Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Jan. 28, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BILL.COM HOLDINGS, INC. | |
Entity Central Index Key | 0001786352 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 82,282,165 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-39149 | |
Entity Tax Identification Number | 83-2661725 | |
Entity Address, Address Line One | 6220 America Center Drive, Suite 100 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
City Area Code | 650 | |
Local Phone Number | 621-7700 | |
Entity Address, Postal Zip Code | 95002 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.00001 par value | |
Security Exchange Name | NYSE | |
Trading Symbol | BILL | |
Former Address | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 1810 Embarcadero Road | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
City Area Code | 94303 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,568,684 | $ 573,643 |
Short-term investments | 165,588 | 123,974 |
Accounts receivable, net | 7,037 | 4,252 |
Unbilled revenue | 7,370 | 6,549 |
Prepaid expenses and other current assets | 18,748 | 26,781 |
Funds held for customers | 2,217,680 | 1,644,250 |
Total current assets | 3,985,107 | 2,379,449 |
Non-current assets: | ||
Operating lease right-of-use assets | 44,771 | |
Property and equipment, net | 30,572 | 13,866 |
Other assets | 21,967 | 10,700 |
Total assets | 4,082,417 | 2,404,015 |
Current liabilities: | ||
Accounts payable | 5,076 | 3,478 |
Accrued compensation and benefits | 14,304 | 12,387 |
Other accrued and current liabilities | 6,600 | 8,541 |
Deferred revenue | 5,379 | 5,891 |
Line of credit borrowings | 2,300 | 2,300 |
Operating lease liabilities | 4,727 | |
Customer fund deposits | 2,217,680 | 1,644,250 |
Total current liabilities | 2,256,066 | 1,676,847 |
Non-current liabilities: | ||
Deferred revenue | 3,166 | 2,622 |
Operating lease liabilities | 54,141 | |
Convertible senior notes, net | 886,052 | |
Deferred income tax liability | 1,832 | |
Other long-term liabilities | 4,412 | 13,827 |
Total liabilities | 3,205,669 | 1,693,296 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock | 2 | 2 |
Additional paid-in capital | 1,055,425 | 857,044 |
Accumulated other comprehensive income | 198 | 2,420 |
Accumulated deficit | (178,877) | (148,747) |
Total stockholders' equity | 876,748 | 710,719 |
Total liabilities and stockholders' equity | $ 4,082,417 | $ 2,404,015 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||||
Total revenue | $ 54,045 | $ 39,080 | $ 100,254 | $ 74,260 |
Cost of revenue | 13,973 | 9,787 | 26,079 | 18,934 |
Gross profit | 40,072 | 29,293 | 74,175 | 55,326 |
Operating expenses | ||||
Research and development | 20,486 | 12,992 | 38,272 | 24,507 |
Sales and marketing | 14,174 | 11,491 | 27,082 | 21,758 |
General and administrative | 19,583 | 12,748 | 36,773 | 23,283 |
Total operating expenses | 54,243 | 37,231 | 102,127 | 69,548 |
Loss from operations | (14,171) | (7,938) | (27,952) | (14,222) |
Other (expense) income, net | (3,341) | 360 | (2,511) | 999 |
Loss before (benefit from) provision for income taxes | (17,512) | (7,578) | (30,463) | (13,223) |
(Benefit from) provision for income taxes | (333) | (333) | 51 | |
Net loss | $ (17,179) | $ (7,578) | $ (30,130) | $ (13,274) |
Net loss per share attributable to common stockholders: | ||||
Basic and diluted | $ (0.21) | $ (0.34) | $ (0.37) | $ (0.87) |
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders: | ||||
Basic and diluted | 81,519 | 22,306 | 80,868 | 15,268 |
Subscription and Transaction Fees | ||||
Revenue | ||||
Total revenue | $ 52,333 | $ 32,964 | $ 96,121 | $ 61,512 |
Interest on Funds Held for Customers | ||||
Revenue | ||||
Total revenue | $ 1,712 | $ 6,116 | $ 4,133 | $ 12,748 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (17,179) | $ (7,578) | $ (30,130) | $ (13,274) |
Other comprehensive loss: | ||||
Net unrealized loss on investments in available- for-sale securities, net of tax | (920) | (108) | (2,222) | (306) |
Comprehensive loss | $ (18,099) | $ (7,686) | $ (32,352) | $ (13,580) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Redeemable Convertible Preferred Stock |
Beginning balance at Jun. 30, 2019 | $ (102,657) | $ 1 | $ 14,672 | $ 326 | $ (117,656) | |
Beginning balance, shares at Jun. 30, 2019 | 8,154 | |||||
Beginning balance at Jun. 30, 2019 | $ 276,307 | |||||
Beginning balance, shares at Jun. 30, 2019 | 52,435 | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 276,307 | $ 1 | 276,306 | |||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares | (52,435) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $ (276,307) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares | 52,435 | |||||
Reclassification of redeemable convertible preferred stock warrant liabilities to additional paid-in capital upon initial public offering | 1,405 | 1,405 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs | 225,481 | 225,481 | ||||
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs, shares | 11,297 | |||||
Exercise of stock options | 901 | 901 | ||||
Exercise of stock options, shares | 316 | |||||
Exercise of stock warrants | 144 | 144 | ||||
Exercise of stock warrants | 65 | |||||
Stock based compensation | 5,351 | 5,351 | ||||
Other comprehensive income (loss), net of tax | (306) | (306) | ||||
Net loss | (13,274) | (13,274) | ||||
Ending balance at Dec. 31, 2019 | 393,352 | $ 2 | 524,260 | 20 | (130,930) | |
Ending balance, shares at Dec. 31, 2019 | 72,267 | |||||
Beginning balance at Sep. 30, 2019 | (105,981) | $ 1 | 17,242 | 128 | (123,352) | |
Beginning balance, shares at Sep. 30, 2019 | 8,296 | |||||
Beginning balance at Sep. 30, 2019 | $ 276,307 | |||||
Beginning balance, shares at Sep. 30, 2019 | 52,435 | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 276,307 | $ 1 | 276,306 | |||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares | (52,435) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $ (276,307) | |||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares | 52,435 | |||||
Reclassification of redeemable convertible preferred stock warrant liabilities to additional paid-in capital upon initial public offering | 1,405 | 1,405 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs | 225,481 | 225,481 | ||||
Issuance of common stock upon public offering, net of underwriting discounts and commissions and other offering costs, shares | 11,297 | |||||
Exercise of stock options | 607 | 607 | ||||
Exercise of stock options, shares | 174 | |||||
Exercise of stock warrants | 144 | 144 | ||||
Exercise of stock warrants | 65 | |||||
Stock based compensation | 3,075 | 3,075 | ||||
Other comprehensive income (loss), net of tax | (108) | (108) | ||||
Net loss | (7,578) | (7,578) | ||||
Ending balance at Dec. 31, 2019 | 393,352 | $ 2 | 524,260 | 20 | (130,930) | |
Ending balance, shares at Dec. 31, 2019 | 72,267 | |||||
Beginning balance at Jun. 30, 2020 | 710,719 | $ 2 | 857,044 | 2,420 | (148,747) | |
Beginning balance, shares at Jun. 30, 2020 | 79,635 | |||||
Equity component of the 2025 Notes, net of issuance costs and tax | 245,066 | 245,066 | ||||
Purchase of capped calls | (87,860) | (87,860) | ||||
Issuance of common stock upon exercise of stock options and release of restricted stock units | 16,265 | 16,265 | ||||
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares | 2,253 | |||||
Issuance of common stock under the employee stock purchase plan | 4,327 | 4,327 | ||||
Issuance of common stock under the employee stock purchase plan, shares | 226 | |||||
Stock based compensation | 20,583 | 20,583 | ||||
Other comprehensive income (loss), net of tax | (2,222) | (2,222) | ||||
Net loss | (30,130) | (30,130) | ||||
Ending balance at Dec. 31, 2020 | 876,748 | $ 2 | 1,055,425 | 198 | (178,877) | |
Ending balance, shares at Dec. 31, 2020 | 82,114 | |||||
Beginning balance at Sep. 30, 2020 | 718,768 | $ 2 | 879,346 | 1,118 | (161,698) | |
Beginning balance, shares at Sep. 30, 2020 | 81,025 | |||||
Equity component of the 2025 Notes, net of issuance costs and tax | 245,066 | 245,066 | ||||
Purchase of capped calls | (87,860) | (87,860) | ||||
Issuance of common stock upon exercise of stock options and release of restricted stock units | 8,184 | 8,184 | ||||
Issuance of common stock upon exercise of stock options and release of restricted stock units, shares | 1,089 | |||||
Stock based compensation | 10,689 | 10,689 | ||||
Other comprehensive income (loss), net of tax | (920) | (920) | ||||
Net loss | (17,179) | (17,179) | ||||
Ending balance at Dec. 31, 2020 | $ 876,748 | $ 2 | $ 1,055,425 | $ 198 | $ (178,877) | |
Ending balance, shares at Dec. 31, 2020 | 82,114 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (30,130) | $ (13,274) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,924 | 2,105 |
Stock-based compensation | 20,583 | 5,351 |
Amortization of debt discount and issuance costs | 3,905 | |
Amortization of premium (accretion of discount) on investments in marketable debt securities | 723 | (2,346) |
Non-cash operating lease expense | 1,677 | |
Revaluation of warrant liabilities | 717 | |
Deferred income tax | (333) | |
Changes in assets and liabilities: | ||
Accounts receivable | (2,785) | (393) |
Unbilled revenue | (821) | (1,114) |
Prepaid expenses and other current assets | (3,947) | (1,608) |
Other assets | (11,267) | (581) |
Accounts payable | 1,366 | 1,146 |
Accrued and other current liabilities | (13) | 4,551 |
Operating lease liabilities | 6,930 | |
Other long-term liabilities | 573 | 187 |
Deferred revenue | 32 | 1,110 |
Net cash used in operating activities | (11,583) | (4,149) |
Cash flows from investing activities: | ||
Purchases of corporate and customer fund short-term investments | (701,442) | (414,648) |
Proceeds from maturities of corporate and customer fund short-term investments | 501,159 | 407,236 |
Proceeds from sale of corporate and customer fund short-term investments | 35,286 | 22,725 |
Decrease (increase) in other receivables included in funds held for customers | 19 | (4,700) |
Purchases of property and equipment | (13,636) | (2,972) |
Capitalization of internal-use software costs | (660) | (340) |
Net cash (used in) provided by investing activities | (179,274) | 7,301 |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | 1,129,603 | |
Purchase of capped calls | (87,860) | |
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs | 226,565 | |
Increase in customer fund deposits liability | 573,430 | 162,457 |
Proceeds from exercise of stock options | 17,442 | 901 |
Proceeds from issuance of common stock under the employee stock purchase plan | 4,327 | |
Payments of offering costs related to the follow-on public offering | (664) | |
Proceeds from exercise of stock warrants | 144 | |
Payments of deferred debt issuance costs | (151) | |
Net cash provided by financing activities | 1,636,278 | 389,916 |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,445,421 | 393,068 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 1,592,377 | 983,168 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | 3,037,798 | 1,376,236 |
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||
Cash and cash equivalents | 1,568,684 | 314,894 |
Restricted cash included in other current assets | $ 119 | $ 256 |
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent |
Restricted cash and restricted cash equivalents included in funds held for customers | $ 1,468,995 | $ 1,061,086 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ 3,037,798 | $ 1,376,236 |
The Company and Its Significant
The Company and Its Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
The Company and Its Significant Accounting Policies | NOTE 1 – THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES Bill.com, Inc. was incorporated in the State of Delaware in April 2006. In November 2018, Bill.com, Inc. consummated a reorganization with Bill.com Holdings, Inc., which resulted in the latter becoming the parent entity of Bill.com, Inc. Bill.com, Inc. was subsequently converted into a limited liability company and renamed Bill.com, LLC. Bill.com Holdings, Inc., which was incorporated in the State of Delaware in August 2018, and its subsidiaries are collectively referred to as the “Company.” The Company is a provider of software-as-a-service, cloud-based payments products, which allow users to automate accounts payable and accounts receivable transactions and enable users to easily connect with their suppliers and/or customers to do business, manage cash flows and improve back office efficiency. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2020 are not necessarily indicative of the results to be expected for the year ending June 30, 2021 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2020 included herein was derived from the audited financial statements as of that date, These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company will no longer qualify as an emerging growth company at the end of the fiscal year ending June 30, 2021 when it becomes a Large Accelerated Filer under Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Beginning July 1, 2020, the Company elected to early adopt certain new accounting pronouncements that were applicable to public companies as further described below. Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. All long-lived assets are located in the United States (U.S.) and all revenue is generated in the U.S. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including those related to stock-based compensation, useful lives of property and equipment, incremental borrowing rate for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable and financial assets , fair value of convertible notes, the attribution method used to recognize revenue on annual contracts , variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for sales tax obligations, reserve for losses on funds held for customers, and income taxes . The Company evaluates these estimates and assumptions and adjust s those estimates and assumptions accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash and cash equivalents and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any material credit losses relating to cash equivalents, short-term investments, and accounts receivable. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on financial assets and customer accounts is recognized if material. As of December 31, 2020, the allowance for potential credit losses was not material. There were no customers that exceeded 10% of the Company’s total revenue during the three and six months ended December 31, 2020 and 2019. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2020, other than those new accounting policies that were implemented as a result of the issuance of convertible senior notes and the adoption of certain new accounting standards as described below. Convertible Senior Notes The Company accounts for its convertible senior notes (Notes) by separating the principal amount into liability and equity components. The carrying amount of the liability component is calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, which represents the conversion option, is determined by deducting the fair value of the liability component from the par value of the Notes as a whole. The difference between the principal amount of the Notes and the liability component is initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the Notes. The equity component of the Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The debt issuance costs are allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the Notes using the effective interest method. The debt issuance costs allocated to the equity component are presented as a reduction of additional paid-in capital in the accompanying condensed consolidated balance sheets. Leases The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs , are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease. New Accounting Pronouncements Adopted On July 1, 2020, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) On July 1, 2020, the Company early adopted FASB ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, On July 1, 2020, the Company early adopted FASB ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract On July 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement On July 1, 2020, the Company early adopted FASB ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting measured the fair value of such award and expects to recognize the stock-based compensation cost for such award totaling $ 1.8 million over the remaining requisite service period in accordance with Topic 718. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (4,149 ) $ — $ (4,149 ) Net cash (used in) provided by investing activities (161,179 ) 168,480 7,301 Net cash provided by financing activities 389,916 — 389,916 Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 224,588 168,480 393,068 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 314,894 $ 1,061,342 $ 1,376,236 On July 1, 2020, the Company early adopted FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Debt—Debt with Conversion and Other Options Derivatives and Hedging |
Revenue, Performance Obligation
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs | 6 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs | NOTE 2 – Revenue, Performance Obligations, Deferred Revenue and Deferred Costs The Company generates revenue from two primary sources: (1) subscription and transaction fees and (2) interest on funds held for customers. The Company’s customers include small and midsize businesses (SMB), accounting firms and financial institutions. The Company’s subscription and transaction fees are disaggregated by customer category and consisted of the following for the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Small-to-midsize business and accounting firm customers $ 49,000 $ 30,263 $ 89,899 $ 56,433 Financial institution customers 3,333 2,701 6,222 5,079 Total subscription and transaction fees $ 52,333 $ 32,964 $ 96,121 $ 61,512 Remaining performance obligations with financial Institutions As of December 31, 2020, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) was $148.7 million. Of this amount, the Company expects to recognize $17.8 million within one year and $130.9 million thereafter Deferred revenue Subscription and transaction fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. Deferred revenue is shown as current or non-current in the condensed consolidated balance sheets. During the three and six months ended December 31, 2020, the Company recognized $2.1 and $4.4 million of revenue that was included in the deferred revenue balance as of June 30, 2020. During the three and six months ended December 31, 2019, the Company recognized $1.3 and $2.6 million of revenue that was included in the deferred revenue balance as of June 30, 2019. Deferred costs Deferred costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred service costs, which include direct payroll costs and fees paid to customers in connection with the implementation of the product prior to its launching for general availability (go-live) to customers. Sales commissions paid on renewals are not material and not commensurate with sales commissions paid on the initial contract. Deferred sales commissions are amortized ratably over four to ten years, taking into consideration the initial contract term and expected renewal periods. Deferred service costs are amortized ratably over the estimated benefit period of the capitalized costs starting on the go-live date of the service. Deferred costs consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Deferred sales commissions: Current $ 3,512 $ 2,829 Non-current 6,115 5,613 Total deferred sales commissions $ 9,627 $ 8,442 Deferred service costs: Current $ 1,160 $ 618 Non-current 14,812 4,474 Total deferred service costs $ 15,972 $ 5,092 The current portion of deferred costs is included in prepaid expenses and other current assets and the non-current portion is included in other assets in the accompanying condensed consolidated balance sheets. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 3 – FAIR VALUE MEASUREMENT The Company measures and reports its cash equivalents, short-term investments, and funds held for customers that are invested in money market funds and marketable debt securities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities. In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,174,496 $ — $ — $ 1,174,496 Corporate bonds — 5,599 — 5,599 1,174,496 5,599 — 1,180,095 Short-term investments: U.S. treasury securities 40,109 — — 40,109 Corporate bonds — 108,336 — 108,336 Certificates of deposit — 1,685 — 1,685 Asset-backed securities — 15,458 — 15,458 40,109 125,479 — 165,588 Funds held for customers: Restricted cash equivalents 1,577 51,623 — 53,200 Corporate bonds — 540,247 — 540,247 Certificates of deposit — 174,635 — 174,635 U.S. treasury securities 18,995 — — 18,995 Municipal bonds — 14,318 — 14,318 20,572 780,823 — 801,395 Total assets measured at fair value $ 1,235,177 $ 911,901 $ — $ 2,147,078 June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 20,075 $ — $ — $ 20,075 20,075 — — 20,075 Short-term investments: U.S. treasury securities 28,368 — — 28,368 Corporate bonds — 71,131 — 71,131 Asset-backed securities — 24,475 — 24,475 28,368 95,606 — 123,974 Funds held for customers: Restricted cash equivalents 357,350 76,359 — 433,709 Corporate bonds — 493,879 — 493,879 Certificates of deposit — 85,953 — 85,953 U.S. treasury securities 48,952 — — 48,952 406,302 656,191 — 1,062,493 Total assets measured at fair value $ 454,745 $ 751,797 $ — $ 1,206,542 There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. The fair values of the Company’s Level 1 instruments were derived from quoted market prices in active markets for these specific instruments. The valuation techniques used to measure the fair values of Level 2 instruments were derived from non-binding market consensus prices that were corroborated with observable market data, quoted market prices for similar instruments, or pricing models. The Company has $1.15 billion in aggregate principal amount, 0% convertible senior notes due in 2025 (2025 Notes) outstanding as of December 31, 2020. The Company carries the 2025 Notes at par value, less the portion allocated to equity and the unamortized debt discount and issuance costs on the condensed consolidated balance sheets. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature, which represents a Level 2 non-recurring valuation estimate. The carrying amount of the equity component, which represents the conversion option, was determined by deducting the fair value of the liability component from the par value of notes as a whole. The estimated fair value of the 2025 Notes, which is presented for disclosure purposes only, was approximately $1.32 billion as of December 31, 2020. The fair value was based on a market approach, which represents a Level 2 valuation estimate. The market approach was determined based on the actual bids and offers of the 2025 Notes in an over-the-counter market as of the last day of trading prior to the end of the period |
Short-Term Investments
Short-Term Investments | 6 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Short-Term Investments | NOTE 4 – SHORT-TERM INVESTMENTS Short-term investments consisted of the following as of the dates presented (in thousands): December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 40,079 $ 30 $ — $ 40,109 Corporate bonds 108,261 100 (25 ) 108,336 Certificates of deposit 1,685 — — 1,685 Asset-backed securities 15,405 53 — 15,458 Total $ 165,430 $ 183 $ (25 ) $ 165,588 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 28,281 $ 88 $ (1 ) $ 28,368 Corporate bonds 70,781 360 (10 ) 71,131 Asset-backed securities 24,333 142 — 24,475 Total $ 123,395 $ 590 $ (11 ) $ 123,974 The amortized cost and fair value amounts include accrued interest receivable of $0.6 million and $0.5 million as of December 31, 2020 and June 30, 2020, respectively. As of December 31, 2020, the fair value of the Company’s short-term investments that mature within one year and thereafter was $128.5 million and $37.1 million, respectively, or 78% and 22%, respectively, of the Company’s total short-term investments. As of June 30, 2020, the fair value of the Company’s short-term investments that mature within one year and thereafter was $102.9 million and $21.1 million, respectively, or 83% and 17%, respectively, of the Company’s total short-term investments. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 35,921 $ (25 ) Total $ 35,921 $ (25 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on the short-term investments during the three and six months ended December 31, 2020 and 2019. |
Funds Held for Customers
Funds Held for Customers | 6 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Funds Held for Customers | NOTE 5 – FUNDS HELD FOR CUSTOMERS Funds held for customers consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Restricted cash and other receivables $ 1,417,680 $ 586,893 Restricted cash equivalents 53,200 433,709 Corporate bonds 540,247 493,879 Certificates of deposit 174,635 85,953 U.S. treasury securities 18,995 48,952 Municipal bonds 14,318 — Total funds held for customers 2,219,075 1,649,386 Less - income earned by the Company included in other current assets (1,395 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 2,217,680 $ 1,644,250 Income earned by the Company that is included in other current assets represents interest income, accretion of discount (offset by amortization of premium), and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. Earnings from these investments are contractually earned by the Company and are expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment. Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 540,062 $ 220 $ (35 ) $ 540,247 Certificates of deposit 174,599 38 (2 ) 174,635 U.S. treasury securities 18,988 7 — 18,995 Municipal bonds 14,322 1 (5 ) 14,318 Total $ 747,971 $ 266 $ (42 ) $ 748,195 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 491,950 $ 1,936 $ (7 ) $ 493,879 Certificates of deposit 85,841 115 (3 ) 85,953 U.S. treasury securities 48,949 4 (1 ) 48,952 Total $ 626,740 $ 2,055 $ (11 ) $ 628,784 The amortized cost and fair value amounts include accrued interest receivable of $1.8 million and $2.9 million as of December 31, 2020 and June 30, 2020, respectively. As of December 31, 2020 and June 30, 2020, 100% of the funds held for customers that were invested in short-term marketable debt securities mature within one year as of each respective period. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 146,789 $ (35 ) Certificates of deposit 29,756 (2 ) Municipal bonds 6,066 (5 ) Total $ 182,611 $ (42 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 ) Investments with unrealized losses have been in a continuous unrealized loss position for less than 12 months. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Therefore, the Company does not consider those unrealized investment losses as other-than-temporary impairment of the investments. There have been no significant realized gains or losses on funds held for customers that were invested in short-term marketable debt securities during the three and six months ended December 31, 2020 and 2019. |
Significant Balance Sheet Compo
Significant Balance Sheet Components | 6 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Significant Balance Sheet Components | NOTE 6 – SIGNIFICANT BALANCE SHEET COMPONENTS Property and equipment – Property and equipment consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Computers, software and equipment $ 16,346 $ 11,262 Capitalized software 4,686 4,026 Furniture and fixtures 3,116 3,116 Leasehold improvements 22,143 9,257 Property and equipment, gross 46,291 27,661 Less: accumulated depreciation and amortization (15,719 ) (13,795 ) Property and equipment, net $ 30,572 $ 13,866 Depreciation and amortization expense was $1.0 million and $1.9 million during the three and six months ended December 31, 2020, respectively, and $1.1 million and $2.1 million during the three and six months ended December 31, 2019, respectively. Other accrued and current liabilities – Other accrued and current liabilities consisted of the following as of the dates presented (in thousands) : December 31, June 30, 2020 2020 Accrued sales and use tax $ 985 $ 2,976 Accrued license fees 472 473 Non-sufficient funds reserve 24 260 Current portion of a long-term payable for a purchase of software 1,598 613 Deferred rent and lease incentives — 1,107 Other 3,521 3,112 Total $ 6,600 $ 8,541 |
Debt and Bank Borrowings
Debt and Bank Borrowings | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Bank Borrowings | NOTE 7 – DEBT AND BANK BORROWINGS 2025 Notes On November 30, 2020, the Company issued $1.15 billion in aggregate principal amount of its 0% convertible senior notes due on December 1, 2025, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2025 Notes are subject to the terms and conditions of the Indenture between the Company and Wells Fargo Bank, N.A., as Trustee. The net proceeds from the issuance of the 2025 Notes were $1.13 billion, after deducting debt discount and debt issuance costs totaling $20.6 million. The 2025 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines that special interest obligations are deemed necessary as a remedy for failure to timely file any reports required to be filed with the SEC, certain trading restrictions or failure to deliver reports to the Trustee. The 2025 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2025 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated. In addition, the 2025 Notes are subordinated to any of the Company’s secured indebtedness and to all indebtedness and other liabilities of the Company’s subsidiaries. The 2025 Notes have an initial conversion rate of 6.2159 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $160.88 per share of the Company’s common stock and approximately 7.1 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The Company’s current intent is to settle conversions of the 2025 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock. The Company may redeem for cash, all or any portion of the 2025 Notes, at the Company’s option, on or after December 5, 2023 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2025 Notes. The holders of the 2025 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 in multiples of $1,000 principal amount, under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day • during the five business day periods after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2025 Notes for each trading day of that period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day • if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or • upon the occurrence of specified corporate events. The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s Board of Directors determines it is in the best interest of the Company. Additionally, holders of the 2025 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2025 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option (i.e., the difference between the conversion option’s fair value and the intrinsic value). The maximum number of shares that may be issued under the make-whole premium is 2.9525 per $1,000 principal (the lowest price of $109.07 in the make whole). The Indenture contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest. Upon issuance, the Company separated the 2025 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using a discounted cash flow model with a discount rate determined using observable yields for stand-alone debt instruments with a comparable credit rating and term. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2025 Notes as a whole. The difference between the principal amount of the 2025 Notes and the liability component was initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the 2025 Notes. The equity component of the 2025 Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The total amount of debt issuance costs of $20.6 million was allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the 2025 Notes using the effective interest method. The debt issuance costs allocated to the equity component are included as a reduction of additional paid-in capital. The 2025 Notes consisted of the following as of December 31, 2020 (in thousands): Principal $ 1,150,000 Less: unamortized debt discount and issuance costs (263,948 ) Net carrying amount $ 886,052 Amount allocated to equity component $ 251,745 Less: issuance costs and tax (6,679 ) Carrying amount of the equity component $ 245,066 The effective interest rate of the liability component of the 2025 Notes is 5.37% and is based on the interest rate of similar debt instruments, at the time of our offering, that do not have associated convertible features. As of December 31, 2020, the “if-converted” value of the 2025 Notes did not exceed the principal amount of $1.15 billion. During the three and six months ended December 31, 2020, the Company recognized $3.9 million of interest expense related to the amortization of discount and debt issuance costs. As of December 31, 2020, the remaining life of the 2025 Notes is 4.9 years. Capped Call Transactions In conjunction with the issuance of the 2025 Notes, the Company entered into capped call transactions (Capped Calls) with certain of the initial purchasers of the 2025 Notes and/or their respective affiliates or other financial institutions at a cost of $87.9 million. The Capped Calls are separate transactions and are not part of the terms of the 2025 Notes. The $87.9 million paid for the Capped Calls was recorded as a reduction to additional paid-in capital. The Company used the proceeds from the 2025 Notes to pay for the cost of the Capped Call premium. The cost of the Capped Calls is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the 2025 Notes for tax purposes. The Capped Calls each have an initial strike price of approximately $160.88 $218.14 provided that such cap price shall not be reduced to an amount less than the strike price of $160.88 per share The Capped Calls are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the 2025 Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. Bank Borrowings On June 28, 2019, the Company entered into a Senior Secured Credit Facilities Credit Agreement (as amended, Senior Facilities Agreement) with Silicon Valley Bank for a revolving credit facility of up to $50.0 million (Total Commitment), which amount may be increased by up to $25.0 million upon request and subject to conditions. On August 15, 2019, Silicon Valley Bank assigned $20.0 million of the Total Commitment to JPMorgan Chase Bank and on November 23, 2020, certain terms and conditions of the Senior Facilities Agreement were amended, including permitting the Company to incur convertible indebtedness not to exceed the aggregate principal amount of the 2025 Notes. Under the Senior Facilities Agreement, Bill.com, LLC is the borrower and Bill.com Holdings, Inc. is the guarantor. The Senior Facilities Agreement expires on June 28, 2022. Concurrent with the closing of the Senior Facilities Agreement on June 28, 2019, the Amended and Restated Loan and Security Agreement entered into in October 2017 with Silicon Valley Bank was terminated. Borrowings under the Senior Facilities Agreement are subject to a borrowing base. In addition, borrowings under the Senior Facilities Agreement are subject to interest at a rate per annum determined as follows: (a) Eurodollar loans shall bear interest at a rate per annum equal to the Eurodollar rate, plus the applicable margin of 1.75% or 2.75% depending on the Company’s cash balance (Eurodollar rate is calculated based on the ratio of Eurodollar Base Rate, which is determined by reference to ICE Benchmark Administration London Interbank Offered Rate over the Eurocurrency Reserve Requirements, but not less than 0%), or (b) Alternate Base Rate (ABR) loans shall bear interest at a rate per annum equal to the ABR, minus the applicable margin of 0.25% or 1.25%, depending on the Company’s cash balance (ABR is equal to the highest of the (i) prime rate, (ii) Federal Funds effective rate plus 0.50%, and (iii) Eurodollar rate plus 1.25%). The Senior Facilities Agreement requires the Company to comply with certain restricted covenants. As of December 31, 2020 and June 30, 2020, the Company was in compliance with the loan covenants. Borrowings under the Senior Facilities are secured by substantially all of the Company’s assets, and are fully and unconditionally guaranteed by Bill.com Holdings, Inc. Available funds under the Company’s Senior Facilities Agreement, after deducting the line of credit borrowings of $2.3 million and letter of credit utilization totaling $6.9 million, was $40.8 million as of December 31, 2020. The interest rate on the line of credit borrowings was 2.0% per annum as of December 31, 2020. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 – STOCKHOLDERS’ EQUITY Equity Incentive Plans On November 26, 2019 , the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 EIP), which became effective on December 10, 2019. Awards granted under the 2019 EIP may include stock options, restricted stock units (RSUs), or restricted stock awards, as determined by the Company’s board of directors. Stock Options The stock option awards granted during the six months ended December 31, 2020 were not significant. As of December 31, 2020, the total unamortized stock-based compensation expense related to the unvested stock options was $28.0 million, which the Company expects to recognize over a weighted-average period of 2.59 years. Restricted Stock Units During the six months ended December 31, 2020, the Company granted an aggregate of 196,355 RSUs with a weighted grant-date fair value of $103.48 per unit. The fair value of the RSUs was estimated based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which range between 1 year and 4 years from the date of grant, subject to the continued employment of the employees and services of the nonemployee board members. As of December 31, 2020, the total unamortized stock-based compensation expense related to the unvested RSUs was $64.1 million, which the Company expects to amortize over a weighted-average period of 3.49 years. 2019 Employee Stock Purchase Plan The fair value of the ESPP offering during the six months ended December 31, 2020 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions: (i) expected term range of 0.5 to 1.0 year As of December 31, 2020, the total unrecognized compensation expense related to the ESPP was $0.4 million, which is expected to be amortized over the next 12 months. Stock Based Compensation Expense Stock-based compensation expense from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Cost of revenue $ 642 $ 211 $ 1,243 $ 359 Research and development 3,246 1,084 6,315 1,755 Sales and marketing 1,871 494 3,375 877 General and administrative 4,930 1,286 9,650 2,360 Total $ 10,689 $ 3,075 $ 20,583 $ 5,351 Stock Warrants The Company has an agreement with a customer to issue warrants for up to 5.6 million shares of the Company’s common stock at an exercise price of $4.50 per share over a period of five years, ending in September 2023. Issuance of the warrants is contingent upon certain performance conditions and subject to certain limits. As of December 31, 2020, there were no warrants issued or issuable under this agreement. The Company has concluded that the performance conditions for the issuance of this warrant are not probable of being met. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Dec. 31, 2020 | |
Other Income Disclosure Nonoperating [Abstract] | |
Other Income, Net | NOTE 9 – OTHER INCOME, NET Other income, net consisted of the following for the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Interest income $ 589 $ 933 $ 1,454 $ 1,891 Interest expense (3,928 ) (21 ) (3,958 ) (175 ) Loss on revaluation of warrant liabilities — (552 ) — (717 ) Other (2 ) — (7 ) — Total $ (3,341 ) $ 360 $ (2,511 ) $ 999 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – INCOME TAXES The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company reported an income tax benefit of $0.3 million and an immaterial amount of income tax provision for the six-months ended December 31, 2020 and 2019, respectively. There were no intra-period tax allocations for the gains from comprehensive income due to the adoption of ASU No. 2019-12 during the fiscal year ended June 30, 2020. The income tax benefit for the six months ended December 31, 2020 was primarily attributable to the reduction of deferred tax liability relating to the 2025 Notes. The Company’s effective tax rate differs from the Federal statutory rate primarily due to the change in valuation allowances. The Company is subject to income tax audits in the U.S. The Company records liabilities related to uncertain tax positions and believes that the Company provided adequate reserves for income tax uncertainties in all open tax years. Due to the Company’s history of tax losses, all years remain open to tax audit. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future. As of December 31, 2020, the Company continues to maintain a full valuation allowance of the deferred tax assets. |
Leases
Leases | 6 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 11 – LEASES The Company has non-cancelable operating leases for office facilities located in San Jose, California and Houston, Texas and certain equipment, which expire through 2031. As of December 31, 2020, the weighted average remaining term of these leases was 10.1 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.4%. Future minimum lease payments as of December 31, 2020 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2021 $ 925 2022 7,978 2023 8,203 2024 7,936 2025 7,705 2026 7,416 Thereafter 40,525 Gross lease payments 80,688 Less - present value adjustments (19,701 ) Less - tenant improvement allowance receivable (2,119 ) Total operating lease liabilities, net $ 58,868 The components of lease expense during the three and six months ended December 31, 2020 is shown on the table below (in thousands), while the lease expense during the three and six months ended December 31, 2019 was $0.9 and $1.6 million, respectively. Three months ended December 31, Six months ended December 31, 2020 2020 Operating lease expense $ 1,731 $ 3,249 Short-term lease expense 157 328 Variable lease expense 651 1,319 Total $ 2,539 $ 4,896 The total amount paid for amounts included in the measurement of operating lease liabilities was $0.4 and $0.7 million during the three and six months ended December 31, 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – COMMITMENTS AND CONTINGENCIES Commitments In addition to the operating lease commitment described in Note 11 above, the Company has contractual commitments with certain partners and vendors as described further below. The Company has a ten-year In August 2020, the Company expanded its agreement with a vendor, which requires the Company to purchase data hosting and other services for over three years beginning September 1, 2020. The Company purchased a software license and maintenance and support services from a vendor that are payable on an installment basis through March 2024 under a non-cancellable service agreement. Future payments under these agreements are as follows as of December 31, 2020 (in thousands) Fiscal years ending June 30: Amount Remainder of 2021 $ 5,432 2022 8,117 2023 8,503 2024 5,010 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 32,562 Litigation From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of December 31, 2020, the estimate of the provision for litigation liability is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable To Common Stockholders | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable To Common Stockholders | NOTE 13 – NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Numerator: Net loss attributable to common stockholders $ (17,179 ) $ (7,578 ) $ (30,130 ) $ (13,274 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 81,519 22,306 80,868 15,268 Net loss per share attributable to common stockholders: Basic and diluted $ (0.21 ) $ (0.34 ) $ (0.37 ) $ (0.87 ) For periods the Company is in a loss position, basic net loss per share attributable to common shareholders is the same as diluted net loss per share attributable to common shareholders. Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): December 31, 2020 2019 Stock options 6,792 12,126 Restricted stock units 1,173 — Shares issuable under the 2025 Notes 7,148 — Warrants to purchase common stock — 62 Total 15,113 12,188 The number of |
The Company and Its Significa_2
The Company and Its Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2020 are not necessarily indicative of the results to be expected for the year ending June 30, 2021 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of June 30, 2020 included herein was derived from the audited financial statements as of that date, These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company will no longer qualify as an emerging growth company at the end of the fiscal year ending June 30, 2021 when it becomes a Large Accelerated Filer under Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Beginning July 1, 2020, the Company elected to early adopt certain new accounting pronouncements that were applicable to public companies as further described below. |
Segment Reporting | Segment Reporting The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. All long-lived assets are located in the United States (U.S.) and all revenue is generated in the U.S. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including those related to stock-based compensation, useful lives of property and equipment, incremental borrowing rate for right-of-use operating lease assets and operating lease liabilities, the estimate of credit losses on accounts receivable and financial assets , fair value of convertible notes, the attribution method used to recognize revenue on annual contracts , variable consideration used in revenue recognition for certain financial institutions, benefit periods used to amortize deferred commissions, reserve for sales tax obligations, reserve for losses on funds held for customers, and income taxes . The Company evaluates these estimates and assumptions and adjust s those estimates and assumptions accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments, and accounts receivable. The Company maintains its cash and cash equivalents and short-term investments with major financial institutions that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound with minimal credit risk. The Company has not experienced any material credit losses relating to cash equivalents, short-term investments, and accounts receivable. The Company performs credit evaluations to verify the credit quality of its financial assets and determine any at-risk receivables. An allowance for potential credit losses on financial assets and customer accounts is recognized if material. As of December 31, 2020, the allowance for potential credit losses was not material. There were no customers that exceeded 10% of the Company’s total revenue during the three and six months ended December 31, 2020 and 2019. |
Significant Accounting Policies | Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2020, other than those new accounting policies that were implemented as a result of the issuance of convertible senior notes and the adoption of certain new accounting standards as described below. |
Convertible Senior Notes | Convertible Senior Notes The Company accounts for its convertible senior notes (Notes) by separating the principal amount into liability and equity components. The carrying amount of the liability component is calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, which represents the conversion option, is determined by deducting the fair value of the liability component from the par value of the Notes as a whole. The difference between the principal amount of the Notes and the liability component is initially recorded as a debt discount and is amortized as interest expense using the effective interest method over the term of the Notes. The equity component of the Notes, which is included in additional paid-in capital, will not be remeasured as long as it continues to meet the conditions for equity classification. The debt issuance costs are allocated between the liability and equity components based on the respective values of the liability and equity components. The debt issuance costs allocated to the liability component are being amortized as interest expense over the term of the Notes using the effective interest method. The debt issuance costs allocated to the equity component are presented as a reduction of additional paid-in capital in the accompanying condensed consolidated balance sheets. |
Leases | Leases The Company determines if an arrangement is a lease, or contains a lease, by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company uses the non-cancelable lease term when recognizing the right-of-use (ROU) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted with the remaining ROU asset. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs , are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets on lease arrangements with a term of 12 months or less. Lease expense for such arrangements is recognized on a straight-line basis over the term of the lease. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted On July 1, 2020, the Company early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) On July 1, 2020, the Company early adopted FASB ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer, On July 1, 2020, the Company early adopted FASB ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract On July 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement On July 1, 2020, the Company early adopted FASB ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting measured the fair value of such award and expects to recognize the stock-based compensation cost for such award totaling $ 1.8 million over the remaining requisite service period in accordance with Topic 718. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (4,149 ) $ — $ (4,149 ) Net cash (used in) provided by investing activities (161,179 ) 168,480 7,301 Net cash provided by financing activities 389,916 — 389,916 Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 224,588 168,480 393,068 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 314,894 $ 1,061,342 $ 1,376,236 On July 1, 2020, the Company early adopted FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Debt—Debt with Conversion and Other Options Derivatives and Hedging |
The Company and Its Significa_3
The Company and Its Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Condensed Cash Flow Statement | Since this ASU was adopted on a retrospective basis, the previously reported condensed consolidated statement of cash flows during the six months ended December 31, 2019 was adjusted as follows (in thousands): As previously reported ASU No. 2016-18 adjustments As adjusted Net cash used in operating activities $ (4,149 ) $ — $ (4,149 ) Net cash (used in) provided by investing activities (161,179 ) 168,480 7,301 Net cash provided by financing activities 389,916 — 389,916 Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 224,588 168,480 393,068 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 90,306 892,862 983,168 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 314,894 $ 1,061,342 $ 1,376,236 |
Revenue, Performance Obligati_2
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Subscription and Transaction Fees Disaggregated by Customer Category | The Company’s subscription and transaction fees are disaggregated by customer category and consisted of the following for the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Small-to-midsize business and accounting firm customers $ 49,000 $ 30,263 $ 89,899 $ 56,433 Financial institution customers 3,333 2,701 6,222 5,079 Total subscription and transaction fees $ 52,333 $ 32,964 $ 96,121 $ 61,512 |
Summary of Deferred Costs | Deferred costs consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Deferred sales commissions: Current $ 3,512 $ 2,829 Non-current 6,115 5,613 Total deferred sales commissions $ 9,627 $ 8,442 Deferred service costs: Current $ 1,160 $ 618 Non-current 14,812 4,474 Total deferred service costs $ 15,972 $ 5,092 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,174,496 $ — $ — $ 1,174,496 Corporate bonds — 5,599 — 5,599 1,174,496 5,599 — 1,180,095 Short-term investments: U.S. treasury securities 40,109 — — 40,109 Corporate bonds — 108,336 — 108,336 Certificates of deposit — 1,685 — 1,685 Asset-backed securities — 15,458 — 15,458 40,109 125,479 — 165,588 Funds held for customers: Restricted cash equivalents 1,577 51,623 — 53,200 Corporate bonds — 540,247 — 540,247 Certificates of deposit — 174,635 — 174,635 U.S. treasury securities 18,995 — — 18,995 Municipal bonds — 14,318 — 14,318 20,572 780,823 — 801,395 Total assets measured at fair value $ 1,235,177 $ 911,901 $ — $ 2,147,078 June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 20,075 $ — $ — $ 20,075 20,075 — — 20,075 Short-term investments: U.S. treasury securities 28,368 — — 28,368 Corporate bonds — 71,131 — 71,131 Asset-backed securities — 24,475 — 24,475 28,368 95,606 — 123,974 Funds held for customers: Restricted cash equivalents 357,350 76,359 — 433,709 Corporate bonds — 493,879 — 493,879 Certificates of deposit — 85,953 — 85,953 U.S. treasury securities 48,952 — — 48,952 406,302 656,191 — 1,062,493 Total assets measured at fair value $ 454,745 $ 751,797 $ — $ 1,206,542 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Short-Term Investments | Short-term investments consisted of the following as of the dates presented (in thousands): December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 40,079 $ 30 $ — $ 40,109 Corporate bonds 108,261 100 (25 ) 108,336 Certificates of deposit 1,685 — — 1,685 Asset-backed securities 15,405 53 — 15,458 Total $ 165,430 $ 183 $ (25 ) $ 165,588 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury securities $ 28,281 $ 88 $ (1 ) $ 28,368 Corporate bonds 70,781 360 (10 ) 71,131 Asset-backed securities 24,333 142 — 24,475 Total $ 123,395 $ 590 $ (11 ) $ 123,974 |
Schedule of Gross Unrealized Loss and Fair Values | The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 35,921 $ (25 ) Total $ 35,921 $ (25 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 146,789 $ (35 ) Certificates of deposit 29,756 (2 ) Municipal bonds 6,066 (5 ) Total $ 182,611 $ (42 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 ) |
Funds Held for Customers (Table
Funds Held for Customers (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Funds Held For Customers | Funds held for customers consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Restricted cash and other receivables $ 1,417,680 $ 586,893 Restricted cash equivalents 53,200 433,709 Corporate bonds 540,247 493,879 Certificates of deposit 174,635 85,953 U.S. treasury securities 18,995 48,952 Municipal bonds 14,318 — Total funds held for customers 2,219,075 1,649,386 Less - income earned by the Company included in other current assets (1,395 ) (5,136 ) Total funds held for customers, net of income earned by the Company $ 2,217,680 $ 1,644,250 |
Summary of Fair Value of Funds Held For Customers Invested In Short Term Marketable Debt Securities | Below is a summary of the fair value of funds held for customers that were invested in short-term marketable debt securities as of the dates presented (in thousands): December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 540,062 $ 220 $ (35 ) $ 540,247 Certificates of deposit 174,599 38 (2 ) 174,635 U.S. treasury securities 18,988 7 — 18,995 Municipal bonds 14,322 1 (5 ) 14,318 Total $ 747,971 $ 266 $ (42 ) $ 748,195 June 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Corporate bonds $ 491,950 $ 1,936 $ (7 ) $ 493,879 Certificates of deposit 85,841 115 (3 ) 85,953 U.S. treasury securities 48,949 4 (1 ) 48,952 Total $ 626,740 $ 2,055 $ (11 ) $ 628,784 |
Schedule of Gross Unrealized Loss and Fair Values | The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 35,921 $ (25 ) Total $ 35,921 $ (25 ) June 30, 2020 Fair value Unrealized losses U.S. treasury securities $ 2,798 $ (1 ) Corporate bonds 9,258 (10 ) Total $ 12,056 $ (11 ) The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands): December 31, 2020 Fair value Unrealized losses Corporate bonds $ 146,789 $ (35 ) Certificates of deposit 29,756 (2 ) Municipal bonds 6,066 (5 ) Total $ 182,611 $ (42 ) June 30, 2020 Fair value Unrealized losses Corporate bonds $ 31,785 $ (7 ) Certificates of deposit 20,006 (3 ) U.S. treasury securities 14,990 (1 ) Total $ 66,781 $ (11 ) |
Significant Balance Sheet Com_2
Significant Balance Sheet Components (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following as of the dates presented (in thousands): December 31, June 30, 2020 2020 Computers, software and equipment $ 16,346 $ 11,262 Capitalized software 4,686 4,026 Furniture and fixtures 3,116 3,116 Leasehold improvements 22,143 9,257 Property and equipment, gross 46,291 27,661 Less: accumulated depreciation and amortization (15,719 ) (13,795 ) Property and equipment, net $ 30,572 $ 13,866 |
Schedule of Other Accrued and Current Liabilities | Other accrued and current liabilities consisted of the following as of the dates presented (in thousands) : December 31, June 30, 2020 2020 Accrued sales and use tax $ 985 $ 2,976 Accrued license fees 472 473 Non-sufficient funds reserve 24 260 Current portion of a long-term payable for a purchase of software 1,598 613 Deferred rent and lease incentives — 1,107 Other 3,521 3,112 Total $ 6,600 $ 8,541 |
Debt and Bank Borrowings (Table
Debt and Bank Borrowings (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of 2025 Notes | The 2025 Notes consisted of the following as of December 31, 2020 (in thousands): Principal $ 1,150,000 Less: unamortized debt discount and issuance costs (263,948 ) Net carrying amount $ 886,052 Amount allocated to equity component $ 251,745 Less: issuance costs and tax (6,679 ) Carrying amount of the equity component $ 245,066 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock Based Compensation Expense from Stock Options, RSUs and ESPP | Stock-based compensation expense from stock options, RSUs and ESPP was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Cost of revenue $ 642 $ 211 $ 1,243 $ 359 Research and development 3,246 1,084 6,315 1,755 Sales and marketing 1,871 494 3,375 877 General and administrative 4,930 1,286 9,650 2,360 Total $ 10,689 $ 3,075 $ 20,583 $ 5,351 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Other Income Disclosure Nonoperating [Abstract] | |
Schedule of Other Income, Net | Other income, net consisted of the following for the periods presented (in thousands): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Interest income $ 589 $ 933 $ 1,454 $ 1,891 Interest expense (3,928 ) (21 ) (3,958 ) (175 ) Loss on revaluation of warrant liabilities — (552 ) — (717 ) Other (2 ) — (7 ) — Total $ (3,341 ) $ 360 $ (2,511 ) $ 999 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2020 are as follows (in thousands): Fiscal years ending June 30: Amount Remainder of 2021 $ 925 2022 7,978 2023 8,203 2024 7,936 2025 7,705 2026 7,416 Thereafter 40,525 Gross lease payments 80,688 Less - present value adjustments (19,701 ) Less - tenant improvement allowance receivable (2,119 ) Total operating lease liabilities, net $ 58,868 |
Components Of Lease Expense | The components of lease expense during the three and six months ended December 31, 2020 is shown on the table below (in thousands), while the lease expense during the three and six months ended December 31, 2019 was $0.9 and $1.6 million, respectively. Three months ended December 31, Six months ended December 31, 2020 2020 Operating lease expense $ 1,731 $ 3,249 Short-term lease expense 157 328 Variable lease expense 651 1,319 Total $ 2,539 $ 4,896 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Payments Under Other Agreements | Future payments under these agreements are as follows as of December 31, 2020 (in thousands) Fiscal years ending June 30: Amount Remainder of 2021 $ 5,432 2022 8,117 2023 8,503 2024 5,010 2025 2,000 2026 1,750 Thereafter 1,750 Total $ 32,562 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable To Common Stockholders (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Numerator: Net loss attributable to common stockholders $ (17,179 ) $ (7,578 ) $ (30,130 ) $ (13,274 ) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders Basic and diluted 81,519 22,306 80,868 15,268 Net loss per share attributable to common stockholders: Basic and diluted $ (0.21 ) $ (0.34 ) $ (0.37 ) $ (0.87 ) |
Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation | Potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented (in thousands): December 31, 2020 2019 Stock options 6,792 12,126 Restricted stock units 1,173 — Shares issuable under the 2025 Notes 7,148 — Warrants to purchase common stock — 62 Total 15,113 12,188 |
The Company and Its Significa_4
The Company and Its Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020USD ($)Customer | Dec. 31, 2019Customer | Dec. 31, 2020USD ($)SegmentCustomer | Dec. 31, 2019Customer | Jul. 01, 2020USD ($) | |
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Number of operating segments | Segment | 1 | ||||
Operating lease right-of-use assets | $ 44,771 | $ 44,771 | |||
Operating lease, liabilities | $ 58,868 | $ 58,868 | |||
ASU 2016-02 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | true | true | |||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Operating lease right-of-use assets | $ 44,200 | ||||
Operating lease, liabilities | 49,700 | ||||
Deferred rent liabilities | 13,700 | ||||
ASU 2019-08 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | true | true | |||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | |||
ASU 2018-15 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | true | true | |||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | |||
ASU 2018-13 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | |||
ASU No. 2018-07 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | |||
Expected to recognize stock based compensation expense | $ 1,800 | ||||
ASU No. 2016-18 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jun. 30, 2020 | Jun. 30, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | |||
ASU 2016-13 | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | true | true | |||
Change In Accounting Principle Accounting Standards Update Adoption Date | Jul. 1, 2020 | Jul. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | |||
Revenue Benchmark | Customer Concentration Risk | |||||
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items] | |||||
Number of customers exceed 10% of revenue | Customer | 0 | 0 | 0 | 0 | |
Concentration percentage | 10.00% | 10.00% | 10.00% | 10.00% |
The Company and Its Significa_5
The Company and Its Significant Accounting Policies - Schedule of Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Net cash used in operating activities | $ (11,583) | $ (4,149) |
Net cash (used in) provided by investing activities | (179,274) | 7,301 |
Net cash provided by financing activities | 1,636,278 | 389,916 |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,445,421 | 393,068 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 1,592,377 | 983,168 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ 3,037,798 | 1,376,236 |
AS Previously Reported | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Net cash used in operating activities | (4,149) | |
Net cash (used in) provided by investing activities | (161,179) | |
Net cash provided by financing activities | 389,916 | |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 224,588 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 90,306 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | 314,894 | |
Revision of Prior Period, Adjustment | ASU No. 2016-18 | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Net cash (used in) provided by investing activities | 168,480 | |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 168,480 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 892,862 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ 1,061,342 |
Revenue, Performance Obligati_3
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Schedule of Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 54,045 | $ 39,080 | $ 100,254 | $ 74,260 |
Subscription and Transaction Fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 52,333 | 32,964 | 96,121 | 61,512 |
Subscription and Transaction Fees | Small-to-midsize Business and Accounting Firm Customers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 49,000 | 30,263 | 89,899 | 56,433 |
Subscription and Transaction Fees | Financial Institution Customers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3,333 | $ 2,701 | $ 6,222 | $ 5,079 |
Revenue, Performance Obligati_4
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Deferred Revenue and Performance Obligations [Line Items] | ||||
Aggregate amount of transaction price allocated to performance obligations | $ 148.7 | $ 148.7 | ||
Deferred revenue, recognized | $ 2.1 | $ 1.3 | $ 4.4 | $ 2.6 |
Minimum | ||||
Revenue, Deferred Revenue and Performance Obligations [Line Items] | ||||
Deferred sales commissions amortization period | 4 years | |||
Maximum | ||||
Revenue, Deferred Revenue and Performance Obligations [Line Items] | ||||
Deferred sales commissions amortization period | 10 years |
Revenue, Performance Obligati_5
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Additional Information (Details1) $ in Millions | Dec. 31, 2020USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations | $ 148.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations | $ 17.8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations | $ 130.9 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue, Performance Obligati_6
Revenue, Performance Obligations, Deferred Revenue and Deferred Costs - Summary of Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Deferred Sales Commissions | ||
Deferred Costs [Line Items] | ||
Current | $ 3,512 | $ 2,829 |
Non-current | 6,115 | 5,613 |
Total | 9,627 | 8,442 |
Deferred Service Costs | ||
Deferred Costs [Line Items] | ||
Current | 1,160 | 618 |
Non-current | 14,812 | 4,474 |
Total | $ 15,972 | $ 5,092 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets | ||
Cash equivalents | $ 1,180,095 | $ 20,075 |
Short-term investments | 165,588 | 123,974 |
Funds held for customers | 801,395 | 1,062,493 |
Total assets measured at fair value | 2,147,078 | 1,206,542 |
Municipal Bonds | ||
Assets | ||
Funds held for customers | 14,318 | |
Money Market Funds | ||
Assets | ||
Cash equivalents | 1,174,496 | 20,075 |
Level 1 | ||
Assets | ||
Cash equivalents | 1,174,496 | 20,075 |
Short-term investments | 40,109 | 28,368 |
Funds held for customers | 20,572 | 406,302 |
Total assets measured at fair value | 1,235,177 | 454,745 |
Level 1 | Money Market Funds | ||
Assets | ||
Cash equivalents | 1,174,496 | 20,075 |
Level 2 | ||
Assets | ||
Cash equivalents | 5,599 | |
Short-term investments | 125,479 | 95,606 |
Funds held for customers | 780,823 | 656,191 |
Total assets measured at fair value | 911,901 | 751,797 |
Level 2 | Municipal Bonds | ||
Assets | ||
Funds held for customers | 14,318 | |
Certificates of Deposit | ||
Assets | ||
Short-term investments | 1,685 | |
Funds held for customers | 174,635 | 85,953 |
Certificates of Deposit | Level 2 | ||
Assets | ||
Short-term investments | 1,685 | |
Funds held for customers | 174,635 | 85,953 |
Corporate Bonds | ||
Assets | ||
Cash equivalents | 5,599 | |
Short-term investments | 108,336 | 71,131 |
Funds held for customers | 540,247 | 493,879 |
Corporate Bonds | Level 2 | ||
Assets | ||
Cash equivalents | 5,599 | |
Short-term investments | 108,336 | 71,131 |
Funds held for customers | 540,247 | 493,879 |
U.S. Treasury Securities | ||
Assets | ||
Short-term investments | 40,109 | 28,368 |
Funds held for customers | 18,995 | 48,952 |
U.S. Treasury Securities | Level 1 | ||
Assets | ||
Short-term investments | 40,109 | 28,368 |
Funds held for customers | 18,995 | 48,952 |
Asset-Backed Securities | ||
Assets | ||
Short-term investments | 15,458 | 24,475 |
Asset-Backed Securities | Level 2 | ||
Assets | ||
Short-term investments | 15,458 | 24,475 |
Restricted Cash Equivalents | ||
Assets | ||
Funds held for customers | 53,200 | 433,709 |
Restricted Cash Equivalents | Level 1 | ||
Assets | ||
Funds held for customers | 1,577 | 357,350 |
Restricted Cash Equivalents | Level 2 | ||
Assets | ||
Funds held for customers | $ 51,623 | $ 76,359 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | Nov. 30, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value assets amount transfer from level 1 to level 2 | $ 0 | $ 0 | |
Fair value assets amount transfer from level 2 to level 1 | 0 | 0 | |
Fair value liabilities amount transfer from level 1 to level 2 | 0 | 0 | |
Fair value liabilities amount transfer from level 2 to level 1 | 0 | 0 | |
Fair value assets amount transfer into level 3 | 0 | 0 | |
Fair value assets amount transfer out of level 3 | 0 | 0 | |
Fair value liabilities amount transfer into level 3 | 0 | 0 | |
Fair value liabilities amount transfer out of level 3 | 0 | $ 0 | |
2025 Notes | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 1,150,000,000 | $ 1,150,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | |
Debt Instrument, Fair Value Estimated | $ 1,320,000,000 |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized cost | $ 165,430 | $ 123,395 |
Short-term investments, Gross unrealized gains | 183 | 590 |
Short-term investments, Gross unrealized losses | (25) | (11) |
Short-term investments | 165,588 | 123,974 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized cost | 40,079 | 28,281 |
Short-term investments, Gross unrealized gains | 30 | 88 |
Short-term investments, Gross unrealized losses | (1) | |
Short-term investments | 40,109 | 28,368 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized cost | 108,261 | 70,781 |
Short-term investments, Gross unrealized gains | 100 | 360 |
Short-term investments, Gross unrealized losses | (25) | (10) |
Short-term investments | 108,336 | 71,131 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized cost | 15,405 | 24,333 |
Short-term investments, Gross unrealized gains | 53 | 142 |
Short-term investments | 15,458 | $ 24,475 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized cost | 1,685 | |
Short-term investments | $ 1,685 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Amortized cost | $ 165,430,000 | $ 165,430,000 | $ 123,395,000 | ||
Short-term investments mature within one year | $ 128,500,000 | $ 128,500,000 | $ 102,900,000 | ||
Percentage of short-term investments maturing within one year | 78.00% | 78.00% | 83.00% | ||
Short-term investments mature thereafter | $ 37,100,000 | $ 37,100,000 | $ 21,100,000 | ||
Percentage of short-term investments maturing thereafter | 22.00% | 22.00% | 17.00% | ||
Short-term investments realized gains or losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Accrued Interest Receivable | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Amortized cost | 600,000 | 600,000 | $ 500,000 | ||
Fair value | $ 600,000 | $ 600,000 | $ 500,000 |
Short-Term Investments - Sche_2
Short-Term Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | $ 35,921 | $ 12,056 |
Unrealized losses | (25) | (11) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | 35,921 | 9,258 |
Unrealized losses | $ (25) | (10) |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | 2,798 | |
Unrealized losses | $ (1) |
Funds Held for Customers - Summ
Funds Held for Customers - Summary of Funds Held for Customers (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Funds Held For Customers [Line Items] | ||
Total funds held for customers | $ 2,219,075 | $ 1,649,386 |
Total funds held for customers, net of income earned by the Company | 2,217,680 | 1,644,250 |
Restricted Cash and Other Receivables | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 1,417,680 | 586,893 |
Restricted Cash Equivalents | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 53,200 | 433,709 |
Corporate Bonds | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 540,247 | 493,879 |
U.S. Treasury Securities | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 18,995 | 48,952 |
Certificates of Deposit | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 174,635 | 85,953 |
Municipal Bonds | ||
Funds Held For Customers [Line Items] | ||
Total funds held for customers | 14,318 | |
Other Current Assets | ||
Funds Held For Customers [Line Items] | ||
Less - income earned by the Company | $ (1,395) | $ (5,136) |
Funds Held for Customers - Su_2
Funds Held for Customers - Summary of Fair Value of Funds Held For Customers (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Funds Held For Customers [Line Items] | ||
Amortized cost | $ 747,971 | $ 626,740 |
Gross unrealized gains | 266 | 2,055 |
Gross unrealized losses | (42) | (11) |
Fair value | 748,195 | 628,784 |
Corporate Bonds | ||
Funds Held For Customers [Line Items] | ||
Amortized cost | 540,062 | 491,950 |
Gross unrealized gains | 220 | 1,936 |
Gross unrealized losses | (35) | (7) |
Fair value | 540,247 | 493,879 |
U.S. Treasury Securities | ||
Funds Held For Customers [Line Items] | ||
Amortized cost | 18,988 | 48,949 |
Gross unrealized gains | 7 | 4 |
Gross unrealized losses | (1) | |
Fair value | 18,995 | 48,952 |
Certificates of Deposit | ||
Funds Held For Customers [Line Items] | ||
Amortized cost | 174,599 | 85,841 |
Gross unrealized gains | 38 | 115 |
Gross unrealized losses | (2) | (3) |
Fair value | 174,635 | $ 85,953 |
Municipal Bonds | ||
Funds Held For Customers [Line Items] | ||
Amortized cost | 14,322 | |
Gross unrealized gains | 1 | |
Gross unrealized losses | (5) | |
Fair value | $ 14,318 |
Funds Held for Customers - Addi
Funds Held for Customers - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Funds Held For Customers [Line Items] | |||||
Amortized Cost | $ 747,971,000 | $ 747,971,000 | $ 626,740,000 | ||
Fair value | $ 748,195,000 | $ 748,195,000 | $ 628,784,000 | ||
Debt securities percentage mature within one year | 100.00% | 100.00% | 100.00% | ||
Short term marketable debt realized gains or losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Accrued Interest Receivable | |||||
Funds Held For Customers [Line Items] | |||||
Amortized Cost | 1,800,000 | 1,800,000 | $ 2,900,000 | ||
Fair value | $ 1,800,000 | $ 1,800,000 | $ 2,900,000 |
Funds Held for Customers - Su_3
Funds Held for Customers - Summary of Gross Unrealized Losses And Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Funds Held For Customers [Line Items] | ||
Fair value | $ 182,611 | $ 66,781 |
Unrealized losses | (42) | (11) |
Corporate Bonds | ||
Funds Held For Customers [Line Items] | ||
Fair value | 146,789 | 31,785 |
Unrealized losses | (35) | (7) |
U.S. Treasury Securities | ||
Funds Held For Customers [Line Items] | ||
Fair value | 14,990 | |
Unrealized losses | (1) | |
Certificates of Deposit | ||
Funds Held For Customers [Line Items] | ||
Fair value | 29,756 | 20,006 |
Unrealized losses | (2) | $ (3) |
Municipal Bonds | ||
Funds Held For Customers [Line Items] | ||
Fair value | 6,066 | |
Unrealized losses | $ (5) |
Significant Balance Sheet Com_3
Significant Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 46,291 | $ 27,661 |
Less: accumulated depreciation and amortization | (15,719) | (13,795) |
Property and equipment, net | 30,572 | 13,866 |
Computers Software and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 16,346 | 11,262 |
Capitalized Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,686 | 4,026 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,116 | 3,116 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 22,143 | $ 9,257 |
Significant Balance Sheet Com_4
Significant Balance Sheet Components - Schedule of Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortization | $ 1,000 | $ 1,121 | $ 1,924 | $ 2,105 |
Significant Balance Sheet Com_5
Significant Balance Sheet Components - Schedule of Other accrued and Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued sales and use tax | $ 985 | $ 2,976 |
Accrued license fees | 472 | 473 |
Non-sufficient funds reserve | 24 | 260 |
Current portion of a long-term payable for a purchase of software | 1,598 | 613 |
Deferred rent and lease incentives | 1,107 | |
Other | 3,521 | 3,112 |
Total | $ 6,600 | $ 8,541 |
Debt and Bank Borrowings - Addi
Debt and Bank Borrowings - Additional Information (Details) | Nov. 30, 2020USD ($)$ / sharesshares | Jun. 28, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)TradingDay$ / sharesshares | Dec. 31, 2019USD ($) | Aug. 15, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | $ 1,129,603,000 | |||||
Debt issuance costs | $ 151,000 | |||||
Amortization of debt discount and issuance costs | 3,905,000 | |||||
Eurodollar Rate | Senior Facilities Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 1.25% | |||||
Eurodollar Rate | Senior Facilities Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 1.75% | |||||
Eurodollar Rate | Senior Facilities Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 2.75% | |||||
London Interbank Offered Rate | Senior Facilities Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument reduction in basis spread on variable rate | 0.00% | |||||
Alternative Base Rate | Senior Facilities Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 0.25% | |||||
Alternative Base Rate | Senior Facilities Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument reduction in basis spread on variable rate | 1.25% | |||||
Federal Funds Effective Rate | Senior Facilities Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective interest rate percentage | 0.50% | |||||
2025 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, aggregate principal amount | $ 1,150,000,000 | $ 1,150,000,000 | $ 1,150,000,000 | |||
Debt instrument, interest rate | 0.00% | 0.00% | 0.00% | |||
Debt instrument, maturity date | Dec. 1, 2025 | |||||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | $ 1,130,000,000 | |||||
Debt issuance costs | $ 20,600,000 | |||||
Debt initial conversion rate | 6.2159 | |||||
Debt instrument denomination of principal amount for conversion into common stock | $ 1,000 | |||||
Initial conversion price per share | $ / shares | $ 160.88 | |||||
Notes issued upon conversion | shares | 7,100,000 | |||||
Debt instrument threshold percentage of conversion price | 130.00% | |||||
Number of trading days for conversion of Notes | TradingDay | 20 | |||||
Number of consecutive trading days for conversion of Notes | TradingDay | 30 | |||||
Debt convertible date | Sep. 1, 2025 | |||||
Number of business day period for conversion of Notes | 5 days | |||||
Number of consecutive trading day period in consideration for conversion of Notes | 5 days | |||||
Threshold percentage of stock price trigger in measurement period | 98.00% | |||||
Debt conversion rate in make whole | 2.9525 | |||||
Debt conversion price per share in make whole | $ / shares | $ 109.07 | $ 109.07 | ||||
Debt default threshold principal amount percentage | 100.00% | |||||
Debt instrument, default description | The Indenture contains customary events of default with respect to the 2025 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2025 Notes will have the right, at their option to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus any accrued and unpaid interest. | |||||
Debt instrument, effective interest rate percentage | 5.37% | 5.37% | ||||
Amortization of debt discount and issuance costs | $ 3,900,000 | $ 3,900,000 | ||||
Debt instrument, remaining term | 4 years 10 months 24 days | |||||
Cost of capped call | $ 87,900,000 | |||||
Payment to capped call was recorded as reduction to additional paid-in capital | $ 87,900,000 | |||||
Capped call, initial strike price | $ / shares | 160.88 | 160.88 | ||||
Capped call, initial cap price | $ / shares | 218.14 | 218.14 | ||||
Cap calls cover subject to anti-dilution adjustments to common stock | shares | 7,100,000 | |||||
2025 Notes | Redeem On or After December 5, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument threshold percentage of conversion price | 130.00% | |||||
Redemption period, start date | Dec. 5, 2023 | |||||
Number of trading days for conversion of Notes | TradingDay | 20 | |||||
Number of consecutive trading days for conversion of Notes | TradingDay | 30 | |||||
Redemption price percentage of principal amount redeemed | 100.00% | |||||
Sinking fund | $ 0 | |||||
Senior Facilities Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, expiration date | Jun. 28, 2022 | |||||
Line of credit facility, borrowing deduction | $ 2,300,000 | 2,300,000 | ||||
Line of credit facility, remaining borrowing capacity | $ 40,800,000 | $ 40,800,000 | ||||
Line of credit facility, interest rate | 2.00% | 2.00% | ||||
Senior Facilities Agreement | Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, utilization | $ 6,900,000 | |||||
Senior Facilities Agreement | Silicon Valley Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||
Line of credit facility maximum borrowing capacity subject to certain conditions | $ 25,000,000 | |||||
Senior Facilities Agreement | Silicon Valley Bank | JP Morgan Chase Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 |
Debt and Bank Borrowings - Sche
Debt and Bank Borrowings - Schedule of 2025 Notes (Details) - 2025 Notes $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Principal | $ 1,150,000 |
Less: unamortized debt discount and issuance costs | (263,948) |
Net carrying amount | 886,052 |
Amount allocated to equity component | 251,745 |
Less: issuance costs and tax | (6,679) |
Carrying amount of the equity component | $ 245,066 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Class Of Stock [Line Items] | |
Unamortized stock-based compensation expense | $ | $ 28 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 2 years 7 months 2 days |
Class of warrant exercise price | $ / shares | $ 4.50 |
Class of warrant exercisable period | 5 years |
Class of warrant exercisable period ends | 2023-09 |
Warrants issued or issuable | shares | 0 |
2019 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Unamortized stock-based compensation expense | $ | $ 0.4 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 12 months |
Expected volatility of option granted | 88.40% |
Risk-free interest rate, minimum | 0.12% |
Risk-free interest rate, maximum | 0.13% |
Expected dividend yield | 0.00% |
Restricted Stock Units | |
Class Of Stock [Line Items] | |
Unamortized stock-based compensation expense | $ | $ 64.1 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 3 years 5 months 26 days |
Number of other than options granted | shares | 196,355 |
Weighted grant-date fair value | $ / shares | $ 103.48 |
Minimum | 2019 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Expected term of stock options granted | 6 months |
Minimum | Restricted Stock Units | |
Class Of Stock [Line Items] | |
Vest over requisite period | 1 year |
Maximum | |
Class Of Stock [Line Items] | |
Issuance of warrants | shares | 5,600,000 |
Maximum | 2019 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Expected term of stock options granted | 1 year |
Maximum | Restricted Stock Units | |
Class Of Stock [Line Items] | |
Vest over requisite period | 4 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Based Compensation Expense from Stock Options, RSUs and ESPP (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | $ 10,689 | $ 3,075 | $ 20,583 | $ 5,351 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 642 | 211 | 1,243 | 359 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 3,246 | 1,084 | 6,315 | 1,755 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 1,871 | 494 | 3,375 | 877 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | $ 4,930 | $ 1,286 | $ 9,650 | $ 2,360 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income Disclosure Nonoperating [Abstract] | ||||
Interest income | $ 589 | $ 933 | $ 1,454 | $ 1,891 |
Interest expense | (3,928) | (21) | (3,958) | (175) |
Loss on revaluation of warrant liabilities | (552) | (717) | ||
Other | (2) | (7) | ||
Total | $ (3,341) | $ 360 | $ (2,511) | $ 999 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit | $ 333 | $ 333 | $ (51) |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||||
Weighted average remaining term | 10 years 1 month 6 days | 10 years 1 month 6 days | ||
Weighted average discount rate | 5.40% | 5.40% | ||
Lease expense paid during period | $ 400 | $ 700 | ||
Lease expense | $ 2,539 | $ 900 | $ 4,896 | $ 1,600 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remainder of 2021 | $ 925 |
2022 | 7,978 |
2023 | 8,203 |
2024 | 7,936 |
2025 | 7,705 |
2026 | 7,416 |
Thereafter | 40,525 |
Gross lease payments | 80,688 |
Less - present value adjustments | (19,701) |
Less - tenant improvement allowance receivable | (2,119) |
Operating lease, liabilities | $ 58,868 |
Leases - Components Of Lease Ex
Leases - Components Of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost [Abstract] | ||||
Operating lease expense | $ 1,731 | $ 3,249 | ||
Short-term lease expense | 157 | 328 | ||
Variable lease expense | 651 | 1,319 | ||
Total | $ 2,539 | $ 900 | $ 4,896 | $ 1,600 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitment And Contingencies [Line Items] | |||||
Strategic partnership agreement period | 10 years | ||||
Online bill payment products expiration month and year | 2027-06 | ||||
Data Hosting and Other Services | |||||
Commitment And Contingencies [Line Items] | |||||
Purchase commitment, period | 3 years | ||||
Purchase commitment beginning date | Sep. 1, 2020 | ||||
Sales and Marketing Expenses | |||||
Commitment And Contingencies [Line Items] | |||||
Strategic partnership agreement expenses | $ 0.5 | $ 0.5 | $ 1 | $ 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Payments Under Other Agreements (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Remainder of 2021 | $ 5,432 |
2022 | 8,117 |
2023 | 8,503 |
2024 | 5,010 |
2025 | 2,000 |
2026 | 1,750 |
Thereafter | 1,750 |
Total | $ 32,562 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (17,179) | $ (7,578) | $ (30,130) | $ (13,274) |
Denominator: | ||||
Basic and diluted | 81,519 | 22,306 | 80,868 | 15,268 |
Net loss per share attributable to common stockholders: | ||||
Basic and diluted | $ (0.21) | $ (0.34) | $ (0.37) | $ (0.87) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share Calculation (Details) - shares shares in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share | 15,113 | 12,188 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share | 6,792 | 12,126 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share | 1,173 | |
Shares Issuable Under the 2025 Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share | 7,148 | |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities, potentially dilutive securities excluded from calculation of diluted net loss per share | 62 |
Net Loss Per Share Attributab_5
Net Loss Per Share Attributable To Common Stockholders - Additional Information (Details) - 2025 Notes - $ / shares shares in Millions | 6 Months Ended | |
Dec. 31, 2020 | Nov. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Conversion price per share | $ 160.88 | |
Maximum | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of shares subject to adjustment | 10.5 | |
Common Stock | Maximum | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Conversion price per share | $ 160.88 |