XML 22 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:      
Net loss $ (31,091) $ (7,314) [1] $ (7,195) [1]
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 4,257 3,154 [1] 2,314 [1]
Stock-based compensation 18,064 4,082 [1] 1,545 [1]
Accretion of discount on investments in marketable debt securities (3,815) (1,319) [1]  
Revaluation of warrant liabilities and forfeiture of warrants 717 25 [1] 182 [1]
Issuance of warrants [1]   274  
Deferred income taxes [1]   (176)  
Changes in assets and liabilities:      
Accounts receivable (1,054) (2,098) [1] (279) [1]
Unbilled revenue (554) (1,748) [1] (503) [1]
Prepaid expenses and other current assets (10,434) (5,690) [1] (3,477) [1]
Other assets (4,928) (995) [1] (2,828) [1]
Accounts payable (1,596) 3,171 [1] (563) [1]
Accrued and other current liabilities 9,755 4,336 [1] 1,642 [1]
Other long-term liabilities 12,991 302 [1] 35 [1]
Deferred revenue 3,258 47 [1] 771 [1]
Net cash used in operating activities (4,430) (3,949) [1] (8,356) [1]
Cash flows from investing activities:      
Purchases of corporate and customer fund short-term investments (1,088,611) (830,622) [1] (726,788) [1]
Proceeds from maturities of corporate and customer fund short-term investments 806,000 694,303 [1] 290,828 [1]
Proceeds from sale of corporate and customer fund short-term investments 46,159 54,715 [1] 16,498 [1]
(Increase) decrease in other receivables included in funds held for customers (959) (10,203) [1] 3,686 [1]
Purchases of property and equipment (11,437) (2,743) [1] (1,313) [1]
Capitalization of internal-use software costs (639) (1,556) [1] (733) [1]
Net cash used in investing activities (249,487) (96,106) [1] (417,822) [1]
Cash flows from financing activities:      
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs 225,481    
Proceeds from issuance of common stock upon follow-on public offering, net of underwriting discounts and commissions and other offering costs 308,176    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs [1]   85,160 55,805
Increase in customer fund deposits liability 314,944 414,293 [1] 263,671 [1]
Proceeds from line of credit and bank borrowings 2,300   9,500 [1]
Payments on bank borrowings [1]   (9,500) (3,387)
Proceeds from exercise of stock options 12,232 1,702 [1] 693 [1]
Proceeds from exercise of stock warrants 144    
Payments of deferred debt issuance costs (151)    
Net cash provided by financing activities 863,126 491,655 [1] 326,282 [1]
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 609,209 391,600 [1] (99,896) [1]
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year [1] 983,168 591,568 691,464
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 1,592,377 983,168 [1] 591,568 [1]
Supplemental disclosure of cash flow information:      
Cash paid for interest 174 872 [1] 436 [1]
Noncash investing and financing activities:      
Payable on purchases of property and equipment [1]     1,908
Conversion of redeemable convertible preferred stock into common stock upon initial public offering 276,307    
Reclassification of redeemable convertible preferred stock warrant liabilities into additional paid-in capital upon initial public offering 1,405    
Receivable from broker-assisted exercises of stock options 1,228    
Accrued offering and debt issuance costs 664 470 [1]  
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:      
Cash and cash equivalents 573,643 90,306 [1] 22,401 [1]
Restricted cash included in other current assets $ 35 $ 256 [1] $ 256 [1]
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsCurrent us-gaap:OtherAssetsCurrent [1] us-gaap:OtherAssetsCurrent [1]
Restricted cash included in other assets [1]   $ 550  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsNoncurrent us-gaap:OtherAssetsNoncurrent [1] us-gaap:OtherAssetsNoncurrent [1]
Restricted cash and restricted cash equivalents included in funds held for customers $ 1,018,699 $ 892,056 [1] $ 568,911 [1]
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year $ 1,592,377 $ 983,168 [1] $ 591,568 [1]
[1] Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. See Note 1 to the consolidated financial statements for a summary of reclassifications and adjustments.