Business Combinations (Tables)

6 Months Ended

Dec. 31, 2021

Invoice2go, Inc.

Business Acquisition [Line Items]

Summary of Acquisition Purchase Consideration

The acquisition purchase consideration totaled $674.3 million, which consisted of the following (in thousands):

Equity consideration (1)	$	510,218
Cash		164,087
Total	$	674,305

(1) This includes 1,788,372 shares of the Company’s common stock issued with a fair value based upon the opening market price on the acquisition date. This also includes the stock options assumed to replace stock options that were outstanding on the acquisition date under Invoice2go's 2014 Equity Incentive Plan (Invoice2go 2014 Plan). The fair value of these stock options was $21.7 million, which was the amount attributable to the pre-combination requisite service period.

Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Cash and cash equivalents	$	19,738
Accounts receivable and other assets		4,518
Intangible assets		91,219
Total identifiable assets acquired		115,475
Accounts payable and other liabilities		(26,618	)
Net identifiable assets acquired		88,857
Goodwill		585,448
Net assets acquired	$	674,305

Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows:

	Preliminary fair value		Weighted-average useful life (In years)
Customer relationships	$	61,269		10.0
Developed technology		15,908		3.0
Trade name		14,042		3.0
Total	$	91,219		7.7

Summary of Unaudited Proforma Financial Information

The unaudited pro forma information below summarizes the combined results (in thousands) of the Company and Invoice2go as if the Company’s acquisition of Invoice2go closed on July 1, 2020 but does not necessarily reflect the combined actual results of operations of the Company and Invoice2go that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Invoice2go, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed. The pro forma net loss for the six months ended December 31, 2021 was adjusted to exclude nonrecurring acquisition-related costs of $19.0 million. The pro forma net loss for the six months ended December 31, 2020 was adjusted to include nonrecurring acquisition-related costs of $20.6 million.

	Three months ended December 31,			Six months ended December 31,
	2020			2021			2020
Total revenue	$	62,927		$	281,345		$	117,620
Net loss	$	(24,542	)	$	(155,474	)	$	(62,316	)

DivvyPay, Inc.

Business Acquisition [Line Items]

Summary of Unaudited Proforma Financial Information

The unaudited pro forma information below summarizes the combined results (in thousands) of the Company and Divvy as if the Company’s acquisition of Divvy closed on July 1, 2019 but does not necessarily reflect the combined actual results of operations of the Company and Divvy that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Divvy, including additional depreciation and amortization adjustments for the fair value of the assets acquired and liabilities assumed.

	Three months ended December 31, 2020			Six months ended December 31 2020
Total revenue	$	71,012		$	129,979
Net loss	$	(86,247	)	$	(148,201	)