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Balance Sheet Components
 12 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net was $284.4 million and $426.2 million as of June 30, 2026 and June 30, 2025, respectively, which includes $88.0 million and $76.9 million of receivables from contracts with customers, respectively. Accounts receivable are subject to an allowance for credit losses which was $22.7 million and $18.8 million as of June 30, 2026 and June 30, 2025, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):

June 30, 2026June 30, 2025
Internally developed software$1,367,965 $987,399 
Leasehold improvements17,525 21,990 
Computer equipment9,287 9,555 
Furniture and equipment7,717 9,007 
Total property, equipment and software, at cost$1,402,494 $1,027,952 
Less: Accumulated depreciation and amortization(716,659)(455,315)
Total property, equipment and software, net$685,834 $572,637 

Depreciation and amortization expense on property, equipment and software was $302.0 million, $223.7 million and $148.2 million for the years ended June 30, 2026, 2025, and 2024, respectively.

No impairment losses related to property, equipment and software were recorded during the years ended June 30, 2026, 2025, and 2024.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the years ended June 30, 2026 and 2025 were as follows (in thousands):

Balance as of June 30, 2024$533,439 
Adjustments (1)
717 
Balance as of June 30, 2025$534,156 
Adjustments (1)
(9,704)
Balance as of June 30, 2026$524,452 
(1)Adjustments to goodwill during the years ended June 30, 2026 and 2025 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the years ended June 30, 2026 and 2025. During the year ended June 30, 2024, we recognized goodwill disposal losses of $1.0 million included in general and administrative expenses within the consolidated statements of operations and comprehensive income (loss).
Intangible assets consisted of the following (in thousands):

June 30, 2026
GrossAccumulated AmortizationNetWeighted Average Remaining Useful Life (in years)
Merchant relationships$23,500 $(9,522)$13,978 3.6
Developed technology23,021 (23,006)15 0.3
Assembled workforce12,490 (12,490)— 0.0
Trademarks, licenses and domains12,073 — 12,073 Indefinite
Other intangibles350 — 350 Indefinite
Total intangible assets$71,434 $(45,018)$26,416 

June 30, 2025
GrossAccumulated AmortizationNetWeighted Average Remaining Useful Life (in years)
Merchant relationships$37,845 $(37,845)$— 0.0
Developed technology39,443 (39,369)74 1.3
Assembled workforce12,490 (12,490)— 0.0
Trademarks and domains1,450 (1,355)95 0.6
Trademarks, licenses and domains12,416 — 12,416 Indefinite
Other intangibles350 — 350 Indefinite
Total intangible assets$103,994 $(91,059)$12,935 

Amortization expense for intangible assets was $0.2 million, $1.3 million and $20.8 million for the years ended June 30, 2026, 2025 and 2024, respectively. No impairment losses related to intangible assets were recorded during the years ended June 30, 2026, 2025, and 2024.


Commercial Agreement Assets

In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”) and recognized an asset of $133.5 million based on the grant date fair value of the warrants that were fully vested upon grant. The asset is amortized over the expected benefit period, which was extended from four to nine years in November 2025 upon the execution of a commercial agreement that superseded the prior agreement. For the years ended June 30, 2026, 2025, and 2024, we recognized amortization expense of $7.6 million, $20.7 million, and $32.9 million, respectively, in our consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of June 30, 2026, the accumulated amortization is $129.0 million and the remaining net asset value is $4.6 million, which will be recognized over the remaining useful life of 4.5 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $270.6 million based on the grant-date fair value of the vested warrants. We record amortization expense related to the commercial agreement asset in our consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense over the expected benefit period. For the years ended June 30, 2026, 2025, and 2024, we recorded amortization expense related to the commercial agreement asset of $11.2 million, $26.7 million, and $35.9 million, respectively. As of June 30, 2026, the accumulated amortization is $236.7 million and the remaining
net asset value is $33.9 million, which will be recognized over the remaining useful life of 3.0 years. As of June 30, 2026, none of the warrants are outstanding.

Shopify is deemed to be a related party because they are a principal owner of more than ten percent of the Company’s voting interest. Under the commercial agreement, certain of our platform services are made available to eligible Shopify merchants. In the ordinary course of business, we incur fees in connection with transactions processed on the Shopify platform under the agreement.

Other Assets

    Other assets consisted of the following (in thousands):
June 30, 2026June 30, 2025
Processing reserves$160,435 $90,826 
Prepaid expenses47,864 44,912 
Equity securities held at cost40,396 40,277 
Derivative instruments (1)
34,151 45,823 
Prepaid merchant incentives31,589 2,114 
Operating lease right-of-use assets22,978 19,124 
Prepaid payroll taxes for stock-based compensation6,862 25,188 
Other assets 16,328 13,166 
Total other assets (2)
$360,601 $281,431 
(1)For the year ended June 30, 2025, to conform to the current period presentation, risk sharing assets are presented within derivative instruments. There was no effect on total other assets.
(2)For the year ended June 30, 2025, on the consolidated balance sheets, we reclassified deferred tax assets out of other assets to a separate line item to conform with the current period presentation. Accordingly, deferred tax assets are no longer presented in the table above.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):

June 30, 2026June 30, 2025
Accrued expenses$118,744 $72,813 
Operating lease liability29,187 31,943 
Other liabilities51,562 52,516 
Total accrued expenses and other liabilities$199,493 $157,272