Affirm (AFRM) 10-Q8 Nov 222023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 03, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	984-0490
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
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
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		230,046,307
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,103,756

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Assets
Cash and cash equivalents	$ 1,530,132	$ 1,255,171
Restricted cash	383,406	295,636
Securities available for sale at fair value	1,237,291	1,595,373
Loans held for sale	7,112	2,670
Loans held for investment	2,681,637	2,503,561
Allowance for credit losses	(153,025)	(155,392)
Loans held for investment, net	2,528,612	2,348,169
Accounts receivable, net	147,757	142,052
Property, equipment and software, net	208,460	171,482
Goodwill	525,000	539,534
Intangible assets	71,037	78,942
Commercial agreement assets	241,639	263,196
Other assets	284,614	281,567
Total Assets	7,165,060	6,973,792
Liabilities:
Accounts payable	34,534	33,072
Payable to third-party loan owners	90,811	71,383
Accrued interest payable	5,292	6,659
Accrued expenses and other liabilities	249,812	237,598
Convertible senior notes, net	1,707,724	1,706,668
Notes issued by securitization trusts	1,720,812	1,627,580
Funding debt	792,637	672,577
Total liabilities	4,601,622	4,355,537
Commitments and contingencies
Stockholders’ equity:
Additional paid in capital	4,454,829	4,231,303
Accumulated deficit	(1,857,171)	(1,605,902)
Accumulated other comprehensive loss	(34,223)	(7,149)
Total stockholders’ equity	2,563,438	2,618,255
Total Liabilities and Stockholders’ Equity	7,165,060	6,973,792
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 383,406	$ 295,636
Loans held for investment	2,681,637	2,503,561
Allowance for credit losses	(153,025)	(155,392)
Loans held for investment, net	2,528,612	2,348,169
Accounts receivable, net	147,757	142,052
Other assets	284,614	281,567
Total Assets	7,165,060	6,973,792
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	34,534	33,072
Accrued interest payable	5,292	6,659
Accrued expenses and other liabilities	249,812	237,598
Notes issued by securitization trusts	1,720,812	1,627,580
Funding debt	792,637	672,577
Total liabilities	4,601,622	4,355,537
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	231,353	164,530
Loans held for investment	2,309,638	2,179,026
Allowance for credit losses	(124,000)	(124,052)
Loans held for investment, net	2,185,638	2,054,974
Accounts receivable, net	8,195	8,195
Other assets	17,639	14,570
Total Assets	2,442,825	2,242,269
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,752	2,897
Accrued interest payable	5,249	6,525
Accrued expenses and other liabilities	14,335	15,494
Notes issued by securitization trusts	1,720,812	1,627,580
Funding debt	621,660	514,033
Total liabilities	2,364,808	2,166,529
Total net assets	$ 78,017	$ 75,740
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	229,388,460	227,255,529
Common stock, outstanding (in shares)	229,388,460	227,255,529
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	60,103,756	60,109,844
Common stock, outstanding (in shares)	60,103,756	60,109,844

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Revenue
Revenue	$ 139,857	$ 111,639
Interest income	136,802	117,302
Gain on sales of loans	63,595	30,979
Servicing income	21,370	9,465
Total Revenue, net	361,624	269,385
Operating Expenses
Loss on loan purchase commitment	35,610	51,678
Provision for credit losses	64,250	63,647
Funding costs	25,066	16,753
Processing and servicing	54,359	25,201
Technology and data analytics	144,961	78,013
Sales and marketing	163,873	63,960
General and administrative	160,972	136,204
Total Operating Expenses	649,091	435,456
Operating Loss	(287,467)	(166,071)
Other (expense) income, net	36,018	(140,373)
Loss Before Income Taxes	(251,449)	(306,444)
Income tax expense (benefit)	(180)	171
Net Loss	(251,269)	(306,615)
Other Comprehensive Loss
Foreign currency translation adjustments	(21,546)	(3,802)
Unrealized loss on securities available for sale, net	(5,528)	(279)
Net Other Comprehensive Loss	(27,074)	(4,081)
Comprehensive Loss	$ (278,343)	$ (310,696)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (0.86)	$ (1.13)
Diluted (in USD per share)	$ (0.86)	$ (1.13)
Net loss per share:
Basic (in shares)	290,929,270	271,677,516
Diluted (in shares)	290,929,270	271,677,516
Merchant network revenue
Revenue
Revenue	$ 113,149	$ 92,244
Virtual card network revenue
Revenue
Revenue	$ 26,708	$ 19,395

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance, Common Stock (in shares) at Jun. 30, 2021		269,358,104
Beginning balance at Jun. 30, 2021	$ 2,575,527	$ 3	$ 3,467,236	$ (898,485)	$ 6,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		7,403,503
Issuance of common stock upon exercise of stock options	37,470		37,470
Issuance of common stock in acquisition (in shares)		183,733
Issuance of common stock in acquisition	10,000		10,000
Repurchases of common stock (in shares)		(821)
Repurchases of common stock	(5)		(5)
Vesting of restricted stock units (in shares)		772,653
Stock-based compensation	104,879		104,879
Tax withholding on stock-based compensation	(39,817)		(39,817)
Foreign currency translation adjustments	(3,802)				(3,802)
Unrealized loss on securities available for sale	(279)				(279)
Net Loss	(306,615)			(306,615)
Ending balance, Common Stock (in shares) at Sep. 30, 2021		277,717,172
Ending balance at Sep. 30, 2021	2,377,358	$ 3	3,579,763	(1,205,100)	2,692
Beginning balance, Common Stock (in shares) at Jun. 30, 2022		287,365,373
Beginning balance at Jun. 30, 2022	$ 2,618,255	$ 3	4,231,303	(1,605,902)	(7,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)	235,784	215,949
Issuance of common stock upon exercise of stock options	$ 1,192		1,192
Forfeiture of common stock related to acquisitions (in shares)		(243,384)
Repurchases of common stock (in shares)		(12,437)
Repurchases of common stock	(109)		(109)
Vesting of restricted stock units (in shares)		2,166,715
Vesting of warrants for common stock	108,742		108,742
Stock-based compensation	141,012		141,012
Tax withholding on stock-based compensation	(27,311)		(27,311)
Foreign currency translation adjustments	(21,546)				(21,546)
Unrealized loss on securities available for sale	(5,528)				(5,528)
Net Loss	(251,269)			(251,269)
Ending balance, Common Stock (in shares) at Sep. 30, 2022		289,492,216
Ending balance at Sep. 30, 2022	$ 2,563,438	$ 3	$ 4,454,829	$ (1,857,171)	$ (34,223)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Net Loss	$ (251,269)	$ (306,615)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	64,250	63,647
Amortization of premiums and discounts on loans, net	(34,595)	(35,708)
Gain on sales of loans	(63,595)	(30,979)
Changes in fair value of assets and liabilities	3,906	139,884
Amortization of commercial agreement assets	21,557	18,971
Amortization of debt issuance costs	1,076	5,231
Amortization of discount on securities available for sale	(7,620)	0
Commercial agreement warrant expense	108,743	0
Stock-based compensation	119,808	93,189
Depreciation and amortization	20,882	10,541
Other	2,053	4,002
Change in operating assets and liabilities:
Purchases of loans held for sale	(1,655,213)	(896,786)
Proceeds from the sale of loans held for sale	1,707,838	888,580
Accounts receivable, net	(6,649)	(12,076)
Other assets	(3,000)	78,086
Accounts payable	1,462	368,096
Payable to third-party loan owners	19,428	(11,618)
Accrued interest payable	(1,078)	553
Accrued expenses and other liabilities	3,231	(11,848)
Net Cash Provided by (Used in) Operating Activities	51,215	365,150
Cash Flows from Investing Activities
Purchases and origination of loans held for investment	(2,744,825)	(1,847,458)
Proceeds from the sale of loans held for investment	326,713	195,039
Principal repayments and other loan servicing activity	2,206,725	1,486,099
Acquisition, net of cash and restricted cash acquired	0	(5,999)
Additions to property, equipment and software	(31,151)	(16,347)
Purchases of securities available for sale	(104,629)	(443,560)
Proceeds from maturities and repayments of securities available for sale	464,492	889
Other investing cash inflows (outflows)	(52)	1,827
Net Cash Provided by (Used in) Investing Activities	117,273	(629,510)
Cash Flows from Financing Activities
Proceeds from funding debt	1,193,761	682,106
Payment of debt issuance costs	(7,423)	(6,609)
Principal repayments of funding debt	(1,059,607)	(873,778)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	249,931	499,789
Principal repayments of notes issued by securitization trusts	(150,713)	(55,204)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	1,013	37,470
Repurchases of common stock	(109)	(4)
Payments of tax withholding for stock-based compensation	(27,311)	(39,817)
Net Cash Provided by Financing Activities	199,542	243,953
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,299)	3,588
Net Increase in Cash, Cash Equivalents and Restricted Cash	362,731	(16,819)
Cash, Cash equivalents and Restricted cash, Beginning of period	1,550,807	1,692,632
Cash, Cash Equivalents and Restricted Cash, End of Period	1,913,538	1,675,813
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,530,132	1,439,531
Restricted cash	383,406	236,282
Total Cash, Cash Equivalents and Restricted Cash	1,913,538	1,675,813
Supplemental Disclosures of Cash Flow Information
Cash payments for interest expense	22,819	10,195
Cash paid for operating leases	4,167	4,475
Cash paid for income taxes	138	72
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	21,204	11,690
Issuance of common stock in connection with acquisition	0	10,000
Additions to property and equipment included in accrued expenses	$ 0	$ 56

Business Description

Business Description	3 Months Ended
Business Description	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time, with terms ranging from one Merchants partner with us to transform the consumer shopping experience and to acquire and convert customers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied customer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2022. The balance sheet as of June 30, 2022 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on directly originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on market-based inputs, historical experience, current events, and other factors we believe to be reasonable under the circumstances. These estimates are subjective in nature and to the extent that there are differences between these estimates and actual results, our financial condition or operating results in future periods may be affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, which was filed with the SEC on August 29, 2022. Recently Adopted Accounting Standards Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)” . The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We early adopted the new standard effective July 1, 2022 on a prospective basis. The adoption of the guidance did not have a material impact on our interim condensed financial statements. Recent Accounting Pronouncements Not Yet Adopted Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”.

Revenue

Revenue	3 Months Ended
Revenue	Sep. 30, 2022
Banking and Thrift, Interest [Abstract]
Revenue	Revenue The following table presents the company’s revenue disaggregated by revenue source (in thousands): Three Months Ended September 30, 2022 2021 Merchant network revenue $ 113,149 $ 92,244 Virtual card network revenue 26,708 19,395 Interest income 136,802 117,302 Gain on sales of loans 63,595 30,979 Servicing income 21,370 9,465 Total Revenue, net $ 361,624 $ 269,385 Merchant Network Revenue Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (GMV) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total network revenue earned on those loans. To the extent we do not expect to recover the losses in future periods, we record the excess loss amounts as a sales and marketing expense. A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs. For both the three months ended September 30, 2022 and 2021, there were no merchants that exceeded 10% of total revenue. Virtual Card Network Revenue We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply for a virtual debit card through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The virtual debit card is funded at the time a transaction is authorized using cash held by the issuer processor in a reserve fund. Our originating bank partner then originates a loan to the consumer once the transaction is confirmed by the merchant. The non-integrated merchants are charged interchange fees by the issuer processor for virtual debit card transactions, and the issuer processor shares a portion of this revenue with us. We also leverage this issuer processor as a means of integrating certain merchants. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees by the issuer processor and the issuer processor shares a portion of this revenue with us. Interest Income Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2022 2021 Interest income on unpaid principal balance $ 106,138 $ 82,941 Amortization of discount on loans 38,969 38,445 Amortization of premiums on loans (4,374) (2,737) Interest receivable charged-off, net of recoveries (3,931) (1,347) Total interest income $ 136,802 $ 117,302 We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of September 30, 2022 and June 30, 2022, the balance of loans held for investment on non-accrual status was $2.4 million and $1.7 million, respectively. Gain on Sales of Loans We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations as the difference between the proceeds received and the carrying value of the loan, adjusted for the initial recognition of any assets or liabilities incurred upon sale, which generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a recourse liability based on our estimate of future losses in connection with our obligation to repurchase loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Servicing Income

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	3 Months Ended
Loans Held for Investment and Allowance for Credit Losses	Sep. 30, 2022
Receivables [Abstract]
Loans Held for Investment and Allowance for Credit Losses	Loans Held for Investment and Allowance for Credit Losses Loans held for investment consisted of the following (in thousands): September 30, 2022 June 30, 2022 Unpaid principal balance $ 2,706,883 $ 2,516,733 Accrued interest receivable 23,365 20,697 Premiums on loans held for investment 8,866 8,911 Less: Discount due to loss on loan purchase commitment (26,682) (20,692) Less: Discount due to loss on directly originated loans (29,641) (20,443) Less: Fair value adjustment on loans acquired through business combination (1,154) (1,645) Total loans held for investment $ 2,681,637 $ 2,503,561 Loans held for investment includes loans originated through our originating bank partners and directly originated loans. The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $3,491.9 million and $2,244.2 million during the three months ended September 30, 2022 and 2021, respectively. These loans have a variety of lending terms as well as maturities ranging from one We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our directly originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator. Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers. The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale (in thousands) as of September 30, 2022: Amortized Costs Basis by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total 96+ $ 900,877 $ 531,930 $ 81,877 $ 24,676 $ 12 $ 2 $ 1,539,374 94-96 357,155 301,358 4,854 548 6 2 663,923 90-94 59,343 100,989 1,545 2 4 — 161,883 <90 21,476 13,270 47 2 — — 34,795 No score (1) 80,491 147,410 31,816 5,273 372 47 265,409 Total amortized cost basis $ 1,419,342 $ 1,094,957 $ 120,139 $ 30,501 $ 394 $ 51 $ 2,665,384 (1) This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia. Net Charge-offs by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total Current period charge-offs (251) (66,889) (3,709) (162) (16) (9) (71,036) Current period recoveries 4 3,590 1,858 650 419 279 6,800 Current period net charge-offs $ (247) $ (63,299) $ (1,851) $ 488 $ 403 $ 270 $ (64,236) Loan receivables are defined as past due if either the principal or interest have not been received within four September 30, 2022 June 30, 2022 Non-delinquent loans $ 2,473,859 $ 2,322,919 4 – 29 calendar days past due 89,460 77,963 30 – 59 calendar days past due 42,128 34,669 60 – 89 calendar days past due 31,736 26,919 90 – 119 calendar days past due (1) 28,201 23,064 Total amortized cost basis $ 2,665,384 $ 2,485,534 (1) Includes $29.0 million and $22.7 million of loan receivables as of September 30, 2022 and June 30, 2022, respectively, that are 90 days or more past due, but are not on nonaccrual status. We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses is determined based on our current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our interim condensed consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. The following table details activity in the allowance for credit losses (in thousands): Three Months Ended 2022 2021 Balance at beginning of period $ 155,392 $ 117,760 Provision for credit losses 61,869 61,004 Charge-offs (71,036) (30,454) Recoveries of charged-off receivables 6,800 3,711 Balance at end of period $ 153,025 $ 152,021

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions There were no acquisitions accounted for as business combinations completed in the three months ended September 30, 2022. During the three months ended September 30, 2021, we completed one acquisition accounted for as business combinations, discussed further below. Acquisitions completed during the three months ended September 30, 2021 ShopBrain On July 1, 2021, Affirm completed the acquisition of technology and intellectual property from Yroo, Inc. and entered into employment arrangements with certain of its employees (“the ShopBrain acquisition”). Yroo, Inc. is a data aggregation and cataloging technology company based in Canada (“ShopBrain”). The purchase price was comprised of (i) $30.0 million in cash and (ii) 151,745 shares of our Class A common stock issued to the shareholders of ShopBrain at closing. The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration and the value of the assembled workforce. The goodwill is expected to be deductible for income tax purposes. The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life Developed technology $ 9,488 3.0 The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements. The transaction costs associated with the acquisition were approximately $0.1 million for the three months ended September 30, 2021, which are included in general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. Other acquisitions Fast On April 19, 2022, Affirm completed the closing of the transaction contemplated by a Release and Waiver Agreement entered into with Fast AF, Inc., (“Fast”) relating to the hiring of certain of its employees or service providers and an option to acquire certain of its assets. The purchase price was comprised of (i) $10.0 million in cash and (ii) forgiveness of a $15.0 million senior secured note issued to Fast in April 2022 prior to the closing. The acquisition was accounted for as an asset acquisition in accordance with ASC 805 since the assets acquired do not meet the definition of a business. The acquired identifiable intangible assets have been recorded at a total cost of $25.4 million, which includes approximately $0.4 million of transaction costs associated with the acquisition. The excess of the total cost of the assets over their total fair value was allocated between the assets on the basis of their relative fair values. The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands): Assembled workforce $ 12,490 Option to purchase developed technology $ 12,925 Total $ 25,415 The assembled workforce intangible asset has an expected useful life of 1.5 years. The developed technology asset will be amortized over its expected useful life if the associated assets are purchased and entered into service.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Accounts Receivable, net Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. We evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses, as applicable. Our allowance for credit losses with respect to accounts receivable was $10.2 million and $13.9 million as of September 30, 2022 and June 30, 2022, respectively. Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): September 30, 2022 June 30, 2022 Internally developed software $ 248,296 $ 200,621 Leasehold improvements 16,377 16,169 Computer equipment 11,711 10,751 Furniture and equipment 4,983 4,279 Total Property, equipment and software, at cost $ 281,367 $ 231,820 Less: Accumulated depreciation and amortization (72,907) (60,338) Total Property, equipment and software, net $ 208,460 $ 171,482 Depreciation and amortization expense on property, equipment and software was $13.5 million and $5.1 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation expense on leasehold improvements, furniture and equipment, and computer equipment is allocated between general and administrative, technology and data analytics, sales and marketing, and processing and servicing based on employee headcount in the interim condensed consolidated statements of operations and comprehensive loss. Amortization expense on internally developed software is included as a component of technology and data analytics in the interim condensed consolidated statements of operations and comprehensive loss. No impairment losses related to property, equipment and software were recorded during the three months ended September 30, 2022 and 2021. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the three months ended September 30, 2022 were as follows (in thousands): Balance as of June 30, 2022 $ 539,534 Additions — Effect of foreign currency translation (14,534) Balance as of September 30, 2022 $ 525,000 No impairment losses related to goodwill were recorded during the three months ended September 30, 2022 and 2021. Intangible assets consisted of the following (in thousands): September 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,835 $ (12,082) $ 25,753 3.4 Developed technology (1) 39,437 (18,920) 20,517 1.6 Assembled workforce 12,490 (3,761) 8,729 1.1 Trademarks and domains, definite 1,449 (832) 617 2.2 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 93,707 $ (35,595) $ 58,112 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology (1) 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017 (1) Excludes an intangible asset in the amount of $12.9 million which represents the right to purchase developed technology in connection with the Fast asset acquisition. Amortization of this asset will begin when the purchase of the developed technology assets is complete and are placed into service. Refer to Note 5. Acquisitions for more information. Amortization expense for intangible assets was $7.4 million and $5.5 million for the three months ended September 30, 2022 and 2021, respectively. No impairment losses related to intangible assets were recorded during the three months ended September 30, 2022 and 2021. The expected future amortization expense of these intangible assets as of September 30, 2022 is as follows (in thousands): 2023 (remaining nine months) $ 21,978 2024 21,483 2025 7,153 2026 4,987 2027 and thereafter 15 Total amortization expense $ 55,616 Commercial Agreement Assets During the year ended June 30, 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. ("Amazon"). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the approximate 3.2 year remaining initial term of the commercial agreement at the grant date. For the three months ended September 30, 2022, we recognized amortization expense of $10.4 million in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 14. Stockholders’ Equity for further discussion of the warrants. During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of September 30, 2022. The expected benefit period of the asset was initially estimated to be four years, and the remaining useful life of the asset is reevaluated each reporting period. During fiscal year 2022, the remaining expected benefit period was extended by two years upon the execution of an amendment to the commercial agreement with Shopify which extended the term of the agreement. During the three months ended September 30, 2022 and 2021, we recorded amortization expense related to the commercial agreement asset of $9.0 million and $17.0 million, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with an enterprise partner, in which we granted stock appreciation rights in exchange for the benefit of acquiring access to the partner's consumers. This asset represents the probable future economic benefit to be realized over the three-year expected benefit period and is valued based on the fair value of the stock appreciation rights on the grant date. We initially recognized an asset of $25.9 million associated with the fair value of the stock appreciation rights. During the three months ended September 30, 2022 and 2021 , we recorded amortization expense related to the asset of $2.1 million and $1.9 million, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Other Assets Other assets consisted of the following (in thousands): September 30, 2022 June 30, 2022 Derivative instruments $ 70,769 $ 49,983 Operating lease right-of-use assets 47,783 50,671 Equity securities, at cost 43,172 43,172 Prepaid expenses 31,750 37,497 Processing reserves 31,632 26,483 Prepaid payroll taxes for stock-based compensation 15,083 35,172 Other receivables 17,552 17,221 Other assets 26,873 21,368 Total other assets $ 284,614 $ 281,567 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2022 June 30, 2022 Collateral held for derivative instruments $ 68,960 $ 55,779 Accrued expenses 62,569 67,343 Operating lease liability 62,260 65,713 Contingent consideration liability 24,269 23,348 Other liabilities 31,754 25,415 Total accrued expenses and other liabilities $ 249,812 $ 237,598

Leases

Leases	3 Months Ended
Leases	Sep. 30, 2022
Leases [Abstract]
Leases	Leases We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from 180 days to one year. As of September 30, 2022, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years. Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The cash collateral and deposits for the letters of credit have been recognized as restricted cash in the interim condensed consolidated balance sheets and totaled $9.7 million as of both September 30, 2022 and June 30, 2022. There was no impairment expense incurred related to leases during the three months ended September 30, 2022 and 2021. The components of operating lease expenses are as follows (in thousands): Three Months Ended September 30, 2022 2021 Operating lease expense $3,800 $3,800 We have subleased a portion of our leased facilities. Sublease income totaled $0.9 million and $0.6 million during the three months ended September 30, 2022 and 2021, respectively. Lease term and discount rate information are summarized as follows: September 30, 2022 Weighted average remaining lease term (in years) 4.7 Weighted average discount rate 4.7% Maturities of lease liabilities as of September 30, 2022 are as follows (in thousands) for the years ended: 2023 (remaining nine months) $ 12,243 2024 16,304 2025 16,119 2026 15,270 2027 and thereafter 10,368 Total lease payments 70,304 Less imputed interest (8,044) Present value of lease liabilities $ 62,260

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Repurchase Obligation Under the normal terms of our whole loans sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representation and warranties is identified. Generally, a breach in representation and warranties would occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. This amount was not material as of September 30, 2022. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Toole v. Affirm Holdings, Inc. On February 28, 2022, plaintiff Jeffrey Toole filed a putative class action against Affirm and Max Levchin in the U.S. District Court for the Northern District of California (the “Toole action”). The Toole action alleged that Affirm violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing and then subsequently deleting a tweet from its official Twitter account on February 10, 2022, which omitted full details of Affirm’s second quarter fiscal 2022 financial results. Plaintiff sought class certification, unspecified compensatory and punitive damages, and costs and expenses. On September 28, 2022, the Court granted Affirm’s motion to dismiss for failure to state a claim with leave to amend within 21 days. No amended complaint was filed by the deadline. On October 20, 2022, the Court dismissed the putative class action and entered judgment in Affirm's favor. Vallieres v Levchin, et al. On April 25, 2022, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the "Vallieres action") against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Toole action. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the federal securities laws, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On June 10, 2022, the Court stayed this derivative action pending final disposition of the Toole action and any appeals relating thereto. Williams v. Levchin, et al. On September 16, 2022, plaintiff Ron Williams filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the "Williams action") against Affirm, as a nominal defendant, and certain of Affirm’s current and former officers and directors as defendants based on allegations substantially similar to those in the Vallieres action. The Williams complaint purports to assert six causes of action on Affirm's behalf—violation of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The plaintiff in the Williams action also alleges a cause of action against defendant Levchin for contribution under 10(b) and 21D of the Exchange Act. The Williams complaint seeks corporate reforms, unspecified damages and restitution, and fees and costs. On October 18, 2022, the Court ordered that the Vallieres and Williams actions be deemed related and stayed the Williams action pending the final disposition of the Toole action and any appeals related thereto. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to the our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of September 30, 2022 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
Transactions with Related Parties	Sep. 30, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related PartiesIn the ordinary course of business, we may enter into transactions with directors, principal officers, their immediate families and affiliated companies in which they are principal stockholders (commonly referred to as related parties). Some of our directors, principal officers, and their immediate families have received loans facilitated by us, in accordance with our regular consumer loan offerings. As of September 30, 2022, the outstanding balance and interest earned on such accounts is immaterial.

Debt

Debt	3 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt encompasses funding debt, convertible senior notes and our revolving credit facility. Funding Debt Funding debt and its aggregate future maturities consists of the following (in thousands): September 30, 2022 June 30, 2022 2023 $ 170,991 $ 158,547 2024 342,631 421,484 2025 46,579 — 2026 164,145 — 2027 29,853 34,428 2028 and thereafter 50,544 68,936 Total $ 804,743 $ 683,395 Deferred debt issuance costs (12,106) (10,818) Total funding debt, net of deferred debt issuance costs $ 792,637 $ 672,577 Warehouse Credit Facilities Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 82% to 88% of the total collateralized balance. These trusts are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between fiscal years 2023 and 2029, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of September 30, 2022, the aggregate commitment amount of these facilities was $3,415.9 million on a revolving basis, of which $770.7 million was drawn, with $2,645.2 million remaining available. Some of the loans originated by us or purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $897.9 million and $759.7 million as of September 30, 2022 and June 30, 2022, respectively. We accrue monthly interest expense on each warehouse based on the contractual terms set forth in the applicable credit agreement. Interest expense also includes capitalized transaction fees which are amortized on a straight-line basis over the term of the warehouse agreement. The contractual interest rate varies across each warehouse facility and is either based on a benchmark interest rate (such as LIBOR, SOFR, Canadian Prime Rate, CDOR, or the Government of Canada Central Bank Rate), or an alternative commercial paper rate (which is the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans), plus a spread ranging from 1.25% to 4.25%. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.00% to 0.75% per annum on the undrawn portion available. These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of September 30, 2022, we were in compliance with all applicable covenants in the agreements. Repurchase Agreements We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into a repurchase date extension for an additional three month term at market interest rates on such extension date. As of September 30, 2022, the interest rates were 4.06% on the senior pledged securities and 5.71% on the residual certificate pledged securities. We had $34.0 million and $27.0 million in debt outstanding under our repurchase agreements disclosed within funding debt on the interim condensed consolidated balance sheets as of September 30, 2022 and June 30, 2022, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $41.5 million and $32.4 million in pledged securities disclosed within securities available for sale at fair value on the interim condensed consolidated balance sheets as of September 30, 2022 and June 30, 2022, respectively. Convertible Senior Notes On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026. Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances: 1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; 2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; 3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period. No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any. If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events. The convertible senior notes outstanding as of September 30, 2022 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible Senior Notes $ 1,725,000 $ (17,276) $ 1,707,724 The 2026 Notes do not bear interest. In the three months ended September 30, 2022, we recognized $1.1 million of interest expense related to the amortization of debt discount and issuance costs in the interim condensed consolidated statement of operations and comprehensive loss within other (expense) income, net Revolving Credit Facility On February 4, 2022, we entered into a revolving credit agreement with a syndicate of commercial banks for a $165.0 million unsecured revolving credit facility. On May 16, 2022, we increased unsecured revolving commitments under the facility to $205.0 million. This facility bears interest at a rate equal to, at our option, either (a) a Secured Overnight Financing Rate (“SOFR”) rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.85% per annum or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.0% per annum, in each case, plus an applicable margin of 0.85% per annum. The revolving credit agreement has a final maturity date of February 4, 2025. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. There are no borrowings outstanding under the facility as of September 30, 2022.

Securitization and Variable Int

Securitization and Variable Interest Entities	3 Months Ended
Securitization and Variable Interest Entities	Sep. 30, 2022
Debt Disclosure [Abstract]
Securitization and Variable Interest Entities	Securitization and Variable Interest Entities Consolidated VIEs Warehouse Credit Facilities We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 10. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary. Securitizations In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the interim condensed consolidated balance sheets. For each securitization, the residual certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. For the majority of consolidated securitization VIEs, we retain 100% of the residual trust certificates issued by the securitization trust. Any portion of the residual trust certificates sold to third-party investors are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. The following tables present the aggregate carrying value of financial assets and liabilities within consolidated VIEs (in thousands): September 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 677,525 $ 642,229 $ 35,296 Securitizations 1,765,300 1,722,579 42,721 Total consolidated VIEs $ 2,442,825 $ 2,364,808 $ 78,017 June 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 563,207 $ 534,422 $ 28,785 Securitizations 1,679,062 1,632,107 46,955 Total consolidated VIEs $ 2,242,269 $ 2,166,529 $ 75,740 Unconsolidated VIEs Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of September 30, 2022. The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): September 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 820,361 $ 797,639 $ 22,722 $ 41,344 Total unconsolidated VIEs $ 820,361 $ 797,639 $ 22,722 $ 41,344 June 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 996,242 $ 965,909 $ 30,333 $ 51,248 Total unconsolidated VIEs $ 996,242 $ 965,909 $ 30,333 $ 51,248 Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $41.5 million in retained notes and residual certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheet s and $0.2 million re lated to our servicing liabilities disclosed within other assets in our interim condensed consolidated balance sheets as of September 30, 2022. Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. This amount was not material as of September 30, 2022. Retained Beneficial Interests in Unconsolidated VIEs The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our interim condensed consolidated balance sheets. See Note 12 . Investments and Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of September 30, 2022 , we have pledged each of our ret ained beneficial interests as collateral in a sale and repurchase agreement as described in Note 10. Debt .

Investments

Investments	3 Months Ended
Investments	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Investments	Investments Marketable Securities Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): September 30, 2022 June 30, 2022 Cash and cash equivalents: Money market funds $ 306,461 $ 162,483 Certificates of deposit 17,495 16,026 Commercial paper 111,048 229,272 Government bonds US 287,379 58,541 Securities available for sale: Certificates of deposit 291,679 300,390 Corporate bonds 326,860 368,671 Commercial paper 307,560 478,294 Government bonds Non-US 11,932 17,955 US 257,757 378,386 Securitization notes receivable and certificates (1) 41,503 51,678 Total marketable securities: $ 1,959,674 $ 2,061,696 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 310,352 $ 64 $ (1,242) $ — $ 309,174 Corporate bonds (1) 332,992 17 (6,149) — 326,860 Commercial paper (1) 419,587 26 (1,005) — 418,608 Government bonds Non-US 12,226 — (294) — 11,932 US (1) 548,975 41 (3,880) — 545,136 Securitization notes receivable and certificates (2) 42,860 — (1,128) (229) 41,503 Total securities available for sale $ 1,666,992 $ 148 $ (13,698) $ (229) $ 1,653,213 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 317,331 $ 6 $ (921) $ — $ 316,416 Corporate bonds (1) 371,907 7 (3,243) — 368,671 Commercial paper (1) 708,694 16 (1,145) — 707,565 Government bonds Non-US 18,196 — (241) — 17,955 US (1) 438,947 — (2,020) — 436,927 Securitization notes receivable and certificates (2) 52,180 178 (659) (21) 51,678 Total securities available for sale $ 1,907,255 $ 207 $ (8,229) $ (21) $ 1,899,212 (1) Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $415.9 million and $303.8 million as of September 30, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt As of September 30, 2022 and June 30, 2022, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2022 and June 30, 2022, are as follows (in thousands): September 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 221,231 $ (1,242) $ — $ — $ 221,231 $ (1,242) Corporate bonds 291,843 (5,445) 25,960 (704) 317,803 (6,149) Commercial paper 340,812 (1,005) — — 340,812 (1,005) Government bonds Non-US 2,081 (50) 9,851 (244) 11,932 (294) US 234,060 (3,609) 23,696 (271) 257,756 (3,880) Total securities available for sale (1) $ 1,090,027 $ (11,351) $ 59,507 $ (1,219) $ 1,149,534 $ (12,570) June 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 290,169 $ (921) $ — $ — $ 290,169 $ (921) Corporate bonds 351,088 (3,243) — — 351,088 (3,243) Commercial paper 679,272 (1,145) — — 679,272 (1,145) Government bonds Non-US 17,955 (241) — — 17,955 (241) US 431,903 (2,020) — — 431,903 (2,020) Securitization notes receivable and certificates 722 (45) — — 722 (45) Total securities available for sale (1) $ 1,771,109 $ (7,615) $ — $ — $ 1,771,109 $ (7,615) (1) The number of positions with unrealized losses totaled 193 and 270 as of September 30, 2022 and June 30, 2022, respectively. The length of time to contractual maturities of securities available for sale as of September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (2) $ 310,352 $ 309,174 $ — $ — $ 310,352 $ 309,174 Corporate bonds (2) 169,925 167,849 163,067 159,011 332,992 326,860 Commercial paper (2) 419,587 418,608 — — 419,587 418,608 Government bonds Non-US 5,909 5,841 6,317 6,091 12,226 11,932 US (2) 474,196 472,365 74,779 72,771 548,975 545,136 Securitization notes receivable and certificates (1) — — 42,860 41,503 42,860 41,503 Total securities available for sale $ 1,379,969 $ 1,373,837 $ 287,023 $ 279,376 $ 1,666,992 $ 1,653,213 June 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (2) $ 317,331 $ 316,416 $ — $ — $ 317,331 $ 316,416 Corporate bonds (2) 206,208 204,614 165,699 164,057 371,907 368,671 Commercial paper (2) 708,694 707,565 — — 708,694 707,565 Government bonds Non-US 11,895 11,813 6,301 6,142 18,196 17,955 US (2) 360,757 359,242 78,190 77,685 438,947 436,927 Securitization notes receivable and certificates (1) — — 52,180 51,678 52,180 51,678 Total securities available for sale $ 1,604,885 $ 1,599,650 $ 302,370 $ 299,562 $ 1,907,255 $ 1,899,212 (1) Based on weighted average life of expected cash flows as of September 30, 2022 and June 30, 2022, respectively . (2) Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $415.9 million and $303.8 million as of September 30, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. Gross proceeds from matured or redeemed securities were $1,681.1 million and $50.7 million for the three months ended September 30, 2022 and 2021 , respectively. For available for sale securities realized gains and losses from portfolio sales were not material for the three months ended September 30, 2022 and there were no portfolio sales or associated realized gains or losses for the three months ended September 30, 2021 . Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $43.2 million as of September 30, 2022 and June 30, 2022 and are included in other assets within the interim condensed consolidated balance sheets. There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the three months ended September 30, 2022 or for the three months ended September 30, 2021 .

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
Fair Value of Financial Assets and Liabilities	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities ASC Topic 820, “Fair Value Measurement” (“ASC 820”) establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: • Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Financial Assets and Liabilities Recorded at Fair Value The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 306,461 $ — $ — $ 306,461 Certificates of deposit — 17,495 — 17,495 Commercial paper — 111,048 — 111,048 Government bonds - U.S. — 287,379 — 287,379 Securities available for sale: Certificate of deposit — 291,679 — 291,679 Corporate bonds — 326,860 — 326,860 Commercial paper — 307,560 — 307,560 Government bonds: Non-U.S. — 11,932 — 11,932 U.S. — 257,757 — 257,757 Securitization notes receivable and residual trust certificates — — 41,503 41,503 Servicing assets — — 1,142 1,142 Derivative instruments — 70,769 — 70,769 Total assets $ 306,461 $ 1,682,479 $ 42,645 $ 2,031,585 Liabilities: Servicing liabilities $ — $ — $ 3,152 $ 3,152 Performance fee liability — — 1,763 1,763 Residual trust certificates, held by third-parties — — 308 308 Contingent consideration — — 24,269 24,269 Profit share liability — — 1,876 1,876 Total liabilities $ — $ — $ 31,368 $ 31,368 June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 162,483 $ — $ — $ 162,483 Certificates of deposit — 16,026 — 16,026 Commercial paper — 229,272 — 229,272 Government bonds - U.S. — 58,541 — 58,541 Securities available for sale: Certificate of deposit — 300,390 — 300,390 Corporate bonds — 368,671 — 368,671 Commercial paper — 478,293 — 478,293 Government bonds: Non-U.S. — 17,955 — 17,955 U.S. — 378,386 — 378,386 Securitization notes receivable and residual trust certificates — — 51,678 51,678 Servicing assets — — 1,192 1,192 Derivative instruments — 49,983 — 49,983 Total assets $ 162,483 $ 1,897,517 $ 52,870 $ 2,112,870 Liabilities: Servicing liabilities $ — $ — $ 2,673 $ 2,673 Performance fee liability — — 1,710 1,710 Residual trust certificates, held by third-parties — — 377 377 Contingent consideration — — 23,348 23,348 Profit share liability — — 1,987 1,987 Total liabilities $ — $ — $ 30,095 $ 30,095 There were no transfers between levels during the periods ended September 30, 2022 and June 30, 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Securities Available for Sale As of September 30, 2022, we held marketable securities classified as available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services. Derivative Instruments Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with our funding activities, arising from changes in interest rates. We do not employ derivatives for trading or speculative purposes. As of September 30, 2022, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risk associated with variable interest rates. Neither the interest rate caps or the interest rate swaps have been designated as hedging instruments. As of September 30, 2022 and June 30, 2022, the interest rate caps and interest rate swaps are in a net asset position, and classified as Level 2 within the fair value hierarchy, based on prices quoted for similar financial instruments in markets that are not active. The fair values are presented gross within other assets and offsetting collateral received by the counterparty is presented as a liability within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of these financial instruments are reflected in other (expense) income, net Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, contingent consideration, and profit share liability do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value. This determination requires significant judgments to be made. Servicing Assets and Liabilities We sold loans with an unpaid balance of $2.0 billion and $1.1 billion for the three months ended September 30, 2022 and 2021, respectively, for which we retained servicing rights. As of September 30, 2022 and June 30, 2022, we serviced loans which we sold with a remaining unpaid principal balance of $4.5 billion for both periods. We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows: Adequate Compensation We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio. Discount Rate Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require. Net Default Rate We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses. We earned $21.4 million and $9.5 million of servicing income for the three months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and June 30, 2022, the aggregate fair value of the servicing assets was measured at $1.1 million and $1.2 million, respectively, and presented within other assets on the interim condensed consolidated balance sheets. As of September 30, 2022 and June 30, 2022, the aggregate fair value of the servicing liabilities was measured at $3.2 million and $2.7 million, respectively, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,192 $ 2,349 Initial transfers of financial assets 29 469 Subsequent changes in fair value (79) (531) Fair value at end of period $ 1,142 $ 2,287 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 2,673 $ 3,961 Initial transfers of financial assets 1,988 1,975 Subsequent changes in fair value (1,509) (2,326) Fair value at end of period $ 3,152 $ 3,610 The following tables presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.75 % 3.00 % 1.06 % Gross default rate (2) 1.33 % 54.22 % 1.57 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.75 % 3.00 % 2.22 % Gross default rate (2) 10.00 % 31.48 % 14.55 % June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.78 % 1.85 % 1.10 % Gross default rate (2) 0.59 % 50.59 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.13 % 2.34 % 2.21 % Gross default rate (2) 9.03 % 24.44 % 13.81 % (1) Annualized estimated cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2022 June 30, 2022 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ — $ 11 Gross default rate increase of 50% $ (1) $ 22 Adequate compensation assumption: Adequate compensation increase of 25% $ (2,625) $ (3,513) Adequate compensation increase of 50% $ (5,249) $ (7,026) Discount rate assumption: Discount rate increase of 25% $ (47) $ (57) Discount rate increase of 50% $ (90) $ (109) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ (30) $ (10) Gross default rate increase of 50% $ (52) $ (21) Adequate compensation assumption: Adequate compensation increase of 25% $ 7,058 $ 6,139 Adequate compensation increase of 50% $ 14,115 $ 12,278 Discount rate assumption: Discount rate increase of 25% $ (60) $ (50) Discount rate increase of 50% $ (117) $ (98) Performance Fee Liability In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,710 $ 1,290 Purchases of loans 479 330 Subsequent changes in fair value (426) (285) Fair value at end of period $ 1,763 $ 1,335 Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.79% 3.27% 1.94% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 3.10% 2.42% Residual Trust Certificates Held by Third-Parties in Consolidated VIEs Residual trust certificates held by third-party investor(s) are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 377 $ 914 Repayments (99) (255) Subsequent changes in fair value 30 86 Fair value at end of period $ 308 $ 745 Significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 15.00% 10.00% Loss rate 0.75% 1.13% 0.75% Prepayment rate 4.00% 8.00% 8.00% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% Retained Beneficial Interests in Unconsolidated VIEs As of September 30, 2022, the Company held notes receivable and residual trust certificates with an aggregate fair value of $41.5 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention the Company is required to maintain as the securitization sponsor. These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value on the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income (loss) on the interim condensed consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other (expense) income, net on the interim condensed consolidated statements of operations and comprehensive loss. The following table summarizes the activity related to the fair value of the residual trust certificates (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 51,678 $ 16,170 Cash received (due to payments or sales) (9,772) (2,304) Change in unrealized gain (loss) (648) (111) Accrued interest 453 (14) Reversal of (impairment on) securities available for sale (208) 3 Fair value at end of period $ 41,503 $ 13,744 Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of September 30, 2022 and June 30, 2022 : September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 5.31% 26.38% 6.64% Loss rate 0.83% 6.31% 2.04% Prepayment rate 5.25% 35.00% 18.53% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 3.68% 22.50% 5.37% Loss rate 0.61% 10.95% 2.65% Prepayment rate 5.25% 35.00% 18.48% The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2022 June 30, 2022 Discount rate assumption: Discount rate increase of 25% $ (527) $ (1,410) Discount rate increase of 50% $ (1,036) $ (2,295) Loss rate assumption: Loss rate increase of 25% $ (314) $ (729) Loss rate increase of 50% $ (539) $ (964) Prepayment rate assumption: Prepayment rate decrease of 25% $ (43) $ (545) Prepayment rate decrease of 50% $ (87) $ (519) Contingent Consideration Our acquisition of PayBright, Inc. (“PayBright”) on January 1, 2021 included consideration transferred and 2,587,362 shares of our common stock held in escrow, c ontingent upon the achievement of future milestones. At the acquisition date, we classified the contingent consideration as a liability and estimated its fair value using a Monte Carlo simulation utilizing assumptions of simulated revenue, equity volatility, and a discount rate. The liability is remeasured to its fair value at each reporting date, utilizing a Monte Carlo simulation for periods in which actual revenues are unknown, until the contingency is resolv ed. During the year ended June 30, 2022, one of these milestones was achieved and 1,293,681 shares of our Class A common stock were released from escrow, resulting in a reduction to the contingent liability. During the three months ended September 30, 2022, an additional milestone was achieved and the fair value was estimated based on the shares expected to be released from escrow multiplied by the estimated share price. The fair value estimate represents a Level 3 measurement, as the revenue milestone represents a significant unobservable input. The change in fair value of the contingent consideration at each reporting date is recognized as a component of other (expense) income, net in the interim condensed consolidated statements of operations and comprehensive loss for the respective period. The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 23,348 $ 153,447 Subsequent changes in fair value 2,760 141,592 Effect of foreign currency translation (1,839) (4,320) Fair value at end of period $ 24,269 $ 290,719 Profit Share Liability On January 1, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,987 $ 2,464 Facilitation of loans 1,133 1,040 Actual performance (2,876) — Subsequent changes in fair value 1,632 (2,104) Fair value at end of period $ 1,876 $ 1,400 Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2022 and June 30, 2022 : Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.28% Financial Assets and Liabilities Not Recorded at Fair Value The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 7,112 $ — $ 7,112 $ — $ 7,112 Loans held for investment, net 2,528,612 — — 2,529,253 2,529,253 Other assets 12,867 — 12,867 — 12,867 Total assets $ 2,548,591 $ — $ 19,979 $ 2,529,253 $ 2,549,232 Liabilities: Convertible senior notes, net (1) $ 1,707,724 $ — $ 1,061,540 $ — $ 1,061,540 Notes issued by securitization trusts 1,720,812 — — 1,429,045 1,429,045 Funding debt (2) 804,743 — — 804,830 804,830 Total liabilities $ 4,233,279 $ — $ 1,061,540 $ 2,233,875 $ 3,295,415 June 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 2,670 $ — $ 2,670 $ — $ 2,670 Loans held for investment, net 2,348,169 — — 2,412,871 2,412,871 Other assets 12,661 — 12,661 — 12,661 Total assets $ 2,363,500 $ — $ 15,331 $ 2,412,871 $ 2,428,202 Liabilities: Convertible senior notes, net (1) $ 1,706,668 $ — $ 984,285 $ — $ 984,285 Notes issued by securitization trusts 1,627,580 — — 1,529,401 1,529,401 Funding debt (2) 683,395 — — 683,388 683,388 Total liabilities $ 4,017,643 $ — $ 984,285 $ 2,212,789 $ 3,197,074 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company had shares of common stock reserved for issuance as follows: September 30, 2022 June 30, 2022 Available outstanding under stock option plan 56,092,119 53,158,233 Available for future grant under stock option plan 40,241,788 31,156,746 Total 96,333,907 84,314,979 The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors. Common Stock Warrants Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets. In November 2021, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested at the grant date. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. In connection with the warrants, a total of $119.1 million was recognized within sales and marketing expense during the three months ended September 30, 2022, which included $10.4 million in amortization expense of the commercial agreement asset and $108.7 million in expense based upon the grant-date fair value of the warrant shares that vested during the period.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
Equity Incentive Plans	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans 2012 Stock Plan Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of September 30, 2022, the maximum number of shares of common stock which may be issued under the Plan is 146,209,197 Class A shares. As of September 30, 2022 and June 30, 2022, there were 40,241,788 and 31,156,746 shares of Class A common stock, respectively, available for future grants under the Plan. Stock Options For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years. The following table summarizes our stock option activity for the three months ended September 30, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2022 19,310,706 $ 15.22 6.94 Granted 1,337,030 21.26 Exercised (235,784) 4.79 Forfeited, expired or cancelled (176,912) 25.63 Balance as of September 30, 2022 20,235,040 15.66 6.89 Vested and exercisable, September 30, 2022 12,696,602 $ 8.38 5.87 $ 152,400 Vested and exercisable, and expected to vest thereafter (1) September 30, 2022 19,870,531 $ 15.11 6.86 $ 170,610 (1) Options expected to vest reflect the application of an estimated forfeiture rate. The weighted-average grant date fair value of options granted during the three months ended September 30, 2022 was $11.59. As of September 30, 2022, unrecognized compensation expense related to unvested stock options was approximately $70.0 million, which is expected to be recognized over a remaining weighted-average period of 2.2 years. When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of September 30, 2022 and June 30, 2022, the balance of equity exercise taxes payable was $12.7 million and $10.9 million, respectively, which is included in accounts payable on the interim condensed consolidated balance sheets. Stock Options with Early Exercise Rights In accordance with the Plan, for certain stock options issued prior to the IPO, we allow for early exercise of the options while retaining the right to repurchase any unvested options upon termination of employment at the original exercise price. The proceeds received from early exercise of stock options have been recorded within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. As of September 30, 2022 and June 30, 2022, the early exercise liability totaled $0.1 million and $0.3 million, respectively. Value Creation Award In November 2020, in connection with an overall review of the compensation of Max Levchin, our Chief Executive Officer, in advance of the IPO, and taking into account Mr. Levchin’s leadership since the inception of the Company, the comparatively modest level of cash compensation he had received from the Company during his many years of service, and that he did not hold any unvested equity awards, the Company's Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company's Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the three months ended September 30, 2022 and 2021, we incurred stock-based compensation expense of $27.5 million and $42.3 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss. As of September 30, 2022, unrecognized compensation expense related to the Value Creation Award was approximately $180.0 million, which is expected to be recognized over a remaining weighted-average period of 3.3 years. Restricted Stock Units RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one The following table summarizes our RSU activity during the three months ended September 30, 2022: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of June 30, 2022 21,387,592 $ 38.41 Granted 6,494,711 33.70 Vested (3,430,973) 35.72 Forfeited, expired or cancelled (1,110,205) 41.35 Non-vested as of September 30, 2022 23,341,125 $ 37.36 As of September 30, 2022, unrecognized compensation expense related to unvested RSUs was approximately $763.4 million, which is expected to be recognized over a remaining weighted-average period of 2.1 years. 2020 Employee Stock Purchase Plan On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 11.8 million shares of Class A common stock are reserved and available for issuance under the ESPP and 149,137 shares have been issued as of September 30, 2022. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. The first offering period began on December 1, 2021, and the second offering period began on June 1, 2022. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2022 2021 General and administrative $ 67,340 $ 67,742 Technology and data analytics 43,428 20,067 Sales and marketing 8,128 5,024 Processing and servicing 912 356 Total stock-based compensation in operating expenses 119,808 93,189 Capitalized into property, equipment and software, net 21,204 11,690 Total stock-based compensation expense $ 141,012 $ 104,879 In connection with the acquisition of Returnly on May 1, 2021, we issued 304,364 shares of our Class A common stock, which are held in escrow. Because the future payment of the escrowed shares is contingent on continued employment of certain employees, the arrangement represents stock-based compensation in the post combination period. The grant-date fair value was estimated based on the value of the shares at the date of closing. The escrowed shares have a requisite service period of two years and contain a performance-based vesting condition (i.e., the achievement of certain revenue targets). We record stock-based compensation expense on a straight-line basis for each tranche over the requisite service period, as long as the performance-based conditions are considered probable of being satisfied. During the three months ended September 30, 2022, the arrangement was modified, resulting in the release of 45,459 shares from escrow and the remittance of 243,384 shares back to the Company. The modification resulted in the recognition of $2.0 million of incremental compensation cost within general and administrative expenses in our interim condensed statement of operations. As of September 30, 2022, 15,521 shares remain in escrow.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. The Company’s quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three months ended September 30, 2022, we recorded income tax expense (benefit) of $(0.2) million which was primarily attributable to the effects of foreign income taxes on our Canadian subsidiary and partially offset by various U.S state and other foreign income taxes, as well as the tax amortization of certain intangibles. For the three months ended September 30, 2021, we recorded income tax expense (benefit) of $0.2 million, which was primarily attributable to various U.S. state and foreign income taxes and the tax amortization of certain intangibles. As of September 30, 2022, we continue to recognize a full valuation allowance against our U.S. federal and state net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company for the prior three fiscal years. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth. As a result of the integration and consolidation of our PayBright business into and with Affirm’s Canadian business and the expansion of our overall business in Canada, as well as other objectively verifiable positive evidence, all of which we have concluded is sufficient to outweigh the existing negative evidence – including the presence of a three-year cumulative loss attributable to the related foreign jurisdiction, we have determined that it is more likely than not that our Canadian deferred tax assets will be realized and a valuation allowance is not required. On August 16, 2022, the Inflation Reduction Act was enacted into U.S. federal law. The Company does not currently expect that the Inflation Reduction Act will have a material impact on its income taxes.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
Net Loss per Share Attributable to Common Stockholders	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2022 2021 Class A Class B Class A Class B Numerator: Net loss $ (199,355) $ (51,914) $ (212,082) $ (94,533) Net loss attributable to common stockholders - basic and diluted $ (199,355) $ (51,914) $ (212,082) $ (94,533) Denominator: Weighted average shares of common stock - basic 230,821,045 60,108,225 187,916,455 83,761,061 Weighted average shares of common stock - diluted 230,821,045 60,108,225 187,916,455 83,761,061 Net loss per share: Basic $ (0.86) $ (0.86) $ (1.13) $ (1.13) Diluted $ (0.86) $ (0.86) $ (1.13) $ (1.13) The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of September 30, 2022 2021 Restricted stock units 23,341,125 14,003,905 Stock options, including early exercise of options 20,235,040 36,354,746 Common stock warrants 5,870,677 — Employee stock purchase plan shares 524,596 — Total 49,971,438 50,358,651

Segments and Geographical Infor

Segments and Geographical Information	3 Months Ended
Segments and Geographical Information	Sep. 30, 2022
Segment Reporting [Abstract]
Segments and Geographical Information	Segments and Geographical Information We conduct our operations through a single operating segment and, therefore, one reportable segment. Revenue Revenue by geography is based on the billing addresses of the borrower or the location of the merchant’s national headquarters. The following table sets forth revenue by geographic area (in thousands): Three Months Ended September 30, 2022 2021 United States $ 352,585 $ 261,603 Canada 9,014 7,782 Other 25 — Total $ 361,624 $ 269,385 Long-Lived Assets The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): September 30, 2022 June 30, 2022 United States $ 252,238 $ 217,532 Canada 3,650 4,390 Other $ 355 $ 231 Total $ 256,243 $ 222,153

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2022. The balance sheet as of June 30, 2022 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on directly originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on market-based inputs, historical experience, current events, and other factors we believe to be reasonable under the circumstances. These estimates are subjective in nature and to the extent that there are differences between these estimates and actual results, our financial condition or operating results in future periods may be affected.These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)” . The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We early adopted the new standard effective July 1, 2022 on a prospective basis. The adoption of the guidance did not have a material impact on our interim condensed financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Sep. 30, 2022
Banking and Thrift, Interest [Abstract]
Disaggregation of Revenue	The following table presents the company’s revenue disaggregated by revenue source (in thousands): Three Months Ended September 30, 2022 2021 Merchant network revenue $ 113,149 $ 92,244 Virtual card network revenue 26,708 19,395 Interest income 136,802 117,302 Gain on sales of loans 63,595 30,979 Servicing income 21,370 9,465 Total Revenue, net $ 361,624 $ 269,385
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended September 30, 2022 2021 Interest income on unpaid principal balance $ 106,138 $ 82,941 Amortization of discount on loans 38,969 38,445 Amortization of premiums on loans (4,374) (2,737) Interest receivable charged-off, net of recoveries (3,931) (1,347) Total interest income $ 136,802 $ 117,302

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	3 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Loans Held for Investment and Allowance for Credit Loss	Loans held for investment consisted of the following (in thousands): September 30, 2022 June 30, 2022 Unpaid principal balance $ 2,706,883 $ 2,516,733 Accrued interest receivable 23,365 20,697 Premiums on loans held for investment 8,866 8,911 Less: Discount due to loss on loan purchase commitment (26,682) (20,692) Less: Discount due to loss on directly originated loans (29,641) (20,443) Less: Fair value adjustment on loans acquired through business combination (1,154) (1,645) Total loans held for investment $ 2,681,637 $ 2,503,561
Schedule of Credit Quality by ITACs Score	The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale (in thousands) as of September 30, 2022: Amortized Costs Basis by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total 96+ $ 900,877 $ 531,930 $ 81,877 $ 24,676 $ 12 $ 2 $ 1,539,374 94-96 357,155 301,358 4,854 548 6 2 663,923 90-94 59,343 100,989 1,545 2 4 — 161,883 <90 21,476 13,270 47 2 — — 34,795 No score (1) 80,491 147,410 31,816 5,273 372 47 265,409 Total amortized cost basis $ 1,419,342 $ 1,094,957 $ 120,139 $ 30,501 $ 394 $ 51 $ 2,665,384 (1) This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia. Net Charge-offs by Fiscal Year of Origination 2023 2022 2021 2020 2019 Prior Total Current period charge-offs (251) (66,889) (3,709) (162) (16) (9) (71,036) Current period recoveries 4 3,590 1,858 650 419 279 6,800 Current period net charge-offs $ (247) $ (63,299) $ (1,851) $ 488 $ 403 $ 270 $ (64,236)
Schedule of Delinquent Financing Receivables	The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands): September 30, 2022 June 30, 2022 Non-delinquent loans $ 2,473,859 $ 2,322,919 4 – 29 calendar days past due 89,460 77,963 30 – 59 calendar days past due 42,128 34,669 60 – 89 calendar days past due 31,736 26,919 90 – 119 calendar days past due (1) 28,201 23,064 Total amortized cost basis $ 2,665,384 $ 2,485,534
Schedule of Loans Held for Investment and Allowance for Credit Loss	The following table details activity in the allowance for credit losses (in thousands): Three Months Ended 2022 2021 Balance at beginning of period $ 155,392 $ 117,760 Provision for credit losses 61,869 61,004 Charge-offs (71,036) (30,454) Recoveries of charged-off receivables 6,800 3,711 Balance at end of period $ 153,025 $ 152,021

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisition Consideration Transferred	The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands): Cash $ 30,000 Fair value of Class A common stock transferred 10,000 Total acquisition date fair value of the consideration transferred $ 40,000
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Intangible assets $ 9,488 Total net assets acquired 9,488 Goodwill 30,512 Total purchase price $ 40,000
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands): Fair Value Useful Life Developed technology $ 9,488 3.0
Schedule of Identifiable Intangible Assets Acquired	The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands): Assembled workforce $ 12,490 Option to purchase developed technology $ 12,925 Total $ 25,415

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consisted of the following (in thousands): September 30, 2022 June 30, 2022 Internally developed software $ 248,296 $ 200,621 Leasehold improvements 16,377 16,169 Computer equipment 11,711 10,751 Furniture and equipment 4,983 4,279 Total Property, equipment and software, at cost $ 281,367 $ 231,820 Less: Accumulated depreciation and amortization (72,907) (60,338) Total Property, equipment and software, net $ 208,460 $ 171,482
Schedule of Goodwill	The changes in the carrying amount of goodwill during the three months ended September 30, 2022 were as follows (in thousands): Balance as of June 30, 2022 $ 539,534 Additions — Effect of foreign currency translation (14,534) Balance as of September 30, 2022 $ 525,000
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,835 $ (12,082) $ 25,753 3.4 Developed technology (1) 39,437 (18,920) 20,517 1.6 Assembled workforce 12,490 (3,761) 8,729 1.1 Trademarks and domains, definite 1,449 (832) 617 2.2 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 93,707 $ (35,595) $ 58,112 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology (1) 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017 (1) Excludes an intangible asset in the amount of $12.9 million which represents the right to purchase developed technology in connection with the Fast asset acquisition. Amortization of this asset will begin when the purchase of the developed technology assets is complete and are placed into service. Refer to Note 5. Acquisitions for more information.
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): September 30, 2022 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,835 $ (12,082) $ 25,753 3.4 Developed technology (1) 39,437 (18,920) 20,517 1.6 Assembled workforce 12,490 (3,761) 8,729 1.1 Trademarks and domains, definite 1,449 (832) 617 2.2 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 93,707 $ (35,595) $ 58,112 June 30, 2022 Gross Accumulated Amortization Net Weighted Average Merchant relationships $ 38,371 $ (10,281) $ 28,090 3.6 Developed technology (1) 39,782 (15,882) 23,900 1.9 Assembled workforce 12,490 (1,664) 10,826 1.3 Trademarks and domains, definite 1,507 (802) 705 2.4 Trademarks and domains, indefinite 2,146 — 2,146 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 94,646 $ (28,629) $ 66,017 (1) Excludes an intangible asset in the amount of $12.9 million which represents the right to purchase developed technology in connection with the Fast asset acquisition. Amortization of this asset will begin when the purchase of the developed technology assets is complete and are placed into service. Refer to Note 5. Acquisitions for more information.
Schedule of Intangible Assets, Future Amortization Expense	The expected future amortization expense of these intangible assets as of September 30, 2022 is as follows (in thousands): 2023 (remaining nine months) $ 21,978 2024 21,483 2025 7,153 2026 4,987 2027 and thereafter 15 Total amortization expense $ 55,616
Schedule of Other Assets	Other assets consisted of the following (in thousands): September 30, 2022 June 30, 2022 Derivative instruments $ 70,769 $ 49,983 Operating lease right-of-use assets 47,783 50,671 Equity securities, at cost 43,172 43,172 Prepaid expenses 31,750 37,497 Processing reserves 31,632 26,483 Prepaid payroll taxes for stock-based compensation 15,083 35,172 Other receivables 17,552 17,221 Other assets 26,873 21,368 Total other assets $ 284,614 $ 281,567
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands) September 30, 2022 June 30, 2022 Collateral held for derivative instruments $ 68,960 $ 55,779 Accrued expenses 62,569 67,343 Operating lease liability 62,260 65,713 Contingent consideration liability 24,269 23,348 Other liabilities 31,754 25,415 Total accrued expenses and other liabilities $ 249,812 $ 237,598

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Term and Discount Rate	The components of operating lease expenses are as follows (in thousands): Three Months Ended September 30, 2022 2021 Operating lease expense $3,800 $3,800 Lease term and discount rate information are summarized as follows: September 30, 2022 Weighted average remaining lease term (in years) 4.7 Weighted average discount rate 4.7%
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2022 are as follows (in thousands) for the years ended: 2023 (remaining nine months) $ 12,243 2024 16,304 2025 16,119 2026 15,270 2027 and thereafter 10,368 Total lease payments 70,304 Less imputed interest (8,044) Present value of lease liabilities $ 62,260

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Funding Debt and Aggregate Future Maturities	Funding debt and its aggregate future maturities consists of the following (in thousands): September 30, 2022 June 30, 2022 2023 $ 170,991 $ 158,547 2024 342,631 421,484 2025 46,579 — 2026 164,145 — 2027 29,853 34,428 2028 and thereafter 50,544 68,936 Total $ 804,743 $ 683,395 Deferred debt issuance costs (12,106) (10,818) Total funding debt, net of deferred debt issuance costs $ 792,637 $ 672,577
Schedule of Long-term Debt Instruments	The convertible senior notes outstanding as of September 30, 2022 consisted of the following (in thousands): Principal Amount Unamortized Discount and Issuance Cost Net Carrying Amount Convertible Senior Notes $ 1,725,000 $ (17,276) $ 1,707,724

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	3 Months Ended
Securitization and Variable Interest Entities (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs	The following tables present the aggregate carrying value of financial assets and liabilities within consolidated VIEs (in thousands): September 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 677,525 $ 642,229 $ 35,296 Securitizations 1,765,300 1,722,579 42,721 Total consolidated VIEs $ 2,442,825 $ 2,364,808 $ 78,017 June 30, 2022 Assets Liabilities Net Assets Warehouse credit facilities $ 563,207 $ 534,422 $ 28,785 Securitizations 1,679,062 1,632,107 46,955 Total consolidated VIEs $ 2,242,269 $ 2,166,529 $ 75,740
Schedule of Variable Interest Entities	The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): September 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 820,361 $ 797,639 $ 22,722 $ 41,344 Total unconsolidated VIEs $ 820,361 $ 797,639 $ 22,722 $ 41,344 June 30, 2022 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 996,242 $ 965,909 $ 30,333 $ 51,248 Total unconsolidated VIEs $ 996,242 $ 965,909 $ 30,333 $ 51,248

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Marketable Securities	Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): September 30, 2022 June 30, 2022 Cash and cash equivalents: Money market funds $ 306,461 $ 162,483 Certificates of deposit 17,495 16,026 Commercial paper 111,048 229,272 Government bonds US 287,379 58,541 Securities available for sale: Certificates of deposit 291,679 300,390 Corporate bonds 326,860 368,671 Commercial paper 307,560 478,294 Government bonds Non-US 11,932 17,955 US 257,757 378,386 Securitization notes receivable and certificates (1) 41,503 51,678 Total marketable securities: $ 1,959,674 $ 2,061,696 (1) These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.
Unrealized Gain (Loss) on Investments	he amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 310,352 $ 64 $ (1,242) $ — $ 309,174 Corporate bonds (1) 332,992 17 (6,149) — 326,860 Commercial paper (1) 419,587 26 (1,005) — 418,608 Government bonds Non-US 12,226 — (294) — 11,932 US (1) 548,975 41 (3,880) — 545,136 Securitization notes receivable and certificates (2) 42,860 — (1,128) (229) 41,503 Total securities available for sale $ 1,666,992 $ 148 $ (13,698) $ (229) $ 1,653,213 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit (1) $ 317,331 $ 6 $ (921) $ — $ 316,416 Corporate bonds (1) 371,907 7 (3,243) — 368,671 Commercial paper (1) 708,694 16 (1,145) — 707,565 Government bonds Non-US 18,196 — (241) — 17,955 US (1) 438,947 — (2,020) — 436,927 Securitization notes receivable and certificates (2) 52,180 178 (659) (21) 51,678 Total securities available for sale $ 1,907,255 $ 207 $ (8,229) $ (21) $ 1,899,212 (1) Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $415.9 million and $303.8 million as of September 30, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.
Schedule of Available-for-sale Securities with Unrealized Losses	A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of September 30, 2022 and June 30, 2022, are as follows (in thousands): September 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 221,231 $ (1,242) $ — $ — $ 221,231 $ (1,242) Corporate bonds 291,843 (5,445) 25,960 (704) 317,803 (6,149) Commercial paper 340,812 (1,005) — — 340,812 (1,005) Government bonds Non-US 2,081 (50) 9,851 (244) 11,932 (294) US 234,060 (3,609) 23,696 (271) 257,756 (3,880) Total securities available for sale (1) $ 1,090,027 $ (11,351) $ 59,507 $ (1,219) $ 1,149,534 $ (12,570) June 30, 2022 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 290,169 $ (921) $ — $ — $ 290,169 $ (921) Corporate bonds 351,088 (3,243) — — 351,088 (3,243) Commercial paper 679,272 (1,145) — — 679,272 (1,145) Government bonds Non-US 17,955 (241) — — 17,955 (241) US 431,903 (2,020) — — 431,903 (2,020) Securitization notes receivable and certificates 722 (45) — — 722 (45) Total securities available for sale (1) $ 1,771,109 $ (7,615) $ — $ — $ 1,771,109 $ (7,615) (1) The number of positions with unrealized losses totaled 193 and 270 as of September 30, 2022 and June 30, 2022, respectively.
Schedule of Length of Contractual Maturities of Securities Available for Sale	The length of time to contractual maturities of securities available for sale as of September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (2) $ 310,352 $ 309,174 $ — $ — $ 310,352 $ 309,174 Corporate bonds (2) 169,925 167,849 163,067 159,011 332,992 326,860 Commercial paper (2) 419,587 418,608 — — 419,587 418,608 Government bonds Non-US 5,909 5,841 6,317 6,091 12,226 11,932 US (2) 474,196 472,365 74,779 72,771 548,975 545,136 Securitization notes receivable and certificates (1) — — 42,860 41,503 42,860 41,503 Total securities available for sale $ 1,379,969 $ 1,373,837 $ 287,023 $ 279,376 $ 1,666,992 $ 1,653,213 June 30, 2022 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit (2) $ 317,331 $ 316,416 $ — $ — $ 317,331 $ 316,416 Corporate bonds (2) 206,208 204,614 165,699 164,057 371,907 368,671 Commercial paper (2) 708,694 707,565 — — 708,694 707,565 Government bonds Non-US 11,895 11,813 6,301 6,142 18,196 17,955 US (2) 360,757 359,242 78,190 77,685 438,947 436,927 Securitization notes receivable and certificates (1) — — 52,180 51,678 52,180 51,678 Total securities available for sale $ 1,604,885 $ 1,599,650 $ 302,370 $ 299,562 $ 1,907,255 $ 1,899,212 (1) Based on weighted average life of expected cash flows as of September 30, 2022 and June 30, 2022, respectively . (2) Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $415.9 million and $303.8 million as of September 30, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
Fair Value of Financial Assets and Liabilities (Tables)	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Fair Value Measured on Recurring Basis	The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 306,461 $ — $ — $ 306,461 Certificates of deposit — 17,495 — 17,495 Commercial paper — 111,048 — 111,048 Government bonds - U.S. — 287,379 — 287,379 Securities available for sale: Certificate of deposit — 291,679 — 291,679 Corporate bonds — 326,860 — 326,860 Commercial paper — 307,560 — 307,560 Government bonds: Non-U.S. — 11,932 — 11,932 U.S. — 257,757 — 257,757 Securitization notes receivable and residual trust certificates — — 41,503 41,503 Servicing assets — — 1,142 1,142 Derivative instruments — 70,769 — 70,769 Total assets $ 306,461 $ 1,682,479 $ 42,645 $ 2,031,585 Liabilities: Servicing liabilities $ — $ — $ 3,152 $ 3,152 Performance fee liability — — 1,763 1,763 Residual trust certificates, held by third-parties — — 308 308 Contingent consideration — — 24,269 24,269 Profit share liability — — 1,876 1,876 Total liabilities $ — $ — $ 31,368 $ 31,368 June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 162,483 $ — $ — $ 162,483 Certificates of deposit — 16,026 — 16,026 Commercial paper — 229,272 — 229,272 Government bonds - U.S. — 58,541 — 58,541 Securities available for sale: Certificate of deposit — 300,390 — 300,390 Corporate bonds — 368,671 — 368,671 Commercial paper — 478,293 — 478,293 Government bonds: Non-U.S. — 17,955 — 17,955 U.S. — 378,386 — 378,386 Securitization notes receivable and residual trust certificates — — 51,678 51,678 Servicing assets — — 1,192 1,192 Derivative instruments — 49,983 — 49,983 Total assets $ 162,483 $ 1,897,517 $ 52,870 $ 2,112,870 Liabilities: Servicing liabilities $ — $ — $ 2,673 $ 2,673 Performance fee liability — — 1,710 1,710 Residual trust certificates, held by third-parties — — 377 377 Contingent consideration — — 23,348 23,348 Profit share liability — — 1,987 1,987 Total liabilities $ — $ — $ 30,095 $ 30,095
Schedule of Servicing Assets at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,192 $ 2,349 Initial transfers of financial assets 29 469 Subsequent changes in fair value (79) (531) Fair value at end of period $ 1,142 $ 2,287
Schedule of Servicing Liabilities at Fair Value	The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 2,673 $ 3,961 Initial transfers of financial assets 1,988 1,975 Subsequent changes in fair value (1,509) (2,326) Fair value at end of period $ 3,152 $ 3,610
Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement	The following tables presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.75 % 3.00 % 1.06 % Gross default rate (2) 1.33 % 54.22 % 1.57 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.75 % 3.00 % 2.22 % Gross default rate (2) 10.00 % 31.48 % 14.55 % June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Servicing assets Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 0.78 % 1.85 % 1.10 % Gross default rate (2) 0.59 % 50.59 % 1.59 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.13 % 2.34 % 2.21 % Gross default rate (2) 9.03 % 24.44 % 13.81 % (1) Annualized estimated cost of servicing a loan as a percentage of unpaid principal balance (2) Annualized estimated gross charge-offs as a percentage of unpaid principal balance The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.79% 3.27% 1.94% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Refund rate 4.50% 4.50% 4.50% Default rate 1.78% 3.10% 2.42% The following table present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of September 30, 2022 and June 30, 2022: September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 15.00% 10.00% Loss rate 0.75% 1.13% 0.75% Prepayment rate 4.00% 8.00% 8.00% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 10.00% 10.00% 10.00% Loss rate 0.75% 0.75% 0.75% Prepayment rate 8.00% 8.00% 8.00% The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of September 30, 2022 and June 30, 2022 : September 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 5.31% 26.38% 6.64% Loss rate 0.83% 6.31% 2.04% Prepayment rate 5.25% 35.00% 18.53% June 30, 2022 Unobservable Input Minimum Maximum Weighted Average Discount rate 3.68% 22.50% 5.37% Loss rate 0.61% 10.95% 2.65% Prepayment rate 5.25% 35.00% 18.48% The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2022 and June 30, 2022 : Unobservable Input Minimum Maximum Weighted Average Discount rate 30.00% 30.00% 30.00% Program profitability 1.25% 3.54% 1.28%
Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2022 June 30, 2022 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ — $ 11 Gross default rate increase of 50% $ (1) $ 22 Adequate compensation assumption: Adequate compensation increase of 25% $ (2,625) $ (3,513) Adequate compensation increase of 50% $ (5,249) $ (7,026) Discount rate assumption: Discount rate increase of 25% $ (47) $ (57) Discount rate increase of 50% $ (90) $ (109) Servicing liabilities Gross default rate assumption: Gross default rate increase of 25% $ (30) $ (10) Gross default rate increase of 50% $ (52) $ (21) Adequate compensation assumption: Adequate compensation increase of 25% $ 7,058 $ 6,139 Adequate compensation increase of 50% $ 14,115 $ 12,278 Discount rate assumption: Discount rate increase of 25% $ (60) $ (50) Discount rate increase of 50% $ (117) $ (98)
Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value	The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,710 $ 1,290 Purchases of loans 479 330 Subsequent changes in fair value (426) (285) Fair value at end of period $ 1,763 $ 1,335 The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 377 $ 914 Repayments (99) (255) Subsequent changes in fair value 30 86 Fair value at end of period $ 308 $ 745 The following table summarizes the activity related to the fair value of the residual trust certificates (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 51,678 $ 16,170 Cash received (due to payments or sales) (9,772) (2,304) Change in unrealized gain (loss) (648) (111) Accrued interest 453 (14) Reversal of (impairment on) securities available for sale (208) 3 Fair value at end of period $ 41,503 $ 13,744 The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 23,348 $ 153,447 Subsequent changes in fair value 2,760 141,592 Effect of foreign currency translation (1,839) (4,320) Fair value at end of period $ 24,269 $ 290,719 The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Three Months Ended September 30, 2022 2021 Fair value at beginning of period $ 1,987 $ 2,464 Facilitation of loans 1,133 1,040 Actual performance (2,876) — Subsequent changes in fair value 1,632 (2,104) Fair value at end of period $ 1,876 $ 1,400
Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates	The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): September 30, 2022 June 30, 2022 Discount rate assumption: Discount rate increase of 25% $ (527) $ (1,410) Discount rate increase of 50% $ (1,036) $ (2,295) Loss rate assumption: Loss rate increase of 25% $ (314) $ (729) Loss rate increase of 50% $ (539) $ (964) Prepayment rate assumption: Prepayment rate decrease of 25% $ (43) $ (545) Prepayment rate decrease of 50% $ (87) $ (519)
Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value	The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 7,112 $ — $ 7,112 $ — $ 7,112 Loans held for investment, net 2,528,612 — — 2,529,253 2,529,253 Other assets 12,867 — 12,867 — 12,867 Total assets $ 2,548,591 $ — $ 19,979 $ 2,529,253 $ 2,549,232 Liabilities: Convertible senior notes, net (1) $ 1,707,724 $ — $ 1,061,540 $ — $ 1,061,540 Notes issued by securitization trusts 1,720,812 — — 1,429,045 1,429,045 Funding debt (2) 804,743 — — 804,830 804,830 Total liabilities $ 4,233,279 $ — $ 1,061,540 $ 2,233,875 $ 3,295,415 June 30, 2022 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for sale $ 2,670 $ — $ 2,670 $ — $ 2,670 Loans held for investment, net 2,348,169 — — 2,412,871 2,412,871 Other assets 12,661 — 12,661 — 12,661 Total assets $ 2,363,500 $ — $ 15,331 $ 2,412,871 $ 2,428,202 Liabilities: Convertible senior notes, net (1) $ 1,706,668 $ — $ 984,285 $ — $ 984,285 Notes issued by securitization trusts 1,627,580 — — 1,529,401 1,529,401 Funding debt (2) 683,395 — — 683,388 683,388 Total liabilities $ 4,017,643 $ — $ 984,285 $ 2,212,789 $ 3,197,074 (1) The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2022
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	The Company had shares of common stock reserved for issuance as follows: September 30, 2022 June 30, 2022 Available outstanding under stock option plan 56,092,119 53,158,233 Available for future grant under stock option plan 40,241,788 31,156,746 Total 96,333,907 84,314,979

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
Equity Incentive Plans (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the three months ended September 30, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Balance as of June 30, 2022 19,310,706 $ 15.22 6.94 Granted 1,337,030 21.26 Exercised (235,784) 4.79 Forfeited, expired or cancelled (176,912) 25.63 Balance as of September 30, 2022 20,235,040 15.66 6.89 Vested and exercisable, September 30, 2022 12,696,602 $ 8.38 5.87 $ 152,400 Vested and exercisable, and expected to vest thereafter (1) September 30, 2022 19,870,531 $ 15.11 6.86 $ 170,610 (1) Options expected to vest reflect the application of an estimated forfeiture rate.
Schedule of Restricted Stock Unit Activity	The following table summarizes our RSU activity during the three months ended September 30, 2022: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of June 30, 2022 21,387,592 $ 38.41 Granted 6,494,711 33.70 Vested (3,430,973) 35.72 Forfeited, expired or cancelled (1,110,205) 41.35 Non-vested as of September 30, 2022 23,341,125 $ 37.36
Schedule of Components and Classification of Stock-based Compensation	The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2022 2021 General and administrative $ 67,340 $ 67,742 Technology and data analytics 43,428 20,067 Sales and marketing 8,128 5,024 Processing and servicing 912 356 Total stock-based compensation in operating expenses 119,808 93,189 Capitalized into property, equipment and software, net 21,204 11,690 Total stock-based compensation expense $ 141,012 $ 104,879

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data): Three Months Ended September 30, 2022 2021 Class A Class B Class A Class B Numerator: Net loss $ (199,355) $ (51,914) $ (212,082) $ (94,533) Net loss attributable to common stockholders - basic and diluted $ (199,355) $ (51,914) $ (212,082) $ (94,533) Denominator: Weighted average shares of common stock - basic 230,821,045 60,108,225 187,916,455 83,761,061 Weighted average shares of common stock - diluted 230,821,045 60,108,225 187,916,455 83,761,061 Net loss per share: Basic $ (0.86) $ (0.86) $ (1.13) $ (1.13) Diluted $ (0.86) $ (0.86) $ (1.13) $ (1.13)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive: As of September 30, 2022 2021 Restricted stock units 23,341,125 14,003,905 Stock options, including early exercise of options 20,235,040 36,354,746 Common stock warrants 5,870,677 — Employee stock purchase plan shares 524,596 — Total 49,971,438 50,358,651

Segments and Geographical Inf_2

Segments and Geographical Information (Tables)	3 Months Ended
Segments and Geographical Information (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The following table sets forth revenue by geographic area (in thousands): Three Months Ended September 30, 2022 2021 United States $ 352,585 $ 261,603 Canada 9,014 7,782 Other 25 — Total $ 361,624 $ 269,385
Long-lived Assets by Geographic Areas	The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands): September 30, 2022 June 30, 2022 United States $ 252,238 $ 217,532 Canada 3,650 4,390 Other $ 355 $ 231 Total $ 256,243 $ 222,153

Business Description (Details)

Business Description (Details)	3 Months Ended
Business Description (Details)	Sep. 30, 2022
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 139,857	$ 111,639
Interest income	136,802	117,302
Gain on sales of loans	63,595	30,979
Servicing income	21,370	9,465
Total Revenue, net	361,624	269,385
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	113,149	92,244
Virtual card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 26,708	$ 19,395

Revenue - Schedule of Interest

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 106,138	$ 82,941
Amortization of discount on loans	38,969	38,445
Amortization of premiums on loans	(4,374)	(2,737)
Interest receivable charged-off, net of recoveries	(3,931)	(1,347)
Interest income	$ 136,802	$ 117,302

Revenue - Interest Income Narra

Revenue - Interest Income Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 2.4	$ 1.7

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Receivables [Abstract]
Unpaid principal balance	$ 2,706,883	$ 2,516,733
Accrued interest receivable	23,365	20,697
Premiums on loans held for investment	8,866	8,911
Less: Discount due to loss on loan purchase commitment	(26,682)	(20,692)
Less: Discount due to loss on directly originated loans	29,641	20,443
Less: Fair value adjustment on loans acquired through business combination	(1,154)	(1,645)
Loans held for investment	$ 2,681,637	$ 2,503,561

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 3,491.9	$ 2,244.2
Threshold period for delinquent loans past due	4 days
Past due charge-off threshold	120 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Proprietary credit quality score	0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	100

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 1,419,342
2022	1,094,957
2021	120,139
2020	30,501
2019	394
Prior	51
Loans held for investment	2,665,384	$ 2,485,534
2023 Current period charge-offs	(251)
2022 Current period charge-offs	(66,889)
2021 Current period charge-offs	(3,709)
2020 Current period charge-offs	(162)
2019 Current period charge-offs	(16)
Prior current period charge-offs	(9)
Total current period charge-offs	(71,036)
2023 Current period recoveries	4
2022 Current period recoveries	3,590
2021 Current period recoveries	1,858
2020 Current period recoveries	650
2019 Current period recoveries	419
Prior current period recoveries	279
Total current period recoveries	6,800
2023 Current period net charge-offs	(247)
2022 Current period net charge-offs	(63,299)
2021 Current period net charge-offs	(1,851)
2020 Current period net charge-offs	488
2019 Current period net charge-offs	403
Prior current period net charge-offs	270
Total current period net charge-offs	(64,236)
96+
Financing Receivable, Credit Quality Indicator [Line Items]
2023	900,877
2022	531,930
2021	81,877
2020	24,676
2019	12
Prior	2
Loans held for investment	1,539,374
94-96
Financing Receivable, Credit Quality Indicator [Line Items]
2023	357,155
2022	301,358
2021	4,854
2020	548
2019	6
Prior	2
Loans held for investment	663,923
90-94
Financing Receivable, Credit Quality Indicator [Line Items]
2023	59,343
2022	100,989
2021	1,545
2020	2
2019	4
Prior	0
Loans held for investment	161,883
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2023	21,476
2022	13,270
2021	47
2020	2
2019	0
Prior	0
Loans held for investment	34,795
No score
Financing Receivable, Credit Quality Indicator [Line Items]
2023	80,491
2022	147,410
2021	31,816
2020	5,273
2019	372
Prior	47
Loans held for investment	$ 265,409

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 2,681,637	$ 2,503,561
Loans held for investment	2,665,384	2,485,534
Loan receivable on nonaccrual status	29,000	22,700
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	2,473,859	2,322,919
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	89,460	77,963
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	42,128	34,669
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	31,736	26,919
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 28,201	$ 23,064

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 155,392	$ 117,760
Provision for credit losses	61,869	61,004
Charge-offs	(71,036)	(30,454)
Recoveries of charged-off receivables	6,800	3,711
Balance at end of period	$ 153,025	$ 152,021

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 19, 2022	Jul. 01, 2021	Sep. 30, 2021
Fast AF, Inc
Business Acquisition [Line Items]
Cash paid for acquisition	$ 10,000
Cost of identifiable intangible assets	25,415
Transaction costs	400
Fast AF, Inc \| Assembled workforce
Business Acquisition [Line Items]
Cost of identifiable intangible assets	$ 12,490
Useful Life (in years)	1 year 6 months
Fast AF, Inc \| Senior Secured Note Issued To Fast AF, Inc \| Senior Notes
Business Acquisition [Line Items]
Forgiveness of senior secured note	$ 15,000
ShopBrain
Business Acquisition [Line Items]
Cash		$ 30,000
Purchase price		$ 40,000
Transaction costs			$ 100
ShopBrain \| Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)		151,745

Acquisitions - Fair Value of Co

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

Acquisitions - Allocation of Co

Acquisitions - Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Jul. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 525,000	$ 539,534
ShopBrain
Business Acquisition [Line Items]
Intangible assets			$ 9,488
Total assets acquired			9,488
Goodwill			30,512
Total purchase price			$ 40,000

Acquisitions - Identifiable Int

Acquisitions - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Apr. 19, 2022	Jul. 01, 2021
Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	$ 25,415
Developed technology \| Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	12,925
Assembled workforce \| Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	$ 12,490
Useful Life (in years)	1 year 6 months
ShopBrain \| Developed technology
Business Acquisition [Line Items]
Fair Value		$ 9,488
Useful Life (in years)		3 years

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 19, 2022	Nov. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable			$ 10,200		$ 13,900
Depreciation			13,500	$ 5,100
Impairment expense on leasehold improvements			0	0
Goodwill impairment loss			0	0
Amortization of intangible assets			7,400	5,500
Impairment of intangible assets			0	0
Amortization of commercial agreement assets			21,557	18,971
Vesting of warrants exercised		$ 133,500
Commercial agreement term		3 years 2 months 12 days
Amortization of sales and marketing expense			$ 10,400
Extension of remaining expected benefit period					2 years
Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Cost of identifiable intangible assets	$ 25,415
Fast AF, Inc \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost of identifiable intangible assets	$ 12,925
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period			4 years
Commercial agreement asset, gross			$ 270,600
Amortization of commercial agreement assets			9,000	17,000
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Asset amortization period						3 years
Commercial agreement asset, gross						$ 25,900
Amortization of commercial agreement assets			$ 2,100	$ 1,900

Balance Sheet Components - Prop

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 281,367	$ 231,820
Less: Accumulated depreciation and amortization	(72,907)	(60,338)
Total Property, equipment and software, net	208,460	171,482
Internally developed software
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	248,296	200,621
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	16,377	16,169
Computer equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	11,711	10,751
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 4,983	$ 4,279

Balance Sheet Components - Good

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 539,534
Additions	0
Effect of foreign currency translation	(14,534)
Ending balance	$ 525,000

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (35,595)	$ (28,629)
Total amortization expense	55,616
Total intangible assets, gross	93,707	94,646
Total intangible assets	58,112	66,017
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	2,146	2,146
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,835	38,371
Accumulated Amortization	(12,082)	(10,281)
Total amortization expense	$ 25,753	$ 28,090
Weighted Average Remaining Useful Life (in years)	3 years 4 months 24 days	3 years 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,437	$ 39,782
Accumulated Amortization	(18,920)	(15,882)
Total amortization expense	$ 20,517	$ 23,900
Weighted Average Remaining Useful Life (in years)	1 year 7 months 6 days	1 year 10 months 24 days
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(3,761)	(1,664)
Total amortization expense	$ 8,729	$ 10,826
Weighted Average Remaining Useful Life (in years)	1 year 1 month 6 days	1 year 3 months 18 days
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,449	$ 1,507
Accumulated Amortization	(832)	(802)
Total amortization expense	$ 617	$ 705
Weighted Average Remaining Useful Life (in years)	2 years 2 months 12 days	2 years 4 months 24 days

Balance Sheet Components - Expe

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Balance Sheet Related Disclosures [Abstract]
2023 (remaining nine months)	$ 21,978
2024	21,483
2025	7,153
2026	4,987
2027 and thereafter	15
Total amortization expense	$ 55,616

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Derivative instruments	$ 70,769	$ 49,983
Operating lease right-of-use assets	47,783	50,671
Equity securities, at cost	43,172	43,172
Prepaid expenses	31,750	37,497
Processing reserves	31,632	26,483
Prepaid payroll taxes for stock-based compensation	15,083	35,172
Other receivables	17,552	17,221
Other assets	26,873	21,368
Total other assets	$ 284,614	$ 281,567

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Offsetting [Abstract]
Collateral held for derivative instruments	$ 68,960	$ 55,779
Accrued expenses	62,569	67,343
Operating lease liability	62,260	65,713
Contingent consideration liability	24,269	23,348
Other liabilities	31,754	25,415
Total accrued expenses and other liabilities	$ 249,812	$ 237,598

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Restricted cash	$ 383,406	$ 236,282	$ 295,636
Impairment expense	0	0
Sublease Income	$ 900	$ 600
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	180 days
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	8 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,700		$ 9,700

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease expense	$ 3,800	$ 3,800

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 8 months 12 days
Weighted average discount rate	4.70%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Leases [Abstract]
2023 (remaining nine months)	$ 12,243
2024	16,304
2025	16,119
2026	15,270
2027 and thereafter	10,368
Total lease payments	70,304
Less imputed interest	(8,044)
Present value of lease liabilities	$ 62,260	$ 65,713

Debt - Aggregate Future Maturit

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Line of Credit Facility [Line Items]
Funding debt, remainder of fiscal year	$ 170,991
Funding debt, year one	342,631	$ 158,547
Funding debt, year two	46,579	421,484
Funding debt, year three	164,145	0
Funding debt, year four	29,853	0
Funding debt, year five		34,428
Funding debt, after year four	50,544
Funding debt, after year five		68,936
Total	804,743	683,395
Deferred debt issuance costs	(12,106)	(10,818)
Total funding debt, net of deferred debt issuance costs	$ 792,637	$ 672,577

Debt - Additional Information (

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 04, 2022 USD ($)	Nov. 23, 2021 USD ($) segment d $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	May 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Loans held for investment			$ 2,681,637		$ 2,503,561
Remaining life			50 months
Amortization of debt issuance costs			$ 1,076	$ 5,231
Borrowings outstanding			$ 792,637		672,577
2022-X1 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			4.06%
2022-X1 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			5.71%
Convertible Senior Notes
Line of Credit Facility [Line Items]
Conversion ratio		0.0046371
Interest expense			$ 1,100
Convertible Senior Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| d		20
Threshold consecutive trading days \| segment		30
Threshold percentage of stock price trigger		130%
Convertible Senior Notes \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| d		5
Minimum percentage of common stock price trigger		98%
Funding debt \| Warehouse Credit Facilities \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			897,900		759,700
Repurchase Agreement
Line of Credit Facility [Line Items]
Liability component of debt outstanding			34,000		27,000
Repurchase Agreement \| 2021-Z1 and 2021-Z2 \| Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			41,500		32,400
Convertible Debt \| Convertible Senior Notes
Line of Credit Facility [Line Items]
Liability component of debt outstanding			1,707,724
Securitization issued		$ 1,725,000	1,725,000
Proceeds from debt		$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares		$ 215.65
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	$ 165,000					$ 205,000
Unused commitment fee percentage	0.20%
Borrowings outstanding			0
Revolving facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities \| One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1%
Revolving facilities \| Base Rate
Line of Credit Facility [Line Items]
Basis spread	0.85%
Revolving facilities \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread	1.85%
Revolving facilities \| Funding debt
Line of Credit Facility [Line Items]
Funding debt			804,743		683,395
Liability component of debt outstanding			$ 792,637		$ 672,577
Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur			12 months
Aggregate commitment amount of credit facility			$ 3,415,900
Funding debt			770,700
Remaining amount available of credit facility			$ 2,645,200
Minimum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0%
Minimum \| Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			82%
Basis spread			1.25%
Maximum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0.75%
Maximum \| Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			88%
Basis spread			4.25%

Debt - Convertible Notes Outsta

Debt - Convertible Notes Outstanding (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2022	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal Amount	$ 1,725,000	$ 1,725,000
Unamortized Discount and Issuance Cost	(17,276)
Total funding debt, net of deferred debt issuance costs	$ 1,707,724

Securitization and Variable I_3

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Fair value	$ 1,653,213	$ 1,899,212
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100%
2021-Z1 and 2021-Z2 \| Repurchase Agreement \| Other Receivables
Debt Instrument [Line Items]
Pledged securities	$ 41,500	$ 32,400
2021-Z1 \| Funding debt \| Other Assets
Debt Instrument [Line Items]
Pledged securities	$ 200

Securitizations and Variable In

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 7,165,060	$ 6,973,792
Liabilities	4,601,622	4,355,537
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	2,442,825	2,242,269
Liabilities	2,364,808	2,166,529
Net Assets	78,017	75,740
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	677,525	563,207
Liabilities	642,229	534,422
Net Assets	35,296	28,785
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	1,765,300	1,679,062
Liabilities	1,722,579	1,632,107
Net Assets	$ 42,721	$ 46,955

Securitizations and Variable _2

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 7,165,060	$ 6,973,792
Liabilities	4,601,622	4,355,537
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	820,361	996,242
Liabilities	797,639	965,909
Net Assets	22,722	30,333
Maximum Exposure to Losses	41,344	51,248
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	820,361	996,242
Liabilities	797,639	965,909
Net Assets	22,722	30,333
Maximum Exposure to Losses	$ 41,344	$ 51,248

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Marketable Securities [Line Items]
Marketable Securities	$ 1,959,674	$ 2,061,696
Money market funds \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	306,461	162,483
Certificates of deposit
Marketable Securities [Line Items]
Marketable Securities	291,679	300,390
Certificates of deposit \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	17,495	16,026
Commercial paper
Marketable Securities [Line Items]
Marketable Securities	307,560	478,294
Commercial paper \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	111,048	229,272
Government bonds, US
Marketable Securities [Line Items]
Marketable Securities	257,757	378,386
Government bonds, US \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	287,379	58,541
Corporate bonds
Marketable Securities [Line Items]
Marketable Securities	326,860	368,671
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable Securities	11,932	17,955
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable Securities	$ 41,503	$ 51,678

Investments - Securities Availa

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,666,992	$ 1,907,255
Gross Unrealized Gains	148	207
Gross Unrealized Losses	(13,698)	(8,229)
Allowance for Credit Losses	(229)	(21)
Fair value	1,653,213	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	310,352	317,331
Gross Unrealized Gains	64	6
Gross Unrealized Losses	(1,242)	(921)
Allowance for Credit Losses	0	0
Fair value	309,174	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	332,992	371,907
Gross Unrealized Gains	17	7
Gross Unrealized Losses	(6,149)	(3,243)
Allowance for Credit Losses	0	0
Fair value	326,860	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	419,587	708,694
Gross Unrealized Gains	26	16
Gross Unrealized Losses	(1,005)	(1,145)
Allowance for Credit Losses	0	0
Fair value	418,608	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,226	18,196
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(294)	(241)
Allowance for Credit Losses	0	0
Fair value	11,932	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,975	438,947
Gross Unrealized Gains	41	0
Gross Unrealized Losses	(3,880)	(2,020)
Allowance for Credit Losses	0	0
Fair value	545,136	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	42,860	52,180
Gross Unrealized Gains	0	178
Gross Unrealized Losses	(1,128)	(659)
Allowance for Credit Losses	(229)	(21)
Fair value	41,503	51,678
Certificates Of Deposit, Corporate Bonds, Non-US Government Bonds And Commercial Paper \| Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 415,900	$ 303,800

Investments - Available for Sal

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Sep. 30, 2022 USD ($) position	Jun. 30, 2022 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 1,090,027	$ 1,771,109
Less than or equal to 1 year, unrealized losses	(11,351)	(7,615)
Greater than 1 year, fair value	59,507	0
Greater than 1 year, unrealized losses	(1,219)	0
Total, fair value	1,149,534	1,771,109
Total, unrealized losses	$ (12,570)	$ (7,615)
Number of positions with unrealized losses \| position	193,000	270,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 221,231	$ 290,169
Less than or equal to 1 year, unrealized losses	(1,242)	(921)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	221,231	290,169
Total, unrealized losses	(1,242)	(921)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	291,843	351,088
Less than or equal to 1 year, unrealized losses	(5,445)	(3,243)
Greater than 1 year, fair value	25,960	0
Greater than 1 year, unrealized losses	(704)	0
Total, fair value	317,803	351,088
Total, unrealized losses	(6,149)	(3,243)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	340,812	679,272
Less than or equal to 1 year, unrealized losses	(1,005)	(1,145)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	340,812	679,272
Total, unrealized losses	(1,005)	(1,145)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	2,081	17,955
Less than or equal to 1 year, unrealized losses	(50)	(241)
Greater than 1 year, fair value	9,851	0
Greater than 1 year, unrealized losses	(244)	0
Total, fair value	11,932	17,955
Total, unrealized losses	(294)	(241)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	234,060	431,903
Less than or equal to 1 year, unrealized losses	(3,609)	(2,020)
Greater than 1 year, fair value	23,696	0
Greater than 1 year, unrealized losses	(271)	0
Total, fair value	257,756	431,903
Total, unrealized losses	$ (3,880)	(2,020)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		722
Less than or equal to 1 year, unrealized losses		(45)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		722
Total, unrealized losses		$ (45)

Investments - Length of Contrac

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 1,379,969	$ 1,604,885
Within 1 year, fair value	1,373,837	1,599,650
Greater than 1 year, less than or equal to 5 years, amortized cost	287,023	302,370
Greater than 1 year, less than or equal to 5 years, fair value	279,376	299,562
Amortized Cost	1,666,992	1,907,255
Total, amortized cost	1,666,992	1,907,255
Total, fair value	1,653,213	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	310,352	317,331
Within 1 year, fair value	309,174	316,416
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	310,352	317,331
Total, fair value	309,174	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	169,925	206,208
Within 1 year, fair value	167,849	204,614
Greater than 1 year, less than or equal to 5 years, amortized cost	163,067	165,699
Greater than 1 year, less than or equal to 5 years, fair value	159,011	164,057
Amortized Cost	332,992	371,907
Total, fair value	326,860	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	419,587	708,694
Within 1 year, fair value	418,608	707,565
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	419,587	708,694
Total, fair value	418,608	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	5,909	11,895
Within 1 year, fair value	5,841	11,813
Greater than 1 year, less than or equal to 5 years, amortized cost	6,317	6,301
Greater than 1 year, less than or equal to 5 years, fair value	6,091	6,142
Amortized Cost	12,226	18,196
Total, fair value	11,932	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	474,196	360,757
Within 1 year, fair value	472,365	359,242
Greater than 1 year, less than or equal to 5 years, amortized cost	74,779	78,190
Greater than 1 year, less than or equal to 5 years, fair value	72,771	77,685
Amortized Cost	548,975	438,947
Total, fair value	545,136	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	42,860	52,180
Greater than 1 year, less than or equal to 5 years, fair value	41,503	51,678
Amortized Cost	42,860	52,180
Total, amortized cost	42,860	52,180
Total, fair value	41,503	51,678
Certificates Of Deposit, Corporate Bonds, US Government Bonds And Commercial Paper \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Total, fair value	$ 415,900	$ 303,800

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 1,681,100	$ 50,700
Equity securities, at cost	$ 43,172		$ 43,172

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 1,100	$ 1,200
Derivative instruments	70,769	49,983
Servicing liabilities	3,152	2,673	$ 3,610	$ 3,961
Contingent consideration	24,269	23,348
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	306,461	162,483
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	17,495	16,026
Restricted cash	291,679	300,390
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	111,048	229,272
Restricted cash	307,560	478,293
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	287,379	58,541
Restricted cash	257,757	378,386
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	326,860	368,671
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	11,932	17,955
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	41,503	51,678
Servicing assets	1,142	1,192
Derivative instruments	70,769	49,983
Total assets	2,031,585	2,112,870
Servicing liabilities	3,152	2,673
Performance fee liability	1,763	1,710
Residual trust certificates, held by third-parties	308	377
Contingent consideration	24,269	23,348
Profit share liability	1,876	1,987
Total liabilities	31,368	30,095
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	306,461	162,483
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	0	0
Total assets	306,461	162,483
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	19,979	15,331
Total liabilities	1,061,540	984,285
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	17,495	16,026
Restricted cash	291,679	300,390
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	111,048	229,272
Restricted cash	307,560	478,293
Level 2 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	287,379	58,541
Restricted cash	257,757	378,386
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	326,860	368,671
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	11,932	17,955
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	70,769	49,983
Total assets	1,682,479	1,897,517
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,529,253	2,412,871
Total liabilities	2,233,875	2,212,789
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	41,503	51,678
Servicing assets	1,142	1,192
Derivative instruments	0	0
Total assets	42,645	52,870
Servicing liabilities	3,152	2,673
Performance fee liability	1,763	1,710
Residual trust certificates, held by third-parties	308	377
Contingent consideration	24,269	23,348
Profit share liability	1,876	1,987
Total liabilities	$ 31,368	$ 30,095

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 2,000,000	$ 1,100,000
Unpaid principal balance on serviced sold loans	4,500,000		$ 4,500,000
Servicing income	21,370	9,465
Servicing assets	1,100		1,200
Servicing liabilities	$ 3,200		2,700
Economic risk retention	5%
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net
Senior Notes And Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 41,503	$ 13,744	$ 51,678	$ 16,170
PayBright \| Class B common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)			2,587,362
Common stock released form escrow (in shares)			1,293,681

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,192	$ 2,349
Initial transfers of financial assets	29	469
Subsequent changes in fair value	(79)	(531)
Fair value at end of period	$ 1,142	$ 2,287

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 2,673	$ 3,961
Initial transfers of financial assets	1,988	1,975
Subsequent changes in fair value	(1,509)	(2,326)
Fair value at end of period	$ 3,152	$ 3,610

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Sep. 30, 2022	Jun. 30, 2022
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0075	0.0078
Servicing liability, measurement input	0.0075	0.0213
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0300	0.0185
Servicing liability, measurement input	0.0300	0.0234
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0106	0.0110
Servicing liability, measurement input	0.0222	0.0221
Gross default rate (2) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0133	0.0059
Servicing liability, measurement input	0.1000	0.0903
Gross default rate (2) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.5422	0.5059
Servicing liability, measurement input	0.3148	0.2444
Gross default rate (2) \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0157	0.0159
Servicing liability, measurement input	0.1455	0.1381

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Gross default rate (2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 0	$ 11
Servicing asset, effect of 50% increase in measurement input	(1)	22
Servicing liability, effect of 25% increase in measurement input	(30)	(10)
Servicing liability, effect of 50% increase in measurement input	(52)	(21)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(2,625)	(3,513)
Servicing asset, effect of 50% increase in measurement input	(5,249)	(7,026)
Servicing liability, effect of 25% increase in measurement input	7,058	6,139
Servicing liability, effect of 50% increase in measurement input	14,115	12,278
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(47)	(57)
Servicing asset, effect of 50% increase in measurement input	(90)	(109)
Servicing liability, effect of 25% increase in measurement input	(60)	(50)
Servicing liability, effect of 50% increase in measurement input	$ (117)	$ (98)

Fair Value of Financial Asset_9

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,710	$ 1,290
Purchases of loans	479	330
Subsequent changes in fair value	(426)	(285)
Fair value at end of period	$ 1,763	$ 1,335

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Sep. 30, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Minimum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Minimum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0179	0.0178
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Maximum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0327	0.0310
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Weighted Average \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Weighted Average \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0194	0.0242

Fair Value of Financial Asse_11

Fair Value of Financial Assets and Liabilities - Fair Value of Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 377	$ 914
Repayments	(99)	(255)
Subsequent changes in fair value	30	86
Fair value at end of period	$ 308	$ 745

Fair Value of Financial Asse_12

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs	Sep. 30, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075	0.0075
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0400	0.0800
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1500	0.1000
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0113	0.0075
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800	0.0800
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075	0.0075
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800	0.0800

Fair Value of Financial Asse_13

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes And Residual Trust Certificates - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 51,678	$ 16,170
Cash received (due to payments or sales)	(9,772)	(2,304)
Change in unrealized gain (loss)	(648)	(111)
Accrued interest	453	(14)
Reversal of (impairment on) securities available for sale	(208)	3
Fair value at end of period	$ 41,503	$ 13,744

Fair Value of Financial Asse_14

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes And Residual Trust Certificates	Sep. 30, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0531	0.0368
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0083	0.0061
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0525	0.0525
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2638	0.2250
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0631	0.1095
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3500	0.3500
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0664	0.0537
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0204	0.0265
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1853	0.1848

Fair Value of Financial Asse_15

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (527)	$ (1,410)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(1,036)	(2,295)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(314)	(729)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(539)	(964)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(43)	(545)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (87)	$ (519)

Fair Value of Financial Asse_16

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 23,348	$ 153,447
Subsequent changes in fair value	2,760	141,592
Effect of foreign currency translation	(1,839)	(4,320)
Fair value at end of period	$ 24,269	$ 290,719

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,987	$ 2,464
Facilitation of loans	1,133	1,040
Actual performance	(2,876)	0
Subsequent changes in fair value	1,632	(2,104)
Fair value at end of period	$ 1,876	$ 1,400

Fair Value of Financial Asse_18

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

Fair Value of Financial Asse_19

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Revolving facilities \| Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 12,106	$ 10,818
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	0	0
Other assets	0	0
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	7,112	2,670
Loans held for investment, net	0	0
Other assets	12,867	12,661
Total assets	19,979	15,331
Convertible senior notes, net	1,061,540	984,285
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,061,540	984,285
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	2,529,253	2,412,871
Other assets	0	0
Total assets	2,529,253	2,412,871
Convertible senior notes, net	0	0
Notes issued by securitization trusts	1,429,045	1,529,401
Funding debt	804,830	683,388
Total liabilities	2,233,875	2,212,789
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	7,112	2,670
Loans held for investment, net	2,528,612	2,348,169
Other assets	12,867	12,661
Total assets	2,548,591	2,363,500
Convertible senior notes, net	1,707,724	1,706,668
Notes issued by securitization trusts	1,720,812	1,627,580
Funding debt	804,743	683,395
Total liabilities	4,233,279	4,017,643
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	7,112	2,670
Loans held for investment, net	2,529,253	2,412,871
Other assets	12,867	12,661
Total assets	2,549,232	2,428,202
Convertible senior notes, net	1,061,540	984,285
Notes issued by securitization trusts	1,429,045	1,529,401
Funding debt	804,830	683,388
Total liabilities	$ 3,295,415	$ 3,197,074

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	96,333,907	84,314,979
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	56,092,119	53,158,233
Available for future grant under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	40,241,788	31,156,746

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) vote
Class of Stock [Line Items]
Warrants granted for purchase (in shares) \| shares	22,000,000
Dividend yield	0%
Volatility	45%
Vesting of warrants exercised	$ 133.5
Sale of warrants recognized		$ 119.1
Amortization expense of warrants sold		10.4
Expenses on sale of warrants		$ 108.7
Minimum
Class of Stock [Line Items]
Warrants exercise term	3 years 6 months
Risk free rate	0.93%
Maximum
Class of Stock [Line Items]
Warrants exercise term	7 years 6 months
Risk free rate	1.47%
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1
Exercise price of warrants (in USD per share) \| $ / shares	$ 100
Class A common stock \| First Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	7,000,000
Exercise price of warrants (in USD per share) \| $ / shares	$ 0.01
Warrants exercise term	7 years 6 months
Class A common stock \| Second Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	15,000,000
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote		15

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended	22 Months Ended
	May 01, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Nov. 30, 2022	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jan. 14, 2021 segment	Nov. 18, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		96,333,907			96,333,907	84,314,979
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares		$ 11.59
Early exercise rights liability \| $		$ 100			$ 100	$ 300
Right to purchase shares (in shares)		1,337,030
Stock-based compensation expense \| $		$ 119,808	$ 93,189
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		40,241,788			40,241,788	31,156,746
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)	304,364	15,521
Service period	2 years
Common stock released from escrow account (in shares)		45,459
Common stock remitted back to company (in shares)		243,384
Incremental compensation cost \| $		$ 2,000
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		56,092,119			56,092,119	53,158,233
Vesting period		4 years
Equity exercise taxes payable \| $		$ 12,700			$ 12,700	$ 10,900
Non-vested stock options, unrecognized compensation cost \| $		$ 70,000			70,000
Weighted-average compensation expense recognition period		2 years 2 months 12 days
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock options, including early exercise of options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		7 years
Expiration period		3 months
Stock options, including early exercise of options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		10 years
Expiration period		10 years
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to purchase shares (in shares)		12,500,000
Stock-based compensation expense \| $		$ 27,500	$ 42,300
Non-vested stock options, unrecognized compensation cost \| $		$ 180,000			180,000
Weighted-average compensation expense recognition period		3 years 3 months 18 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period		2 years 1 month 6 days
Number of vesting conditions \| segment							2
RSUs awarded (in shares)		6,494,711
Non-vested RSUs, unrecognized compensation cost \| $		$ 763,400			$ 763,400
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		146,209,197			146,209,197
2020 Employee Stock Purchase Plan \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent				85%
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)								11,800,000
Number of common stock issued (in shares)					149,137

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Number of Options
Beginning balance (in shares)	19,310,706
Granted (in shares)	1,337,030
Exercised (in shares)	(235,784)
Forfeited, expired or cancelled (in shares)	(176,912)
Ending balance (in shares)	20,235,040	19,310,706
Vested and exercisable (in shares)	12,696,602
Vested and exercisable, and expected to vest thereafter (in shares)	19,870,531
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 15.22
Granted (in USD per share)	21.26
Exercised (in USD per share)	4.79
Forfeited, expired or cancelled (in USD per share)	25.63
Ending balance (in USD per share)	15.66	$ 15.22
Vested and exercisable (in USD per share)	8.38
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 15.11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	6 years 10 months 20 days	6 years 11 months 8 days
Weighted Average Remaining Contractual Term, Vested and exercisable	5 years 10 months 13 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest	6 years 10 months 9 days
Aggregate Intrinsic Value, Vested and exercisable	$ 152,400
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest	$ 170,610

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	21,387,592
Granted (in shares) \| shares	6,494,711
Vested (in shares) \| shares	(3,430,973)
Forfeited, expired or cancelled (in shares) \| shares	(1,110,205)
Ending balance, Non-vested (in shares) \| shares	23,341,125
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 38.41
Granted (in USD per share) \| $ / shares	33.70
Vested (in USD per share) \| $ / shares	35.72
Forfeited, expired or cancelled (in USD per share) \| $ / shares	41.35
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 37.36

Equity Incentive Plans - Compon

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 119,808	$ 93,189
Capitalized into property, equipment and software, net	21,204	11,690
Total stock-based compensation expense	141,012	104,879
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	67,340	67,742
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	43,428	20,067
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	8,128	5,024
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 912	$ 356

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (180)	$ 171

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Additional Information (Details)	Jan. 12, 2021
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net Loss	$ (251,269)	$ (306,615)
Denominator:
Basic weighted average common shares outstanding (in shares)	290,929,270	271,677,516
Diluted weighted average common shares outstanding (in shares)	290,929,270	271,677,516
Net loss per share:
Basic (in USD per share)	$ (0.86)	$ (1.13)
Diluted (in USD per share)	$ (0.86)	$ (1.13)
Class A common stock
Numerator:
Net Loss	$ (199,355)	$ (212,082)
Net Loss Attributable to Common Stockholders	$ (199,355)	$ (212,082)
Denominator:
Basic weighted average common shares outstanding (in shares)	230,821,045	187,916,455
Diluted weighted average common shares outstanding (in shares)	230,821,045	187,916,455
Net loss per share:
Basic (in USD per share)	$ (0.86)	$ (1.13)
Diluted (in USD per share)	$ (0.86)	$ (1.13)
Class B common stock
Numerator:
Net Loss	$ (51,914)	$ (94,533)
Net Loss Attributable to Common Stockholders	$ (51,914)	$ (94,533)
Denominator:
Basic weighted average common shares outstanding (in shares)	60,108,225	83,761,061
Diluted weighted average common shares outstanding (in shares)	60,108,225	83,761,061
Net loss per share:
Basic (in USD per share)	$ (0.86)	$ (1.13)
Diluted (in USD per share)	$ (0.86)	$ (1.13)

Net Loss per Share Attributab_5

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	49,971,438	50,358,651
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	23,341,125	14,003,905
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	20,235,040	36,354,746
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	5,870,677	0
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	524,596	0

Segments and Geographical Inf_3

Segments and Geographical Information - Additional Information (Details)	3 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segments and Geographical Inf_4

Segments and Geographical Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 361,624	$ 269,385
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	352,585	261,603
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	9,014	$ 7,782
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 25

Segments and Geographical Inf_5

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 256,243	$ 222,153
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	252,238	217,532
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	3,650	4,390
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 355	$ 231