Fair Value Measurement (Tables)

6 Months Ended

Dec. 31, 2019

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, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	136,873	$	—	$	—	$	136,873
Corporate bonds		—		—		—		—
		136,873		—		—		136,873
Short-term investments:
U.S. treasury securities		42,686		—		—		42,686
Corporate bonds		—		17,382		—		17,382
Asset-backed securities		—		8,067		—		8,067
		42,686		25,449		—		68,135
Funds held for customers:
Restricted cash equivalents		405,186		72,428		—		477,614
Corporate bonds		—		303,773		—		303,773
Certificates of deposit		—		106,011		—		106,011
U.S. treasury securities		19,191		—		—		19,191
		424,377		482,212		—		906,589
Total assets measured at fair value	$	603,936	$	507,661	$	—	$	1,111,597

	June 30, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	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

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 December 31,						Six months ended December 31,
	2019			2018			2019			2018
Fair value, beginning of period	$	853		$	652		$	688		$	663
Change in fair value		552			—			717			(11	)
Reclassification to additional paid-in capital		(1,405	)		—			(1,405	)		—
Forfeiture of warrants		—			(294	)		—			(294	)
Fair value, end of period	$	—		$	358		$	—		$	358

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	%