XML 30 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue
 12 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The Company generates revenue primarily from subscription and transaction fees. The table below shows the Company’s revenue from subscription and transaction fees, which are disaggregated by sales
channel, and revenue from interest on funds held for customers (in thousands).
 
Year ended
June 30,
 202420232022
SMBs, accounting firms, spending businesses and other$1,098,644 $901,602 $603,171 
Financial institutions24,089 43,108 30,194 
Total subscription and transaction fees1,122,733 944,710 633,365 
Interest on funds held for customers167,439 113,758 8,594 
Total revenue$1,290,172 $1,058,468 $641,959 
Deferred revenue
Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. During the year ended June 30, 2024, the Company recognized approximately $22.5 million of revenue that was included in the deferred revenue balance as of June 30, 2023.
Remaining performance obligations
The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of June 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was approximately $86.8 million. Of the total remaining performance obligations, the Company expects to recognize approximately 35% over the next year, 19% between one to two years and 46% over the next three to five years thereafter. The Company determines remaining performance obligations at a point in time based on contracts with customers. The Company evaluates its customer relationships on an ongoing basis, and may selectively renegotiate certain terms of its agreements with financial institutions, accounting firms and SMBs. There were no subsequent events that would materially impact the amount of the remaining performance obligations as of June 30, 2024. However, actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals and/or terminations.
Unbilled revenue
Unbilled revenue consists of revenue recognized that has not been billed to the customers yet. The unbilled revenue amounted to $16.7 million and $14.0 million as of June 30, 2024 and 2023, respectively.
Deferred costs
Deferred costs consisted of the following as of the dates presented (in thousands):
 June 30,
 20242023
Deferred sales commissions:
Current$8,142 $6,523 
Non-current15,113 12,317 
Total deferred sales commissions$23,255 $18,840 
Deferred service costs:
Current$430 $904 
Non-current1,930 2,221 
Total deferred service costs$2,360 $3,125 
The current portion of deferred costs is included in prepaid expenses and other current assets and the non-current portion is included in other assets in the accompanying consolidated balance sheets. The amortization of deferred sales commissions, which is included in sales and marketing in the accompanying
consolidated statements of operations, was $7.9 million, $6.6 million, and $5.2 million during the years ended June 30, 2024, 2023, and 2022, respectively. The amortization of deferred service costs, which is included in service costs in the accompanying consolidated statements of operations, was $2.0 million, $2.5 million, and $1.6 million during the years ended June 30, 2024, 2023, and 2022, respectively.