Business Combination (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Acquisition Purchase Consideration

The acquisition purchase consideration totaled $674.3 million, which consisted of the following (in thousands):


Equity consideration (1)	$	510,218
Cash	164,087
Total	$	674,305

(1) This includes 1,788,372 shares of the Company’s common stock issued with a fair value based upon the opening market price on the acquisition date. This also includes the stock options assumed to replace stock options that were outstanding on the acquisition date under Invoice2go's 2014 Equity Incentive Plan. The fair value of these stock options was $21.7 million, which was the amount attributable to the pre-combination requisite service period.

Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Cash and cash equivalents	$	19,738
Accounts receivable and other assets	4,518
Intangible assets	91,219
Total identifiable assets acquired	115,475
Accounts payable and other liabilities	(26,618)
Net identifiable assets acquired	88,857
Goodwill	585,448
Net assets acquired	$	674,305

Summary of Preliminary Fair Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary fair values allocated to the identifiable intangible assets (in thousands) and their estimated useful lives are as follows:


	Preliminary fair value		Weighted average useful life (in years)
Customer relationships	$	61,269	10.0
Developed technology	15,908		3.0
Trade name	14,042		3.0
Total	$	91,219