Commitments and Contingencies

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Commitments

The Company has non-cancelable operating leases for office and other facilities in various locations, and certain equipment, which expire through 2031. Future minimum lease payments as of June 30, 2023 are as follows (in thousands):


Fiscal years ending June 30:	Amount
2024	$	14,649
2025	13,699
2026	13,292
2027	13,226
2028	13,590
Thereafter	35,919
Gross lease payments	104,375
Less - present value adjustments	(17,737)
Total operating lease liabilities, net	$	86,638

The current portion of operating lease liabilities, which is included in other accruals and current liabilities in the accompanying consolidated balance sheets, was $14.1 million and $12.1 million as of June 30, 2023 and 2022, respectively. The non-current portion of operating lease liabilities was $72.5 million and $82.7 million as of June 30, 2023 and 2022, respectively.

In addition to the minimum lease payments above, the Company has multi-year agreements with certain third parties and financial institution partners, expiring through 2029, which require the Company to pay

fees over the term of the respective agreements. Future payments under these other agreements as of June 30, 2023 are as follows (in thousands).


Fiscal years ending June 30:	Amount
2024	$	14,612
2025	12,582
2026	6,004
2027	5,241
2028	5,491
Thereafter	29,373
Total	$	73,303

Purchase of Card Receivables That Have Not Cleared

The Company is contractually obligated to purchase all card receivables from the Issuing Banks including authorized transactions that have not cleared. The transactions that have been authorized but not cleared totaled $68.6 million as of June 30, 2023 and have not been recorded on the accompanying consolidated balance sheets. The Company has credit exposures with these authorized but not cleared transactions; however, the expected credit losses recorded were not material as of June 30, 2023. See Note 7 for additional discussion about acquired card receivables.

Litigation

From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of each of June 30, 2023 and 2022, the Company’s reserve for litigation is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.