Bill.com (BILL) 10-Q7 Nov 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,496,676
Entity Central Index Key	0001786352
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 853,470	$ 985,941
Short-term investments	619,596	601,535
Accounts receivable, net	31,934	28,049
Acquired card receivables, net of allowances of $24,868 and $20,883 as of September 30, 2024 and June 30, 2024, respectively	628,274	697,216
Prepaid expenses and other current assets	283,756	297,169
Funds held for customers	3,787,171	3,704,907
Total current assets	6,204,201	6,314,817
Non-current assets:
Operating lease right-of-use assets, net	57,370	59,414
Property and equipment, net	90,016	88,034
Intangible assets, net	264,914	281,471
Goodwill	2,396,509	2,396,509
Other assets	32,051	38,568
Total assets	9,045,061	9,178,813
Current liabilities:
Accounts payable	11,181	7,447
Accrued compensation and benefits	23,305	34,158
Deferred revenue	21,730	17,006
Other accruals and current liabilities	212,327	299,506
Customer fund deposits	3,787,171	3,704,907
Total current liabilities	4,055,714	4,063,024
Non-current liabilities:
Deferred revenue	100	4,167
Operating lease liabilities	60,571	62,847
Borrowings from credit facilities, net	180,008	180,009
Convertible senior notes, net	734,814	733,991
Other long-term liabilities	609	574
Total liabilities	5,031,816	5,044,612
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock	2	2
Additional paid-in capital	5,293,869	5,233,037
Accumulated other comprehensive income (loss)	9,119	(1,890)
Accumulated deficit	(1,289,745)	(1,096,948)
Total stockholders' equity	4,013,245	4,134,201
Total liabilities and stockholders' equity	$ 9,045,061	$ 9,178,813

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Acquired card receivables, allowance for credit losses	$ 24,868	$ 20,883	$ 18,513	$ 15,498

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Revenue		$ 358,450	$ 304,985
Cost of revenue
Service costs		53,602	44,904
Depreciation and amortization	[1]	11,094	11,122
Total cost of revenue		64,696	56,026
Gross profit		293,754	248,959
Operating expenses
Research and development		78,685	89,065
Sales and marketing		126,322	118,398
General and administrative		66,771	73,251
Provision for expected credit losses		20,661	12,075
Depreciation and amortization	[1]	9,013	12,817
Total operating expenses		301,452	305,606
Operating loss		(7,698)	(56,647)
Other income, net		17,878	29,308
Income (loss) before provision for income taxes		10,180	(27,339)
Provision for income taxes		1,268	522
Net income (loss)		$ 8,912	$ (27,861)
Net income (loss) per share attributable to common stockholders:
Basic (dollars per share)		$ 0.08	$ (0.26)
Diluted (dollars per share)		$ 0.08	$ (0.26)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders
Weighted-average number of shares outstanding, basic (in shares)		105,672	106,817
Weighted-average number of shares outstanding, diluted (in shares)		107,322	106,817
Subscription and transaction fees
Revenue		$ 314,943	$ 265,142
Interest on funds held for customers
Revenue		$ 43,507	$ 39,843

[1] Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,912	$ (27,861)
Other comprehensive income:
Net unrealized gain on investments in available-for-sale securities	11,009	675
Comprehensive income (loss)	$ 19,921	$ (27,186)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Jun. 30, 2023		106,550,000
Beginning 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 and release of restricted stock units (in shares)		634,000
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax	2,946		2,946
Issuance of common stock under the employee stock purchase plan (in shares)		91,000
Issuance of common stock under the employee stock purchase plan	7,846		7,846
Repurchase and retirement of common stock (in shares)		(160,000)
Repurchase and retirement of common stock, including excise tax	(16,068)				(16,068)
Stock-based compensation	64,606		64,606
Other comprehensive income (loss)	675			675
Net income (loss)	(27,861)				(27,861)
Ending balance (in shares) at Sep. 30, 2023		107,115,000
Ending balance at Sep. 30, 2023	4,118,113	$ 2	5,022,021	(3,813)	(900,097)
Beginning balance (in shares) at Jun. 30, 2024		106,646,000
Beginning 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 and release of restricted stock units (in shares)		441,000
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax	(287)		(287)
Issuance of common stock under the employee stock purchase plan (in shares)		113,000
Issuance of common stock under the employee stock purchase plan	$ 5,302		5,302
Repurchase and retirement of common stock (in shares)	(3,711,246)	(3,711,000)
Repurchase and retirement of common stock, including excise tax	$ (201,709)				(201,709)
Stock-based compensation	55,817		55,817
Other comprehensive income (loss)	11,009			11,009
Net income (loss)	8,912				8,912
Ending balance (in shares) at Sep. 30, 2024		103,489,000
Ending balance at Sep. 30, 2024	$ 4,013,245	$ 2	$ 5,293,869	$ 9,119	$ (1,289,745)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 8,912	$ (27,861)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	54,657	65,147
Amortization of intangible assets	16,938	20,221
Depreciation of property and equipment	3,169	3,718
Amortization of capitalized internal-use software costs	3,944	1,352
Amortization of debt issuance costs	895	1,761
Accretion of discount on investments in marketable debt securities	(12,241)	(13,093)
Accretion of discount on loans held for investment	(4,631)	(705)
Provision for expected credit losses on acquired card receivables and other financial assets	20,661	12,401
Non-cash operating lease expense	2,045	2,388
Other	172	101
Changes in assets and liabilities:
Accounts receivable	(4,028)	3,707
Prepaid expenses and other current assets	(1,143)	(4,704)
Other assets	6,910	(1,074)
Accounts payable	3,804	(2,508)
Other accruals and current liabilities	(9,791)	(2,286)
Operating lease liabilities	(2,348)	(2,423)
Other long-term liabilities	0	(32)
Deferred revenue	657	(2,449)
Net cash provided by operating activities	88,582	53,661
Cash flows from investing activities:
Purchases of corporate and customer fund short-term investments	(637,992)	(399,588)
Proceeds from maturities and sales of corporate and customer fund short-term investments	563,677	757,169
Purchases of loans held for investment	(181,686)	(32,756)
Principal repayments of loans held for investment	171,987	25,330
Acquired card receivables, net	(47,968)	(42,333)
Capitalization of internal-use software costs	(7,039)	(5,645)
Other	(517)	(403)
Net cash provided by (used in) investing activities	(139,538)	301,774
Cash flows from financing activities:
Customer fund deposits liability and other	78,512	(91,190)
Prepaid card deposits	11,322	(13,979)
Repurchase of common stock	(200,002)	(12,061)
Proceeds from exercise of stock options	1,017	2,946
Tax withholdings related to net share settlements of equity awards	(1,304)	0
Proceeds from issuance of common stock under the employee stock purchase plan	5,302	7,846
Contingent consideration payout	0	(5,471)
Net cash used in financing activities	(105,153)	(111,909)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(127)	(180)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(156,236)	243,346
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	3,351,399	4,224,840
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:
Cash and cash equivalents	853,470	1,527,182
Restricted cash included in other current assets	148,660	98,313
Restricted cash included in other assets	5,297	7,088
Restricted cash and restricted cash equivalents included in funds held for customers	2,187,736	2,835,603
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 3,195,163	$ 4,468,186

The Company and Its Significant

The Company and Its Significant Accounting Policies	3 Months Ended
The Company and Its Significant Accounting Policies	Sep. 30, 2024
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. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2025 or for any other future annual or interim period. The unaudited condensed consolidated balance sheets as of June 30, 2024 included herein was derived from the audited financial statements for the year ended June 30, 2024, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (2024 10-K). Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. The Company's long-lived assets are located in the United States (U.S.) and revenue is mainly generated in the U.S. Total revenue from external customers outside of the U.S. was approximately 2% and 3% of consolidated total revenue during the three months ended September 30, 2024 and 2023, respectively. Reclassification Certain accounts in the prior period condensed consolidated statements of cash flows were reclassified to conform with the current year presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; 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 condensed consolidated financial statements. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase. Restricted cash consists of (i) amounts restricted under deposit account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies included in funds held for customers. Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers. Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying condensed consolidated balance sheets. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, 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 receivables. As of September 30, 2024 and June 30, 2024, the allowance for expected credit losses related to accounts receivable, acquired card receivables, and loans held for investment totaled approximately $31.3 million and $25.8 million, respectively. These amounts do not include the immaterial allowance for expected credit losses on the card receivables that have been authorized but not cleared at the end of the periods. There were no customers that exceeded 10% of the Company’s total revenue during each of the three months ended September 30, 2024 and 2023. Foreign Currency Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the 2024 10-K. New Accounting Pronouncements and Disclosure Rules Not Yet Adopted There have been no changes to the Company’s new accounting pronouncements and disclosures not yet adopted as described in the 2024 10-K, except as noted below: 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 for annual periods beginning in fiscal 2027 and interim periods beginning in the first quarter of fiscal 2028. 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.

Revenue

Revenue	3 Months Ended
Revenue	Sep. 30, 2024
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 Corporate 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. Three Months Ended 2024 2023 BILL AP/AR $ 162,256 $ 143,363 BILL Spend and Expense 132,604 106,053 Integrated platform 294,860 249,416 Embedded and Other Solutions 20,083 15,726 Total subscription and transaction fees 314,943 265,142 Interest on funds held for customers 43,507 39,843 Total revenue $ 358,450 $ 304,985 Deferred revenue Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. During the three months ended September 30, 2024, the Company recognized approximately $13.3 million of revenue that was included in the deferred revenue balance 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 September 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was $82.2 million. Of the total remaining performance obligations, the Company expects to recognize approximately 35% over the next year, 20% between one to two years and 44% 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 September 30, 2024. However, actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals, and/or terminations. Unbilled revenue

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Sep. 30, 2024
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 Category September 30, June 30, Assets Cash equivalents: Money market funds Level 1 $ 225,696 $ 522,618 U.S. treasury securities Level 2 11,919 — Corporate bonds Level 2 58,573 — Short-term investments: Corporate bonds Level 2 388,476 298,202 U.S. treasury securities Level 2 137,823 180,983 Asset-backed securities Level 2 65,935 59,363 Certificates of deposit Level 2 12,690 38,370 U.S. agency securities Level 2 14,672 24,617 Funds held for customers: Restricted cash equivalents: Money market funds Level 1 1,407,086 1,319,609 Corporate bonds Level 2 12,705 89,082 Short-term investments: Corporate bonds Level 2 871,161 937,198 U.S. treasury securities Level 2 422,958 342,041 Certificates of deposit Level 2 116,838 119,616 Asset-backed securities Level 2 184,833 116,475 Municipal Bonds Level 2 2,035 — Liabilities (1) 0% 2027 Notes Level 2 508,904 489,112 0% 2025 Notes Level 2 $ 157,192 $ 154,933 (1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying condensed 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 revolving credit facility, 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 revolving credit facility 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.

Short-Term Investments and Fund

Short-Term Investments and Funds Held for Customers	3 Months Ended
Short-Term Investments and Funds Held for Customers	Sep. 30, 2024
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): September 30, June 30, Short-term investments: Available-for-sale debt securities $ 619,596 $ 601,535 Total short-term investments 619,596 601,535 Funds held for customers: Restricted cash 772,444 779,838 Restricted cash equivalents 1,419,791 1,408,691 Funds receivable 12,033 11,870 Available-for-sale debt securities 1,597,825 1,515,330 Total funds held for customers 3,802,093 3,715,729 Less - interest receivable included in other current assets (1) (14,922) (10,822) Total funds held for customers, net of income earned by the Company $ 3,787,171 $ 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): September 30, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Short-term investments: Corporate bonds $ 387,792 $ 780 $ (96) $ 388,476 U.S. treasury securities 137,780 63 (20) 137,823 Asset-backed securities 65,757 181 (3) 65,935 Certificates of deposit 12,690 — — 12,690 U.S. agency securities 14,651 21 — 14,672 Total short-term investments 618,670 1,045 (119) 619,596 Funds held for customers: Corporate bonds 868,685 2,489 (13) 871,161 Certificates of deposit 116,837 1 — 116,838 Municipal Bonds 2,006 29 — 2,035 Asset-backed securities 183,223 1,610 — 184,833 U.S. treasury securities 418,703 4,297 (42) 422,958 Total funds held for customers $ 1,589,454 $ 8,426 $ (55) $ 1,597,825 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 securities 181,225 — (242) 180,983 Asset-backed securities 59,340 68 (45) 59,363 Certificates of deposit 38,370 — — 38,370 U.S. agency securities 24,669 — (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 deposit 119,615 1 — 119,616 Asset-backed securities 116,542 11 (78) 116,475 U.S. treasury securities 342,202 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 $4.0 million and $4.9 million as of September 30, 2024 and June 30, 2024, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $10.7 million and $6.8 million as of September 30, 2024 and June 30, 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): September 30, June 30, Due within 1 year $ 1,398,152 $ 1,699,009 Due in 1 year through 5 years 811,548 409,309 Due in 5 years through 10 years 7,721 8,547 Total $ 2,217,421 $ 2,116,865 As of September 30, 2024, approximately 100 out of approximately 640 investments in available-for-sale debt securities were in an unrealized loss position. The following table shows gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2024 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Short-term investments: Corporate bonds $ 88,005 $ (76) $ 28,024 $ (19) $ 116,029 $ (95) U.S. treasury securities 49,656 (14) 13,675 (6) 63,331 (20) Asset-backed securities 5,298 (2) 305 (2) 5,603 (4) Total short-term investments 142,959 (92) 42,004 (27) 184,963 (119) Funds held for customers: Corporate bonds 67,366 (13) — — 67,366 (13) U.S. treasury securities 31,078 (42) — — 31,078 (42) Total funds held for customers $ 98,444 $ (55) $ — $ — $ 98,444 $ (55) June 30, 2024 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Short-term investments: Corporate bonds $ 130,469 $ (333) $ 60,576 $ (232) $ 191,045 $ (565) U.S. treasury securities 152,004 (156) 28,979 (86) 180,983 (242) Asset-backed securities 24,149 (39) 2,155 (7) 26,304 (46) U.S. agency securities 24,617 (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 securities 68,629 (76) 5,546 (2) 74,175 (78) U.S. treasury securities 327,340 (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 three months ended September 30, 2024 and 2023.

Acquired Card Receivables

Acquired Card Receivables	3 Months Ended
Acquired Card Receivables	Sep. 30, 2024
Acquired Card Receivables [Abstract]
Acquired Card Receivables	ACQUIRED CARD RECEIVABLES As of September 30, 2024, approximately $142.3 million of the acquired card receivables balance served as collateral for the Company’s borrowings from the Revolving Credit Facility (see Note 7). The Company incurred losses related to card transactions disputed by spending businesses. The amounts were not material during the three months ended September 30, 2024 and 2023. 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 September 30, 2024 totaled $76.3 million. The Company recognized an immaterial amount of expected credit losses on the card receivables that have not cleared yet as of September 30, 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): September 30, June 30, Current and less than 30 days past due $ 637,986 $ 706,026 30 ~ 59 days past due 5,918 4,277 60 ~ 89 days past due 4,118 3,393 90 ~ 119 days past due 4,868 4,093 Over 119 days past due 252 310 Total $ 653,142 $ 718,099 Allowance for Expected Credit Losses Below is a summary of the changes in allowance for expected credit losses (in thousands): Three Months Ended 2024 2023 Balance, beginning $ 20,883 $ 15,498 Provision for expected credit losses 15,171 11,975 Charge-off amounts (13,028) (9,791) Recoveries collected 1,842 831 Balance, ending $ 24,868 $ 18,513 Purchases of acquired card receivables from the Issuing Banks during the three months ended September 30, 2024 and 2023 were $5.2 billion and $4.1 billion, respectively. The provision for expected credit losses related to acquired card receivables and charge-off amounts increased during the three months ended September 30, 2024 compared to the same prior year period due to portfolio growth.The increase in the allowance for expected credit losses as of September 30, 2024 compared to June 30, 2024 was due to an increase in delinquencies.

Loans Held For Investment

Loans Held For Investment	3 Months Ended
Loans Held For Investment	Sep. 30, 2024
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): September 30, June 30, Unpaid principal balance (1) $ 56,377 $ 44,491 Less: Discount at loan purchase, net of amortization (1,408) (1,120) Less: Allowance for expected credit losses (6,230) (4,700) Loans held for investment, net $ 48,739 $ 38,671 (1) The outstanding balance of term loans, originated during fiscal 2024, was $11.2 million and $24.2 million as of September 30, 2024 and June 30, 2024, respectively. There were no term loans originated during the three months ended September 30, 2024. 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. Loans held for investment are considered past due if payment is not received within the terms set by the term loan or line of credit agreement. The outstanding balance of loans held for investment considered past due was not material as of September 30, 2024 and June 30, 2024.

Debt and Borrowings

Debt and Borrowings	3 Months Ended
Debt and Borrowings	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Borrowings	DEBT AND BORROWINGS Debt and borrowings consisted of the following (in thousands): Carrying Value at Expected Effective September 30, June 30, Non-current liabilities: Convertible senior notes: 2025 Notes, principal 1.2 0.36 % $ 167,314 $ 167,314 2027 Notes, principal 2.5 0.48 % 575,000 575,000 Less: unamortized debt issuance costs (7,500) (8,323) Convertible senior notes, net 734,814 733,991 Borrowings from revolving credit facility (including unamortized debt premium) (1) 1.7 8.81 % 180,008 180,009 Total $ 914,822 $ 914,000 (1) Unamortized debt issuance costs balance for the Revolving Credit Facility was $0.5 million and $0.6 million as of September 30, 2024 and June 30, 2024, respectively, and is included in other assets on the condensed consolidated balance sheets . Convertible senior 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). The 2025 Notes are subject to the terms and conditions of the indenture governing the 2025 Notes between the Company and Wells Fargo Bank, N.A., as trustee (in its respective capacity as the trustee for each of the 2025 Notes and the 2027 Notes (as defined below), as applicable, 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. In fiscal 2024, the Company repurchased $982.7 million aggregate principal amount of the 2025 Notes in privately- negotiated transactions. As of September 30, 2024, $167.3 million aggregate principal amount of the 2025 Notes remained outstanding. 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, and together with the 2025 Notes, the 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 "if-converted" value of the Notes did not exceed the principal amount of $0.7 billion as of each of September 30, 2024 and June 30, 2024. Capped Call Transactions In conjunction with the issuance of each of the 2025 Notes and the 2027 Notes, the Company entered into capped call transactions (collectively, the Capped Calls). In fiscal 2024, the Company terminated the Capped Calls previously entered into in connection with the issuance of the 2025 Notes. Revolving Credit Facility The Company's Revolving Credit and Security Agreement (as amended from time to time, the Revolving 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 Revolving Credit Facility matures in June 2026 or earlier pursuant to the agreement and has a total commitment of $300.0 million. Total outstanding borrowings were $180.0 million as of September 30, 2024. The Company is required to comply with certain restricted covenants, including liquidity requirements. As of September 30, 2024, the Company was in compliance with those covenants. The amortization of the debt issuance costs and debt premium is recorded in other income, net in the accompanying condensed consolidated statement of operations and during each of the three months ended September 30, 2024 and 2023 was not material.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Based Compensation Stock-based compensation by award type (in thousands): Three Months Ended Unrecognized compensation Weighted-average recognition period (in years) 2024 2023 Restricted stock units (RSUs) $ 50,895 $ 54,864 $ 587,367 3.1 Stock options 1,238 3,707 2,143 0.8 Performance-based awards 2,795 5,063 24,005 2.5 Employee stock purchase plan 1,407 2,766 2,096 0.4 Market-based RSUs 1,005 1,070 18,530 2.2 Total stock-based compensation $ 57,340 $ 67,470 $ 634,141 Stock-based compensation was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three Months Ended 2024 2023 Revenue - subscription and transaction fees $ 527 $ 370 Cost of revenue - service costs 2,145 2,547 Research and development 23,635 27,365 Sales and marketing 10,795 13,885 General and administrative 17,555 20,980 Total amount charged to operating loss 54,657 65,147 Property and equipment (capitalized internal-use software) 2,683 2,323 Total stock-based compensation $ 57,340 $ 67,470 Share Repurchase Program 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 million of its outstanding shares of common stock (the August 2024 Share Repurchase Program). Under the August 2024 Share Repurchase Program, the Company may repurchase 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 August 2024 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. During the three months ended September 30, 2024, the Company repurchased and subsequently retired 3,711,246 shares for $201.7 million under the August 2024 Share Repurchase Program, including the immaterial amount of accrued excise tax. 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 Company's condensed consolidated balance sheets. As of September 30, 2024, approximately $100.0 million remained available for future share repurchases under the August 2024 Share Repurchase Program.

Other Income, Net

Other Income, Net	3 Months Ended
Other Income, Net	Sep. 30, 2024
Other Income, Nonoperating [Abstract]
Other Income, Net	OTHER INCOME, NET Other income, net consisted of the following for the periods presented (in thousands): Three Months Ended 2024 2023 Interest income $ 22,824 $ 34,353 Interest expense (4,788) (4,738) Other (158) (307) Total other income, net $ 17,878 $ 29,308

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. For the three months ended September 30, 2024 and 2023, the Company's income tax provision was approximately $1.3 million and $0.5 million, respectively. The Company’s effective tax rate differs from the federal statutory rate primarily due to its federal, state and foreign valuation allowance positions. The income tax provision during the three months ended September 30, 2024 pertained mainly to an estimated cash tax liability resulting primarily from the capitalization of R&D costs for federal and certain state tax purposes for the year ending June 30, 2025. The Company has subsidiaries in the U.S, Canada, and Australia and may be subject to income tax audits in those jurisdictions. The Company records liabilities related to uncertain tax positions, which provide adequate reserves for income tax uncertainties in all open tax years. Due to the Company’s history of tax losses, all years remain open to tax audit. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Unused Credit Arrangements As of September 30, 2024, the Company, in partnership with the Issuing Banks and the Originating Bank Partner, had approximately $3.1 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 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 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 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. Commitments During the three months ended September 30, 2024 there have been no material changes to the Company's contractual obligations or commitments from those disclosed in Note 15 to the financial statements in the 2024 10-K. 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 September 30, 2024 and June 30, 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.

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable To Common Stockholders	3 Months Ended
	Sep. 30, 2024
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): Three Months Ended 2024 (1) 2023 Numerator: Net income (loss) attributable to common stockholders Basic $ 8,912 $ (27,861) Diluted $ 8,912 $ (27,861) Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders Basic 105,672 106,817 Effect of dilutive securities: Equity awards 1,650 — Diluted 107,322 106,817 Net income (loss) per share attributable to common stockholders Basic $ 0.08 $ (0.26) Diluted $ 0.08 $ (0.26) (1) For the three months ended September 30, 2024, 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, respectively. Potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been September 30, 2024 2023 Equity awards — 8,507 Convertible senior notes 2,426 8,500 Total 2,426 17,007 Shares issuable under the Notes is subject to adjustment up to approximately 3.6 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 September 30, 2024, no conversion was triggered for either the 2025 Notes or the 2027 Notes.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 8,912	$ (27,861)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

The Company and Its Significa_2

The Company and Its Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three months ended September 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2025 or for any other future annual or interim period. The unaudited condensed consolidated balance sheets as of June 30, 2024 included herein was derived from the audited financial statements for the year ended June 30, 2024, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (2024 10-K).
Segment Reporting	Segment Reporting
Reclassification	Reclassification Certain accounts in the prior period condensed consolidated statements of cash flows were reclassified to conform with the current year presentation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; 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 condensed consolidated financial statements.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents consist of cash in banks, highly liquid investments with maturities of three months or less at the time of purchase. Restricted cash consists of (i) amounts restricted under deposit account control agreements, (ii) minimum cash balances that are required to be maintained by certain banks, (iii) cash collateral required by the Company’s lessors to satisfy letter of credit requirements under its lease agreements, (iv) cash collateral required by a bank in connection with the Company’s money transmission activities, and (v) cash in bank and cash deposits held by payment processing companies included in funds held for customers. Restricted cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase that are included in funds held for customers. Except for the restricted cash included in funds held for customers, the current and non-current portion of the restricted cash is included in prepaid expenses and other current assets and in other assets, respectively, in the accompanying condensed consolidated balance sheets.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, 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
Significant Accounting Policies	Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the 2024 10-K.
New Accounting Pronouncements and Disclosure Rules Not Yet Adopted	New Accounting Pronouncements and Disclosure Rules Not Yet Adopted There have been no changes to the Company’s new accounting pronouncements and disclosures not yet adopted as described in the 2024 10-K, except as noted below: 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 for annual periods beginning in fiscal 2027 and interim periods beginning in the first quarter of fiscal 2028. 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.
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 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 revolving credit facility, 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 revolving credit facility 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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category	Three Months Ended 2024 2023 BILL AP/AR $ 162,256 $ 143,363 BILL Spend and Expense 132,604 106,053 Integrated platform 294,860 249,416 Embedded and Other Solutions 20,083 15,726 Total subscription and transaction fees 314,943 265,142 Interest on funds held for customers 43,507 39,843 Total revenue $ 358,450 $ 304,985

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary 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 Category September 30, June 30, Assets Cash equivalents: Money market funds Level 1 $ 225,696 $ 522,618 U.S. treasury securities Level 2 11,919 — Corporate bonds Level 2 58,573 — Short-term investments: Corporate bonds Level 2 388,476 298,202 U.S. treasury securities Level 2 137,823 180,983 Asset-backed securities Level 2 65,935 59,363 Certificates of deposit Level 2 12,690 38,370 U.S. agency securities Level 2 14,672 24,617 Funds held for customers: Restricted cash equivalents: Money market funds Level 1 1,407,086 1,319,609 Corporate bonds Level 2 12,705 89,082 Short-term investments: Corporate bonds Level 2 871,161 937,198 U.S. treasury securities Level 2 422,958 342,041 Certificates of deposit Level 2 116,838 119,616 Asset-backed securities Level 2 184,833 116,475 Municipal Bonds Level 2 2,035 — Liabilities (1) 0% 2027 Notes Level 2 508,904 489,112 0% 2025 Notes Level 2 $ 157,192 $ 154,933 (1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying condensed consolidated balance sheets.

Short-Term Investments and Fu_2

Short-Term Investments and Funds Held for Customers (Tables)	3 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of 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): September 30, June 30, Short-term investments: Available-for-sale debt securities $ 619,596 $ 601,535 Total short-term investments 619,596 601,535 Funds held for customers: Restricted cash 772,444 779,838 Restricted cash equivalents 1,419,791 1,408,691 Funds receivable 12,033 11,870 Available-for-sale debt securities 1,597,825 1,515,330 Total funds held for customers 3,802,093 3,715,729 Less - interest receivable included in other current assets (1) (14,922) (10,822) Total funds held for customers, net of income earned by the Company $ 3,787,171 $ 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.
Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities and 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): September 30, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Short-term investments: Corporate bonds $ 387,792 $ 780 $ (96) $ 388,476 U.S. treasury securities 137,780 63 (20) 137,823 Asset-backed securities 65,757 181 (3) 65,935 Certificates of deposit 12,690 — — 12,690 U.S. agency securities 14,651 21 — 14,672 Total short-term investments 618,670 1,045 (119) 619,596 Funds held for customers: Corporate bonds 868,685 2,489 (13) 871,161 Certificates of deposit 116,837 1 — 116,838 Municipal Bonds 2,006 29 — 2,035 Asset-backed securities 183,223 1,610 — 184,833 U.S. treasury securities 418,703 4,297 (42) 422,958 Total funds held for customers $ 1,589,454 $ 8,426 $ (55) $ 1,597,825 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 securities 181,225 — (242) 180,983 Asset-backed securities 59,340 68 (45) 59,363 Certificates of deposit 38,370 — — 38,370 U.S. agency securities 24,669 — (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 deposit 119,615 1 — 119,616 Asset-backed securities 116,542 11 (78) 116,475 U.S. treasury securities 342,202 1 (162) 342,041 Total funds held for customers $ 1,516,348 $ 36 $ (1,054) $ 1,515,330
Summary 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): September 30, June 30, Due within 1 year $ 1,398,152 $ 1,699,009 Due in 1 year through 5 years 811,548 409,309 Due in 5 years through 10 years 7,721 8,547 Total $ 2,217,421 $ 2,116,865
Summary of Gross Unrealized Losses And Fair Values	The following table shows gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): September 30, 2024 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Short-term investments: Corporate bonds $ 88,005 $ (76) $ 28,024 $ (19) $ 116,029 $ (95) U.S. treasury securities 49,656 (14) 13,675 (6) 63,331 (20) Asset-backed securities 5,298 (2) 305 (2) 5,603 (4) Total short-term investments 142,959 (92) 42,004 (27) 184,963 (119) Funds held for customers: Corporate bonds 67,366 (13) — — 67,366 (13) U.S. treasury securities 31,078 (42) — — 31,078 (42) Total funds held for customers $ 98,444 $ (55) $ — $ — $ 98,444 $ (55) June 30, 2024 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Short-term investments: Corporate bonds $ 130,469 $ (333) $ 60,576 $ (232) $ 191,045 $ (565) U.S. treasury securities 152,004 (156) 28,979 (86) 180,983 (242) Asset-backed securities 24,149 (39) 2,155 (7) 26,304 (46) U.S. agency securities 24,617 (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 securities 68,629 (76) 5,546 (2) 74,175 (78) U.S. treasury securities 327,340 (162) — — 327,340 (162) Total funds held for customers $ 902,509 $ (1,052) $ 5,546 $ (2) $ 908,055 $ (1,054)

Acquired Card Receivables (Tabl

Acquired Card Receivables (Tables)	3 Months Ended
Acquired Card Receivables (Tables)	Sep. 30, 2024
Acquired Card Receivables [Abstract]
Summary of Acquired Card Receivables by Class	Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands): September 30, June 30, Current and less than 30 days past due $ 637,986 $ 706,026 30 ~ 59 days past due 5,918 4,277 60 ~ 89 days past due 4,118 3,393 90 ~ 119 days past due 4,868 4,093 Over 119 days past due 252 310 Total $ 653,142 $ 718,099
Summary of Change in Allowance for Credit Losses	Below is a summary of the changes in allowance for expected credit losses (in thousands): Three Months Ended 2024 2023 Balance, beginning $ 20,883 $ 15,498 Provision for expected credit losses 15,171 11,975 Charge-off amounts (13,028) (9,791) Recoveries collected 1,842 831 Balance, ending $ 24,868 $ 18,513

Loans Held For Investment (Tabl

Loans Held For Investment (Tables)	3 Months Ended
Loans Held For Investment (Tables)	Sep. 30, 2024
Receivables [Abstract]
Summary 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): September 30, June 30, Unpaid principal balance (1) $ 56,377 $ 44,491 Less: Discount at loan purchase, net of amortization (1,408) (1,120) Less: Allowance for expected credit losses (6,230) (4,700) Loans held for investment, net $ 48,739 $ 38,671 (1) The outstanding balance of term loans, originated during fiscal 2024, was $11.2 million and $24.2 million as of September 30, 2024 and June 30, 2024, respectively. There were no term loans originated during the three months ended September 30, 2024.

Debt and Borrowings (Tables)

Debt and Borrowings (Tables)	3 Months Ended
Debt and Borrowings (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule Of Debt	Debt and borrowings consisted of the following (in thousands): Carrying Value at Expected Effective September 30, June 30, Non-current liabilities: Convertible senior notes: 2025 Notes, principal 1.2 0.36 % $ 167,314 $ 167,314 2027 Notes, principal 2.5 0.48 % 575,000 575,000 Less: unamortized debt issuance costs (7,500) (8,323) Convertible senior notes, net 734,814 733,991 Borrowings from revolving credit facility (including unamortized debt premium) (1) 1.7 8.81 % 180,008 180,009 Total $ 914,822 $ 914,000 (1) Unamortized debt issuance costs balance for the Revolving Credit Facility was $0.5 million and $0.6 million as of September 30, 2024 and June 30, 2024, respectively, and is included in other assets on the condensed consolidated balance sheets .

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP	Stock-based compensation by award type (in thousands): Three Months Ended Unrecognized compensation Weighted-average recognition period (in years) 2024 2023 Restricted stock units (RSUs) $ 50,895 $ 54,864 $ 587,367 3.1 Stock options 1,238 3,707 2,143 0.8 Performance-based awards 2,795 5,063 24,005 2.5 Employee stock purchase plan 1,407 2,766 2,096 0.4 Market-based RSUs 1,005 1,070 18,530 2.2 Total stock-based compensation $ 57,340 $ 67,470 $ 634,141 Stock-based compensation was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands): Three Months Ended 2024 2023 Revenue - subscription and transaction fees $ 527 $ 370 Cost of revenue - service costs 2,145 2,547 Research and development 23,635 27,365 Sales and marketing 10,795 13,885 General and administrative 17,555 20,980 Total amount charged to operating loss 54,657 65,147 Property and equipment (capitalized internal-use software) 2,683 2,323 Total stock-based compensation $ 57,340 $ 67,470

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
Other Income, Net (Tables)	Sep. 30, 2024
Other Income, Nonoperating [Abstract]
Schedule of Other Income, Net	Other income, net consisted of the following for the periods presented (in thousands): Three Months Ended 2024 2023 Interest income $ 22,824 $ 34,353 Interest expense (4,788) (4,738) Other (158) (307) Total other income, net $ 17,878 $ 29,308

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	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): Three Months Ended 2024 (1) 2023 Numerator: Net income (loss) attributable to common stockholders Basic $ 8,912 $ (27,861) Diluted $ 8,912 $ (27,861) Denominator: Weighted-average shares used to compute net income (loss) per share attributable to common stockholders Basic 105,672 106,817 Effect of dilutive securities: Equity awards 1,650 — Diluted 107,322 106,817 Net income (loss) per share attributable to common stockholders Basic $ 0.08 $ (0.26) Diluted $ 0.08 $ (0.26) (1) For the three months ended September 30, 2024, 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, respectively.
Summary 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 September 30, 2024 2023 Equity awards — 8,507 Convertible senior notes 2,426 8,500 Total 2,426 17,007

The Company and Its Significa_3

The Company and Its Significant Accounting Policies - Segment Reporting (Details) - Segment	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Number of operating segments	1
External customer revenue, percentage	2%	3%

The Company and Its Significa_4

The Company and Its Significant Accounting Policies - Concentrations of Credit Risk (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 Customer	Jun. 30, 2024 USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Allowance for potential credit losses related to accounts receivable and acquired card receivables \| $	$ 31.3		$ 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
Revenue Benchmark \| Customer Concentration Risk \| No Customer
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]
Concentration percentage	10%	10%

Revenue - Schedule of Revenue f

Revenue - Schedule of Revenue from Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 358,450	$ 304,985
Subscription and transaction fees
Disaggregation Of Revenue [Line Items]
Total revenue	314,943	265,142
Integrated platform
Disaggregation Of Revenue [Line Items]
Total revenue	294,860	249,416
BILL AP/AR
Disaggregation Of Revenue [Line Items]
Total revenue	162,256	143,363
BILL Spend and Expense
Disaggregation Of Revenue [Line Items]
Total revenue	132,604	106,053
Embedded and Other Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	20,083	15,726
Interest on funds held for customers
Disaggregation Of Revenue [Line Items]
Total revenue	$ 43,507	$ 39,843

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Disaggregation Of Revenue [Line Items]
Deferred revenue, recognized	$ 13.3
Aggregate amount of transaction price allocated to performance obligations	82.2
Unbilled revenue	$ 17	$ 16.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Disaggregation Of Revenue [Line Items]
Aggregate amount of transaction price allocated to performance obligations, percentage	35%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Disaggregation Of Revenue [Line Items]
Aggregate amount of transaction price allocated to performance obligations, percentage	20%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Disaggregation Of Revenue [Line Items]
Aggregate amount of transaction price allocated to performance obligations, percentage	44%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Level 2 \| 2027 Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	$ 508,904	$ 489,112
Level 2 \| 2025 Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	157,192	154,933
Level 2 \| Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents:	58,573	0
Short-term investments:	388,476	298,202
Funds held for customers:	871,161	937,198
Level 2 \| U.S. treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents:	11,919	0
Short-term investments:	137,823	180,983
Funds held for customers:	422,958	342,041
Level 2 \| Asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments:	65,935	59,363
Funds held for customers:	184,833	116,475
Level 2 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments:	12,690	38,370
Funds held for customers:	116,838	119,616
Level 2 \| U.S. agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments:	14,672	24,617
Level 2 \| Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Funds held for customers:	2,035	0
Money market funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents:	225,696	522,618
Money market funds \| Level 1 \| Restricted cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Funds held for customers:	1,407,086	1,319,609
Corporate bonds \| Level 2 \| Restricted cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Funds held for customers:	$ 12,705	$ 89,082

Short-Term Investments and Fu_3

Short-Term Investments and Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Short-term investments:
Available-for-sale debt securities	$ 619,596	$ 601,535
Funds held for customers:
Total funds held for customers	3,802,093	3,715,729
Less - interest receivable included in other current assets(1)	(14,922)	(10,822)
Funds held for customers	3,787,171	3,704,907
Restricted cash
Funds held for customers:
Total funds held for customers	772,444	779,838
Restricted cash equivalents
Funds held for customers:
Total funds held for customers	1,419,791	1,408,691
Funds receivable
Funds held for customers:
Total funds held for customers	12,033	11,870
Available-for-sale debt securities
Funds held for customers:
Total funds held for customers	$ 1,597,825	$ 1,515,330

Short-Term Investments and Fu_4

Short-Term Investments and Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Short-term investments:
Amortized cost	$ 618,670	$ 602,232
Gross unrealized gains	1,045	208
Gross unrealized losses	(119)	(905)
Short-term investments	619,596	601,535
Funds held for customers:
Amortized cost	1,589,454	1,516,348
Gross unrealized gains	8,426	36
Gross unrealized losses	(55)	(1,054)
Fair value	1,597,825	1,515,330
Corporate bonds
Short-term investments:
Amortized cost	387,792	298,628
Gross unrealized gains	780	140
Gross unrealized losses	(96)	(566)
Short-term investments	388,476	298,202
Funds held for customers:
Amortized cost	868,685	937,989
Gross unrealized gains	2,489	23
Gross unrealized losses	(13)	(814)
Fair value	871,161	937,198
U.S. treasury securities
Short-term investments:
Amortized cost	137,780	181,225
Gross unrealized gains	63	0
Gross unrealized losses	(20)	(242)
Short-term investments	137,823	180,983
Funds held for customers:
Amortized cost	418,703	342,202
Gross unrealized gains	4,297	1
Gross unrealized losses	(42)	(162)
Fair value	422,958	342,041
Asset-backed securities
Short-term investments:
Amortized cost	65,757	59,340
Gross unrealized gains	181	68
Gross unrealized losses	(3)	(45)
Short-term investments	65,935	59,363
Funds held for customers:
Amortized cost	183,223	116,542
Gross unrealized gains	1,610	11
Gross unrealized losses	0	(78)
Fair value	184,833	116,475
Certificates of deposit
Short-term investments:
Amortized cost	12,690	38,370
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Short-term investments	12,690	38,370
Funds held for customers:
Amortized cost	116,837	119,615
Gross unrealized gains	1	1
Gross unrealized losses	0	0
Fair value	116,838	119,616
U.S. agency securities
Short-term investments:
Amortized cost	14,651	24,669
Gross unrealized gains	21	0
Gross unrealized losses	0	(52)
Short-term investments	14,672	$ 24,617
Municipal Bonds
Funds held for customers:
Amortized cost	2,006
Gross unrealized gains	29
Gross unrealized losses	0
Fair value	$ 2,035

Short-Term Investments and Fu_5

Short-Term Investments and Funds Held for Customers - Additional Information (Details)	3 Months Ended
	Sep. 30, 2024 USD ($) InvestmentPosition investment	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Accrued interest receivable	$ 4,000,000		$ 4,900,000
Amortized cost	1,589,454,000		1,516,348,000
Fair value	$ 1,597,825,000		1,515,330,000
Number of unrealized loss investment positions \| InvestmentPosition	100
Number of investment positions \| investment	640
Short-term investments realized gains or losses	$ 0	$ 0
Accrued Interest Receivable
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	10,700,000		6,800,000
Fair value	$ 10,700,000		$ 6,800,000

Short-Term Investments and Fu_6

Short-Term Investments and Funds Held for Customers - Summary of Fair Value of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Due within 1 year	$ 1,398,152	$ 1,699,009
Due in 1 year through 5 years	811,548	409,309
Due in 5 years through 10 years	7,721	8,547
Total	$ 2,217,421	$ 2,116,865

Short-Term Investments and Fu_7

Short-Term Investments and Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Short-term investments:
Fair value, less than 12 months	$ 142,959	$ 331,239
Unrealized losses, less than 12 months	(92)	(580)
Fair value, 12 months or longer	42,004	91,710
Unrealized losses, 12 months or longer	(27)	(325)
Fair value	184,963	422,949
Unrealized losses	(119)	(905)
Funds held for customers:
Fair value, less than 12 months	98,444	902,509
Unrealized losses, less than 12 months	(55)	(1,052)
Fair value, 12 months or longer	0	5,546
Unrealized losses, 12 months or longer	0	(2)
Fair value	98,444	908,055
Unrealized losses	(55)	(1,054)
Corporate bonds
Short-term investments:
Fair value, less than 12 months	88,005	130,469
Unrealized losses, less than 12 months	(76)	(333)
Fair value, 12 months or longer	28,024	60,576
Unrealized losses, 12 months or longer	(19)	(232)
Fair value	116,029	191,045
Unrealized losses	(95)	(565)
Funds held for customers:
Fair value, less than 12 months	67,366	506,540
Unrealized losses, less than 12 months	(13)	(814)
Fair value, 12 months or longer	0	0
Unrealized losses, 12 months or longer	0	0
Fair value	67,366	506,540
Unrealized losses	(13)	(814)
U.S. treasury securities
Short-term investments:
Fair value, less than 12 months	49,656	152,004
Unrealized losses, less than 12 months	(14)	(156)
Fair value, 12 months or longer	13,675	28,979
Unrealized losses, 12 months or longer	(6)	(86)
Fair value	63,331	180,983
Unrealized losses	(20)	(242)
Funds held for customers:
Fair value, less than 12 months	31,078	327,340
Unrealized losses, less than 12 months	(42)	(162)
Fair value, 12 months or longer	0	0
Unrealized losses, 12 months or longer	0	0
Fair value	31,078	327,340
Unrealized losses	(42)	(162)
Asset-backed securities
Short-term investments:
Fair value, less than 12 months	5,298	24,149
Unrealized losses, less than 12 months	(2)	(39)
Fair value, 12 months or longer	305	2,155
Unrealized losses, 12 months or longer	(2)	(7)
Fair value	5,603	26,304
Unrealized losses	$ (4)	(46)
Funds held for customers:
Fair value, less than 12 months		68,629
Unrealized losses, less than 12 months		(76)
Fair value, 12 months or longer		5,546
Unrealized losses, 12 months or longer		(2)
Fair value		74,175
Unrealized losses		(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)

Acquired Card Receivables - Add

Acquired Card Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Acquired Card Receivables [Abstract]
Acquired card receivable as collateral	$ 142.3
Authorized transactions but not cleared	$ 76.3
Grace period to payment on acquired card receivables	5 days
Card receivables acquired during the period	$ 5,200	$ 4,100

Acquired Card Receivables - Sum

Acquired Card Receivables - Summary of Acquired Card Receivables by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Financing Receivable, Past Due [Line Items]
Total	$ 653,142	$ 718,099
Current and less than 30 days past due
Financing Receivable, Past Due [Line Items]
Total	637,986	706,026
30 ~ 59 days past due
Financing Receivable, Past Due [Line Items]
Total	5,918	4,277
60 ~ 89 days past due
Financing Receivable, Past Due [Line Items]
Total	4,118	3,393
90 ~ 119 days past due
Financing Receivable, Past Due [Line Items]
Total	4,868	4,093
Over 119 days past due
Financing Receivable, Past Due [Line Items]
Total	$ 252	$ 310

Acquired Card Receivables - S_2

Acquired Card Receivables - Summary of Change in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Allowance For Credit Losses [Roll Forward]
Balance, beginning	$ 20,883	$ 15,498
Provision for expected credit losses	15,171	11,975
Charge-off amounts	(13,028)	(9,791)
Recoveries collected	1,842	831
Balance, ending	$ 24,868	$ 18,513

Loans Held For Investment - Sum

Loans Held For Investment - Summary of Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 56,377	$ 44,491
Less: Discount at loan purchase, net of amortization	(1,408)	(1,120)
Less: Allowance for expected credit losses	(6,230)	(4,700)
Loans held for investment, net	48,739	38,671
Term Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loan, originated in prior fiscal year	11,200	$ 24,200
Term loan, originated in current fiscal year	$ 0

Debt and Borrowings - Schedule

Debt and Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (7,500)	$ (8,323)
Convertible senior notes, net	734,814	733,991
Total	$ 914,822	914,000
Line of Credit
Debt Instrument [Line Items]
Debt instrument, weighted average remaining term	1 year 8 months 12 days
Debt instrument, effective interest rate percentage	8.81%
Non-current liabilities:	$ 180,008	180,009
Unamortized debt issuance costs	$ 500	600
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, weighted average remaining term	1 year 2 months 12 days
Debt instrument, effective interest rate percentage	0.36%
Non-current liabilities:	$ 167,314	167,314
2027 Senior Notes
Debt Instrument [Line Items]
Debt instrument, weighted average remaining term	2 years 6 months
Debt instrument, effective interest rate percentage	0.48%
Non-current liabilities:	$ 575,000	$ 575,000

Debt and Borrowings - Additiona

Debt and Borrowings - Additional Information (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Nov. 30, 2020	Sep. 30, 2024	Jun. 30, 2024
2021 Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 300,000
Line of credit facility, borrowing deduction			180,000
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount		$ 1,150,000
Debt stated percentage		0%
Debt instrument, maturity date		Dec. 01, 2025
Net proceeds from the issuance of notes		$ 1,130,000
Debt issuance costs		$ 20,600
Repurchased face amount				$ 982,700
Long term debt, excluding current maturities			167,314	167,314
2027 Senior Notes
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount	$ 575,000
Debt stated percentage	0%
Debt instrument, maturity date	Apr. 01, 2027
Net proceeds from the issuance of notes	$ 560,100
Debt issuance costs	$ 14,900
Long term debt, excluding current maturities			575,000	575,000
2027 and 2025 Convertible Senior Notes
Debt Instrument [Line Items]
Long term debt, gross			$ 700,000	$ 700,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-Based Compensation By Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 57,340	$ 67,470
Unrecognized compensation	634,141
Restricted stock units (RSUs)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	50,895	54,864
Unrecognized compensation	$ 587,367
Weighted-average recognition period (in years)	3 years 1 month 6 days
Stock options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,238	3,707
Unrecognized compensation	$ 2,143
Weighted-average recognition period (in years)	9 months 18 days
Performance-based awards
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 2,795	5,063
Unrecognized compensation	$ 24,005
Weighted-average recognition period (in years)	2 years 6 months
Employee stock purchase plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,407	2,766
Unrecognized compensation	$ 2,096
Weighted-average recognition period (in years)	4 months 24 days
Market-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,005	$ 1,070
Unrecognized compensation	$ 18,530
Weighted-average recognition period (in years)	2 years 2 months 12 days

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Based Compensation from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	$ 54,657	$ 65,147
Property and equipment (capitalized internal-use software)	2,683	2,323
Total stock-based compensation	57,340	67,470
Revenue - subscription and transaction fees \| Subscription and transaction fees
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	527	370
Cost of revenue - service costs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	2,145	2,547
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	23,635	27,365
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	10,795	13,885
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total amount charged to operating loss	$ 17,555	$ 20,980

Stockholder's Equity - Share Re

Stockholder's Equity - Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Aug. 31, 2024
Equity [Abstract]
Share repurchase program, authorized amount		$ 300
Repurchase and retirement of common stock (in shares)	3,711,246
Stock repurchased, cost	$ 201.7
Share repurchase program, remaining authorized amount (in shares)	$ 100

Other Income, Net - Schedule of

Other Income, Net - Schedule of Other Income (Expenses), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Income, Nonoperating [Abstract]
Interest income	$ 22,824	$ 34,353
Interest expense	(4,788)	(4,738)
Other	(158)	(307)
Total other income, net	$ 17,878	$ 29,308

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,268	$ 522

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Billions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unused credit available	$ 3.1

Net Income (Loss) Per Share A_3

Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to common stockholders
Net income (loss) available to common stockholders, basic	$ 8,912	$ (27,861)
Net income (loss) available to common stockholders, diluted	$ 8,912	$ (27,861)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders
Weighted-average number of shares outstanding, basic (in shares)	105,672	106,817
Effect of dilutive securities:
Equity awards (in shares)	1,650	0
Weighted-average number of shares outstanding, diluted (in shares)	107,322	106,817
Net income (loss) per share attributable to common stockholders
Basic (dollars per share)	$ 0.08	$ (0.26)
Diluted (dollars per share)	$ 0.08	$ (0.26)

Net Income (Loss) Per Share A_4

Net Income (Loss) Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Number of shares not considered in calculation of diluted net loss per share	2,426	17,007
Equity awards
Numerator:
Number of shares not considered in calculation of diluted net loss per share	0	8,507
Convertible senior notes
Numerator:
Number of shares not considered in calculation of diluted net loss per share	2,426	8,500

Net Income (Loss) Per Share A_5

Net Income (Loss) Per Share Attributable To Common Stockholders - Additional Information (Details) shares in Millions	3 Months Ended
	Sep. 30, 2024 shares
Notes \| Maximum
Numerator:
Number of shares subject to adjustment	3.6