Acquired Card Receivables (Tables)

6 Months Ended

Dec. 31, 2022

Acquired Card Receivables [Abstract]

Schedule of Acquired Card Receivables

Acquired card receivables consisted of the following as of the dates presented (in thousands):

	December 31, 2022		June 30, 2022
Gross amount of acquired card receivables	$	392,843	$	261,806
Less: allowance for credit losses	(11,948)		(5,414)
Total	$	380,895	$	256,392

Summary of Acquired Card Receivables by Class

Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):

	December 31, 2022		June 30, 2022
Current and less than 30 days past due	$	384,944	$	257,618
30 ~ 59 days past due	2,882		1,677
60 ~ 89 days past due	2,449		1,199
90 ~ 119 days past due	2,463		1,186
Over 119 days past due	105		126
Total	$	392,843	$	261,806

Summary of Modified Card Receivables

The following table provides additional information with respect to card receivables that were modified during the three and six months ended December 31, 2022 (in thousands):

	Three Months Ended December 31, 2022		Six Months Ended December 31, 2022
Principal subject to forgiveness(1)	$	81	$	81
Principal subject to late fee forgiveness(1)	—		696
Other-than-insignificant payment delay(2)	199		2,439
Payment term extension(3)	544		577
Total card receivables	$	824	$	3,793

(1) Forgiveness of principal and late fee payments waived were not material during three and six months ended December 31, 2022.

(2) Other-than-insignificant payment delay represents accounts that are allowed to utilize available credit despite being delinquent outside of standard policy.

(3) Weighted-average payment term extensions were approximately 3 months during the three and six months ended December 31, 2022.

Summary of Change in Allowance for Credit Losses

Below is a summary of the changes in allowance for credit losses presented (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Balance, beginning	$	7,541	$	3,717	$	5,414	$	1,740
Initial allowance for credit losses on purchased card receivables with credit deterioration	—		296		10		310
Provision for expected credit losses	8,520		5,190		15,103		9,225
Charge-off amounts	(4,379)		(5,020)		(9,412)		(7,296)
Recoveries collected	266		424		833		628
Balance, end of period	$	11,948	$	4,607	$	11,948	$	4,607

Summary of Fair Value of Consideration Received from Transfer of Card Receivables

Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022 (1)		2021		2022 (1)		2021
Initial fair value of consideration received:
Cash	$	—	$	366,706	$	316,477	$	625,207
Beneficial interest derivative	—		1,093		1,682		2,287
Total	$	—	$	367,799	$	318,159	$	627,494

(1) Effective August 2022, the Company ceased selling acquired card receivables.