction of the Company's global workforce and closure of its office in Sydney, Australia. The Company incurred the majority of the charges relating to the Restructuring Plan in the three months ended December 31, 2023. The Company has substantially completed the Restructuring Plan as of June 30, 2024.
There were no restructuring expenses recorded during the year ended June 30, 2025. During the year ended June 30, 2024, the Company recorded restructuring expenses of $27.6 million, which includes $3.6 million of stock-based compensation expense, as a separate line item in the accompanying consolidated statements of operations. The following table summarizes the restructuring liability that is included in other accruals and current liabilities and accounts payable on the accompanying consolidated balance sheets as of June 30, 2025:
Severance and termination benefitsContract terminationOtherTotal restructuring liability
Balance, at June 30, 2023$— $— $— $— 
Charges22,817 480 705 24,002 
Cash payments(22,492)(480)(703)(23,675)
Balance, at June 30, 2024325 — 2 327 
Charges— — 7 7 
Reversal(110)— — (110)
Cash payments(215)— (9)(224)
Balance, at June 30, 2025$— $— $— $— 
v3.25.2
Net Income (Loss) Per Share Attributable To Common Stockholders
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable To Common Stockholders NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts):
June 30,
2025(1)
20242023
Numerator:
Net income (loss) attributable to common stockholders
Basic$23,799 $(28,878)$(223,725)
Gain on debt extinguishment, net of change on mark to market derivatives and amortization of debt issuance costs(31,327)— — 
Diluted$(7,528)$(28,878)$(223,725)
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders
Basic103,568 106,102 105,976 
Effect of dilutive securities:
Convertible senior notes344 — — 
Diluted103,912 106,102 105,976 
Net income (loss) per share attributable to common stockholders:
Basic$0.23 $(0.27)$(2.11)
Diluted$(0.07)$(0.27)$(2.11)
(1) For the fiscal year ended June 30, 2025, the dilutive effect of outstanding equity awards is reflected in diluted earnings per share by application of the treasury stock method and if-converted method.
Potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been antidilutive, were as follows (in thousands):
June 30,
202520242023
Equity awards9,511 6,641 6,772 
Convertible senior notes12,226 2,426 8,534 
Total21,737 9,067 15,306 
Shares issuable under the Notes is subject to adjustment up to approximately 16.6 million shares if certain corporate events occur prior to the maturity date of the Notes or if the Company issues a notice of redemption. As of June 30, 2025, no conversion was triggered for the Notes.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Officer Trading Arrangement [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Name
ActionDateTrading ArrangementTotal Shares to be SoldExpiration Date
Title
Rule 10b5-1 (1)
Non-Rule 10b5-1 (2)
John Rettig (3)
President and Chief Operating Officer
Adopt6/6/2025X162,438 9/12/2026
Rajesh Aji (4)
Chief Legal Officer and Chief Compliance Officer
Adopt3/3/2025X30,962 6/12/2026
Germaine Cota (4)
Senior Vice President, Finance and Accounting
Adopt2/25/2025X31,184 5/29/2026
(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c). The Rule 10b5-1 plan included a representation from the participant to the broker administering the plan that such person was not in possession of any material nonpublic information regarding us or our securities subject to the Rule 10b5-1 plan at the time the Rule 10b5-1 plan was entered into. This representation was made as of the date of adoption of the Rule 10b5-1 plan, and speaks only as of that date. In making this representation, there is no assurance with respect to any material nonpublic information of which the participant was unaware, or with respect to any material nonpublic information acquired by the participant or us after the date of the representation.
(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
(3) Includes certain shares underlying performance-based restricted stock units subject to future determination.
(4) The Rule 10b5-1 plan was inadvertently omitted in Item 5 of Part II of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025.
John Rettig [Member]  
Trading Arrangements, by Individual  
Name John Rettig (3)
Title President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 6/6/2025
Expiration Date 9/12/2026
Arrangement Duration 463 days
Aggregate Available 162,438
Rajesh Aji [Member]  
Trading Arrangements, by Individual  
Name Rajesh Aji (4)
Title Chief Legal Officer and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 3/3/2025
Expiration Date 6/12/2026
Arrangement Duration 466 days
Aggregate Available 30,962
Germaine Cota [Member]  
Trading Arrangements, by Individual  
Name Germaine Cota (4)
Title Senior Vice President, Finance and Accounting
Rule 10b5-1 Arrangement Adopted true
Adoption Date 2/25/2025
Expiration Date 5/29/2026
Arrangement Duration 458 days
Aggregate Available 31,184
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our management and board of directors recognize the critical importance of maintaining the trust and confidence of our customers, partners, and employees, including the importance of managing cybersecurity risks, and we have integrated these policies and procedures into our overall risk management systems and processes. While everyone at our company is expected to play a part in managing cybersecurity risks, our board of directors, as discussed in more detail under “—Governance” below, through delegation to the cybersecurity committee of the board of directors (the cybersecurity committee), and key members of our senior management team, are involved in the oversight of our information security program. Our information security program is based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards, and is integrated into our overall enterprise risk management program. We utilize an overarching framework to address enterprise information security governance, which seeks to protect information assets and systems against attacks and incidents while establishing appropriate security as a priority for our information technology infrastructure and throughout the product development process. Our information security team, including a “red team” of dedicated engineers, and certain cross-functional employees routinely assess material risks from cybersecurity threats, and assess and update our cybersecurity risk management program in response to emerging trends and changes in our operations. We also engage third parties, including consultants and auditors, to evaluate the effectiveness of our risk management program, control environment, and cybersecurity practices through security audits, penetration testing, and other engagements.
Our information security program is managed by our interim Chief Information Security Officer (CISO), who reports to our Chief Technology Officer and oversees a team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes. Our foundational security engineering, governance risk and compliance, product security and security operations teams report into our interim CISO
and provide regular updates on significant or potentially significant threats and incidents. Our interim CISO has nearly 20 years of experience serving in information security roles in healthcare and technology companies.
Our information security program includes an incident response program that coordinates activities across multiple teams in responding to cybersecurity incidents in accordance with a defined Incident Management Policy. This program is designed to detect, analyze, and escalate cybersecurity events, and includes a cybersecurity incident response team responsible for containment and recovery activities, and a crisis response team to liaise with business stakeholders, secure priority resources, and validate completion of any post-incident activities. In addition, we have established an executive security risk management committee composed of senior representatives of our legal, finance, information security, product, and marketing teams which meets on a quarterly basis to review our information security program and any noteworthy developments in the quarter. Finally, we coordinate internal simulations of cybersecurity incidents periodically to test the processes we have established.
We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. We conduct initial due diligence on the cybersecurity profile of our vendors as they are onboarded and provide continuous monitoring of critical third-party infrastructure and monitor any known breaches of those third-party systems. We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. We also provide regular, mandatory training for our personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats and to communicate our evolving information security policies, standards, processes and practices.
Although we are subject to ongoing and evolving cybersecurity threats, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to affect us, including our business strategy, result of operations or financial condition. If we or our partners were to experience a material cybersecurity incident in the future, such incident may have an adverse effect, including on our business operations, operating results, or financial condition. For more information regarding cybersecurity risks that we face and the related potential impacts on our business, see the risk factor titled “We, our partners, our customers, and others who use our services obtain and process a large amount of sensitive data. Any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand and adversely affect our business, operating results, and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our management and board of directors recognize the critical importance of maintaining the trust and confidence of our customers, partners, and employees, including the importance of managing cybersecurity risks, and we have integrated these policies and procedures into our overall risk management systems and processes. While everyone at our company is expected to play a part in managing cybersecurity risks, our board of directors, as discussed in more detail under “—Governance” below, through delegation to the cybersecurity committee of the board of directors (the cybersecurity committee), and key members of our senior management team, are involved in the oversight of our information security program. Our information security program is based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards, and is integrated into our overall enterprise risk management program. We utilize an overarching framework to address enterprise information security governance, which seeks to protect information assets and systems against attacks and incidents while establishing appropriate security as a priority for our information technology infrastructure and throughout the product development process. Our information security team, including a “red team” of dedicated engineers, and certain cross-functional employees routinely assess material risks from cybersecurity threats, and assess and update our cybersecurity risk management program in response to emerging trends and changes in our operations. We also engage third parties, including consultants and auditors, to evaluate the effectiveness of our risk management program, control environment, and cybersecurity practices through security audits, penetration testing, and other engagements.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
In light of the critical importance of cybersecurity to our business, in the spring of 2023, our board of directors formed a standing cybersecurity committee. The cybersecurity committee meets quarterly and is responsible for reviewing with management our cybersecurity and other information technology risks, controls and processes, including the processes used to prevent or mitigate cybersecurity risks and respond to cybersecurity events. These reports include updates on our information security risks and threats, any notable incidents, escalations or third-party risks, the status of projects to strengthen our information security systems, assessments of the information security program, the emerging threat landscape and company security culture. The interim CISO provides reports at least quarterly to the cybersecurity committee as well as to our Chief Executive Officer, Chief Technology Officer, and other members of our senior management, as appropriate. The cybersecurity committee also receives quarterly updates from our legal department and third-party experts. Our cybersecurity committee provides regular updates to the board of directors on such reports, and coordinates with the audit committee of the board of directors with respect to any risks with implications for our financial reporting, accounting, internal controls or other matters presenting significant financial risk.
Our information security program is regularly evaluated by internal and external parties with the results of certain reviews reported to senior management and the cybersecurity committee. We also actively engage with key vendors and industry participants as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures. Our cybersecurity committee will also receive prompt and timely information regarding any material cybersecurity threats or incidents, as well as ongoing
updates regarding any such threat or incident until it has been mitigated, resolved, or otherwise addressed. To mitigate the impact of any cybersecurity incidents, we maintain cybersecurity insurance in amounts that we believe are appropriate of our business, which provides coverage for such incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The cybersecurity committee meets quarterly and is responsible for reviewing with management our cybersecurity and other information technology risks, controls and processes, including the processes used to prevent or mitigate cybersecurity risks and respond to cybersecurity events.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The interim CISO provides reports at least quarterly to the cybersecurity committee as well as to our Chief Executive Officer, Chief Technology Officer, and other members of our senior management, as appropriate. The cybersecurity committee also receives quarterly updates from our legal department and third-party experts.
Cybersecurity Risk Role of Management [Text Block] Our information security program is managed by our interim Chief Information Security Officer (CISO), who reports to our Chief Technology Officer and oversees a team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
In light of the critical importance of cybersecurity to our business, in the spring of 2023, our board of directors formed a standing cybersecurity committee. The cybersecurity committee meets quarterly and is responsible for reviewing with management our cybersecurity and other information technology risks, controls and processes, including the processes used to prevent or mitigate cybersecurity risks and respond to cybersecurity events. These reports include updates on our information security risks and threats, any notable incidents, escalations or third-party risks, the status of projects to strengthen our information security systems, assessments of the information security program, the emerging threat landscape and company security culture. The interim CISO provides reports at least quarterly to the cybersecurity committee as well as to our Chief Executive Officer, Chief Technology Officer, and other members of our senior management, as appropriate. The cybersecurity committee also receives quarterly updates from our legal department and third-party experts. Our cybersecurity committee provides regular updates to the board of directors on such reports, and coordinates with the audit committee of the board of directors with respect to any risks with implications for our financial reporting, accounting, internal controls or other matters presenting significant financial risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our interim CISO has nearly 20 years of experience serving in information security roles in healthcare and technology companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The interim CISO provides reports at least quarterly to the cybersecurity committee as well as to our Chief Executive Officer, Chief Technology Officer, and other members of our senior management, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
The Company and Its Significant Accounting Policies (Policies)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Offering of Convertible Notes
Offering of Convertible Notes
On December 6, 2024, the Company issued $1.4 billion in aggregate principal amount of 0% convertible senior notes due 2030 (the 2030 Notes). The Company received $1.38 billion in net proceeds from the sale of the 2030 Notes, after deducting initial purchaser discounts and other offering costs. The Company used a portion of the net proceeds to pay the cost of capped call transactions in the amount of $93.0 million, to repurchase portions of its outstanding 2025 and 2027 convertible senior notes for $130.8 million and $408.6 million, respectively, and to repurchase $200.0 million of shares of its common stock.
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC). All intercompany accounts and transactions have been eliminated.
Segment Reporting
Segment Reporting
The Company operates as one operating segment because its chief operating decision maker (CODM), who is the Chief Executive Officer, reviews its financial information on a consolidated basis with net income (loss) as the primary measure of segment profitability for purposes of making decisions regarding allocating resources and assessing performance. The CODM uses this measure to evaluate the Company’s operational efficiency and profitability, make strategic capital allocation decisions, and assess progress against financial targets, and is regularly provided with financial results comparing actual performance to budgeted targets and prior periods. The CODM does not evaluate the performance of the operating segment using asset information.
On a regular basis, the Company’s CODM is provided with significant segment expenses as reported within the consolidated statements of operations, adjusted for depreciation, amortization and restructuring, as presented in the consolidated statements of operations, stock-based compensation (refer to Note 10), amortization of debt issuance costs and gain on debt extinguishment (refer to Note 11). Other items included in the segment's profit or loss measure are interest income, interest expense (refer to Note 11) and provision for income taxes presented in the consolidated statements of operations and comprehensive income (loss).
Reclassification
Certain accounts in the prior period consolidated statements of cash flows were reclassified to conform with the current year presentation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; the estimate of expected credit losses on accounts receivable, acquired card receivables, and loans held for investment; accrual for rewards; benefit periods used to amortize deferred costs; reserve for losses on funds held for customers; and valuation of deferred tax assets. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
Funds Held for Customers and Customer Fund Deposits
Funds Held for Customers and Customer Fund Deposits
Funds held for customers and the corresponding liability on customer fund deposits represent funds that are collected from customers for payments to their suppliers and funds that are collected on behalf of customers. Generally, these funds held for customers are initially deposited in separate bank accounts until remitted to the customers’ suppliers or to the customers. Funds held for customers also include amounts that are held by or deposited into the accounts of payment processing companies and receivables from customers. The funds held for customers are restricted for the purpose of satisfying the customers’ fund obligations and are not available for general business use by the Company. The Company partially invests funds held for customers in highly liquid investments, which include money market funds and marketable debt securities with maturities of three months or less, as well as marketable debt securities with maturities ranging from three months up to thirty-seven months at the time of purchase based on the effective maturity date. Funds held for customers that are invested in marketable debt securities are classified as available-for-sale. These investments are carried at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the consolidated balance sheets and as a component of the consolidated statements of comprehensive income (loss). The Company contractually earns interest on funds held for customers with associated counterparties.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents consist of cash in banks, and highly liquid investments with maturities of three months or less at the time of purchase.
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 consolidated balance sheets.
Short–term Investments
Short–term Investments
The Company invests excess cash in a diversified portfolio of highly rated marketable debt securities with maturities of more than three months. These securities are classified as available-for-sale and recorded at fair value. The Company determines the appropriate classification of investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. After consideration of risk versus reward attributes and liquidity requirements, the Company may sell these debt securities prior to their stated maturities. As the Company views these securities as available to support current operations, including those with maturities beyond 12 months, and therefore classifies these securities as current assets in the accompanying consolidated balance sheets. Unrealized gains or losses are included in accumulated other comprehensive income (loss) on the consolidated balance sheets and as a component of the consolidated
statements of comprehensive income (loss). If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income, net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income, net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables and loans held for investment (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents and short-term investments with large multinational financial institutions that may at times exceed federally insured limits. Management believes that the financial institutions with which the Company does business are financially sound with minimal credit risk. Management further believes the associated risk of concentration for the Company’s investments is mitigated by holding a diversified portfolio of highly rated investments consisting of money market funds and short-term debt securities
Foreign Currency
Foreign Currency
The functional currency of the Company's foreign subsidiary 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, net in the accompanying statements of operations
Accounts Receivable and Unbilled Revenue
Accounts Receivable and Unbilled Revenue
Accounts receivable, which consist primarily of fees from customers, including accounting firm and financial institution customers, are recorded at the invoiced amount, net of an allowance for expected credit losses. Unbilled revenue is recorded based on amounts that the Company expects to invoice to customers in the subsequent period. The allowance for expected credit losses related to accounts receivable and unbilled revenue is based on the Company’s assessment of the collectability of the receivables. The Company regularly reviews the adequacy of the allowance for expected credit losses by considering the age of each outstanding invoice and the collection history of each customer to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectible are charged against the allowance for expected credit losses when identified. For all periods presented, the allowance for expected credit losses related to accounts receivable and unbilled revenue was not material.
Loans Held for Investment
Loans Held for Investment
Loans held for investment represent funds advanced under either a term loan or line of credit agreement, through a partnership with a third-party bank (the Originating Bank Partner) in connection with the Company's invoice financing product, with each invoice financed having a repayment term of 12 months. The Company purchases loans or lines of credit draws from the Originating Bank Partner pursuant to the terms
outlined in the loan sale agreement between the Company and the Originating Bank Partner. The undrawn lines of credit are unconditionally cancellable. Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are initially recognized at their purchase price and subsequently reported at amortized cost. The loans held for investment are recorded net of the allowance for expected credit losses. Loans held for investment are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets.
The Company accretes discount and interest income using the effective interest method over the life of the loan. Accretion of discount and interest income on these loans is included in subscription and transaction fees revenue in the accompanying consolidated statements of operations.
Loans are considered past due if payment is not received on the scheduled payment due date. The Company places loans on nonaccrual status when they become 60 days past due and applies the modified cost recovery method to record payments received on nonaccrual assets. The allowance for expected credit losses reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of expected credit losses inherent in the loans held for investment balance as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the reporting date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary area of judgment used in measuring the quantitative components of the Company’s reserves is the historical loss experience look-back period. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding loans held for investment balances to estimate reserves for expected credit losses. The Company’s models may include past loss experience and payment history to estimate the loss rates. Additionally, management evaluates whether to include qualitative reserves to cover credit losses that are expected but may not be adequately represented by the quantitative methodology or the economic assumptions. The qualitative reserves address possible limitations within the models or factors not included within the models, such as macroeconomic conditions, changes in underwriting strategies, the nature and volume of the portfolio, and the volume and severity of past due accounts. In general, loans held for investment are charged-off on or before the loan becomes 120 days delinquent. Assumptions regarding expected losses are reviewed periodically and may be impacted by actual performance of the loans receivable and changes in any of the factors discussed above.
Acquired Card Receivables
Acquired Card Receivables
The portfolio of acquired card receivables consists of U.S. based commercial accounts diversified across various geographies and industries. The Company manages credit risk based on common risk characteristics including financial condition of the users of the spend and expense management application.
Acquired card receivables are reported at their principal amounts outstanding net of allowance for expected credit losses and represent a revolving line of credit. The undrawn lines of credit are unconditionally cancellable. Acquired card receivables are deemed to be held for investment when such receivables are not acquired specifically for resale.
As part of the onboarding process, users of the Company’s free spend and expense management application are provided with a credit limit subject to a credit policy and underwriting process which is periodically re-performed based on risk indicators and the size of the credit limit.
Spending businesses may over fund their accounts through payments in excess of the outstanding balance. Such over funded amounts are recorded as prepaid card deposits, which are included in other accruals and current liabilities in the accompanying consolidated balance sheets.
Acquired card receivables represent amounts due on card transactions integrated with the spend and expense management application. The Company is contractually obligated to purchase a 100% participation interest in all card receivables from U.S.-based card issuing banks (Issuing Banks) including authorized transactions that have not cleared at the Issuing Banks. Acquired card receivables are recorded at the time a transaction clears at the Issuing Banks and generally payment for the card receivables is made on the day the transaction clears at the Issuing Banks.
The acquired card receivables portfolio consists of a large group of smaller balances from spending businesses across a wide range of industries. The allowance for expected credit losses reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of expected credit losses inherent in the acquired card receivables as of the reporting date. An estimate of lifetime expected credit losses is performed by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period beyond the balance sheet date. In estimating expected credit losses, the Company uses models that entail a significant amount of judgment. The primary areas of judgment used in measuring the quantitative components of the Company’s reserves relate to the attributes used to segment the portfolio, the determination of the historical loss experience look-back period, and the weighting of historical loss experience by monthly cohort. The Company uses these models and assumptions to determine the reserve rates applicable to the outstanding acquired card receivables balances to estimate reserves for expected credit losses. Based on historical loss experience, the probability of default varies by credit limit size, therefore it is incorporated as an attribute used to segment the portfolio. The Company’s models use past loss experience to estimate the probability of default and exposure at default by credit limit size and aged balances. The Company also estimates the likelihood and magnitude of recovery of previously charged-off loans based on historical recovery experience. Additionally, management evaluates whether to include qualitative reserves to cover credit losses that are expected but may not be adequately represented by the quantitative methodology or the economic assumptions. The qualitative reserves address possible limitations within the models or factors not included within the models, such as macroeconomic conditions, changes in underwriting strategies, the nature and volume of the portfolio, and the volume and severity of past due accounts. In general, acquired card receivables are charged-off after the balance becomes 120 days delinquent. Assumptions regarding expected losses are reviewed periodically and may be impacted by actual performance of the acquired card receivables and changes in any of the factors discussed above.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally two to three years. Leasehold improvements are amortized over the shorter of estimated useful lives of the assets or the lease term. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of operations.
The Company capitalizes internal and external direct costs incurred related to obtaining or developing internal-use software. Costs incurred during the application development stage are capitalized and are amortized using the straight-line method over the estimated useful lives of the software, generally three years commencing on the first day of the month following when the software is ready for its intended use. Costs related to planning and other preliminary project activities and post-implementation activities are expensed as incurred.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized. The Company monitors goodwill for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. No triggering events indicating possible impairment were identified during the fiscal year or in any prior period. The Company continually evaluates its current and estimated future financial results, macroeconomic environment and industry-specific conditions, which are subject to many uncertainties, including the impact of tariffs, volatility related to changes in rates of inflation, interest rates, the strength of the U.S. dollar, and the potential for a slowing economy. These conditions, if sustained or exacerbated, could negatively impact the estimated fair value of the Company’s single reporting unit. As a result, the Company may be required to perform a quantitative goodwill impairment test in a future period, which could result in a non-cash impairment charge.
Intangible Assets
Intangible Assets
The Company generally recognizes assets for customer relationships, developed technology and finite-lived trade names from an acquisition. Finite-lived intangible assets are carried at acquisition cost less accumulated amortization. Such amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, generally from three to ten years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and trade names is recognized in sales and marketing expenses.
Impairment
Impairment
Goodwill is tested annually at the reporting unit level for impairment during the fourth fiscal quarter or more frequently if facts or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has one reporting unit; therefore, all of its goodwill is associated with the entire company. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the Company is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the Company is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment.
The Company reviews the valuation of long-lived assets, including property and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of long-lived assets or asset groups is calculated based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. Impairment testing is performed at the asset group level.
Based on management's assessment, the Company did not recognize any impairment losses on its goodwill, finite-lived intangible assets or other long-lived assets during the periods presented herein.
Leases
Leases
The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use.
The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset.
Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term.
The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease.
Convertible Senior Notes, net and Capped Calls
Convertible Senior Notes, net and Capped Calls
Convertible senior notes, net are accounted as a liability and measured at amortized cost. The carrying amount of the convertible senior notes is calculated as the proceeds at issuance, net of debt discounts and debt issuance costs. The difference between the principal amount and carrying amount is amortized to interest expense over the term of the convertible senior notes using the effective interest rate method and is included within other income, net in the consolidated statements of operations.
The cost of capped calls executed in connection with the offering of the convertible senior notes is recorded as a reduction to additional paid-in capital in the consolidated statements of stockholders' equity (refer to Note 9 for further details on convertible senior notes and capped calls).
Accrued Rewards
Accrued Rewards
Spending businesses participate in rewards programs based on card transactions. The Company records a rewards liability that represents the estimated cost for rewards owed to spending businesses. Rewards liabilities are impacted over time by redemption costs and by spending businesses meeting eligibility requirements. Changes in the rewards liabilities during the period are recognized as an increase or decrease to sales and marketing expense in the accompanying consolidated statements of operations. The accrued rewards liability, which was $87.6 million and $67.7 million as of June 30, 2025 and 2024, respectively, is included in other accruals and current liabilities in the accompanying consolidated balance sheets. The rewards expense, which was $272.0 million, $219.8 million, and $173.9 million, during the years ended June 30, 2025, 2024, and 2023, respectively, is included in sales and marketing expenses in the accompanying consolidated statements of operations.
Revenue Recognition
Revenue Recognition
The Company enters into contracts with small and midsize businesses (SMB) and accounting firm customers to provide access to the functionality of the Company’s cloud-based payments platform to process transactions. These contracts are either monthly contracts paid in arrears, or annual arrangements paid up front. The Company charges its SMB and accounting firm customers subscription fees for access to its platform either based on the number of users or per customer account and the level of service. The Company generally also charges customers transaction fees based on transaction volume and the category of transaction. The contractual price for subscription and transaction services is based on either negotiated fees or the rates published on the Company’s website.
The Company accounts for its annual and monthly contracts as a series of distinct services that are satisfied over time. Revenues recognized exclude amounts collected on behalf of third parties, such as sales taxes collected and remitted to governmental authorities.
The Company enables SMB and accounting firm customers to make virtual card payments to their suppliers. The Company also facilitates the extension of credit to spending businesses through the BILL Spend and Expense product in the form of BILL Divvy Cards. The spending businesses utilize the credit on BILL Divvy Cards as a means of payment for goods and services provided by their suppliers. Virtual card payments and BILL Divvy Cards are originated through agreements with Issuing Banks. The agreements with the Issuing Banks allow for card transactions on the Mastercard and Visa networks. For each virtual card and BILL Divvy Card transaction, suppliers are required to pay interchange fees to the issuer of the card. Based on the Company's agreements with its Issuing Banks, the Company recognizes the interchange fees as revenue gross or net of fees paid to the Issuing Bank based on the Company's determination of whether it is the principal or agent under the agreements.
The Company enters into multi-year contracts with financial institution customers to provide them with access to the Company’s cloud-based payments platform. These contracts typically include fees for initial implementation services that are paid during the period the implementation services are provided as well as fees for subscription and transaction processing services, which are subject to guaranteed minimum fees that are paid over the contract term. These contracts enable the financial institutions to provide their customers with access to online bill pay services through the financial institutions’ online platforms. Implementation services are required up-front to establish an infrastructure that allows the financial institutions’ online platforms to
communicate with the Company’s online platform. A financial institution’s customers cannot access online bill pay services until implementation is complete.
Initial implementation services and transaction processing services are not capable of being distinct from the subscription for online bill pay services and are combined into a single performance obligation. The total consideration in these contracts varies based on the number of users and transactions to be processed. The Company has determined it meets the variable consideration allocation exception and therefore recognizes guaranteed monthly payments and any overages as revenue in the month they are earned. Implementation fees are recognized based on the proportion of transactions processed to the total estimated transactions to be processed over the contract period. The Company allocates revenue to each performance obligation based on its relative standalone selling price.
Interest on Funds Held for Customers
The Company also earns revenue from interest earned on funds held for customers that are initially deposited into the Company’s bank accounts that are separate from the Company’s operating cash accounts until remitted to the customers or their suppliers. The Company partially invests funds held for customers in highly liquid investments with maturities of three months or less and in marketable debt securities with maturities of three months to one year at the time of purchase. Interest and fees earned are recognized based on the effective interest method and also include the accretion of discounts and the amortization of premiums on marketable debt securities.
Deferred Revenue
Deferred Revenue
Subscription and transaction fees from customers for which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied.
Deferred Costs
Deferred Costs
Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products for general availability (go-live) to customers. Deferred sales commissions are amortized ratably over the estimated life of the customer relationship aligned with the pattern of customer attrition, taking into consideration the initial contract term and expected renewal periods. Deferred service costs are amortized ratably over the estimated benefit period of the capitalized costs starting on the go-live date of the service.
Service Costs
Service Costs
Service costs consist primarily of costs that are directly attributed to processing customers’ and spending businesses' transactions (such as the cost of printing checks, postage for mailing checks, fees associated with the issuance and processing of card transactions, net of card network incentives, fees for processing payments), personnel-related costs, including stock-based compensation, for the Company’s customer success and payment operations teams, outsourced support services for the Company's customer success team, direct and amortized costs for implementing and integrating the Company’s cloud-based platform into the customers’ systems, and cloud payments infrastructure costs.
Research and Development
Research and Development
Costs incurred in research and development, excluding development costs eligible for capitalization as internal-use software, are expensed as incurred.
Stock-Based Compensation
Stock-based Compensation
The Company measures stock-based compensation for purchase rights issued under the Employee Stock Purchase Plan (ESPP) at fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures stock-based compensation for restricted stock units (RSUs) and market-based RSUs based on the closing price of the Company’s stock and using the Monte Carlo simulation model, respectively, on
the date of grant. The Company measures stock-based compensation for performance-based awards at fair value on the date of grant. Awards that are classified as liabilities are remeasured at fair value at the end of each reporting period.
The Company recognizes compensation on a straight-line basis over the requisite service period of one to four years for RSUs, the offering period of one year for purchase rights under the ESPP, and the requisite period of one to three years for market-based RSUs. The Company recognizes compensation for performance-based awards over the vesting period if it is probable that the performance condition will be achieved. The Company accounts for forfeitures as they occur.
Advertising
Advertising
The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses during the years ended June 30, 2025, 2024, and 2023 were $47.2 million, $43.6 million, and $39.0 million, respectively.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method, which requires the recognition of taxes payable or refundable for the current year and deferred income tax assets and liabilities for the future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the Company's assets and liabilities, net operating loss (NOL), and tax credit carryforwards. A valuation allowance is established to reduce deferred tax assets to the amount expected to be realized.
The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders
Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net income per share attributable to common stockholders is calculated by dividing net income by the weighted average number of common and dilutive common stock outstanding during the period, using the treasury stock and if-converted methods. Diluted net loss per share attributable to common stock equals to basic net loss per share since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company in that period.
Restructuring
Restructuring
The Company records a liability for involuntary employee termination benefits when management has committed to a plan that establishes the terms of the arrangement and that plan has been communicated to employees. Costs to terminate a contract before the end of the term are recognized on the termination date, and costs that will continue to be incurred in a contract for the remaining term without economic benefit are recognized as of the cease-use date.
New Accounting Pronouncements and Disclosure Rules Recently Adopted and Not Adopted
New Accounting Pronouncements and Disclosure Rules Recently Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Reportable Segments (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses, including public entities with a single operating or
reportable segment. The Company adopted ASU 2023-07 beginning with its annual report for fiscal year ended June 30, 2025 on a retrospective basis. For additional information, see Note 1, Segment Reporting.
New Accounting Pronouncements and Disclosure Rules Not Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The updated standard will be effective for annual periods beginning in fiscal 2026. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted.
In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires additional disclosures, for interim and annual reporting, of expenses by nature, such as employee compensation, depreciation and amortization, and selling expenses. The updated standard will be effective beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the consolidated financial statements on a prospective basis, with the option for retrospective application, once adopted.
In November 2024, the Financial Accounting Standards Board issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments (Topic 470), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The guidance in ASU 2025-05 provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
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 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.
v3.25.2
Revenue (Tables)
 12 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of 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 solutions, and revenue from interest on funds held for customers (in thousands). For the purpose of disaggregating revenue by solutions, the Company defines BILL AP/AR as transaction and subscription revenue derived from businesses that use its core BILL accounts payable and receivable platform; BILL Spend and Expense as interchange revenue derived from BILL Divvy Card transactions; and Embedded and Other Solutions as transaction and subscription revenue from businesses that access the Company's solutions through its embedded partners' platforms and other indirect sales channels (including financial institution partners), and Invoice2go revenue.
June 30,
202520242023
BILL AP/AR$667,782 $595,408 $505,644 
BILL Spend and Expense555,016 457,309 353,132 
   Integrated platform1,222,798 1,052,717 858,776 
Embedded and Other Solutions78,006 70,016 85,934 
   Total subscription and transaction fees1,300,804 1,122,733 944,710 
Interest on funds held for customers161,766 167,439 113,758 
Total revenue$1,462,570 $1,290,172 $1,058,468 
Schedule of Deferred Costs
Deferred costs consisted of the following as of the dates presented (in thousands):
 June 30,
 20252024
Deferred sales commissions:
Current$10,094 $8,142 
Non-current16,237 15,113 
Total deferred sales commissions$26,331 $23,255 
Deferred service costs:
Current$627 $430 
Non-current2,418 1,930 
Total deferred service costs$3,045 $2,360 
v3.25.2
Fair Value Measurement (Tables)
 12 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):
Fair Value at
Pricing CategoryJune 30,
2025		June 30,
2024
Assets
Cash equivalents:
Money market fundsLevel 1$365,456$522,618
Corporate bondsLevel 269,956—
Certificates of depositLevel 22,216—
Short-term investments:
Corporate bondsLevel 2758,333 298,202 
U.S. treasury securitiesLevel 2287,559 180,983 
Asset-backed securitiesLevel 2118,236 59,363 
Certificates of depositLevel 215,982 38,370 
U.S. agency securitiesLevel 2— 24,617 
Funds held for customers:
Restricted cash equivalents
Money market fundsLevel 11,642,494 1,319,609 
Corporate bondsLevel 218,929 89,082 
Short-term investments
Corporate bondsLevel 2486,362 937,198 
U.S. treasury securitiesLevel 2868,705 342,041 
Asset-backed securitiesLevel 2167,970 116,475 
Certificates of depositLevel 299,138 119,616 
Municipal bondsLevel 26,592 — 
Liabilities (1)
0% 2025 Notes
Level 232,567 154,933 
0% 2027 Notes
Level 2112,738 489,112 
0% 2030 Notes
Level 2$1,185,128 $— 
(1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying consolidated balance sheets.
v3.25.2
Short-Term Investments And Funds Held For Customers (Tables)
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-Term Investments and Funds Held for Customers
The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
June 30,
2025		June 30,
2024
Short-term investments:
Available-for-sale debt securities$1,180,110 $601,535 
Total short-term investments1,180,110 601,535 
Funds held for customers:
Restricted cash749,111 779,838 
Restricted cash equivalents1,661,423 1,408,691 
Funds receivable25,499 11,870 
Available-for-sale debt securities1,628,767 1,515,330 
Total funds held for customers4,064,800 3,715,729 
Less - interest income included in other current assets(1)
(20,330)(10,822)
Total funds held for customers, net of income earned by the Company$4,044,470 $3,704,907 
(1) 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. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.
Schedule of Available-for-Sale Debt Securities
The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):
June 30, 2025
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses 		Fair value
Short-term investments:
Corporate bonds$756,009 $2,598 $(274)$758,333 
U.S. treasury securities287,356 261 (58)287,559 
Asset-backed securities118,074 177 (15)118,236 
Certificates of deposit15,982 — — 15,982 
Total short-term investments$1,177,421 $3,036 $(347)$1,180,110 
Funds held for customers:
Corporate bonds$483,604 $2,759 $(1)$486,362 
Certificates of deposit99,138 — — 99,138 
Asset-backed securities167,179 791 — 167,970 
Municipal bonds6,560 32 — 6,592 
U.S. treasury securities864,602 4,319 (216)868,705 
Total funds held for customers$1,621,083 $7,901 $(217)$1,628,767 
June 30, 2024
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair value
Short-term investments:
Corporate bonds$298,628 $140 $(566)$298,202 
U.S. treasury securities181,225 — (242)180,983 
U.S. agency securities59,340 68 (45)59,363 
Asset-backed securities38,370 — — 38,370 
Certificates of deposit24,669 — (52)24,617 
Total short-term investments$602,232 $208 $(905)$601,535 
Funds held for customers:
Corporate bonds$937,989 $23 $(814)$937,198 
Certificates of deposit119,615 1 — 119,616 
Asset-backed securities116,542 11 (78)116,475 
U.S. treasury securities342,202 1 (162)342,041 
Total funds held for customers$1,516,348 $36 $(1,054)$1,515,330 
Schedule of Fair Value of Available-for-Sale Debt Securities
The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
June 30,
2025		June 30,
2024
Due within 1 year$1,118,478 $1,699,009 
Due in 1 year through 5 years1,689,477 409,309 
Due in 5 years through 10 years922 8,547 
Total$2,808,877 $2,116,865 
Schedule of Gross Unrealized Loss and Fair Values The following tables show gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
June 30, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$209,648 $(274)$— $— $209,648 $(274)
U.S. treasury securities139,598 (58)— — 139,598 (58)
Asset-backed securities30,362 (15)— — 30,362 (15)
Total short-term investments$379,608 $(347)$— $— $379,608 $(347)
Funds held for customers:
Corporate bonds$12,867 $(1)$— $— $12,867 $(1)
Asset-backed securities4,576 — — — 4,576 — 
U.S. treasury securities82,910 (216)— — 82,910 (216)
Total funds held for customers$100,353 $(217)$— $— $100,353 $(217)
June 30, 2024
Less than 12 months12 months or longerTotal
Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
Short-term investments:
Corporate bonds$130,469 $(333)$60,576 $(232)$191,045 $(565)
U.S. treasury securities152,004 (156)28,979 (86)180,983 (242)
Asset-backed securities24,149 (39)2,155 (7)26,304 (46)
U.S. agency securities24,617 (52)— — 24,617 (52)
Total short-term investments$331,239 $(580)$91,710 $(325)$422,949 $(905)
Funds held for customers:
Corporate bonds$506,540 $(814)$— $— $506,540 $(814)
Asset-backed securities68,629 (76)5,546 (2)74,175 (78)
U.S. treasury securities327,340 (162)— — 327,340 (162)
Total funds held for customers$902,509 $(1,052)$5,546 $(2)$908,055 $(1,054)
v3.25.2
Acquired Card Receivables (Tables)
 12 Months Ended
Jun. 30, 2025
Acquired Card Receivables [Abstract]  
Schedule 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):
June 30,
20252024
Current and less than 30 days past due$686,070 $706,026 
30 ~ 59 days past due6,173 4,277 
60 ~ 89 days past due5,312 3,393 
90 ~ 119 days past due2,562 4,093 
Over 119 days past due11 310 
Total$700,128 $718,099 
Schedule of Change in Allowance for Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
June 30,
20252024
Balance, beginning
$20,883 $15,498 
Provision for expected credit losses45,326 52,327 
Charge-off amounts(59,265)(51,805)
Recoveries collected8,076 4,863 
Balance, ending
$15,020 $20,883 
Below is a summary of the changes in allowance for credit losses presented (in thousands):
June 30,
20252024
Balance, beginning$4,700 $— 
Provision for expected credit losses27,032 7,884 
Charge-off amounts(17,382)(3,266)
Recoveries collected503 82 
Balance, end of period$14,853 $4,700 
v3.25.2
Loans Held For Investment (Tables)
 12 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans Held For Investment Loans held for investment are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets and consisted of the following as of the dates presented (in thousands):
June 30,
20252024
Unpaid principal balance (1)
$61,938 $44,491 
Less: Discount at loan purchase, net of amortization(1,527)(1,120)
Less: Allowance for expected credit losses(14,853)(4,700)
Loans held for investment, net$45,558 $38,671 
(1) The Company started offering only line of credit in June 2024 through the Originating Bank Partner. There were no term loans outstanding as of June 30, 2025 or originated during the year ended June 30, 2025. As of June 30, 2024, the outstanding balance of term loans, originated during fiscal 2024, was $24.2 million.
Schedule of Loans Held for Investment by Class Below is a summary of the loans held for investment by class (i.e., past due status) as of the dates presented (in thousands):
June 30,
2025
2024(1)
Current and less than 30 days past due$55,540 $39,130 
30 ~ 59 days past due1,471 1,617 
60 ~ 89 days past due1,461 1,469 
90 ~ 119 days past due1,685 1,142 
Over 119 days past due254 13 
Total$60,411 $43,371 
(1) The Company started offering only line of credit in June 2024 through the Originating Bank Partner, as such the entire line of credit outstanding balance of $19.2 million was included under 'Current and less than 30 days past due' as of June 30, 2024. The outstanding balance of term loans, originated during fiscal 2024, was $24.2 million as of June 30, 2024.
Schedule of Change in Allowance for Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
June 30,
20252024
Balance, beginning
$20,883 $15,498 
Provision for expected credit losses45,326 52,327 
Charge-off amounts(59,265)(51,805)
Recoveries collected8,076 4,863 
Balance, ending
$15,020 $20,883 
Below is a summary of the changes in allowance for credit losses presented (in thousands):
June 30,
20252024
Balance, beginning$4,700 $— 
Provision for expected credit losses27,032 7,884 
Charge-off amounts(17,382)(3,266)
Recoveries collected503 82 
Balance, end of period$14,853 $4,700 
v3.25.2
Property and Equipment (Tables)
 12 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment consisted of the following as of the dates presented (in thousands):
June 30,
20252024
Software and equipment$21,815 $20,802 
Capitalized software129,520 81,582 
Furniture and fixtures15,510 13,361 
Leasehold improvements39,855 39,103 
Property and equipment, gross206,700 154,848 
Less: accumulated depreciation and amortization(90,089)(66,814)
Property and equipment, net$116,611 $88,034 
v3.25.2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following as of the dates presented (amounts in thousands):
June 30, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted average remaining
useful life
(In years)
Customer relationships$259,268 $(104,336)$154,932 6.0
Developed technology219,217 (151,344)67,873 1.9
Trade name48,042 (48,042)— 0.0
Total$526,527 $(303,722)$222,805 
Jun 30, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted average remaining
useful life
(In years)
Customer relationships$259,269 $(78,410)$180,859 7.0
Developed technology215,958 (116,126)99,832 2.9
Trade name48,042 (47,262)780 0.2
Total$523,269 $(241,798)$281,471 
Schedule of Amortization of Finite-Lived Intangible Assets
Amortization of finite-lived intangible assets was as follows during the years ended June 30, 2025 and 2024 (in thousands):
June 30,
20252024
Cost of revenue$35,217 $38,948 
Sales and marketing26,708 41,008 
Total$61,925 $79,956 
Schedule of Future Amortization of Finite-Lived Intangible Assets
As of June 30, 2025, future amortization of finite-lived intangible assets that will be recorded in cost of revenue and operating expenses is estimated as follows (in thousands):
Fiscal years ending June 30:
Amount
2026$60,660 
202757,990 
202827,004 
202925,927 
203025,927 
Thereafter25,297 
Total$222,805 
v3.25.2
Debt and Borrowings (Tables)
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt and borrowings consisted of the following (in thousands):
Carrying Value at
June 30, 2025June 30, 2024Expected
Remaining Term (years)		Effective
Interest Rate at June 30, 2025
Current liabilities:
Convertible senior notes:
2025 Notes, principal
$33,463 $— 0.40.36 %
Less: unamortized debt discount and issuance costs(42)— 
Convertible senior notes, net current33,421 — 
Revolving credit facility:
2021 Credit Facility180,005 — 0.97.89 %
Borrowings from Revolving Credit Facility (including unamortized debt premium)(1)
180,005 — 
Non-current liabilities:
Convertible senior notes:
2030 Notes, principal1,400,000 — 4.80.32 %
2027 Notes, principal123,548 575,000 1.80.48 %
2025 Notes, principal— 167,314 
Less: unamortized debt discount and issuance costs(22,504)(8,323)
Convertible senior notes, net1,501,044 733,991 
Revolving credit facility:
2021 Credit Facility— 180,009 
Borrowings from Revolving Credit Facility (including unamortized debt premium)(1)
— 180,009 
Total $1,714,470 $914,000 
(1) Unamortized debt issuance costs balance for the Revolving Credit Facilities was $2.1 million and $0.6 million as of June 30, 2025 and June 30, 2024, respectively, and is included in other assets on the consolidated balance sheets.
v3.25.2
Stockholders' Equity (Tables)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of RSU Activity
The following table summarizes RSU activity for the year ended June 30, 2025.
Number of
shares (1)
(in thousands)
Weighted
average
grant date
fair value
Nonvested at June 30, 2024
4,600 $108.24 
Granted6,871 53.03 
Vested(2,361)95.17 
Forfeited(1,224)84.78 
Nonvested at June 30, 2025
7,886 $67.67 
(1) Includes RSU, market-based RSUs and performance-based RSUs.
Schedule of Stock Based Compensation Cost
Stock-based compensation by award type (in thousands):
Year ended
June 30,
Unrecognized compensation
(in thousands)
Weighted-average recognition period (in years)
202520242023
Restricted stock units (RSUs)
$228,374 $217,696 $251,456 $451,785 2.9
Stock options2,964 10,719 37,882 476 0.2
Performance-based awards12,911 13,351 17,914 15,240 2.5
Employee stock purchase plan6,063 9,129 11,280 5,620 0.9
Market-based RSUs6,101 5,912 4,308 13,001 0.9
Total stock-based compensation
$256,413 $256,807 $322,840 $486,122 
Stock-based compensation was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands):
Year ended
June 30,
202520242023
Revenue - subscription and transaction fees$2,329 $1,831 $188 
Cost of revenue - service costs9,627 9,309 9,111 
Research and development107,603 103,382 93,364 
Sales and marketing39,992 49,070 130,421 
General and administrative82,981 81,209 80,619 
Restructuring— 3,574 — 
Total amount charged to operating loss242,532 248,375 313,703 
Property and equipment (capitalized internal-use software)13,881 8,432 9,137 
Total stock-based compensation$256,413 $256,807 $322,840 
v3.25.2
Other Income, Net (Tables)
 12 Months Ended
Jun. 30, 2025
Other Income, Nonoperating [Abstract]  
Schedule of Other Income (Expense), Net
Other income, net consisted of the following for the periods presented (in thousands):
Year ended
June 30,
202520242023
Interest income$90,903 $122,298 $91,279 
Gain on debt extinguishment, net of change on mark to market derivatives40,550 45,272 — 
Lower of cost or market adjustment on card
     receivables sold and held for sale		— — (1,545)
Interest expense(13,824)(12,944)(8,239)
Amortization of debt discount and issuance costs
(4,739)(6,238)(6,964)
Other(1,878)(543)(1,675)
Total other income, net
$111,012 $147,845 $72,856 
v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of income (loss) before Provision for Income Taxes
The components of income (loss) before provision for income taxes were as follows during the periods presented (in thousands):
Year ended
June 30,
202520242023
Domestic$(43,567)$5,312 $(199,452)
Foreign73,977 (31,631)(23,465)
Total income (loss) before provision for income taxes$30,410 $(26,319)$(222,917)
Schedule of Provision for Income Taxes
The components of provision for income taxes were as follows during the periods presented (in thousands):
Year ended
June 30,
202520242023
Current:
Federal$3,850 $1,650 $572 
State2,758 1,251 1,583 
Foreign80 19 14 
Total current6,688 2,920 2,169 
Deferred:
Federal(32)(262)(995)
State(45)(99)(366)
Total deferred(77)(361)(1,361)
Provision for income taxes$6,611 $2,559 $808 
Schedule of Difference between Income Taxes Computed At Federal Statutory Rate and Provision for Income Taxes
The items accounting for the difference between the income taxes computed at the federal statutory rate and the provision for income taxes consisted of the following during the periods presented (in thousands):
Year ended
June 30,
202520242023
Expected provision (benefit) at U.S. federal statutory rate$6,386 $(5,528)$(46,813)
State income taxes, net of federal benefit7,325 9,134 8,087 
Stock-based compensation (1)
19,204 24,300 4,253 
Research and development tax credits(23,383)(24,039)(19,974)
Change in valuation allowance (2)
10,939 4,943 48,321 
Restructuring— (13,769)— 
Foreign rate differential(15,455)6,658 4,942 
Other1,595 860 1,992 
Provision for income taxes$6,611 $2,559 $808 
(1) The rate impact during the year ended June 30, 2025, 2024 and 2023 relates to the impact of non-deductible stock compensation and shortfalls related to tax deductions being smaller than the associated stock compensation expense.
(2) The rate impact during the year ended June 30, 2025, 2024 and 2023 pertains to an increase in valuation allowance due to the increase in net deferred tax assets, capitalized R&D expense and tax credits generated during the year.
Schedule of Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows as of the dates presented (in thousands):
June 30,
20252024
Deferred tax assets:
Accruals and reserves$17,888 $13,966 
Capitalized research and development160,755 120,882 
Deferred revenue28 1,084 
Stock-based compensation19,532 17,093 
Net operating and other loss carryforwards280,004 360,592 
Research and development credits99,626 85,910 
Accrued rewards154 40 
Operating lease liabilities17,874 19,139 
Other3,660 598 
Total deferred tax assets before valuation allowance
599,521 619,304 
Valuation allowance(503,692)(494,424)
Deferred tax assets$95,829 $124,880 
Deferred tax liabilities:
Deferred contract costs$(6,603)$(5,868)
Property and equipment(22,253)(15,853)
Intangible assets(53,280)(68,218)
Operating right of use assets(14,066)(14,992)
Other reserve— (20,399)
Total deferred tax liabilities(96,202)(125,330)
Net deferred tax liabilities$(373)$(450)
Schedule of Reconciliation of Unrecognized Tax Benefits
Below is the reconciliation of the unrecognized tax benefits related to federal and California research and development credits during the periods presented (in thousands):
Year e
ded June 30,
202520242023
Balance at the beginning of the year$35,128 $23,300 $16,724 
Add:
Tax positions related to the current year
10,622 9,134 6,642 
Purchase of intangible assets209 — — 
Tax positions related to the prior year
— 2,714 226 
Less:
Statute of limitations lapse— (20)(292)
Balance at the end of the year$45,959 $35,128 $23,300 
v3.25.2
Leases (Tables)
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease expense during the years ended June 30, 2025, 2024, and 2023 are shown in the table below (in thousands):
Year ended June 30
202520242023
Operating lease expense (1)
$12,627 $12,877 $14,081 
Variable lease expense, net of credit2,412 2,461 2,251 
Sublease income(842)(581)(586)
Total lease cost$14,197 $14,757 $15,746 
(1) Includes short-term lease, which is not material for the fiscal years ended June 30, 2025, 2024, and 2023.
v3.25.2
Commitments and Contingencies (Tables)
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments Future minimum lease payments as of June 30, 2025 are as follows (in thousands):
Fiscal years ending June 30:
Amount
2026$13,292 
202713,226 
202813,590 
202913,974 
203014,361 
Thereafter14,278 
Gross lease payments82,721 
Less - present value adjustments(11,449)
Total operating lease liabilities, net$71,272 
Schedule of Future Payments Under Other Agreements Future payments under these other agreements as of June 30, 2025 are as follows (in thousands).
Fiscal years ending June 30:
Amount
2026$22,426 
202724,648 
202811,812 
20294,250 
Total$63,136 
v3.25.2
Restructuring (Tables)
 12 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities The following table summarizes the restructuring liability that is included in other accruals and current liabilities and accounts payable on the accompanying consolidated balance sheets as of June 30, 2025:
Severance and termination benefitsContract terminationOtherTotal restructuring liability
Balance, at June 30, 2023$— $— $— $— 
Charges22,817 480 705 24,002 
Cash payments(22,492)(480)(703)(23,675)
Balance, at June 30, 2024325 — 2 327 
Charges— — 7 7 
Reversal(110)— — (110)
Cash payments(215)— (9)(224)
Balance, at June 30, 2025$— $— $— $— 
v3.25.2
Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts):
June 30,
2025(1)
20242023
Numerator:
Net income (loss) attributable to common stockholders
Basic$23,799 $(28,878)$(223,725)
Gain on debt extinguishment, net of change on mark to market derivatives and amortization of debt issuance costs(31,327)— — 
Diluted$(7,528)$(28,878)$(223,725)
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders
Basic103,568 106,102 105,976 
Effect of dilutive securities:
Convertible senior notes344 — — 
Diluted103,912 106,102 105,976 
Net income (loss) per share attributable to common stockholders:
Basic$0.23 $(0.27)$(2.11)
Diluted$(0.07)$(0.27)$(2.11)
(1) For the fiscal year ended June 30, 2025, the dilutive effect of outstanding equity awards is reflected in diluted earnings per share by application of the treasury stock method and if-converted method.
Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation
Potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been antidilutive, were as follows (in thousands):
June 30,
202520242023
Equity awards9,511 6,641 6,772 
Convertible senior notes12,226 2,426 8,534 
Total21,737 9,067 15,306 
v3.25.2
The Company and Its Significant Accounting Policies - Offering of Convertible Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 06, 2024
May 29, 2024
Mar. 06, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Sep. 24, 2021
Nov. 30, 2020
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]                
Payments for notes       $ 92,960 $ 0 $ 0    
Aggregate cash repurchase price       539,403 933,187 0    
Repurchase of common stock $ 200,000     $ 430,002 $ 211,902 $ 87,615    
2030 Notes, principal                
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]                
Debt instrument, aggregate principal amount $ 1,400,000              
Debt stated percentage 0.00%     0.00%        
Proceeds from issuance of convertible senior notes $ 1,380,000              
Payments for notes 93,000     $ 93,000        
2025 Notes, principal                
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]                
Debt instrument, aggregate principal amount               $ 1,150,000
Debt stated percentage       0.00%       0.00%
Payments for notes       $ 93,000        
Aggregate cash repurchase price 130,800 $ 222,200 $ 711,000          
2027 Notes, principal                
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]                
Debt instrument, aggregate principal amount             $ 575,000  
Debt stated percentage       0.00%     0.00%  
Payments for notes       $ 93,000        
Aggregate cash repurchase price $ 408,600              
v3.25.2
The Company and Its Significant Accounting Policies - Segment Reporting (Details)
 12 Months Ended
Jun. 30, 2025
segment
Jun. 30, 2024
Jun. 30, 2023
Accounting Policies [Abstract]      
Number of operating segments 1    
Percentage of revenue from non US customers 0.03 0.03 0.03
v3.25.2
The Company and Its Significant Accounting Policies - Funds Held For Customers and Customer Fund Deposits (Details)
Jun. 30, 2025
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Money market funds and marketable debt securities, maximum maturity period 3 months
Minimum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Marketable debt securities, maturity period 3 months
Maximum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Marketable debt securities, maturity period 37 months
v3.25.2
The Company and Its Significant Accounting Policies - Concentrations of Credit Risk (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
Customer
Jun. 30, 2024
USD ($)
Customer
Jun. 30, 2023
Customer
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 | $ $ 30.3 $ 25.8  
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
Revenue Benchmark | Customer Concentration Risk | No Customer      
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]      
Concentration percentage 10.00% 10.00% 10.00%
v3.25.2
The Company and Its Significant Accounting Policies - Acquired Card Receivables (Details)
Jun. 30, 2025
Accounting Policies [Abstract]  
Participation interest required to be purchased 1
Number of days delinquent to become charged-off 120 days
v3.25.2
The Company and Its Significant Accounting Policies - Property and Equipment (Details)
Jun. 30, 2025
Minimum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Estimated useful lives 2 years
Maximum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Estimated useful lives 3 years
v3.25.2
The Company and Its Significant Accounting Policies - Intangible Assets (Details)
Jun. 30, 2025
Minimum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Estimated useful lives 3 years
Maximum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Estimated useful lives 10 years
v3.25.2
The Company and Its Significant Accounting Policies - Impairment (Details)
 12 Months Ended
Jun. 30, 2025
reportingUnit
Accounting Policies [Abstract]  
Number of reporting unit 1
v3.25.2
The Company and Its Significant Accounting Policies - Leases (Details)
Jun. 30, 2025
Minimum  
Lessee Lease Description [Line Items]  
Lease arrangements term 12 months
v3.25.2
The Company and Its Significant Accounting Policies - Accrued Rewards (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Sales and Marketing Expenses      
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]      
Rewards and promotions expense $ 272.0 $ 219.8 $ 173.9
Other Accruals and Current Liabilities      
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]      
Accrued rewards and promotions liability $ 87.6 $ 67.7  
v3.25.2
The Company and Its Significant Accounting Policies - Stock-Based Compensation (Details)
 12 Months Ended
Jun. 30, 2025
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Offering period of purchase rights under ESPP 1 year
Restricted stock units (RSUs) | Minimum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Vesting term 1 year
Restricted stock units (RSUs) | Maximum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Vesting term 4 years
Market-based RSUs | Minimum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Vesting term 1 year
Market-based RSUs | Maximum  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]  
Vesting term 3 years
v3.25.2
The Company and Its Significant Accounting Policies - Advertising (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Accounting Policies [Abstract]      
Advertising expenses $ 47.2 $ 43.6 $ 39.0
v3.25.2
Revenue - Schedule of Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Disaggregation Of Revenue [Line Items]      
Total revenue $ 1,462,570 $ 1,290,172 $ 1,058,468
Subscription and transaction fees      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,300,804 1,122,733 944,710
Integrated platform      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,222,798 1,052,717 858,776
BILL AP/AR      
Disaggregation Of Revenue [Line Items]      
Total revenue 667,782 595,408 505,644
BILL Spend and Expense      
Disaggregation Of Revenue [Line Items]      
Total revenue 555,016 457,309 353,132
Embedded and Other Solutions      
Disaggregation Of Revenue [Line Items]      
Total revenue 78,006 70,016 85,934
Interest on funds held for customers      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 161,766 $ 167,439 $ 113,758
v3.25.2
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Disaggregation Of Revenue [Line Items]      
Deferred revenue, recognized $ 21.1    
Aggregate amount of transaction price allocated to performance obligations 73.1    
Unbilled revenue 17.3 $ 16.7  
Amortization of deferred sales commissions 9.7 7.9 $ 6.6
Amortization of deferred service costs $ 0.2 $ 2.0 $ 2.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 46.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 23.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-07-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 31.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years    
v3.25.2
Revenue - Schedule of Deferred Costs (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Deferred Sales Commissions    
Deferred Costs [Line Items]    
Current $ 10,094 $ 8,142
Non-current 16,237 15,113
Total 26,331 23,255
Deferred Service Costs    
Deferred Costs [Line Items]    
Current 627 430
Non-current 2,418 1,930
Total $ 3,045 $ 2,360
v3.25.2
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 06, 2024
Jun. 30, 2024
Sep. 24, 2021
Nov. 30, 2020
2025 Notes, principal          
Assets          
Debt stated percentage 0.00%       0.00%
2027 Notes, principal          
Assets          
Debt stated percentage 0.00%     0.00%  
2030 Notes, principal          
Assets          
Debt stated percentage 0.00% 0.00%      
Fair Value, Recurring | Level 1 | Cash equivalents: | Money market funds          
Assets          
Cash equivalents: $ 365,456   $ 522,618    
Fair Value, Recurring | Level 1 | Restricted cash equivalents | Money market funds          
Assets          
Funds held for customers: 1,642,494   1,319,609    
Fair Value, Recurring | Level 2 | 2025 Notes, principal          
Assets          
Liabilities 32,567   154,933    
Fair Value, Recurring | Level 2 | 2027 Notes, principal          
Assets          
Liabilities 112,738   489,112    
Fair Value, Recurring | Level 2 | 2030 Notes, principal          
Assets          
Liabilities 1,185,128   0    
Fair Value, Recurring | Level 2 | Corporate bonds          
Assets          
Cash equivalents: 69,956   0    
Short-term investments: 758,333   298,202    
Funds held for customers: 486,362   937,198    
Fair Value, Recurring | Level 2 | U.S. treasury securities          
Assets          
Short-term investments: 287,559   180,983    
Funds held for customers: 868,705   342,041    
Fair Value, Recurring | Level 2 | Asset-backed securities          
Assets          
Short-term investments: 118,236   59,363    
Funds held for customers: 167,970   116,475    
Fair Value, Recurring | Level 2 | Certificates of deposit          
Assets          
Cash equivalents: 2,216   0    
Short-term investments: 15,982   38,370    
Funds held for customers: 99,138   119,616    
Fair Value, Recurring | Level 2 | U.S. agency securities          
Assets          
Short-term investments: 0   24,617    
Fair Value, Recurring | Level 2 | Restricted cash equivalents | Corporate bonds          
Assets          
Funds held for customers: 18,929   89,082    
Fair Value, Recurring | Level 2 | Municipal bonds          
Assets          
Funds held for customers: $ 6,592   $ 0    
v3.25.2
Short-Term Investments and Funds Held for Customers - Schedule of Funds Held for Customers (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Short-term investments:    
Short-term investments $ 1,180,110 $ 601,535
Funds held for customers:    
Total funds held for customers 4,064,800 3,715,729
Less - interest income included in other current assets (20,330) (10,822)
Total funds held for customers, net of income earned by the Company 4,044,470 3,704,907
Restricted cash    
Funds held for customers:    
Total funds held for customers 749,111 779,838
Restricted cash equivalents    
Funds held for customers:    
Total funds held for customers 1,661,423 1,408,691
Funds receivable    
Funds held for customers:    
Total funds held for customers 25,499 11,870
Available-for-sale debt securities    
Funds held for customers:    
Total funds held for customers $ 1,628,767 $ 1,515,330
v3.25.2
Short-Term Investments And Funds Held For Customers - Schedule of Short-Term Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Short-term investments:    
Amortized cost $ 1,177,421 $ 602,232
Gross unrealized gains 3,036 208
Gross unrealized losses (347) (905)
Fair value 1,180,110 601,535
Funds held for customers:    
Amortized cost 1,621,083 1,516,348
Gross unrealized gains 7,901 36
Gross unrealized losses (217) (1,054)
Fair value 1,628,767 1,515,330
Corporate bonds    
Short-term investments:    
Amortized cost 756,009 298,628
Gross unrealized gains 2,598 140
Gross unrealized losses (274) (566)
Fair value 758,333 298,202
Funds held for customers:    
Amortized cost 483,604 937,989
Gross unrealized gains 2,759 23
Gross unrealized losses (1) (814)
Fair value 486,362 937,198
U.S. treasury securities    
Short-term investments:    
Amortized cost 287,356 181,225
Gross unrealized gains 261 0
Gross unrealized losses (58) (242)
Fair value 287,559 180,983
Funds held for customers:    
Amortized cost 864,602 342,202
Gross unrealized gains 4,319 1
Gross unrealized losses (216) (162)
Fair value 868,705 342,041
Asset-backed securities    
Short-term investments:    
Amortized cost 118,074 38,370
Gross unrealized gains 177 0
Gross unrealized losses (15) 0
Fair value 118,236 38,370
Funds held for customers:    
Amortized cost 167,179 116,542
Gross unrealized gains 791 11
Gross unrealized losses 0 (78)
Fair value 167,970 116,475
Certificates of deposit    
Short-term investments:    
Amortized cost 15,982 24,669
Gross unrealized gains 0 0
Gross unrealized losses 0 (52)
Fair value 15,982 24,617
Funds held for customers:    
Amortized cost 99,138 119,615
Gross unrealized gains 0 1
Gross unrealized losses 0 0
Fair value 99,138 119,616
Municipal bonds    
Funds held for customers:    
Amortized cost 6,560  
Gross unrealized gains 32  
Gross unrealized losses 0  
Fair value $ 6,592  
U.S. agency securities    
Short-term investments:    
Amortized cost   59,340
Gross unrealized gains   68
Gross unrealized losses   (45)
Fair value   $ 59,363
v3.25.2
Short-Term Investments And Funds Held For Customers - Additional Information (Details)
 12 Months Ended
Jun. 30, 2025
USD ($)
position
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Schedule Of Available For Sale Securities [Line Items]      
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Fair value Fair value  
Accrued interest receivable $ 8,900,000 $ 4,900,000  
Amortized cost 1,621,083,000 1,516,348,000  
Fair value $ 1,628,767,000 1,515,330,000  
Number of unrealized loss investment positions | position 161    
Number of investment positions | position 829    
Short-term investments realized gains or losses $ 0 0 $ 0
Accrued Interest Receivable      
Schedule Of Available For Sale Securities [Line Items]      
Amortized cost 12,400,000 6,800,000  
Fair value $ 12,400,000 $ 6,800,000  
v3.25.2
Short-Term Investments and Funds Held for Customers - Schedule of Fair Value of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]    
Due within 1 year $ 1,118,478 $ 1,699,009
Due in 1 year through 5 years 1,689,477 409,309
Due in 5 years through 10 years 922 8,547
Total $ 2,808,877 $ 2,116,865
v3.25.2
Short-Term Investments and Funds Held for Customers - Schedule of Gross Unrealized Losses And Fair Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Short-term investments:    
Fair value, less than 12 months $ 379,608 $ 331,239
Unrealized losses, less than 12 months (347) (580)
Fair value, 12 months or longer 0 91,710
Unrealized losses, 12 months or longer 0 (325)
Fair value 379,608 422,949
Unrealized losses (347) (905)
Funds held for customers:    
Unrealized losses, continuous unrealized loss position, less than 12 months 100,353 902,509
Unrealized losses, less than 12 months (217) (1,052)
Fair value, 12 months or longer 0 5,546
Unrealized losses, 12 months or longer 0 (2)
Fair value 100,353 908,055
Unrealized losses (217) (1,054)
Corporate bonds    
Short-term investments:    
Fair value, less than 12 months 209,648 130,469
Unrealized losses, less than 12 months (274) (333)
Fair value, 12 months or longer 0 60,576
Unrealized losses, 12 months or longer 0 (232)
Fair value 209,648 191,045
Unrealized losses (274) (565)
Funds held for customers:    
Unrealized losses, continuous unrealized loss position, less than 12 months 12,867 506,540
Unrealized losses, less than 12 months (1) (814)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 12,867 506,540
Unrealized losses (1) (814)
U.S. treasury securities    
Short-term investments:    
Fair value, less than 12 months 139,598 152,004
Unrealized losses, less than 12 months (58) (156)
Fair value, 12 months or longer 0 28,979
Unrealized losses, 12 months or longer 0 (86)
Fair value 139,598 180,983
Unrealized losses (58) (242)
Funds held for customers:    
Unrealized losses, continuous unrealized loss position, less than 12 months 82,910 327,340
Unrealized losses, less than 12 months (216) (162)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 82,910 327,340
Unrealized losses (216) (162)
Asset-backed securities    
Short-term investments:    
Fair value, less than 12 months 30,362 24,149
Unrealized losses, less than 12 months (15) (39)
Fair value, 12 months or longer 0 2,155
Unrealized losses, 12 months or longer 0 (7)
Fair value 30,362 26,304
Unrealized losses (15) (46)
Funds held for customers:    
Unrealized losses, continuous unrealized loss position, less than 12 months 4,576 68,629
Unrealized losses, less than 12 months 0 (76)
Fair value, 12 months or longer 0 5,546
Unrealized losses, 12 months or longer 0 (2)
Fair value 4,576 74,175
Unrealized losses $ 0 (78)
U.S. agency securities    
Short-term investments:    
Fair value, less than 12 months   24,617
Unrealized losses, less than 12 months   (52)
Fair value, 12 months or longer   0
Unrealized losses, 12 months or longer   0
Fair value   24,617
Unrealized losses   $ (52)
v3.25.2
Acquired Card Receivables - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Acquired Card Receivables [Abstract]    
Acquired card receivable as collateral $ 221.7  
Authorized transactions but not cleared $ 76.0  
Grace period to payment on acquired card receivables 5 days  
Release of provision for expected credit losses $ 5.7  
Card receivables acquired during the period $ 21,700.0 $ 17,600.0
v3.25.2
Acquired Card Receivables - Schedule of Acquired Card Receivables by Class (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Acquired Card Receivables [Line Items]    
Total $ 700,128 $ 718,099
Current and less than 30 days past due    
Acquired Card Receivables [Line Items]    
Total 686,070 706,026
30 ~ 59 days past due    
Acquired Card Receivables [Line Items]    
Total 6,173 4,277
60 ~ 89 days past due    
Acquired Card Receivables [Line Items]    
Total 5,312 3,393
90 ~ 119 days past due    
Acquired Card Receivables [Line Items]    
Total 2,562 4,093
Over 119 days past due    
Acquired Card Receivables [Line Items]    
Total $ 11 $ 310
v3.25.2
Acquired Card Receivables - Schedule of Change in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Allowance For Credit Losses [Roll Forward]    
Balance, beginning $ 20,883 $ 15,498
Provision for expected credit losses 45,326 52,327
Charge-off amounts (59,265) (51,805)
Recoveries collected 8,076 4,863
Balance, ending $ 15,020 $ 20,883
v3.25.2
Loans Held For Investment - Schedule of Loans Held For Investment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Past Due [Line Items]      
Unpaid principal balance $ 61,938 $ 44,491  
Less: Discount at loan purchase, net of amortization (1,527) (1,120)  
Less: Allowance for expected credit losses (14,853) (4,700) $ 0
Loans held for investment, net 45,558 38,671  
Term loan, originated in current fiscal year   19,200  
Term Loan      
Financing Receivable, Past Due [Line Items]      
Term loan, originated in current fiscal year $ 0    
Term loan, originated in prior fiscal year   $ 24,200  
v3.25.2
Loans Held For Investment - Schedule of Loans Held For Investment, Past Due (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Past Due [Line Items]    
Loans held for investment $ 60,411 $ 43,371
Term loan, originated in current fiscal year   19,200
Term Loan    
Financing Receivable, Past Due [Line Items]    
Term loan, originated in current fiscal year 0  
Term loan, originated in prior fiscal year   24,200
Current and less than 30 days past due    
Financing Receivable, Past Due [Line Items]    
Loans held for investment 55,540 39,130
30 ~ 59 days past due    
Financing Receivable, Past Due [Line Items]    
Loans held for investment 1,471 1,617
60 ~ 89 days past due    
Financing Receivable, Past Due [Line Items]    
Loans held for investment 1,461 1,469
90 ~ 119 days past due    
Financing Receivable, Past Due [Line Items]    
Loans held for investment 1,685 1,142
Over 119 days past due    
Financing Receivable, Past Due [Line Items]    
Loans held for investment $ 254 $ 13
v3.25.2
Loans Held For Investment - Schedule of Change in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning $ 4,700 $ 0
Provision for expected credit losses 27,032 7,884
Charge-off amounts (17,382) (3,266)
Recoveries collected 503 82
Balance, end of period $ 14,853 $ 4,700
v3.25.2
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 206,700 $ 154,848
Less: accumulated depreciation and amortization (90,089) (66,814)
Property and equipment, net 116,611 88,034
Software and equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 21,815 20,802
Capitalized software    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 129,520 81,582
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 15,510 13,361
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 39,855 $ 39,103
v3.25.2
Property and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization $ 27.5 $ 23.2 $ 15.5
Unamortized capitalized software cost $ 85.6 $ 57.5  
v3.25.2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 2,396,509 $ 2,396,509
v3.25.2
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 526,527 $ 523,269
Accumulated Amortization (303,722) (241,798)
Total 222,805 281,471
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 259,268 259,269
Accumulated Amortization (104,336) (78,410)
Total $ 154,932 $ 180,859
Weighted average remaining useful life (In years) 6 years 7 years
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 219,217 $ 215,958
Accumulated Amortization (151,344) (116,126)
Total $ 67,873 $ 99,832
Weighted average remaining useful life (In years) 1 year 10 months 24 days 2 years 10 months 24 days
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 48,042 $ 48,042
Accumulated Amortization (48,042) (47,262)
Total $ 0 $ 780
Weighted average remaining useful life (In years) 0 years 2 months 12 days
v3.25.2
Goodwill and Intangible Assets - Schedule of Amortization of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 61,925 $ 79,956 $ 80,205
Cost of revenue      
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets 35,217 38,948  
Sales and marketing      
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 26,708 $ 41,008  
v3.25.2
Goodwill and Intangible Assets - Schedule of Future Amortization of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 60,660  
2027 57,990  
2028 27,004  
2029 25,927  
2030 25,927  
Thereafter 25,297  
Total $ 222,805 $ 281,471
v3.25.2
Debt and Borrowings - Schedule of Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Convertible senior notes:    
Less: unamortized debt discount and issuance costs $ (42) $ 0
Convertible senior notes, net 33,421 0
Convertible senior notes:    
Less: unamortized debt discount and issuance costs (22,504) (8,323)
Convertible senior notes, net 1,501,044 733,991
Total 1,714,470 914,000
Line of Credit    
Convertible senior notes:    
2025 Notes, principal 180,005 0
Convertible senior notes:    
Non-current liabilities: 0 180,009
Unamortized debt issuance costs 2,100 600
2021 Credit Facility | Line of Credit    
Convertible senior notes:    
2025 Notes, principal 180,005 0
Convertible senior notes:    
Non-current liabilities: $ 0 180,009
Expected Remaining Term (years) 10 months 24 days  
Effective Interest Rate at June 30, 2025 7.89%  
2025 Notes, principal    
Convertible senior notes:    
2025 Notes, principal $ 33,463 0
Convertible senior notes:    
Non-current liabilities: $ 0 167,314
Expected Remaining Term (years) 4 months 24 days  
Effective Interest Rate at June 30, 2025 0.36%  
2030 Notes, principal    
Convertible senior notes:    
Non-current liabilities: $ 1,400,000 0
Expected Remaining Term (years) 4 years 9 months 18 days  
Effective Interest Rate at June 30, 2025 0.32%  
2027 Notes, principal    
Convertible senior notes:    
Non-current liabilities: $ 123,548 $ 575,000
Expected Remaining Term (years) 1 year 9 months 18 days  
Effective Interest Rate at June 30, 2025 0.48%  
v3.25.2
Debt and Borrowings - Convertible senior notes - Additional Information (Details)
$ / shares in Units, shares in Millions
 12 Months Ended
Dec. 06, 2024
USD ($)
Tradingday
$ / shares
shares
May 29, 2024
USD ($)
Mar. 06, 2024
USD ($)
Sep. 24, 2021
USD ($)
Tradingday
$ / shares
Nov. 30, 2020
USD ($)
TradingDay
$ / shares
Jun. 30, 2025
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Debt Instrument [Line Items]                
Proceeds from issuance of convertible senior notes           $ 1,400,000,000 $ 0 $ 0
Cash paid for convertible senior notes issuance costs $ 24,000,000.0         24,006,000 0 0
Sinking fund       $ 0        
Aggregate cash repurchase price           539,403,000 933,187,000 0
Gain on debt extinguishment           $ 40,550,000 46,654,000 $ 0
2030 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount $ 1,400,000,000              
Debt stated percentage 0.00%         0.00%    
Proceeds from issuance of convertible senior notes $ 1,400,000,000              
Debt initial conversion rate 0.0083718              
Initial conversion price per share (dollars per share) | $ / shares $ 119.45              
Notes issued upon conversion (shares) | shares 11.7              
Redemption period, start date Dec. 01, 2027              
Debt instrument threshold percentage of conversion price (shares) 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 (shares) 100.00%              
Sinking fund $ 0              
Debt convertible date Jan. 01, 2030              
Debt instrument denomination of principal amount for conversion into common stock $ 1,000              
Number of business day period for conversion of Notes 5 years              
Number of consecutive trading day period in consideration for conversion of Notes 5 years              
Threshold percentage of stock price trigger in measurement period 98.00%              
Debt conversion rate in make whole 2.9301              
Debt conversion price per share in make whole (dollars per share) | $ / shares $ 88.48              
Debt default threshold principal amount percentage 100.00%              
2027 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount       $ 575,000,000.0        
Debt stated percentage       0.00%   0.00%    
Proceeds from issuance of convertible senior notes       $ 560,100,000        
Cash paid for convertible senior notes issuance costs       $ 14,900,000        
Debt initial conversion rate       0.0024108        
Initial conversion price per share (dollars per share) | $ / shares       $ 414.80        
Notes issued upon conversion (shares) | shares 0.3              
Redemption period, start date       Oct. 05, 2024        
Debt instrument threshold percentage of conversion price (shares)       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 (shares)       100.00%        
Debt instrument denomination of principal amount for conversion into common stock       $ 1,000        
Number of business day period for conversion of Notes       5 days        
Number of consecutive trading day period in consideration for conversion of Notes       5 days        
Threshold percentage of stock price trigger in measurement period       98.00%        
Debt conversion rate in make whole       1.2656        
Debt conversion price per share in make whole (dollars per share) | $ / shares           $ 272.00    
Repurchased face amount $ 451,500,000              
Aggregate cash repurchase price 408,600,000              
Repurchased amount 446,500,000              
Unamortized debt issuance costs (5,000,000.0)              
Gain on debt extinguishment, net of change on mark to market derivatives $ (37,900,000)              
2025 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount         $ 1,150,000,000      
Debt stated percentage         0.00% 0.00%    
Proceeds from issuance of convertible senior notes         $ 1,130,000,000      
Cash paid for convertible senior notes issuance costs         $ 20,600,000      
Debt initial conversion rate         0.0062159      
Initial conversion price per share (dollars per share) | $ / shares         $ 160.88      
Notes issued upon conversion (shares) | shares 0.2              
Debt instrument threshold percentage of conversion price (shares)         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 (shares)         100.00%      
Sinking fund         $ 0      
Debt instrument denomination of principal amount for conversion into common stock         $ 1,000      
Number of business day period for conversion of Notes         5 days      
Number of consecutive trading day period in consideration for conversion of Notes         5 days      
Threshold percentage of stock price trigger in measurement period         98.00%      
Debt conversion rate in make whole           0.0029525    
Debt conversion price per share in make whole (dollars per share) | $ / shares           $ 109.07    
Debt default threshold principal amount percentage           100.00%    
Repurchased face amount $ 133,900,000 $ 234,500,000 $ 748,200,000          
Aggregate cash repurchase price 130,800,000 222,200,000 711,000,000.0          
Repurchased amount 133,400,000 233,200,000 743,600,000          
Unamortized debt issuance costs (500,000) (1,200,000) (4,600,000)          
Gain on debt extinguishment, net of change on mark to market derivatives $ (2,600,000)   (32,600,000)          
Gain on debt extinguishment   $ 11,000,000.0 35,700,000          
Loss on mark to market derivatives     $ 3,200,000          
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other income, net          
Long term debt, gross           $ 1,600,000,000 $ 700,000,000  
v3.25.2
Debt and Borrowings - Capped Call Transactions - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 12 Months Ended
Dec. 06, 2024
May 29, 2024
Mar. 06, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Debt Instrument [Line Items]            
Payments for notes       $ 92,960 $ 0 $ 0
Proceeds from unwind of capped calls   $ 1,200 $ 10,300 0 $ 11,442 $ 0
Gain on mark to market derivatives     $ 1,700      
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other income, net      
2025 Notes, principal            
Debt Instrument [Line Items]            
Payments for notes       93,000    
2027 Notes, principal            
Debt Instrument [Line Items]            
Payments for notes       $ 93,000    
Capped call, initial strike price (dollars per share)       $ 414.80    
Capped call, initial cap price (dollars per share)       $ 544.00    
Cap calls cover subject to anti-dilution adjustments to common stock (shares)       0.3    
2030 Notes, principal            
Debt Instrument [Line Items]            
Payments for notes $ 93,000     $ 93,000    
Capped call, initial strike price (dollars per share)       $ 119.45    
Capped call, initial cap price (dollars per share)       $ 154.84    
Cap calls cover subject to anti-dilution adjustments to common stock (shares)       11.7    
v3.25.2
Debt and Borrowings - Revolving Credit Facility- Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 23, 2025
Jul. 31, 2025
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2021
Debt Instrument [Line Items]              
Proceeds from line of credit borrowings       $ 0 $ 45,000 $ 60,000  
2025 Credit Facility | Line of Credit              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 300,000            
Line of credit facility, minimum utilization $ 150,000            
Line of credit, minimum utilization percentage 50.00%            
Debt instrument basis spread on variable rate 1.80%            
Initial start after contract execution, period 2 months            
Subsequent Event | 2025 Credit Facility | Line of Credit              
Debt Instrument [Line Items]              
Proceeds from credit facility   $ 150,000          
2021 Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity             $ 300,000
Line of credit facility, minimum utilization             $ 180,000
Line of credit, minimum utilization percentage             60.00%
Proceeds from line of credit borrowings     $ 45,000        
Convertible senior notes, net       $ 180,000      
Debt instrument basis spread on variable rate       2.65%      
Debt instrument floor rate       0.25%      
Benchmark adjustment rate       0.28%      
v3.25.2
Stockholders' Equity - Equity Incentive Plans (Details) - shares
Nov. 26, 2019
Jun. 30, 2025
2019 Equity Incentive Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares of common stock reserved for issuance 7,100,000  
Potential percentage of additional number of shares reserved for issuance each year 5.00%  
Equity Incentive Plans    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of common shares available for issuance   17,870,737
v3.25.2
Stockholders' Equity - Schedule of RSU Activity (Details) - Restricted stock units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Number of Shares Outstanding      
Beginning balance (shares) 4,600    
Granted (shares) 6,871    
Vested (shares) (2,361)    
Forfeited (shares) (1,224)    
Ending balance (shares) 7,886 4,600  
Weighted average grant date fair value      
Beginning balance (dollars per share) $ 108.24    
Granted (dollars per share) 53.03 $ 90.90 $ 120.25
Vested (dollars per share) 95.17    
Forfeited (dollars per share) 84.78    
Ending balance (dollars per share) $ 67.67 $ 108.24  
v3.25.2
Stockholders' Equity - Restricted Stock Units (Details) - Restricted stock units (RSUs) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Granted (dollars per share) $ 53.03 $ 90.90 $ 120.25
Fair value of shares vested $ 145.7 $ 145.1 $ 197.3
Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting term 1 year    
Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting term 4 years    
v3.25.2
Stockholder's Equity - Performance-based RSUs (Details) - Performance-based awards
 12 Months Ended
Jun. 30, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Granted (shares) | shares 292,403
Vest over requisite service period 3 years
Granted (dollars per share) | $ / shares $ 51.23
v3.25.2
Stockholders' Equity - Stock Based Compensation Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 256,413 $ 256,807 $ 322,840
Unrecognized compensation (in thousands) 486,122    
Restricted stock units (RSUs)      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation 228,374 217,696 251,456
Unrecognized compensation (in thousands) $ 451,785    
Weighted-average recognition period (in years) 2 years 10 months 24 days    
Employee Stock Option      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 2,964 10,719 37,882
Unrecognized compensation (in thousands) $ 476    
Weighted-average recognition period (in years) 2 months 12 days    
Performance-based awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 12,911 13,351 17,914
Unrecognized compensation (in thousands) $ 15,240    
Weighted-average recognition period (in years) 2 years 6 months    
Employee stock purchase plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 6,063 9,129 11,280
Unrecognized compensation (in thousands) $ 5,620    
Weighted-average recognition period (in years) 10 months 24 days    
Market-based RSUs      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 6,101 $ 5,912 $ 4,308
Unrecognized compensation (in thousands) $ 13,001    
Weighted-average recognition period (in years) 10 months 24 days    
v3.25.2
Stockholders' Equity - Schedule of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss $ 242,532 $ 248,375 $ 313,703
Property and equipment (capitalized internal-use software) 13,881 8,432 9,137
Total stock-based compensation 256,413 256,807 322,840
Cost of revenue - service costs      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss 9,627 9,309 9,111
Research and development      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss 107,603 103,382 93,364
Sales and marketing      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss 39,992 49,070 130,421
General and administrative      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss 82,981 81,209 80,619
Restructuring      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss 0 3,574 0
Subscription and transaction fees | Revenue - subscription and transaction fees      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total amount charged to operating loss $ 2,329 $ 1,831 $ 188
v3.25.2
Stockholder's Equity - Share Repurchase Program (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jul. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Aug. 28, 2025
Aug. 31, 2024
Jan. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share repurchase program, authorized amount               $ 300,000
Repurchased and retired shares (shares)       2,882,634 1,077,445      
Repurchased and retired shares, value     $ 437,655 $ 211,902 $ 87,615      
Subsequent Event                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Stock repurchased during period, value $ 65,000              
August 2024 Share Repurchase Program                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share repurchase program, authorized amount             $ 300,000  
Repurchased and retired shares (shares)     4,487,417          
Repurchased and retired shares, value     $ 236,400          
Share repurchase program, remaining authorized, amount     $ 65,000          
December 2024 Share Repurchase Program                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share repurchase program, authorized amount   $ 200,000            
Repurchased and retired shares, value   $ 201,200            
Stock repurchased (in shares)   2,260,397            
August 2025 Share Repurchase Program | Subsequent Event                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share repurchase program, authorized amount           $ 300,000    
v3.25.2
Other Income, Net - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Other Income, Nonoperating [Abstract]      
Interest income $ 90,903 $ 122,298 $ 91,279
Gain on debt extinguishment, net of change on mark to market derivatives 40,550 45,272 0
Lower of cost or market adjustment on card receivables sold and held for sale 0 0 (1,545)
Interest expense (13,824) (12,944) (8,239)
Amortization of debt discount and issuance costs (4,739) (6,238) (6,964)
Other (1,878) (543) (1,675)
Total other income, net $ 111,012 $ 147,845 $ 72,856
v3.25.2
Income Taxes - Components of Loss before (Benefit from) Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (43,567) $ 5,312 $ (199,452)
Foreign 73,977 (31,631) (23,465)
Income (loss) before provision for income taxes $ 30,410 $ (26,319) $ (222,917)
v3.25.2
Income Taxes - Components of (Benefit from) Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Current:      
Federal $ 3,850 $ 1,650 $ 572
State 2,758 1,251 1,583
Foreign 80 19 14
Total current 6,688 2,920 2,169
Deferred:      
Federal (32) (262) (995)
State (45) (99) (366)
Total deferred (77) (361) (1,361)
Provision for income taxes $ 6,611 $ 2,559 $ 808
v3.25.2
Income Taxes - Difference between Income Taxes Computed At Federal Statutory Rate and (Benefit from) Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
Expected provision (benefit) at U.S. federal statutory rate $ 6,386 $ (5,528) $ (46,813)
State income taxes, net of federal benefit 7,325 9,134 8,087
Stock-based compensation 19,204 24,300 4,253
Research and development tax credits (23,383) (24,039) (19,974)
Change in valuation allowance 10,939 4,943 48,321
Restructuring 0 (13,769) 0
Foreign rate differential (15,455) 6,658 4,942
Other 1,595 860 1,992
Provision for income taxes $ 6,611 $ 2,559 $ 808
v3.25.2
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Deferred tax assets:    
Accruals and reserves $ 17,888 $ 13,966
Capitalized research and development 160,755 120,882
Deferred revenue 28 1,084
Stock-based compensation 19,532 17,093
Net operating and other loss carryforwards 280,004 360,592
Research and development credits 99,626 85,910
Accrued rewards 154 40
Operating lease liabilities 17,874 19,139
Other 3,660 598
Total deferred tax assets before valuation allowance 599,521 619,304
Valuation allowance (503,692) (494,424)
Deferred tax assets 95,829 124,880
Deferred tax liabilities:    
Deferred contract costs (6,603) (5,868)
Property and equipment (22,253) (15,853)
Intangible assets (53,280) (68,218)
Operating right of use assets (14,066) (14,992)
Other reserve 0 (20,399)
Total deferred tax liabilities (96,202) (125,330)
Net deferred tax (liabilities) $ (373) $ (450)
v3.25.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Taxes [Line Items]        
Change in valuation allowance $ 9,300 $ 15,000 $ 95,300  
Unrecognized tax benefits related to federal and California R&D credits 45,959 $ 35,128 $ 23,300 $ 16,724
Federal Tax        
Income Taxes [Line Items]        
Net operating loss carryforwards 944,300      
Research and development tax credit carryforwards 89,400      
State Tax        
Income Taxes [Line Items]        
Net operating loss carryforwards 881,600      
Research and development tax credit carryforwards 66,200      
Foreign Tax Authority        
Income Taxes [Line Items]        
Net operating loss carryforwards 13,400      
Foreign Tax Authority | Capital Loss Carryforward        
Income Taxes [Line Items]        
Net operating loss carryforwards $ 74,300      
v3.25.2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the year $ 35,128 $ 23,300 $ 16,724
Add:      
Tax positions related to the current year 10,622 9,134 6,642
Purchase of intangible assets 209 0 0
Tax positions related to the prior year 0 2,714 226
Less:      
Statute of limitations lapse 0 (20) (292)
Balance at the end of the year $ 45,959 $ 35,128 $ 23,300
v3.25.2
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]      
Weighted average remaining term 6 years    
Weighted average discount rate 5.00%    
Lease expense paid during period $ 13.4 $ 13.9 $ 14.9
Right-of-use assets obtained in exchange for new operating lease liabilities $ 4.8 $ 0.0 $ 2.0
v3.25.2
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Lease, Cost [Abstract]      
Operating lease expense $ 12,627 $ 12,877 $ 14,081
Variable lease expense, net of credit 2,412 2,461 2,251
Sublease income (842) (581) (586)
Total lease cost $ 14,197 $ 14,757 $ 15,746
v3.25.2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 13,292
2027 13,226
2028 13,590
2029 13,974
2030 14,361
Thereafter 14,278
Gross lease payments 82,721
Less - present value adjustments (11,449)
Total operating lease liabilities, net $ 71,272
v3.25.2
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other accruals and current liabilities Other accruals and current liabilities
Operating lease liability, current $ 12,900 $ 13,000
Operating lease liability, noncurrent $ 58,372 $ 62,847
Multi-year agreements expiration year 2029  
Authorized transactions but not cleared $ 76,000  
Unused credit available $ 3,600,000  
v3.25.2
Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 22,426
2027 24,648
2028 11,812
2029 4,250
Total $ 63,136
v3.25.2
Restructuring (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Restructuring and Related Activities [Abstract]      
Restructuring expense $ 0 $ 27,587 $ 0
Restructuring expenses, stock-based compensation expense   $ 3,600  
v3.25.2
Restructuring - Summary of Restructuring Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]    
Beginning balance $ 327 $ 0
Charges 7 24,002
Reversal (110)  
Cash payments (224) (23,675)
Ending balance $ 0 $ 327
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring Restructuring
Severance and termination benefits    
Restructuring Reserve [Roll Forward]    
Beginning balance $ 325 $ 0
Charges 0 22,817
Reversal (110)  
Cash payments (215) (22,492)
Ending balance 0 325
Contract termination    
Restructuring Reserve [Roll Forward]    
Beginning balance 0 0
Charges 0 480
Reversal 0  
Cash payments 0 (480)
Ending balance 0 0
Other    
Restructuring Reserve [Roll Forward]    
Beginning balance 2 0
Charges 7 705
Reversal 0  
Cash payments (9) (703)
Ending balance $ 0 $ 2
v3.25.2
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Net income (loss) attributable to common stockholders      
Basic $ 23,799 $ (28,878) $ (223,725)
Gain on debt extinguishment, net of change on mark to market derivatives and amortization of debt issuance costs (31,327) 0 0
Diluted $ (7,528) $ (28,878) $ (223,725)
Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:      
Basic (shares) 103,568 106,102 105,976
Effect of dilutive securities:      
Convertible senior notes (shares) 344 0 0
Diluted (shares) 103,912 106,102 105,976
Net income (loss) per share attributable to common stockholders:      
Basic (dollars per share) $ 0.23 $ (0.27) $ (2.11)
Diluted (dollars per share) $ (0.07) $ (0.27) $ (2.11)
v3.25.2
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares
shares in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 21,737 9,067 15,306
Employee stock purchase plan      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 9,511 6,641 6,772
Convertible senior notes      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 12,226 2,426 8,534
v3.25.2
Net Income (Loss) Per Share Attributable To Common Stockholders - Additional Information (Details)
shares in Millions
 12 Months Ended
Jun. 30, 2025
shares
2025 Notes, principal | Maximum  
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]  
Number of shares subject to adjustment 16.6