Acquired Card Receivables (Tables)

12 Months Ended

Jun. 30, 2022

Acquired Card Receivables [Abstract]

Schedule of Acquired Card Receivables

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

	June 30,
	2022		2021
Gross amount of acquired card receivables	$	261,806	$	148,833
Less: allowance for credit losses	(5,414)		(1,740)
Total	$	256,392	$	147,093

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):

	June 30,
	2022		2021
Current and less than 30 days past due	$	257,618	$	145,993
30 ~ 59 days past due	1,677		1,188
60 ~ 89 days past due	1,199		580
90 ~ 119 days past due	1,186		713
Over 119 days past due	126		359
Total	$	261,806	$	148,833

Summary of Change in Allowance for Credit Losses

Below is a summary of the allowance for credit losses as of the dates presented and the changes during the years ended June 30, 2022 and 2021 (in thousands):

	June 30,
	2022		2021 (1)
Balance, beginning	$	1,740	$	—
Initial allowance for credit losses on purchased card receivables with credit deterioration	313		2,082
Provision for expected credit losses	19,566		462
Charge-off amounts	(18,005)		(828)
Recoveries collected	1,800		24
Balance, ending	$	5,414	$	1,740

(1) Amounts from the acquisition date of Divvy on June 1, 2021.

Summary of Acquired Card Receivables Considered PCD Assets

Below is a summary of the acquired card receivables that were considered PCD assets from the acquisition of Divvy on June 1, 2021 through June 30, 2021 (in thousands):

Purchase price	$	3,855
Allowance for credit losses	2,082
Less: discount attributable to other factors	(79)
Par value	$	5,858

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):

	Year ended June 30,
	2022		2021 (1)
Initial fair value of consideration received:
Cash	$	1,483,481	$	59,105
Beneficial interest derivative	4,690		187
Total	$	1,488,171	$	59,292

(1) Amounts from the acquisition date of Divvy on June 1, 2021.

Summary of Transferred Card Receivables by Class

Below is a summary of outstanding transferred card receivables by class (i.e., past due status) that have not been charged-off and have not been recorded on the Company's consolidated balance sheets, but with which the Company has a continuing involvement through its servicing agreements, as of the dates presented (in thousands):

	June 30,
	2022		2021
Current and less than 30 days past due	$	56,162	$	25,098
30 ~ 59 days past due	292		240
60 ~ 89 days past due	375		165
90 ~ 119 days past due	422		301
Over 119 days past due	30		132
Total	$	57,281	$	25,936