XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:      
Net loss $ (108,017) $ (72,482) $ (67,303)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 6,457 6,947 5,462
Amortization of intangible assets and software 124,016 139,354 127,755
Amortization of deferred contract costs 31,471 19,501 10,206
Stock-based compensation expense 71,376 4,172 4,906
Amortization of debt acquisition costs 88 637 620
Deferred tax benefit (30,940) (21,022) (20,181)
Bad debt expense 2,085 1,791 1,812
Gain on sale of investments (2) (127) (2,513)
Gain on installment sale (1,359) 0 0
Loss (gain) on foreign currency exchange 309 (755) 0
Loss on lease exit 9,112 0 0
Change in fair value of deferred consideration (138) 0 0
Loss (gain) on extinguishment of debt 0 1,806 (6,240)
Changes in assets and liabilities, net of effects from acquisitions:      
Accounts receivable (7,133) (7,731) (2,584)
Prepaid expenses and other current assets (3,193) 962 1,238
Other long-term assets 448 (1,726) (240)
Accounts payable 2,015 (244) (1,407)
Accrued liabilities 12,195 5,430 (13,973)
Deferred revenue 1,077 (1,350) 5,500
Other long-term liabilities (5,954) (1,428) 8,808
Deferred contract costs (79,562) (62,962) (51,778)
Net cash provided by operating activities 24,351 10,773 88
Cash flows from investing activities:      
Purchases of client funds available-for-sale securities (211,473) (237,054) (571,385)
Proceeds from sale and maturities of client funds available-for-sale securities 166,372 235,768 722,588
Purchase of property and equipment (1,986) (3,335) (7,833)
Proceeds from note receivable on installment sale 3,040 0 0
Acquisition of intangible assets (9,706) (9,252) (2,995)
Acquisition of Paltech Solutions, Inc., net of cash acquired 0 (16,740) 0
Internally developed software costs (30,797) (21,968) (18,846)
Net cash (used in) provided by investing activities (84,550) (52,581) 121,529
Cash flows from financing activities:      
Net change in cash and cash equivalents held to satisfy client funds obligations 1,037,543 25,983 (29,803)
Capital contribution in Apax Transaction 0 0 (63)
Payment of contingent consideration 0 (3,000) 0
Payment of deferred consideration (2,752) 0 0
Proceeds from promissory note with related party 0 64,989 0
Repayment of promissory note with related party 0 (64,989) 0
Proceeds from line-of-credit 3,500 107,020 114,127
Repayments of line-of-credit (52,600) (62,921) (109,126)
Proceeds from debt 0 25,000 20,000
Repayments of debt and capital lease obligations (323) (44,517) (15,886)
Proceeds from issuance of preferred stock, net of offering costs 0 262,772 0
Purchase of treasury stock at cost 0 (245,074) 0
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount 454,915 0 0
Payments of ordinary dividends, noncontrolling interest (260,044) (9,350) 0
Proceeds from employee stock purchase plan 3,187 0 0
Other financing activities (395) (597) (129)
Net cash provided by (used in) financing activities 1,183,031 55,316 (20,880)
Impact of foreign exchange on cash and cash equivalents 91 44 0
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients 1,122,923 13,552 100,737
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period 560,000 546,448 445,711
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period 1,682,923 560,000 546,448
Supplemental disclosure of non-cash investing, financing and other cash flow information:      
Capital expenditures in accounts payable 5 129 1,032
Cash paid during the year for interest 154 1,347 823
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Consolidated Balance Sheets      
Cash and cash equivalents 133,041 2,634 828
Restricted cash and short-term investments 0 0 12,017
Funds held for clients 1,549,882 557,366 533,603
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients $ 1,682,923 $ 560,000 $ 546,448