Depreciation and amortization does not include amortization of capitalized internal-use software costs paid in cash of $33.9 million, $14.5 million, and $9.4 million during each of the years ended June 30, 2026, 2025, and 2024, respectively, which are included in service costs and general and administrative in the consolidated statements of operations.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (11,241)	$ 23,799	$ (28,878)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	229,778	242,532	248,375
Amortization of intangible assets	60,659	61,925	79,956
Depreciation of property and equipment	21,997	13,010	13,838
Amortization of capitalized internal-use software costs paid in cash	33,896	14,508	9,369
Amortization of debt discount and issuance costs	6,434	4,739	6,238
Accretion of discount on investments in marketable debt securities	(23,893)	(37,000)	(55,062)
Accretion of discount on loans held for investment	(28,238)	(21,215)	(9,209)
Gain on debt extinguishment	0	(40,550)	(46,654)
Provision for expected credit losses on acquired card receivables and other financial assets	54,588	45,708	52,221
Provision for expected credit losses on loans held for investment	16,468	27,041	7,884
Non-cash operating lease expense	8,265	8,164	8,642
Other	124	395	1,395
Changes in assets and liabilities:
Accounts receivable	1,418	(4,458)	69
Prepaid expenses and other current assets	3,135	(26,986)	(6,825)
Other assets	1,167	8,417	7,528
Accounts payable	(5,871)	8,213	(1,125)
Other accruals and current liabilities	61,190	30,222	20,992
Operating lease liabilities	(9,950)	(9,412)	(9,839)
Other long-term liabilities	(1,084)	46	(14,580)
Deferred revenue	(3,010)	1,546	(5,564)
Net cash provided by operating activities	415,832	350,644	278,771
Cash flows from investing activities:
Purchases of corporate and customer fund short-term investments	(1,617,044)	(2,847,736)	(2,682,659)
Proceeds from maturities and sales of corporate and customer fund short-term investments	1,790,861	2,214,628	2,513,646
Purchase of intangible assets	0	(2,868)	0
Purchases of loans held for investment	(1,041,055)	(798,926)	(359,654)
Principal repayments of loans held for investment	1,051,637	787,513	326,172
Acquired card receivables, net	(150,032)	(129,439)	(185,486)
Purchases of property and equipment	(3,334)	(4,335)	(976)
Capitalization of internal-use software costs	(57,822)	(33,767)	(19,917)
Other	(1,809)	(2,460)	(500)
Net cash used in investing activities	(28,598)	(817,390)	(409,374)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	0	1,400,000	0
Cash paid for convertible senior notes issuance costs	0	(24,006)	0
Payments for repurchase and settlement of convertible senior notes	(33,463)	(539,403)	(933,187)
Proceeds from unwind of capped calls	0	0	11,442
Purchase of capped calls	0	(92,960)	0
Customer fund deposits liability and other	285,549	318,683	353,964
Prepaid card deposits	27,125	28,517	(17,901)
Repurchase of common stock	(560,485)	(430,002)	(211,902)
Proceeds from line of credit borrowings	150,000	0	45,000
Cash paid for line of credit issuance costs	(811)	(1,721)	0
Proceeds from exercise of stock options	2,945	3,701	8,114
Tax withholdings related to net share settlements of equity awards	(55,616)	(7,840)	(3,862)
Proceeds from issuance of common stock under the employee stock purchase plan	11,921	11,553	16,495
Contingent consideration payout	0	0	(10,762)
Net cash provided by (used in) financing activities	(172,835)	666,522	(742,599)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(50)	(290)	(240)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	214,349	199,486	(873,442)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year	3,550,884	3,351,398	4,224,840
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year	3,765,233	3,550,884	3,351,398
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents	1,031,053	1,038,346	985,941
Restricted cash included in other current assets	137,635	101,620	174,101
Restricted cash included in other assets	3,304	4,885	5,297
Restricted cash and restricted cash equivalents included in funds held for customers	2,593,241	2,406,033	2,186,059
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year	3,765,233	3,550,884	3,351,398
Supplemental disclosure of cash flow information:
Cash paid for interest during the period	18,963	13,782	12,611
Cash paid for income taxes during the period	1,108	6,321	5,628
Noncash investing and financing activities:
Payable on purchases of property and equipment and internal-use software costs	3,407	5,234	906
Payable on purchases of acquired card receivables	40,397	9,213	105,406
Payable on repurchase of common stock	9,998	5,000	0
Payable on excise tax	4,437	2,653	0
Issuance and exercise of warrants	$ 0	$ 13,125	$ 8,750

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 1,031,053	$ 1,038,346
Short-term investments	906,456	1,180,110
Accounts receivable, net	30,995	32,341
Acquired card receivables, net of allowances of $13,742 and $15,020 as of June 30, 2026 and 2025, respectively	811,807	685,108
Prepaid expenses and other current assets	302,158	258,418
Funds held for customers	4,352,633	4,044,470
Total current assets	7,435,102	7,238,793
Non-current assets:
Operating lease right-of-use assets, net	47,821	56,086
Property and equipment, net	144,945	116,611
Intangible assets, net	162,146	222,805
Goodwill	2,396,509	2,396,509
Other assets	31,616	33,178
Total assets	10,218,139	10,063,982
Current liabilities:
Accounts payable	9,637	16,293
Accrued compensation and benefits	32,930	39,581
Deferred revenue	19,377	22,435
Other accruals and current liabilities	387,259	252,455
Borrowings from credit facilities	0	180,005
Convertible senior notes, net	123,057	33,421
Customer fund deposits	4,352,633	4,044,470
Total current liabilities	4,924,893	4,588,660
Non-current liabilities:
Deferred revenue	333	285
Operating lease liabilities	48,468	58,372
Borrowings from credit facilities	330,000	0
Convertible senior notes, net	1,383,066	1,501,044
Other long-term liabilities	777	1,581
Total liabilities	6,687,537	6,149,942
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.00001 par value per share; 500,000 shares authorized; 92,063 and 103,012 shares issued and outstanding at June 30, 2026 and 2025, respectively	2	2
Additional paid-in capital	5,626,327	5,414,645
Accumulated other comprehensive income (loss)	(6,415)	10,197
Accumulated deficit	(2,089,312)	(1,510,804)
Total stockholders' equity	3,530,602	3,914,040
Total liabilities and stockholders' equity	$ 10,218,139	$ 10,063,982