FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2020

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Fair Value of Level 3 Financial Liabilities

The table below sets forth a summary of the changes in the fair value of Level 3 financial liabilities as of and for the periods presented (in thousands):

	Three months ended March 31,		Nine months ended March 31,
	2019		2019			2020
Fair value, beginning of period	$	358	$	663		$	688
Change in fair value		166		155			717
Reclassification to additional paid-in capital		-		-			(1,405	)
Forfeiture of warrants		-		(294	)		-
Fair value, end of period	$	524	$	524		$	-

The following table sets forth a summary of the changes in the fair value of Level 3 financial liabilities (in thousands):

	June 30,
	2018		2019
Fair value, beginning of period	$	481	$	663
Change in fair value		182		319
Forfeiture of warrants		-		(294	)
Fair value, end of period	$	663	$	688

Summary of Black-Scholes Option-Pricing Model to Measure the Fair Value of Level 3 Financial Liabilities

The key inputs used in the Black-Scholes option-pricing model to measure the fair value of Level 3 financial liabilities as of June 30, 2019 were as follows:

Expected term (in years)	0.57
Expected volatility	51.0	%
Risk-free interest rate	2.0	%
Expected dividend yield	0	%

The Company re-measures its outstanding redeemable convertible preferred stock warrant liabilities to fair value using the Black-Scholes option-pricing model. The key inputs used in the valuation were as follows:

	June 30,
	2018			2019
Expected term (in years)		1.04			0.58
Expected volatility		46.0	%		51.0	%
Risk-free interest rate		2.3	%		2.0	%
Expected dividend yield		0	%		0	%

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):

	June 30, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	13,718	$	-	$	-	$	13,718
		13,718		-		-		13,718
Short-term investments:
U.S. treasury securities		64,758		-		-		64,758
Corporate bonds		-		4,787		-		4,787
Asset-backed securities		-		2,424		-		2,424
		64,758		7,211		-		71,969
Funds held for customers:
Restricted cash equivalents		424,219		-		-		424,219
Corporate bonds		-		302,070		-		302,070
Certificates of deposit		-		105,377		-		105,377
U.S. treasury securities		30,960		-		-		30,960
		455,179		407,447		-		862,626
Total assets measured at fair value	$	533,655	$	414,658	$	-	$	948,313
Liabilities
Redeemable convertible preferred stock warrant liabilities	$	-	$	-	$	688	$	688
Total liabilities measured at fair value	$	-	$	-	$	688	$	688

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	42,608	$	-	$	-	$	42,608
Corporate bonds		-		5,583		-		5,583
		42,608		5,583		-		48,191
Short-term investments:
U.S. treasury securities		28,373		-		-		28,373
Corporate bonds		-		99,492		-		99,492
Asset-backed securities		-		25,973		-		25,973
		28,373		125,465		-		153,838
Funds held for customers:
Restricted cash equivalents		362,029		80,271		-		442,300
Corporate bonds		-		469,071		-		469,071
Certificates of deposit		-		78,714		-		78,714
U.S. treasury securities		19,419		-		-		19,419
		381,448		628,056		-		1,009,504
Total assets measured at fair value	$	452,429	$	759,104	$	-	$	1,211,533