0001820953-23-000002 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 31, 2022	Feb. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	984-0490
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		233,906,114
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,088,662

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Assets
Cash and cash equivalents	$ 1,440,333	$ 1,255,171
Restricted cash	424,460	295,636
Securities available for sale at fair value	914,923	1,595,373
Loans held for sale	344	2,670
Loans held for investment	3,655,504	2,503,561
Allowance for credit losses	(182,100)	(155,392)
Loans held for investment, net	3,473,404	2,348,169
Accounts receivable, net	201,622	142,052
Property, equipment and software, net	248,939	171,482
Goodwill	527,630	539,534
Intangible assets	63,755	78,942
Commercial agreement assets	220,082	263,196
Other assets	289,259	281,567
Total Assets	7,804,751	6,973,792
Liabilities:
Accounts payable	28,974	33,072
Payable to third-party loan owners	127,378	71,383
Accrued interest payable	11,971	6,659
Accrued expenses and other liabilities	220,619	237,598
Convertible senior notes, net	1,708,779	1,706,668
Notes issued by securitization trusts	1,314,212	1,627,580
Funding debt	1,882,670	672,577
Total liabilities	5,294,603	4,355,537
Commitments and contingencies
Stockholders’ equity:
Additional paid in capital	4,716,385	4,231,303
Accumulated deficit	(2,179,608)	(1,605,902)
Accumulated other comprehensive loss	(26,632)	(7,149)
Total stockholders’ equity	2,510,148	2,618,255
Total Liabilities and Stockholders’ Equity	7,804,751	6,973,792
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 424,460	$ 295,636
Loans held for investment	3,655,504	2,503,561
Allowance for credit losses	(182,100)	(155,392)
Loans held for investment, net	3,473,404	2,348,169
Accounts receivable, net	201,622	142,052
Other assets	289,259	281,567
Total Assets	7,804,751	6,973,792
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	28,974	33,072
Accrued interest payable	11,971	6,659
Accrued expenses and other liabilities	220,619	237,598
Notes issued by securitization trusts	1,314,212	1,627,580
Funding debt	1,882,670	672,577
Total liabilities	5,294,603	4,355,537
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	248,612	164,530
Loans held for investment	3,153,253	2,179,026
Allowance for credit losses	(148,125)	(124,052)
Loans held for investment, net	3,005,128	2,054,974
Accounts receivable, net	8,196	8,195
Other assets	17,554	14,570
Total Assets	3,279,490	2,242,269
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,801	2,897
Accrued interest payable	11,937	6,525
Accrued expenses and other liabilities	17,045	15,494
Notes issued by securitization trusts	1,314,212	1,627,580
Funding debt	1,704,812	514,033
Total liabilities	3,050,807	2,166,529
Total net assets	$ 228,683	$ 75,740
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	232,003,118	227,255,529
Common stock, outstanding (in shares)	232,003,118	227,255,529
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	60,088,662	60,109,844
Common stock, outstanding (in shares)	60,088,662	60,109,844

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenue	$ 163,136	$ 153,645	$ 302,993	$ 265,284
Interest income	155,321	138,355	292,123	255,657
Gain on sales of loans	59,607	57,690	123,202	88,669
Servicing income	21,494	11,321	42,864	20,786
Total Revenue, net	399,558	361,011	761,182	630,396
Operating Expenses
Loss on loan purchase commitment	38,422	65,265	74,032	116,943
Provision for credit losses	106,689	52,640	170,939	116,287
Funding costs	43,751	17,700	68,817	34,453
Processing and servicing	66,508	41,849	120,867	67,050
Technology and data analytics	156,747	94,989	301,708	173,002
Sales and marketing	188,334	143,476	352,207	207,436
General and administrative	158,639	141,292	319,611	277,496
Total Operating Expenses	759,090	557,211	1,408,181	992,667
Operating Loss	(359,532)	(196,200)	(646,999)	(362,271)
Other income (expense), net	35,527	36,741	71,545	(103,632)
Loss Before Income Taxes	(324,005)	(159,459)	(575,454)	(465,903)
Income tax (benefit) expense	(1,568)	276	(1,748)	447
Net Loss	(322,437)	(159,735)	(573,706)	(466,350)
Other Comprehensive Loss
Foreign currency translation adjustments	4,522	2,341	(17,024)	(1,461)
Unrealized loss on securities available for sale, net	3,069	(657)	(2,459)	(936)
Net Other Comprehensive Loss	7,591	1,684	(19,483)	(2,397)
Comprehensive Loss	$ (314,846)	$ (158,051)	$ (593,189)	$ (468,747)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (1.10)	$ (0.57)	$ (1.96)	$ (1.70)
Diluted (in USD per share)	$ (1.10)	$ (0.57)	$ (1.96)	$ (1.70)
Net loss per share:
Basic (in shares)	293,683,331	281,533,888	292,306,300	273,588,094
Diluted (in shares)	293,683,331	281,533,888	292,306,300	273,588,094
Merchant network revenue
Revenue
Revenue	$ 134,019	$ 127,087	$ 247,168	$ 219,331
Virtual card network revenue
Revenue
Revenue	$ 29,117	$ 26,558	$ 55,825	$ 45,953

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance, Common Stock (in shares) at Jun. 30, 2021		269,358,104
Beginning balance at Jun. 30, 2021	$ 2,575,527	$ 3	$ 3,467,236	$ (898,485)	$ 6,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		7,403,503
Issuance of common stock upon exercise of stock options	37,470		37,470
Issuance of common stock in acquisition (in shares)		183,733
Issuance of common stock in acquisition	10,000		10,000
Repurchases of common stock (in shares)		(821)
Repurchases of common stock	(4)		(4)
Vesting of restricted stock units (in shares)		772,653
Stock-based compensation	104,879		104,879
Tax withholding on stock-based compensation	(39,817)		(39,817)
Foreign currency translation adjustments	(3,802)				(3,802)
Unrealized loss on securities available for sale	(279)				(279)
Net Loss	(306,615)			(306,615)
Ending balance, Common Stock (in shares) at Sep. 30, 2021		277,717,172
Ending balance at Sep. 30, 2021	2,377,359	$ 3	3,579,764	(1,205,100)	2,692
Beginning balance, Common Stock (in shares) at Jun. 30, 2021		269,358,104
Beginning balance at Jun. 30, 2021	2,575,527	$ 3	3,467,236	(898,485)	6,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustments	(1,461)
Net Loss	(466,350)
Ending balance, Common Stock (in shares) at Dec. 31, 2021		283,210,408
Ending balance at Dec. 31, 2021	2,468,322	$ 3	3,828,778	(1,364,835)	4,376
Beginning balance, Common Stock (in shares) at Sep. 30, 2021		277,717,172
Beginning balance at Sep. 30, 2021	2,377,359	$ 3	3,579,764	(1,205,100)	2,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		4,689,973
Issuance of common stock upon exercise of stock options	21,674		21,674
Vesting of restricted stock units (in shares)		803,263
Vesting of warrants for common stock	198,383		198,383
Stock-based compensation	101,920		101,920
Tax withholding on stock-based compensation	(72,963)		(72,963)
Foreign currency translation adjustments	2,341				2,341
Unrealized loss on securities available for sale	(657)				(657)
Net Loss	(159,735)			(159,735)
Ending balance, Common Stock (in shares) at Dec. 31, 2021		283,210,408
Ending balance at Dec. 31, 2021	2,468,322	$ 3	3,828,778	(1,364,835)	4,376
Beginning balance, Common Stock (in shares) at Jun. 30, 2022		287,365,373
Beginning balance at Jun. 30, 2022	2,618,255	$ 3	4,231,303	(1,605,902)	(7,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		215,949
Issuance of common stock upon exercise of stock options	1,192		1,192
Forfeiture of common stock related to acquisitions (in shares)		(243,384)
Repurchases of common stock (in shares)		(12,437)
Repurchases of common stock	(109)		(109)
Vesting of restricted stock units (in shares)		2,166,715
Vesting of warrants for common stock	108,742		108,742
Stock-based compensation	141,012		141,012
Tax withholding on stock-based compensation	(27,311)		(27,311)
Foreign currency translation adjustments	(21,546)				(21,546)
Unrealized loss on securities available for sale	(5,528)				(5,528)
Net Loss	(251,269)			(251,269)
Ending balance, Common Stock (in shares) at Sep. 30, 2022		289,492,216
Ending balance at Sep. 30, 2022	2,563,438	$ 3	4,454,829	(1,857,171)	(34,223)
Beginning balance, Common Stock (in shares) at Jun. 30, 2022		287,365,373
Beginning balance at Jun. 30, 2022	$ 2,618,255	$ 3	4,231,303	(1,605,902)	(7,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)	533,393
Foreign currency translation adjustments	$ (17,024)
Net Loss	(573,706)
Ending balance, Common Stock (in shares) at Dec. 31, 2022		292,091,780
Ending balance at Dec. 31, 2022	2,510,148	$ 3	4,716,385	(2,179,608)	(26,632)
Beginning balance, Common Stock (in shares) at Sep. 30, 2022		289,492,216
Beginning balance at Sep. 30, 2022	2,563,438	$ 3	4,454,829	(1,857,171)	(34,223)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		300,903
Issuance of common stock upon exercise of stock options	1,372		1,372
Issuance of common stock, employee share purchase plan (in shares)		500,443
Issuance of common stock, employee share purchase plan	5,921		5,921
Vesting of restricted stock units (in shares)		1,798,218
Vesting of warrants for common stock	128,054		128,054
Stock-based compensation	144,218		144,218
Tax withholding on stock-based compensation	(18,009)		(18,009)
Foreign currency translation adjustments	4,522				4,522
Unrealized loss on securities available for sale	3,069				3,069
Net Loss	(322,437)			(322,437)
Ending balance, Common Stock (in shares) at Dec. 31, 2022		292,091,780
Ending balance at Dec. 31, 2022	$ 2,510,148	$ 3	$ 4,716,385	$ (2,179,608)	$ (26,632)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (573,706)	$ (466,350)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	170,939	116,287
Amortization of premiums and discounts on loans, net	(68,853)	(87,678)
Gain on sales of loans	(123,202)	(88,669)
Changes in fair value of assets and liabilities	(11,035)	104,900
Amortization of commercial agreement assets	43,114	43,885
Amortization of debt issuance costs	1,752	9,568
Amortization of discount on securities available for sale	(14,923)	0
Commercial agreement warrant expense	236,796	64,854
Stock-based compensation	241,583	181,726
Depreciation and amortization	43,886	22,505
Other	1,136	(5,198)
Change in operating assets and liabilities:
Purchases of loans held for sale	(3,323,750)	(2,614,002)
Proceeds from the sale of loans held for sale	3,428,673	2,607,759
Accounts receivable, net	(63,416)	(48,117)
Other assets	(13,727)	65,422
Accounts payable	(4,098)	(12,169)
Payable to third-party loan owners	55,995	21,436
Accrued interest payable	5,903	(131)
Accrued expenses and other liabilities	(10,400)	8,868
Net Cash Provided by (Used in) Operating Activities	22,667	(75,104)
Cash Flows from Investing Activities
Purchases and origination of loans held for investment	(6,535,457)	(4,652,346)
Proceeds from the sale of loans held for investment	702,987	780,276
Principal repayments and other loan servicing activity	4,628,825	3,563,123
Acquisition, net of cash and restricted cash acquired	0	(5,999)
Additions to property, equipment and software	(65,401)	(38,159)
Purchases of securities available for sale	(105,629)	(511,724)
Proceeds from maturities and repayments of securities available for sale	798,149	59,126
Other investing cash inflows (outflows)	1,588	(13,870)
Net Cash Used in Investing Activities	(574,938)	(819,573)
Cash Flows from Financing Activities
Proceeds from issuance of convertible debt, net	0	1,704,300
Proceeds from funding debt	3,367,729	1,497,674
Payment of debt issuance costs	(4,773)	(8,151)
Principal repayments of funding debt	(2,147,035)	(1,527,568)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	250,000	499,640
Principal repayments of notes issued by securitization trusts	(559,383)	(102,467)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	8,246	59,569
Repurchases of common stock	(109)	(4)
Payments of tax withholding for stock-based compensation	(45,320)	(112,780)
Net Cash Provided by Financing Activities	869,355	2,010,213
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,098)	6,635
Net Increase in Cash, Cash Equivalents and Restricted Cash	313,986	1,122,171
Cash, Cash equivalents and Restricted cash, Beginning of period	1,550,807	1,692,632
Cash, Cash Equivalents and Restricted Cash, End of Period	1,864,793	2,814,803
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,440,333	2,567,401
Restricted cash	424,460	247,402
Total Cash, Cash Equivalents and Restricted Cash	1,864,793	2,814,803
Supplemental Disclosures of Cash Flow Information
Cash payments for interest expense	55,900	23,143
Cash paid for operating leases	8,244	8,232
Cash paid for income taxes	212	80
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	43,647	25,073
Issuance of common stock in connection with acquisition	0	10,000
Additions to property and equipment included in accrued expenses	0	107
Right of use assets obtained in exchange for operating lease liabilities	$ 494	$ 0

Business Description	6 Months Ended
Business Description	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time, with terms ranging from one to sixty months. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert customers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied customer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2022. The balance sheet as of June 30, 2022 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on directly originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on market-based inputs, historical experience, current events, and other factors we believe to be reasonable under the circumstances. These estimates are subjective in nature and to the extent that there are differences between these estimates and actual results, our financial condition or operating results in future periods may be affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, which was filed with the SEC on August 29, 2022. Recently Adopted Accounting Standards Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We early adopted the new standard effective July 1, 2022 on a prospective basis. The adoption of the guidance did not have a material impact on our interim condensed financial statements. Recent Accounting Pronouncements Not Yet Adopted Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”, which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. These ASUs are effective for all entities upon their respective issuance dates through December 31, 2024. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no impact to our interim condensed consolidated financial statements as of December 31, 2022. Throughout the remaining effective period for ASU 2020-04, ASU 2021-01 and ASU 2022-06, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable.

Revenue

6 Months Ended

Dec. 31, 2022

Banking and Thrift, Interest [Abstract]

Revenue

The following table presents the company’s revenue disaggregated by revenue source (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021

Merchant network revenue	$	134,019	$	127,087	$	247,168	$	219,331
Virtual card network revenue	29,117		26,558		55,825		45,953

Interest income	155,321		138,355		292,123		255,657
Gain on sales of loans	59,607		57,690		123,202		88,669
Servicing income	21,494		11,321		42,864		20,786
Total Revenue, net	$	399,558	$	361,011	$	761,182	$	630,396

Merchant Network Revenue

Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (GMV) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total network revenue earned on those loans. To the extent we do not expect to recover the losses in future periods, we record the excess loss amounts as a sales and marketing expense.

A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs.

For the three and six months ended December 31, 2022, there were no merchants that exceeded 10% of total revenue. For the three and six months ended December 31, 2021, approximately 11% and 10% of total revenue, respectively, was driven by one merchant.

Virtual Card Network Revenue

We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply for a virtual debit card through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The virtual debit card is funded at the time a transaction is authorized using cash held by the issuer processor in a reserve fund. Our originating bank partner then originates a loan to the consumer once the transaction is confirmed by the merchant. The non-integrated merchants are charged interchange fees by the issuer processor for virtual debit card transactions, and the issuer processor shares a portion of this revenue with us. We also leverage this issuer processor as a means of integrating certain merchants. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees by the issuer processor and the issuer processor shares a portion of this revenue with us.

Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Interest income on unpaid principal balance	$	125,858	$	88,674	$	231,996	$	171,615
Amortization of discount on loans	38,838		54,965		77,807		93,410
Amortization of premiums on loans	(4,580)		(2,995)		(8,954)		(5,732)
Interest receivable charged-off, net of recoveries	(4,795)		(2,289)		(8,726)		(3,636)
Total interest income	$	155,321	$	138,355	$	292,123	$	255,657

We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of December 31, 2022 and June 30, 2022, the balance of loans held for investment on non-accrual status was $1.8 million and $1.7 million, respectively.

Gain on Sales of Loans

We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations as the difference between the proceeds received and the carrying value of the loan, adjusted for the initial recognition of any assets or liabilities incurred upon sale, which generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a recourse liability based on our estimate of future losses in connection with our obligation to repurchase loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale.

Servicing Income

Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Loans Held for Investment and Allowance for Credit Losses

6 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Loans Held for Investment and Allowance for Credit Losses

Loans held for investment consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Unpaid principal balance	$	3,691,398	$	2,516,733
Accrued interest receivable	32,855		20,697
Premiums on loans held for investment	9,081		8,911
Less: Discount due to loss on loan purchase commitment	(38,615)		(20,692)
Less: Discount due to loss on directly originated loans	(38,381)		(20,443)
Less: Fair value adjustment on loans acquired through business combination	(834)		(1,645)
Total loans held for investment	$	3,655,504	$	2,503,561

Loans held for investment includes loans originated through our originating bank partners and directly originated loans. The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $4.4 billion and $7.9 billion during the three and six months ended December 31, 2022, respectively, and $3.4 billion and $5.6 billion during the three and six months ended December 31, 2021, respectively.

These loans have a variety of lending terms as well as maturities ranging from one to sixty months. Given that our loan portfolio focuses on one product segment, point-of-sale unsecured installment loans, we generally evaluate the entire portfolio as a single homogeneous loan portfolio and make merchant or program specific adjustments as necessary.

We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our directly originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator.

Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer’s attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer’s credit profile, a consumer’s prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers.

The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale (in thousands) as of December 31, 2022 and June 30, 2022:


December 31, 2022
	Amortized Costs Basis by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
96+	$	1,900,886	$	239,706	$	53,982	$	16,500	$	10	$	1	$	2,211,085
94-96	770,581		127,269		2,079		360		6		2		900,297
90-94	86,105		40,435		530		2		4		—		127,076
<90	23,650		5,315		12		2		—		—		28,979
No score(1)	217,011		110,920		24,002		3,266		328		29		355,556
Total amortized cost basis	$	2,998,233	$	523,645	$	80,605	$	20,130	$	348	$	32	$	3,622,993

(1)This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia.


	Net Charge-offs by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
Current period charge-offs	(15,426)		(131,629)		(5,142)		(337)		(45)		(19)		(152,598)
Current period recoveries	1,106		7,963		3,107		1,017		684		494		14,371
Current period net charge-offs	$	(14,320)	$	(123,666)	$	(2,035)	$	680	$	639	$	475	$	(138,227)


June 30, 2022
	Amortized Costs Basis by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
96+	$	1,218,104	$	122,503	$	33,458	$	157	$	1	$	—	$	1,374,223
94-96	620,403		11,240		773		13		2		—		632,431
90-94	220,056		3,886		6		4		—		—		223,952
<90	44,300		135		2		—		—		—		44,437
No score	186,044		20,554		3,368		444		79		2		210,491
Total amortized cost basis	$	2,288,907	$	158,318	$	37,607	$	618	$	82	$	2	$	2,485,534

Loan receivables are defined as past due if either the principal or interest have not been received within four calendars days of when they are due in accordance with the agreed upon contractual terms. The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):


	December 31, 2022		June 30, 2022
Non-delinquent loans	$	3,445,851	$	2,322,919
4 – 29 calendar days past due	79,930		77,963
30 – 59 calendar days past due	38,952		34,669
60 – 89 calendar days past due	29,261		26,919
90 – 119 calendar days past due (1)	28,999		23,064
Total amortized cost basis	$	3,622,993	$	2,485,534

(1)Includes $27.8 million and $22.7 million of loan receivables as of December 31, 2022 and June 30, 2022, respectively, that are 90 days or more past due, but are not on nonaccrual status.

We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses is determined based on our current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our interim condensed consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Balance at beginning of period	$	153,025	$	152,021	$	155,392	$	117,760
Provision for credit losses	103,066		49,695		164,935		110,699
Charge-offs	(81,562)		(47,573)		(152,598)		(78,027)
Recoveries of charged-off receivables	7,571		4,146		14,371		7,857
Balance at end of period	$	182,100	$	158,289	$	182,100	$	158,289

Acquisitions

6 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

There were no acquisitions accounted for as business combinations completed in the three and six months ended December 31, 2022. During the three and six months ended December 31, 2021, we completed one acquisition accounted for as business combinations, discussed further below.

Acquisitions completed during the three and six months ended December 31, 2021

ShopBrain

On July 1, 2021, Affirm completed the acquisition of technology and intellectual property from Yroo, Inc. and entered into employment arrangements with certain of its employees (“the ShopBrain acquisition”). Yroo, Inc. is a data aggregation and cataloging technology company based in Canada (“ShopBrain”). The purchase price was comprised of (i) $30.0 million in cash and (ii) 151,745 shares of our Class A common stock issued to the shareholders of ShopBrain at closing.

The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands):


Cash	$	30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$	40,000

The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration and the value of the assembled workforce. The goodwill is expected to be deductible for income tax purposes.

The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Intangible assets	$	9,488
Total net assets acquired	9,488
Goodwill	30,512
Total purchase price	$	40,000

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	9,488	3.0

The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements.

The transaction costs associated with the acquisition were approximately $0.1 million and $0.2 million for the three and six months ended December 31, 2021, respectively, which are included in general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss.

Other acquisitions

Fast

On April 19, 2022, Affirm completed the closing of the transaction contemplated by a Release and Waiver Agreement entered into with Fast AF, Inc., (“Fast”) relating to the hiring of certain of its employees or service providers and an option to acquire certain of its assets. The purchase price was comprised of (i) $10.0 million in cash and (ii) forgiveness of a $15.0 million senior secured note issued to Fast in April 2022 prior to the closing.

The acquisition was accounted for as an asset acquisition in accordance with ASC 805 since the assets acquired do not meet the definition of a business. The acquired identifiable intangible assets have been recorded at a total cost of $25.4 million, which includes approximately $0.4 million of transaction costs associated with the acquisition. The excess of the total cost of the assets over their total fair value was allocated between the assets on the basis of their relative fair values. The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements.

The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands):


Assembled workforce	$	12,490
Option to purchase developed technology	$	12,925
Total	$	25,415

The assembled workforce intangible asset has an expected useful life of 1.5 years. The developed technology asset will be amortized over its expected useful life if the associated assets are purchased and entered into service.

Balance Sheet Components

6 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Accounts Receivable, net

Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. We evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses, as applicable. Our allowance for credit losses with respect to accounts receivable was $11.8 million and $13.9 million as of December 31, 2022 and June 30, 2022, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Internally developed software	$	298,683	$	200,621
Leasehold improvements	19,394		16,169
Computer equipment	12,192		10,751
Furniture and equipment	6,827		4,279
Total Property, equipment and software, at cost	$	337,096	$	231,820
Less: Accumulated depreciation and amortization	(88,157)		(60,338)
Total Property, equipment and software, net	$	248,939	$	171,482

Depreciation and amortization expense on property, equipment and software was $15.6 million and $29.1 million for the three and six months ended December 31, 2022, respectively, and $6.5 million and $11.5 million for the three and six months ended December 31, 2021, respectively. Depreciation expense on leasehold improvements, furniture and equipment, and computer equipment is allocated between general and administrative, technology and data analytics, sales and marketing, and processing and servicing based on employee headcount in the interim condensed consolidated statements of operations and comprehensive loss. Amortization expense on internally developed software is included as a component of technology and data analytics in the interim condensed consolidated statements of operations and comprehensive loss.

No impairment losses related to property, equipment and software were recorded during the three and six months ended December 31, 2022 and 2021.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the six months ended December 31, 2022 were as follows (in thousands):


Balance as of June 30, 2022	$	539,534
Additions	—
Effect of foreign currency translation	(11,904)
Balance as of December 31, 2022	$	527,630

No impairment losses related to goodwill were recorded during the three and six months ended December 31, 2022 and 2021.

Intangible assets consisted of the following (in thousands):


	December 31, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,932	$	(14,133)	$	23,799	3.1
Developed technology (1)	39,499		(22,173)		17,326		1.4
Assembled workforce	12,490		(5,857)		6,633		0.8
Trademarks and domains, definite	1,460		(884)		576		2.0
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	93,877	$	(43,047)	$	50,830


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology (1)	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017

(1)Excludes an intangible asset in the amount of $12.9 million which represents the right to purchase developed technology in connection with the Fast asset acquisition. Amortization of this asset will begin when the purchase of the developed technology assets is complete and are placed into service. Refer to Note 5. Acquisitions for more information.

Amortization expense for intangible assets was $7.4 million and $14.8 million for the three and six months ended December 31, 2022, respectively, and $5.5 million and $11.0 million for the three and six months ended December 31, 2021, respectively. No impairment losses related to intangible assets were recorded during the three and six months ended December 31, 2022 and 2021.

The expected future amortization expense of these intangible assets as of December 31, 2022 is as follows (in thousands):


2023 (remaining six months)	$	14,644
2024	21,520
2025	7,167
2026	4,988
2027 and thereafter	15
Total amortization expense	$	48,334

Commercial Agreement Assets

During the year ended June 30, 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the approximate 3.2 year term of the commercial agreement at the grant date. For the three and six months ended December 31, 2022, we recognized amortization expense of $10.5 million and $20.9 million, respectively, and $5.8 million for both the three and six months ended December 31, 2021 in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 14. Stockholders’ Equity for further discussion of the warrants.

During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of December 31, 2022. The expected benefit period of the asset was initially estimated to be four years, and the remaining useful life of the asset is reevaluated each reporting period. During fiscal year 2022, the remaining expected benefit period was extended by two years upon the execution of an amendment to the commercial agreement with Shopify which extended the term of the agreement. During the three and six months ended December 31, 2022, we recorded amortization expense related to the commercial agreement asset of $9.1 million and $18.1 million, respectively, and $17.0 million and $34.0 million for the three and six months ended December 31, 2021, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense.

During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with an enterprise partner, in which we granted stock appreciation rights in exchange for the benefit of acquiring access to the partner's consumers. This asset represents the probable future economic benefit to be realized over the three-year expected benefit period and is valued based on the fair value of the stock appreciation rights on the grant date. We initially recognized an asset of $25.9 million associated with the fair value of the stock appreciation rights. During the three and six months ended December 31, 2022, we recorded amortization expense related to the asset of $2.1 million and $4.2 million, respectively, and $2.1 million and $4.0 million for the three and six months ended December 31, 2021, respectively, in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense.

Other Assets

Other assets consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Derivative instruments	$	69,615	$	49,983
Operating lease right-of-use assets	43,614		50,671
Equity securities, at cost	43,172		43,172
Processing reserves	35,411		26,483
Prepaid expenses	34,306		37,497
Prepaid payroll taxes for stock-based compensation	14,338		35,172
Other receivables	21,739		17,221
Other assets	27,064		21,368
Total other assets	$	289,259	$	281,567

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands)


	December 31, 2022		June 30, 2022
Collateral held for derivative instruments	$	68,374	$	55,779
Operating lease liability	57,492		65,713
Accrued expenses	52,865		67,343
Contingent consideration liability	12,510		23,348
Other liabilities	29,378		25,415
Total accrued expenses and other liabilities	$	220,619	$	237,598

Leases

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of December 31, 2022, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years.

Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The cash collateral and deposits for the letters of credit have been recognized as restricted cash in the interim condensed consolidated balance sheets and totaled $9.7 million as of both December 31, 2022 and June 30, 2022.

There was no impairment expense incurred related to leases during the three and six months ended December 31, 2022 and 2021.

The components of operating lease expenses are as follows (in thousands):


	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Operating lease expense	$3,672	$3,692	$7,516	$7,500

We have subleased a portion of our leased facilities. Sublease income totaled $0.9 million and $1.7 million during the three and six months ended December 31, 2022, respectively, and $0.9 million and $1.5 million during the three and six months ended December 31, 2021, respectively.

Lease term and discount rate information are summarized as follows:


												December 31, 2022
Weighted average remaining lease term (in years)												4.3
Weighted average discount rate												4.7%

Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands) for the years ended:


2023 (remaining six months)	$	6,291
2024	16,503
2025	16,317
2026	15,371
2027 and thereafter	10,368
Total lease payments	64,850
Less imputed interest	(7,358)
Present value of lease liabilities	$	57,492

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Repurchase Obligation Under the normal terms of our whole loans sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representation and warranties is identified. Generally, a breach in representation and warranties would occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. This amount was not material as of December 31, 2022. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Toole v. Affirm Holdings, Inc. On February 28, 2022, plaintiff Jeffrey Toole filed a putative class action against Affirm and Max Levchin in the U.S. District Court for the Northern District of California (the “Toole action”). The Toole action alleged that Affirm violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing and then subsequently deleting a tweet from its official Twitter account on February 10, 2022, which omitted full details of Affirm’s second quarter fiscal 2022 financial results. Plaintiff sought class certification, unspecified compensatory and punitive damages, and costs and expenses. On September 28, 2022, the Court granted Affirm’s motion to dismiss for failure to state a claim with leave to amend within 21 days. No amended complaint was filed by the deadline. On October 20, 2022, the Court dismissed the putative class action and entered judgment in Affirm’s favor. Vallieres v Levchin, et al. On April 25, 2022, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Vallieres action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Toole action. The Vallieres complaint purported to assert claims on Affirm's behalf for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the federal securities laws, and sought corporate reforms, unspecified damages and restitution, and fees and costs. On January 12, 2023, the Court dismissed the derivative action without prejudice. Williams v. Levchin, et al. On September 16, 2022, plaintiff Ron Williams filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Williams action”) against Affirm, as a nominal defendant, and certain of Affirm’s current and former officers and directors as defendants based on allegations substantially similar to those in the Toole action and Vallieres action. The Williams complaint purported to assert six causes of action on Affirm's behalf—violation of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The plaintiff in the Williams action also alleged a cause of action against defendant Levchin for contribution under 10(b) and 21D of the Exchange Act. The Williams complaint sought corporate reforms, unspecified damages and restitution, and fees and costs. On December 22, 2022, the Court dismissed the derivative action without prejudice. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). The Kusnier action alleges that Defendants caused Affirm to make materially false and/or misleading statements and/or failed to disclose that (i) Affirm’s BNPL service facilitated excessive consumer debt, regulatory arbitrage, and data harvesting; which (ii) subjected Affirm to a heightened risk of regulatory scrutiny and enforcement action; and (iii) as a result, Affirm’s public statements were materially false and misleading. In light of the above, Plaintiff asserts that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiff seeks class certification, unspecified compensatory and punitive damages, and costs and expenses. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of December 31, 2022 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Transactions with Related Parties	6 Months Ended
Transactions with Related Parties	Dec. 31, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties In the ordinary course of business, we may enter into transactions with directors, principal officers, their immediate families and affiliated companies in which they are principal stockholders (commonly referred to as related parties). Some of our directors, principal officers, and their immediate families have received loans facilitated by us, in accordance with our regular consumer loan offerings. As of December 31, 2022, the outstanding balance and interest earned on such accounts is immaterial.

Debt

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt encompasses funding debt, convertible senior notes and our revolving credit facility.

Funding Debt

Funding debt and its aggregate future maturities consists of the following (in thousands):


	December 31, 2022		June 30, 2022
2023	$	177,864	$	158,547
2024	520,794		421,484
2025	460,715		—
2026	193,954		—
2027 and thereafter	541,125		103,364
Total	$	1,894,452	$	683,395
Deferred debt issuance costs	(11,782)		(10,818)
Total funding debt, net of deferred debt issuance costs	$	1,882,670	$	672,577

Warehouse Credit Facilities

Through subsidiaries, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans.Borrowings under these agreements are referred to as funding debt and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 82% to 87% of the total collateralized balance. These revolving facilities mature between fiscal years 2023 and 2029, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of December 31, 2022, the aggregate commitment amount of these facilities was $3.4 billion on a revolving basis, of which $1.9 billion was drawn, with $1.6 billion remaining available. Some of the loans originated by us or purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $2.1 billion and $549.6 million as of December 31, 2022 and June 30, 2022, respectively. Our U.S, based warehouse credit facilities and certain lending facilities funding the origination of loans outside of the U.S., have been classified as VIEs and are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. Funding debt, net of deferred issuance costs, within out VIEs represents $1.9 billion and $672.6 million, as of December 31, 2022 and June 30, 2022, respectively.

We accrue monthly interest expense on each warehouse based on the contractual terms set forth in the applicable credit agreement. Interest expense also includes capitalized transaction fees which are amortized on a straight-line basis over the term of the warehouse agreement. The contractual interest rate varies across each warehouse facility and is either based on a benchmark interest rate (such as LIBOR, SOFR, Canadian Prime Rate, CDOR, or the Government of Canada Central Bank Rate), or an alternative commercial paper rate (which is the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain loans), plus a spread ranging from 1.25% to 4.25%. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.00% to 0.75% per annum on the undrawn portion available.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of December 31, 2022, we were in compliance with all applicable covenants in the agreements.

Repurchase Agreements

We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into a repurchase date extension for an additional three month term at market interest rates on such extension date. As of December 31, 2022, the interest rates were 4.06% on the senior pledged securities and 5.71% on the residual certificate pledged securities. We had $25.2 million and $27.0 million in debt outstanding under our repurchase agreements disclosed within funding debt on the interim condensed consolidated balance sheets as of December 31, 2022 and June 30, 2022, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $32.8 million and $32.4 million in pledged securities disclosed within securities available for sale at fair value on the interim condensed consolidated balance sheets as of December 31, 2022 and June 30, 2022, respectively.

Convertible Senior Notes

On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026.

Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances:

1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due

upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any.

If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events.

The convertible senior notes outstanding as of December 31, 2022 consisted of the following (in thousands):


	Principal Amount		Unamortized Discount and Issuance Cost		Net Carrying Amount
Convertible Senior Notes	$	1,725,000	$	(16,221)	$	1,708,779

The 2026 Notes do not bear interest. During the three and six months ended December 31, 2022, we recognized $1.1 million and $2.1 million, respectively, of interest expense related to the amortization of debt discount and issuance costs in the interim condensed consolidated statement of operations and comprehensive loss within other (expense) income, net. As of December 31, 2022, the remaining life of the 2026 Notes is approximately 47 months.

Revolving Credit Facility

On February 4, 2022, we entered into a revolving credit agreement with a syndicate of commercial banks for a $165.0 million unsecured revolving credit facility. On May 16, 2022, we increased unsecured revolving commitments under the facility to $205.0 million. This facility bears interest at a rate equal to, at our option, either (a) a Secured Overnight Financing Rate (“SOFR”) rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.85% per annum or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.0% per annum, in each case, plus an applicable margin of 0.85% per annum. The revolving credit agreement has a final maturity date of February 4, 2025. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. There are no borrowings outstanding under the facility as of December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Securitization and Variable Interest Entities

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Securitization and Variable Interest Entities

Consolidated VIEs

Warehouse Credit Facilities

We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 10. Debt

for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary.

Securitizations

In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall.

In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis.

Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the interim condensed consolidated balance sheets.

For each securitization, the residual certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. For the majority of consolidated securitization VIEs, we retain 100% of the residual trust certificates issued by the securitization trust. Any portion of the residual trust certificates sold to third-party investors are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans.

We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes.

The following tables present the aggregate carrying value of financial assets and liabilities within consolidated VIEs (in thousands):


	December 31, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,911,540	$	1,734,754	$	176,786
Securitizations	1,367,950		1,316,053		51,897
Total consolidated VIEs	$	3,279,490	$	3,050,807	$	228,683


	June 30, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	563,207	$	534,422	$	28,785
Securitizations	1,679,062		1,632,107		46,955
Total consolidated VIEs	$	2,242,269	$	2,166,529	$	75,740

Unconsolidated VIEs

Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of December 31, 2022.

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	December 31, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	653,754	$	635,677	$	18,077	$	32,719
Total unconsolidated VIEs	$	653,754	$	635,677	$	18,077	$	32,719


	June 30, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	996,242	$	965,909	$	30,333	$	51,248
Total unconsolidated VIEs	$	996,242	$	965,909	$	30,333	$	51,248

Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $32.8 million in retained notes and residual certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $47.0 thousand related to our net servicing assets and liabilities disclosed within our interim condensed consolidated balance sheets as of December 31, 2022.

Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. This amount was not material as of December 31, 2022.

Retained Beneficial Interests in Unconsolidated VIEs

The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our interim condensed consolidated balance sheets.

See Note 12. Investments and Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of December 31, 2022, we have pledged each of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 10. Debt.

Investments

6 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Investments

Marketable Securities

Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):


	December 31, 2022		June 30, 2022
Cash and cash equivalents:
Money market funds	$	899,736	$	162,483
Certificates of deposit	—		16,026
Commercial paper	—		229,272
Government bonds
US	29,967		58,541
Securities available for sale:
Certificates of deposit	181,758		300,390
Corporate bonds	314,014		368,671
Commercial paper	156,459		478,293
Government bonds
Non-US	11,967		17,955
US	216,956		378,386
Securitization notes receivable and certificates (1)	32,766		51,678
Other	1,003		$	—
Total marketable securities:	$	1,844,626	$	2,061,695

(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.

Securities Available for Sale, at Fair Value

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of December 31, 2022 and June 30, 2022 were as follows (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	182,547	$	27	$	(816)	$	—	$	181,758
Corporate bonds (1)	319,023		3		(5,012)		—		314,014
Commercial paper (1)	156,766		12		(319)		—		156,459
Government bonds
Non-US	12,180		—		(213)		—		11,967
US (1)	250,095		10		(3,182)		—		246,923
Securitization notes receivable and certificates (2)	34,093		—		(991)		(336)		32,766
Other	1,003		—		—		—		1,003
Total securities available for sale	$	955,707	$	52	$	(10,533)	$	(336)	$	944,890


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	317,331	$	6	$	(921)	$	—	$	316,416
Corporate bonds (1)	371,907		7		(3,243)		—		368,671
Commercial paper (1)	708,694		16		(1,145)		—		707,565
Government bonds
Non-US	18,196		—		(241)		—		17,955
US (1)	438,947		—		(2,020)		—		436,927
Securitization notes receivable and certificates (2)	52,180		178		(659)		(21)		51,678
Total securities available for sale	$	1,907,255	$	207	$	(8,229)	$	(21)	$	1,899,212

(1)Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $30.0 million and $303.8 million as of December 31, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt

As of December 31, 2022 and June 30, 2022, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of December 31, 2022 and June 30, 2022, are as follows (in thousands):


	December 31, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	120,276	$	(816)	$	—	$	—	$	120,276	$	(816)
Corporate bonds	258,665		(4,459)		46,305		(553)		304,970		(5,012)
Commercial paper	114,004		(319)		—		—		114,004		(319)
Government bonds
Non-US	2,092		(55)		9,876		(158)		11,968		(213)
US	190,023		(3,041)		26,933		(141)		216,956		(3,182)


Total securities available for sale (1)	$	685,060	$	(8,690)	$	83,114	$	(852)	$	768,174	$	(9,542)


	June 30, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	290,169	$	(921)	$	—	$	—	$	290,169	$	(921)
Corporate bonds	351,088		(3,243)		—		—		351,088		(3,243)
Commercial paper	679,272		(1,145)		—		—		679,272		(1,145)
Government bonds
Non-US	17,955		(241)		—		—		17,955		(241)
US	431,903		(2,020)		—		—		431,903		(2,020)
Securitization notes receivable and certificates	722		(45)		—		—		722		(45)
Total securities available for sale (1)	$	1,771,109	$	(7,615)	$	—	$	—	$	1,771,109	$	(7,615)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 135 and 270 as of December 31, 2022 and June 30, 2022, respectively.

The length of time to contractual maturities of securities available for sale as of December 31, 2022 and June 30, 2022 were as follows (in thousands):


	December 31, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit (2)	$	182,547	$	181,758	$	—	$	—	$	182,547	$	181,758
Corporate bonds (2)	176,257		174,773		142,766		139,241		319,023		314,014
Commercial paper (2)	156,766		156,459		—		—		156,766		156,459
Government bonds
Non-US	10,033		9,875		2,147		2,092		12,180		11,967
US (2)	205,898		204,097		44,197		42,826		250,095		246,923
Securitization notes receivable and certificates (1)	—		—		34,093		32,766		34,093		32,766
Other	1,003		1,003		—		—		1,003		1,003
Total securities available for sale	$	732,504	$	727,965	$	223,203	$	216,925	$	955,707	$	944,890


	June 30, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit (2)	$	317,331	$	316,416	$	—	$	—	$	317,331	$	316,416
Corporate bonds (2)	206,208		204,614		165,699		164,057		371,907		368,671
Commercial paper (2)	708,694		707,565		—		—		708,694		707,565
Government bonds
Non-US	11,895		11,813		6,301		6,142		18,196		17,955
US (2)	360,757		359,242		78,190		77,685		438,947		436,927
Securitization notes receivable and certificates (1)	—		—		52,180		51,678		52,180		51,678
Total securities available for sale	$	1,604,885	$	1,599,650	$	302,370	$	299,562	$	1,907,255	$	1,899,212

(1)Based on weighted average life of expected cash flows as of December 31, 2022 and June 30, 2022.

(2)Certificates of deposit, corporate bonds, US government bonds, and commercial paper include $30.0 million and $303.8 million as of December 31, 2022 and June 30, 2022, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

Gross proceeds from matured or redeemed securities were $473.3 million and $2,154.4 million for the three and six months ended December 31, 2022, respectively, and $584.9 million and $635.6 million for the three and six months ended December 31, 2021, respectively.

For available for sale securities realized gains and losses from portfolio sales were not material for the three and six months ended December 31, 2022. There were no portfolio sales or associated realized gains or losses for the three and six months ended December 31, 2021.

Non-marketable Equity Securities

Equity investments without a readily determinable fair value held at cost were $43.2 million as of both December 31, 2022 and June 30, 2022 and are included in other assets within the interim condensed consolidated balance sheets.

There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the three and six months ended December 31, 2022 and 2021.

Fair Value of Financial Assets and Liabilities

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

ASC Topic 820, “Fair Value Measurement” (“ASC 820”) establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.

•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Financial Assets and Liabilities Recorded at Fair Value

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and June 30, 2022 (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	899,736	$	—	$	—	$	899,736



Government bonds - U.S.	—		29,967		—		29,967

Securities available for sale:
Certificate of deposit	—		181,758		—		181,758
Corporate bonds	—		314,014		—		314,014
Commercial paper	—		156,459		—		156,459
Government bonds:
Non-U.S.	—		11,967		—		11,967
U.S.	—		216,956		—		216,956
Securitization notes receivable and residual trust certificates	—		—		32,766		32,766
Other	—		—		1,003		1,003
Servicing assets	—		—		1,093		1,093
Derivative instruments	—		69,615		—		69,615
Total assets	$	899,736	$	980,736	$	34,862	$	1,915,334
Liabilities:
Servicing liabilities	$	—	$	—	$	3,680	$	3,680
Performance fee liability	—		—		1,876		1,876
Residual trust certificates, held by third-parties	—		—		242		242
Contingent consideration	—		—		12,510		12,510
Profit share liability	—		—		3,697		3,697
Total liabilities	$	—	$	—	$	22,005	$	22,005


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	162,483	$	—	$	—	$	162,483
Certificates of deposit	—		16,026		—		16,026
Commercial paper	—		229,272		—		229,272
Government bonds - U.S.	—		58,541		—		58,541

Securities available for sale:
Certificate of deposit	—		300,390		—		300,390
Corporate bonds	—		368,671		—		368,671
Commercial paper	—		478,293		—		478,293
Government bonds:
Non-U.S.	—		17,955		—		17,955
U.S.	—		378,386		—		378,386
Securitization notes receivable and residual trust certificates	—		—		51,678		51,678
Servicing assets	—		—		1,192		1,192
Derivative instruments	—		49,983		—		49,983
Total assets	$	162,483	$	1,897,517	$	52,870	$	2,112,870
Liabilities:
Servicing liabilities	$	—	$	—	$	2,673	$	2,673
Performance fee liability	—		—		1,710		1,710
Residual trust certificates, held by third-parties	—		—		377		377
Contingent consideration	—		—		23,348		23,348
Profit share liability	—		—		1,987		1,987
Total liabilities	$	—	$	—	$	30,095	$	30,095

There were no transfers between levels during the periods ended December 31, 2022 and June 30, 2022.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2)

Securities Available for Sale

As of December 31, 2022, we held marketable securities classified as available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services.

Derivative Instruments

Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with our funding activities, arising from changes in interest rates. We do not employ derivatives for trading or speculative purposes.

As of December 31, 2022, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risk associated with variable interest rates. Neither the interest rate caps or the interest rate swaps have been designated as hedging instruments.

As of December 31, 2022 and June 30, 2022, the interest rate caps and interest rate swaps are in a net asset position, and classified as Level 2 within the fair value hierarchy, based on prices quoted for similar financial instruments in markets that are not active. The fair values are presented gross within other assets and offsetting collateral received by the counterparty is presented as a liability within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of these financial instruments are reflected in other (expense) income, net, on the interim condensed consolidated statements of operations and comprehensive loss.

Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)

We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, contingent consideration, and profit share liability do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value. This determination requires significant judgments to be made.

Servicing Assets and Liabilities

We sold loans with an unpaid balance of $2.1 billion and $4.1 billion for the three and six months ended December 31, 2022, respectively, and $2.5 billion and $3.6 billion for the three and six months ended December 31, 2021, respectively, for which we retained servicing rights.

As of December 31, 2022 and June 30, 2022, we serviced loans which we sold with a remaining unpaid principal balance of $4.6 billion and $4.5 billion, respectively.

We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows:

Adequate Compensation

We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio.

Discount Rate

Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

Net Default Rate

We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

We earned $21.5 million and $42.9 million of servicing income for the three and six months ended December 31, 2022, respectively, and $11.3 million and $20.8 million for the three and six months ended December 31, 2021, respectively.

As of December 31, 2022 and June 30, 2022, the aggregate fair value of the servicing assets was measured at $1.1 million and $1.2 million, respectively, and presented within other assets on the interim condensed consolidated balance sheets. As of December 31, 2022 and June 30, 2022, the aggregate fair value of the servicing

liabilities was measured at $3.7 million and $2.7 million, respectively, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,142	$	2,287	$	1,192	$	2,349
Initial transfers of financial assets	404		645		433		1,114
Subsequent changes in fair value	(453)		(754)		(532)		(1,285)
Fair value at end of period	$	1,093	$	2,178	$	1,093	$	2,178

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	3,152	$	3,610	$	2,673	$	3,961
Initial transfers of financial assets	2,207		6,749		4,195		8,724
Subsequent changes in fair value	(1,679)		(1,733)		(3,188)		(4,059)
Fair value at end of period	$	3,680	$	8,626	$	3,680	$	8,626

The following tables presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of December 31, 2022 and June 30, 2022:


		December 31, 2022
	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.75	%	3.00	%	1.01	%
	Gross default rate (2)	1.84	%	10.56	%	4.08	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.75	%	3.00	%	2.22	%
	Gross default rate (2)	6.72	%	36.55	%	14.22	%


		June 30, 2022
	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	0.78	%	1.85	%	1.10	%
	Gross default rate (2)	0.59	%	50.59	%	1.59	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	2.13	%	2.34	%	2.21	%
	Gross default rate (2)	9.03	%	24.44	%	13.81	%

(1)Estimated annual cost of servicing a loan as a percentage of unpaid principal balance

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	December 31, 2022		June 30, 2022
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	(1)	$	11
Gross default rate increase of 50%	$	(2)	$	22
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(801)	$	—
Adequate compensation increase of 20%	$	(1,602)	$	—
Adequate compensation increase of 25%	$	—	$	(3,513)
Adequate compensation increase of 50%	$	—	$	(7,026)
Discount rate assumption:
Discount rate increase of 25%	$	(40)	$	(57)
Discount rate increase of 50%	$	(77)	$	(109)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	(15)	$	(10)
Gross default rate increase of 50%	$	(31)	$	(21)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	3,181	$	—
Adequate compensation increase of 20%	$	6,363	$	—
Adequate compensation increase of 25%	$	—	$	6,139
Adequate compensation increase of 50%	$	—	$	12,278
Discount rate assumption:
Discount rate increase of 25%	$	(75)	$	(50)
Discount rate increase of 50%	$	(145)	$	(98)

Performance Fee Liability

In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net, on the interim condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,763	$	1,335	$	1,710	$	1,290
Purchases of loans	572		503		1,051		833
Settlements Paid	(501)		—		(501)		—
Subsequent changes in fair value	42		(308)		(384)		(593)
Fair value at end of period	$	1,876	$	1,530	$	1,876	$	1,530

Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of December 31, 2022 and June 30, 2022:


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.34%	2.63%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.10%	2.42%

Residual Trust Certificates Held by Third-Parties in Consolidated VIEs

Residual trust certificates held by third-party investor(s) are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net, on the interim condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	308	$	745	$	377	$	914
Repayments	(78)		(148)		(177)		(403)
Subsequent changes in fair value	12		22		42		108
Fair value at end of period	$	242	$	619	$	242	$	619

Significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following table present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of December 31, 2022 and June 30, 2022:


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	15.00%	10.00%
Loss rate	0.71%	1.07%	0.71%
Prepayment rate	6.50%	13.00%	13.00%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.75%	0.75%	0.75%
Prepayment rate	8.00%	8.00%	8.00%

Retained Beneficial Interests in Unconsolidated VIEs

As of December 31, 2022, the Company held notes receivable and residual trust certificates with an aggregate fair value of $32.8 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention the Company is required to maintain as the securitization sponsor.

These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value on the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income (loss) on the interim condensed consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other (expense) income, net on the interim condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the residual trust certificates (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	41,503	$	13,744	$	51,678	$	16,170
Additions	—		13,695		—		13,695
Cash received (due to payments or sales)	(9,063)		(2,080)		(18,835)		(4,384)
Change in unrealized gain (loss)	138		(73)		(510)		(184)
Accrued interest	295		84		748		70
Reversal of (impairment on) securities available for sale	(107)		(51)		(315)		(48)
Fair value at end of period	$	32,766	$	25,319	$	32,766	$	25,319

Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of December 31, 2022 and June 30, 2022:


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	4.45%	37.77%	7.28%
Loss rate	0.99%	15.30%	3.38%
Prepayment rate	6.75%	26.40%	18.35%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	3.68%	22.50%	5.37%
Loss rate	0.61%	10.95%	2.65%
Prepayment rate	5.25%	35.00%	18.48%

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands):


	December 31, 2022		June 30, 2022
Discount rate assumption:
Discount rate increase of 25%	$	(417)	$	(1,410)
Discount rate increase of 50%	$	(820)	$	(2,295)
Loss rate assumption:
Loss rate increase of 25%	$	(297)	$	(729)
Loss rate increase of 50%	$	(460)	$	(964)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(59)	$	(545)
Prepayment rate decrease of 50%	$	(119)	$	(519)

Contingent Consideration

Our acquisition of PayBright, Inc. (“PayBright”) on January 1, 2021 included consideration transferred and 2,587,362 shares of our common stock held in escrow, contingent upon the achievement of future milestones. At the acquisition date, we classified the contingent consideration as a liability and estimated its fair value using a Monte Carlo simulation utilizing assumptions of simulated revenue, equity volatility, and a discount rate. The liability is remeasured to its fair value at each reporting date, utilizing a Monte Carlo simulation for periods in which actual revenues are unknown, until the contingency is resolved. During the year ended June 30, 2022, one of these milestones was achieved and 1,293,681 shares of our Class A common stock were released from escrow, resulting in a reduction to the contingent liability. During the three and six months ended December 31, 2022, an additional milestone was achieved and the fair value was estimated based on the shares expected to be released from escrow multiplied by the estimated share price. The fair value estimate represents a Level 3 measurement, as the revenue milestone represents a significant unobservable input. The change in fair value of the contingent consideration at

each reporting date is recognized as a component of other (expense) income, net in the interim condensed consolidated statements of operations and comprehensive loss for the respective period.

The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	24,269	$	290,719	$	23,348	$	153,447
Subsequent changes in fair value	(12,062)		(34,026)		(9,302)		107,567
Effect of foreign currency translation	303		(2,943)		(1,536)		(7,264)
Fair value at end of period	$	12,510	$	253,750	$	12,510	$	253,750

Profit Share Liability

On January 1, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,876	$	1,400	$	1,987	$	2,464
Facilitation of loans	2,342		2,534		3,475		3,574
Actual performance	612		(1,011)		(2,264)		(1,011)
Subsequent changes in fair value	(1,133)		(871)		499		(2,975)
Fair value at end of period	$	3,697	$	2,052	$	3,697	$	2,052

Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of December 31, 2022 and June 30, 2022:


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.07%	1.82%	1.72%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.25%	3.54%	1.28%

Financial Assets and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of December 31, 2022 and June 30, 2022 (in thousands):


	December 31, 2022
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	344	$	—	$	344	$	—	$	344
Loans held for investment, net	3,473,404		—		—		3,613,246		3,613,246
Other assets	11,367		—		11,367		—		11,367
Total assets	$	3,485,115	$	—	$	11,711	$	3,613,246	$	3,624,957
Liabilities:
Convertible senior notes, net (1)	$	1,708,779	$	—	$	948,778	$	—	$	948,778
Notes issued by securitization trusts	1,314,212		—		—		1,253,937		1,253,937
Funding debt (2)	1,894,452		—		—		1,894,401		1,894,401
Total liabilities	$	4,917,443	$	—	$	948,778	$	3,148,338	$	4,097,116


	June 30, 2022
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	2,670	$	—	$	2,670	$	—	$	2,670
Loans held for investment, net	2,348,169		—		—		2,412,871		2,412,871
Other assets	12,661		—		12,661		—		12,661
Total assets	$	2,363,500	$	—	$	15,331	$	2,412,871	$	2,428,202
Liabilities:
Convertible senior notes, net (1)	$	1,706,668	$	—	$	984,285	$	—	$	984,285
Notes issued by securitization trusts	1,627,580		—		—		1,529,401		1,529,401
Funding debt (2)	683,395		—		—		683,388		683,388
Total liabilities	$	4,017,643	$	—	$	984,285	$	2,212,789	$	3,197,074

(1)The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

(2)As of December 31, 2022 and June 30, 2022, debt issuance costs in the amount of $11.8 million and $10.8 million, respectively, was included within funding debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company had shares of common stock reserved for issuance as follows:


	December 31, 2022	June 30, 2022


Available outstanding under stock option plan	54,689,282	53,158,233
Available for future grant under stock option plan	39,443,744	31,156,746
Total	94,133,026	84,314,979

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets.

In November 2021, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested at the grant date. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. During the three and six months ended December 31, 2022, a total of $138.6 million and $257.7 million, respectively, was recognized within sales and marketing expense which included $10.5 million and $20.9 million, respectively, in amortization expense of the commercial agreement asset and $128.1 million and $236.8 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested. During both the three and six months ended December 31, 2021, a total of $70.6 million was recognized within sales and marketing expense which included $5.8 million in amortization expense of the commercial agreement asset and $64.9 million in expense based upon the grant-date fair value of the warrant shares that vested.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Equity Incentive Plans

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2012 Stock Plan

Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of December 31, 2022, the maximum number of shares of common stock which may be issued under the Plan is

146,209,197 Class A shares. As of December 31, 2022 and June 30, 2022, there were 39,443,744 and 31,156,746 shares of Class A common stock, respectively, available for future grants under the Plan.

Stock Options

For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years.

The following table summarizes our stock option activity for the six months ended December 31, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2022	19,310,706	$	15.22	6.94
Granted	1,523,736	21.22
Exercised	(533,393)	4.55
Forfeited, expired or cancelled	(908,703)	39.09
Balance as of December 31, 2022	19,392,346	14.87		6.67
Vested and exercisable, December 31, 2022	13,649,028	$	10.10	5.79	$	43,193
Vested and exercisable, and expected to vest thereafter(1) December 31, 2022	19,342,618	$	14.87	6.64	$	44,086

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

The weighted-average grant date fair value of options granted during the six months ended December 31, 2022 was $11.81. As of December 31, 2022, unrecognized compensation expense related to unvested stock options was approximately $58.0 million, which is expected to be recognized over a remaining weighted-average period of 2.2 years.

When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of December 31, 2022 and June 30, 2022, the balance of equity exercise taxes payable was $1.9 million and $10.9 million, respectively, which is included in accounts payable on the interim condensed consolidated balance sheets.

Value Creation Award

In November 2020, in connection with an overall review of the compensation of Max Levchin, our Chief Executive Officer, in advance of the IPO, and taking into account Mr. Levchin’s leadership since the inception of the Company, the comparatively modest level of cash compensation he had received from the Company during his many years of service, and that he did not hold any unvested equity awards, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the three and six months ended December 31, 2022, we incurred stock-based compensation expense of $27.5 million and $55.0 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated

statements of operations and comprehensive loss. For the three and six months ended December 31, 2021, we incurred stock-based compensation expense of $42.3 million and $84.5 million, respectively.

As of December 31, 2022, unrecognized compensation expense related to the Value Creation Award was approximately $152.5 million, which is expected to be recognized over a remaining weighted-average period of 3.0 years.

Restricted Stock Units

RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to four years.

The following table summarizes our RSU activity during the six months ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested as of June 30, 2022	21,387,592	$	38.41
Granted	9,860,752	27.48
Vested	(6,263,666)	34.50
Forfeited, expired or cancelled	(2,106,144)	39.77
Non-vested as of December 31, 2022	22,878,534	$	34.64

As of December 31, 2022, unrecognized compensation expense related to unvested RSUs was approximately $675.8 million, which is expected to be recognized over a remaining weighted-average period of 2.0 years.

2020 Employee Stock Purchase Plan

On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 11.3 million shares of Class A common stock are reserved and available for issuance under the ESPP and 649,580 shares have been issued as of December 31, 2022. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year, with the initial six-month offering period beginning December 1, 2021. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
General and administrative	$	66,659	$	61,947	$	133,999	$	129,689
Technology and data analytics	48,534		21,427		91,962		41,494
Sales and marketing	5,549		4,633		13,677		9,657
Processing and servicing	1,033		530		1,945		886
Total stock-based compensation in operating expenses	121,775		88,537		241,583		181,726
Capitalized into property, equipment and software, net	22,443		13,383		43,647		25,073
Total stock-based compensation expense	$	144,218	$	101,920	$	285,230	$	206,799

In connection with the acquisition of Returnly on May 1, 2021, we issued 304,364 shares of our Class A common stock, which are held in escrow. Because the future payment of the escrowed shares is contingent on continued employment of certain employees, the arrangement represents stock-based compensation in the post combination period. The grant-date fair value was estimated based on the value of the shares at the date of closing. The escrowed shares have a requisite service period of two years and contain a performance-based vesting condition (i.e., the achievement of certain revenue targets). We record stock-based compensation expense on a straight-line basis for each tranche over the requisite service period, as long as the performance-based conditions are considered probable of being satisfied. During the six months ended December 31, 2022, the arrangement was modified, resulting in the release of 45,459 shares from escrow and the remittance of 243,384 shares back to the Company. The modification resulted in the recognition of $2.0 million of incremental compensation cost within general and administrative expenses in our interim condensed statement of operations. As of December 31, 2022, 15,521 shares remain in escrow.

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. The Company’s quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three and six months ended December 31, 2022, we recorded income tax expense (benefit) of $(1.6) million and $(1.7) million, respectively, which was primarily attributable to the effects of foreign income taxes on our Canadian subsidiary and partially offset by various U.S state and other foreign income taxes, as well as the tax amortization of certain intangibles. For the three and six months ended December 31, 2021, we recorded income tax expense (benefit) of $0.3 million and $0.4 million, respectively, which was primarily attributable to various U.S. state and foreign income taxes and the tax amortization of certain intangibles. As of December 31, 2022, we continue to recognize a full valuation allowance against our U.S. federal and state net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company for the prior three fiscal years. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth. As a result of the integration and consolidation of our PayBright business into and with Affirm’s Canadian business and the expansion of our overall business in Canada, as well as other objectively verifiable positive evidence, all of which we have concluded is sufficient to outweigh the existing negative evidence – including the presence of a three-year cumulative loss attributable to the related foreign jurisdiction, we have determined that it is more likely than not that our Canadian deferred tax assets will be realized and a valuation allowance is not required. On August 16, 2022, the Inflation Reduction Act was enacted into U.S. federal law. The Company does not currently expect that the Inflation Reduction Act will have a material impact on its income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022				2022
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(256,451)	$	(65,986)	$	(455,739)	$	(117,967)
Net loss attributable to common stockholders - basic and diluted	$	(256,451)	$	(65,986)	$	(455,739)	$	(117,967)
Denominator:

Weighted average shares of common stock - basic	233,581,678		60,101,653		232,201,361		60,104,939


Weighted average shares of common stock - diluted	233,581,678		60,101,653		232,201,361		60,104,939


Net loss per share:
Basic	$	(1.10)	$	(1.10)	$	(1.96)	$	(1.96)
Diluted	$	(1.10)	$	(1.10)	$	(1.96)	$	(1.96)


	Three Months Ended December 31,				Six Months Ended December 31,
	2021				2021
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(121,609)	$	(38,126)	$	(332,251)	$	(134,099)
Net loss attributable to common stockholders - basic and diluted	$	(121,609)	$	(38,126)	$	(332,251)	$	(134,099)
Denominator:

Weighted average shares of common stock - basic	214,335,757		67,198,131		194,918,082		78,670,012


Weighted average shares of common stock - diluted	214,335,757		67,198,131		194,918,082		78,670,012


Net loss per share:
Basic	$	(0.57)	$	(0.57)	$	(1.70)	$	(1.70)
Diluted	$	(0.57)	$	(0.57)	$	(1.70)	$	(1.70)

The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	As of December 31,
	2022	2021
Restricted stock units	22,878,534	13,345,552
Stock options, including early exercise of options	19,392,346	18,851,935
Common stock warrants	6,178,730	6,075,005
Employee stock purchase plan shares	1,121,878	123,093
Total	49,571,488	38,395,585

Segments and Geographical Information

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segments and Geographical Information

We conduct our operations through a single operating segment and, therefore, one reportable segment.

Revenue

Revenue by geography is based on the billing addresses of the borrower or the location of the merchant’s national headquarters. The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
United States	$	390,389	$	350,486	$	742,974	$	612,089
Canada	9,121		10,525		18,135		18,307
Other	48		—		73		—
Total	$	399,558	$	361,011	$	761,182	$	630,396

Long-Lived Assets

The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands):


	December 31, 2022		June 30, 2022
United States	$	288,989	$	217,532
Canada	3,195		4,390
Other	$	369	$	231
Total	$	292,553	$	222,153

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to December 31, 2022, through the date of the interim condensed consolidated financial statements were filed with the SEC. There were no significant subsequent events identified other than the matters described below. Business Combination On February 1, 2023, we completed the closing of the transaction contemplated by a share purchase agreement entered into with certain sellers (as set forth therein) to acquire the entire issued share capital of Butter Holdings Ltd., a buy now, pay later company based in the United Kingdom. The purchase price was comprised of $14.9 million in cash, subject to adjustments in accordance with the purchase agreement, and $1.5 million settlement of subordinated secured notes. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time between the acquisition date and the date that these financial statements are issued. As a result, it is impracticable for us to provide all of the disclosures required for a business combination pursuant to ASC 805. Restructuring On February 8, 2023, we committed to a restructuring plan (the “Plan”) designed to manage our operating expenses in response to current macroeconomic conditions and ongoing business prioritization efforts. The Plan provides for a reduction of our workforce by approximately 500 employees, representing approximately 19% of our employees. In connection with the Plan, we are reevaluating our need for leased office space and have made the decision to fully vacate a portion of our San Francisco office. We expect implementation of the Plan to be substantially complete by the end of fiscal 2023. We expect to incur approximately $35 million to $39 million in total restructuring costs, which includes cash expenditures of $24 million to $28 million relating to one-time employee severance and other employment termination benefits and non-cash expenditures of approximately $11 million relating to the acceleration of amortization expense for the lease asset that we expect to incur in connection with the partial office closure. We expect to record the majority of the associated charges and the majority of the associated cash expenditures in the third fiscal quarter of 2023. The estimates of the costs and expenses that we expect to incur are subject to a number of assumptions and actual expenses may differ materially from the estimates disclosed above. We may also incur costs and expenses not currently contemplated due to unanticipated events that may occur with the implementation of the Plan.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2022. The balance sheet as of June 30, 2022 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on directly originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on market-based inputs, historical experience, current events, and other factors we believe to be reasonable under the circumstances. These estimates are subjective in nature and to the extent that there are differences between these estimates and actual results, our financial condition or operating results in future periods may be affected.These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We early adopted the new standard effective July 1, 2022 on a prospective basis. The adoption of the guidance did not have a material impact on our interim condensed financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”, which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. These ASUs are effective for all entities upon their respective issuance dates through December 31, 2024. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no impact to our interim condensed consolidated financial statements as of December 31, 2022. Throughout the remaining effective period for ASU 2020-04, ASU 2021-01 and ASU 2022-06, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable.

Revenue (Tables)

6 Months Ended

Dec. 31, 2022

Banking and Thrift, Interest [Abstract]

Disaggregation of Revenue

The following table presents the company’s revenue disaggregated by revenue source (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021

Merchant network revenue	$	134,019	$	127,087	$	247,168	$	219,331
Virtual card network revenue	29,117		26,558		55,825		45,953

Interest income	155,321		138,355		292,123		255,657
Gain on sales of loans	59,607		57,690		123,202		88,669
Servicing income	21,494		11,321		42,864		20,786
Total Revenue, net	$	399,558	$	361,011	$	761,182	$	630,396

Schedule of Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Interest income on unpaid principal balance	$	125,858	$	88,674	$	231,996	$	171,615
Amortization of discount on loans	38,838		54,965		77,807		93,410
Amortization of premiums on loans	(4,580)		(2,995)		(8,954)		(5,732)
Interest receivable charged-off, net of recoveries	(4,795)		(2,289)		(8,726)		(3,636)
Total interest income	$	155,321	$	138,355	$	292,123	$	255,657

Loans Held for Investment and Allowance for Credit Losses (Tables)

6 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment and Allowance for Credit Loss

Loans held for investment consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Unpaid principal balance	$	3,691,398	$	2,516,733
Accrued interest receivable	32,855		20,697
Premiums on loans held for investment	9,081		8,911
Less: Discount due to loss on loan purchase commitment	(38,615)		(20,692)
Less: Discount due to loss on directly originated loans	(38,381)		(20,443)
Less: Fair value adjustment on loans acquired through business combination	(834)		(1,645)
Total loans held for investment	$	3,655,504	$	2,503,561

Schedule of Credit Quality by ITACs Score


December 31, 2022
	Amortized Costs Basis by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
96+	$	1,900,886	$	239,706	$	53,982	$	16,500	$	10	$	1	$	2,211,085
94-96	770,581		127,269		2,079		360		6		2		900,297
90-94	86,105		40,435		530		2		4		—		127,076
<90	23,650		5,315		12		2		—		—		28,979
No score(1)	217,011		110,920		24,002		3,266		328		29		355,556
Total amortized cost basis	$	2,998,233	$	523,645	$	80,605	$	20,130	$	348	$	32	$	3,622,993


	Net Charge-offs by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
Current period charge-offs	(15,426)		(131,629)		(5,142)		(337)		(45)		(19)		(152,598)
Current period recoveries	1,106		7,963		3,107		1,017		684		494		14,371
Current period net charge-offs	$	(14,320)	$	(123,666)	$	(2,035)	$	680	$	639	$	475	$	(138,227)


June 30, 2022
	Amortized Costs Basis by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
96+	$	1,218,104	$	122,503	$	33,458	$	157	$	1	$	—	$	1,374,223
94-96	620,403		11,240		773		13		2		—		632,431
90-94	220,056		3,886		6		4		—		—		223,952
<90	44,300		135		2		—		—		—		44,437
No score	186,044		20,554		3,368		444		79		2		210,491
Total amortized cost basis	$	2,288,907	$	158,318	$	37,607	$	618	$	82	$	2	$	2,485,534

Schedule of Delinquent Financing Receivables

The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):


	December 31, 2022		June 30, 2022
Non-delinquent loans	$	3,445,851	$	2,322,919
4 – 29 calendar days past due	79,930		77,963
30 – 59 calendar days past due	38,952		34,669
60 – 89 calendar days past due	29,261		26,919
90 – 119 calendar days past due (1)	28,999		23,064
Total amortized cost basis	$	3,622,993	$	2,485,534

(1)Includes $27.8 million and $22.7 million of loan receivables as of December 31, 2022 and June 30, 2022, respectively, that are 90 days or more past due, but are not on nonaccrual status.

Schedule of Loans Held for Investment and Allowance for Credit Loss

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Balance at beginning of period	$	153,025	$	152,021	$	155,392	$	117,760
Provision for credit losses	103,066		49,695		164,935		110,699
Charge-offs	(81,562)		(47,573)		(152,598)		(78,027)
Recoveries of charged-off receivables	7,571		4,146		14,371		7,857
Balance at end of period	$	182,100	$	158,289	$	182,100	$	158,289

Acquisitions (Tables)

6 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisition Consideration Transferred

The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands):


Cash	$	30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$	40,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Intangible assets	$	9,488
Total net assets acquired	9,488
Goodwill	30,512
Total purchase price	$	40,000

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	9,488	3.0

Schedule of Identifiable Intangible Assets Acquired

The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands):


Assembled workforce	$	12,490
Option to purchase developed technology	$	12,925
Total	$	25,415

Balance Sheet Components (Tables)

6 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Internally developed software	$	298,683	$	200,621
Leasehold improvements	19,394		16,169
Computer equipment	12,192		10,751
Furniture and equipment	6,827		4,279
Total Property, equipment and software, at cost	$	337,096	$	231,820
Less: Accumulated depreciation and amortization	(88,157)		(60,338)
Total Property, equipment and software, net	$	248,939	$	171,482

Schedule of Goodwill

The changes in the carrying amount of goodwill during the six months ended December 31, 2022 were as follows (in thousands):


Balance as of June 30, 2022	$	539,534
Additions	—
Effect of foreign currency translation	(11,904)
Balance as of December 31, 2022	$	527,630

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	December 31, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,932	$	(14,133)	$	23,799	3.1
Developed technology (1)	39,499		(22,173)		17,326		1.4
Assembled workforce	12,490		(5,857)		6,633		0.8
Trademarks and domains, definite	1,460		(884)		576		2.0
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	93,877	$	(43,047)	$	50,830


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology (1)	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	December 31, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,932	$	(14,133)	$	23,799	3.1
Developed technology (1)	39,499		(22,173)		17,326		1.4
Assembled workforce	12,490		(5,857)		6,633		0.8
Trademarks and domains, definite	1,460		(884)		576		2.0
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	93,877	$	(43,047)	$	50,830


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology (1)	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017

Schedule of Intangible Assets, Future Amortization Expense

The expected future amortization expense of these intangible assets as of December 31, 2022 is as follows (in thousands):


2023 (remaining six months)	$	14,644
2024	21,520
2025	7,167
2026	4,988
2027 and thereafter	15
Total amortization expense	$	48,334

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	December 31, 2022		June 30, 2022
Derivative instruments	$	69,615	$	49,983
Operating lease right-of-use assets	43,614		50,671
Equity securities, at cost	43,172		43,172
Processing reserves	35,411		26,483
Prepaid expenses	34,306		37,497
Prepaid payroll taxes for stock-based compensation	14,338		35,172
Other receivables	21,739		17,221
Other assets	27,064		21,368
Total other assets	$	289,259	$	281,567

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands)


	December 31, 2022		June 30, 2022
Collateral held for derivative instruments	$	68,374	$	55,779
Operating lease liability	57,492		65,713
Accrued expenses	52,865		67,343
Contingent consideration liability	12,510		23,348
Other liabilities	29,378		25,415
Total accrued expenses and other liabilities	$	220,619	$	237,598

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Leases (Tables)

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Term and Discount Rate

The components of operating lease expenses are as follows (in thousands):


	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Operating lease expense	$3,672	$3,692	$7,516	$7,500

Lease term and discount rate information are summarized as follows:


												December 31, 2022
Weighted average remaining lease term (in years)												4.3
Weighted average discount rate												4.7%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands) for the years ended:


2023 (remaining six months)	$	6,291
2024	16,503
2025	16,317
2026	15,371
2027 and thereafter	10,368
Total lease payments	64,850
Less imputed interest	(7,358)
Present value of lease liabilities	$	57,492

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Funding Debt and Aggregate Future Maturities

Funding debt and its aggregate future maturities consists of the following (in thousands):


	December 31, 2022		June 30, 2022
2023	$	177,864	$	158,547
2024	520,794		421,484
2025	460,715		—
2026	193,954		—
2027 and thereafter	541,125		103,364
Total	$	1,894,452	$	683,395
Deferred debt issuance costs	(11,782)		(10,818)
Total funding debt, net of deferred debt issuance costs	$	1,882,670	$	672,577

Schedule of Long-term Debt Instruments

The convertible senior notes outstanding as of December 31, 2022 consisted of the following (in thousands):


	Principal Amount		Unamortized Discount and Issuance Cost		Net Carrying Amount
Convertible Senior Notes	$	1,725,000	$	(16,221)	$	1,708,779

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Securitization and Variable Interest Entities (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs

The following tables present the aggregate carrying value of financial assets and liabilities within consolidated VIEs (in thousands):


	December 31, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,911,540	$	1,734,754	$	176,786
Securitizations	1,367,950		1,316,053		51,897
Total consolidated VIEs	$	3,279,490	$	3,050,807	$	228,683


	June 30, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	563,207	$	534,422	$	28,785
Securitizations	1,679,062		1,632,107		46,955
Total consolidated VIEs	$	2,242,269	$	2,166,529	$	75,740

Schedule of Variable Interest Entities

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	December 31, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	653,754	$	635,677	$	18,077	$	32,719
Total unconsolidated VIEs	$	653,754	$	635,677	$	18,077	$	32,719


	June 30, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	996,242	$	965,909	$	30,333	$	51,248
Total unconsolidated VIEs	$	996,242	$	965,909	$	30,333	$	51,248

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Investments (Tables)

6 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Marketable Securities


	December 31, 2022		June 30, 2022
Cash and cash equivalents:
Money market funds	$	899,736	$	162,483
Certificates of deposit	—		16,026
Commercial paper	—		229,272
Government bonds
US	29,967		58,541
Securities available for sale:
Certificates of deposit	181,758		300,390
Corporate bonds	314,014		368,671
Commercial paper	156,459		478,293
Government bonds
Non-US	11,967		17,955
US	216,956		378,386
Securitization notes receivable and certificates (1)	32,766		51,678
Other	1,003		$	—
Total marketable securities:	$	1,844,626	$	2,061,695

(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt.

Unrealized Gain (Loss) on Investments


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	182,547	$	27	$	(816)	$	—	$	181,758
Corporate bonds (1)	319,023		3		(5,012)		—		314,014
Commercial paper (1)	156,766		12		(319)		—		156,459
Government bonds
Non-US	12,180		—		(213)		—		11,967
US (1)	250,095		10		(3,182)		—		246,923
Securitization notes receivable and certificates (2)	34,093		—		(991)		(336)		32,766
Other	1,003		—		—		—		1,003
Total securities available for sale	$	955,707	$	52	$	(10,533)	$	(336)	$	944,890


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	317,331	$	6	$	(921)	$	—	$	316,416
Corporate bonds (1)	371,907		7		(3,243)		—		368,671
Commercial paper (1)	708,694		16		(1,145)		—		707,565
Government bonds
Non-US	18,196		—		(241)		—		17,955
US (1)	438,947		—		(2,020)		—		436,927
Securitization notes receivable and certificates (2)	52,180		178		(659)		(21)		51,678
Total securities available for sale	$	1,907,255	$	207	$	(8,229)	$	(21)	$	1,899,212

(2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 10. Debt

Schedule of Available-for-sale Securities with Unrealized Losses


	December 31, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	120,276	$	(816)	$	—	$	—	$	120,276	$	(816)
Corporate bonds	258,665		(4,459)		46,305		(553)		304,970		(5,012)
Commercial paper	114,004		(319)		—		—		114,004		(319)
Government bonds
Non-US	2,092		(55)		9,876		(158)		11,968		(213)
US	190,023		(3,041)		26,933		(141)		216,956		(3,182)


Total securities available for sale (1)	$	685,060	$	(8,690)	$	83,114	$	(852)	$	768,174	$	(9,542)


	June 30, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	290,169	$	(921)	$	—	$	—	$	290,169	$	(921)
Corporate bonds	351,088		(3,243)		—		—		351,088		(3,243)
Commercial paper	679,272		(1,145)		—		—		679,272		(1,145)
Government bonds
Non-US	17,955		(241)		—		—		17,955		(241)
US	431,903		(2,020)		—		—		431,903		(2,020)
Securitization notes receivable and certificates	722		(45)		—		—		722		(45)
Total securities available for sale (1)	$	1,771,109	$	(7,615)	$	—	$	—	$	1,771,109	$	(7,615)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 135 and 270 as of December 31, 2022 and June 30, 2022, respectively.

Schedule of Length of Contractual Maturities of Securities Available for Sale

The length of time to contractual maturities of securities available for sale as of December 31, 2022 and June 30, 2022 were as follows (in thousands):


	December 31, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit (2)	$	182,547	$	181,758	$	—	$	—	$	182,547	$	181,758
Corporate bonds (2)	176,257		174,773		142,766		139,241		319,023		314,014
Commercial paper (2)	156,766		156,459		—		—		156,766		156,459
Government bonds
Non-US	10,033		9,875		2,147		2,092		12,180		11,967
US (2)	205,898		204,097		44,197		42,826		250,095		246,923
Securitization notes receivable and certificates (1)	—		—		34,093		32,766		34,093		32,766
Other	1,003		1,003		—		—		1,003		1,003
Total securities available for sale	$	732,504	$	727,965	$	223,203	$	216,925	$	955,707	$	944,890


	June 30, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit (2)	$	317,331	$	316,416	$	—	$	—	$	317,331	$	316,416
Corporate bonds (2)	206,208		204,614		165,699		164,057		371,907		368,671
Commercial paper (2)	708,694		707,565		—		—		708,694		707,565
Government bonds
Non-US	11,895		11,813		6,301		6,142		18,196		17,955
US (2)	360,757		359,242		78,190		77,685		438,947		436,927
Securitization notes receivable and certificates (1)	—		—		52,180		51,678		52,180		51,678
Total securities available for sale	$	1,604,885	$	1,599,650	$	302,370	$	299,562	$	1,907,255	$	1,899,212

(1)Based on weighted average life of expected cash flows as of December 31, 2022 and June 30, 2022.

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Fair Value Measured on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and June 30, 2022 (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	899,736	$	—	$	—	$	899,736



Government bonds - U.S.	—		29,967		—		29,967

Securities available for sale:
Certificate of deposit	—		181,758		—		181,758
Corporate bonds	—		314,014		—		314,014
Commercial paper	—		156,459		—		156,459
Government bonds:
Non-U.S.	—		11,967		—		11,967
U.S.	—		216,956		—		216,956
Securitization notes receivable and residual trust certificates	—		—		32,766		32,766
Other	—		—		1,003		1,003
Servicing assets	—		—		1,093		1,093
Derivative instruments	—		69,615		—		69,615
Total assets	$	899,736	$	980,736	$	34,862	$	1,915,334
Liabilities:
Servicing liabilities	$	—	$	—	$	3,680	$	3,680
Performance fee liability	—		—		1,876		1,876
Residual trust certificates, held by third-parties	—		—		242		242
Contingent consideration	—		—		12,510		12,510
Profit share liability	—		—		3,697		3,697
Total liabilities	$	—	$	—	$	22,005	$	22,005


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	162,483	$	—	$	—	$	162,483
Certificates of deposit	—		16,026		—		16,026
Commercial paper	—		229,272		—		229,272
Government bonds - U.S.	—		58,541		—		58,541

Securities available for sale:
Certificate of deposit	—		300,390		—		300,390
Corporate bonds	—		368,671		—		368,671
Commercial paper	—		478,293		—		478,293
Government bonds:
Non-U.S.	—		17,955		—		17,955
U.S.	—		378,386		—		378,386
Securitization notes receivable and residual trust certificates	—		—		51,678		51,678
Servicing assets	—		—		1,192		1,192
Derivative instruments	—		49,983		—		49,983
Total assets	$	162,483	$	1,897,517	$	52,870	$	2,112,870
Liabilities:
Servicing liabilities	$	—	$	—	$	2,673	$	2,673
Performance fee liability	—		—		1,710		1,710
Residual trust certificates, held by third-parties	—		—		377		377
Contingent consideration	—		—		23,348		23,348
Profit share liability	—		—		1,987		1,987
Total liabilities	$	—	$	—	$	30,095	$	30,095

Schedule of Servicing Assets at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,142	$	2,287	$	1,192	$	2,349
Initial transfers of financial assets	404		645		433		1,114
Subsequent changes in fair value	(453)		(754)		(532)		(1,285)
Fair value at end of period	$	1,093	$	2,178	$	1,093	$	2,178

Schedule of Servicing Liabilities at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	3,152	$	3,610	$	2,673	$	3,961
Initial transfers of financial assets	2,207		6,749		4,195		8,724
Subsequent changes in fair value	(1,679)		(1,733)		(3,188)		(4,059)
Fair value at end of period	$	3,680	$	8,626	$	3,680	$	8,626

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement


		December 31, 2022
	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.75	%	3.00	%	1.01	%
	Gross default rate (2)	1.84	%	10.56	%	4.08	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.75	%	3.00	%	2.22	%
	Gross default rate (2)	6.72	%	36.55	%	14.22	%


		June 30, 2022
	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	0.78	%	1.85	%	1.10	%
	Gross default rate (2)	0.59	%	50.59	%	1.59	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	2.13	%	2.34	%	2.21	%
	Gross default rate (2)	9.03	%	24.44	%	13.81	%

(1)Estimated annual cost of servicing a loan as a percentage of unpaid principal balance

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.34%	2.63%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.10%	2.42%


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	15.00%	10.00%
Loss rate	0.71%	1.07%	0.71%
Prepayment rate	6.50%	13.00%	13.00%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.75%	0.75%	0.75%
Prepayment rate	8.00%	8.00%	8.00%


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	4.45%	37.77%	7.28%
Loss rate	0.99%	15.30%	3.38%
Prepayment rate	6.75%	26.40%	18.35%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	3.68%	22.50%	5.37%
Loss rate	0.61%	10.95%	2.65%
Prepayment rate	5.25%	35.00%	18.48%


	December 31, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.07%	1.82%	1.72%


	June 30, 2022
Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.25%	3.54%	1.28%

Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities


	December 31, 2022		June 30, 2022
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	(1)	$	11
Gross default rate increase of 50%	$	(2)	$	22
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(801)	$	—
Adequate compensation increase of 20%	$	(1,602)	$	—
Adequate compensation increase of 25%	$	—	$	(3,513)
Adequate compensation increase of 50%	$	—	$	(7,026)
Discount rate assumption:
Discount rate increase of 25%	$	(40)	$	(57)
Discount rate increase of 50%	$	(77)	$	(109)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	(15)	$	(10)
Gross default rate increase of 50%	$	(31)	$	(21)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	3,181	$	—
Adequate compensation increase of 20%	$	6,363	$	—
Adequate compensation increase of 25%	$	—	$	6,139
Adequate compensation increase of 50%	$	—	$	12,278
Discount rate assumption:
Discount rate increase of 25%	$	(75)	$	(50)
Discount rate increase of 50%	$	(145)	$	(98)

Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,763	$	1,335	$	1,710	$	1,290
Purchases of loans	572		503		1,051		833
Settlements Paid	(501)		—		(501)		—
Subsequent changes in fair value	42		(308)		(384)		(593)
Fair value at end of period	$	1,876	$	1,530	$	1,876	$	1,530

The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	308	$	745	$	377	$	914
Repayments	(78)		(148)		(177)		(403)
Subsequent changes in fair value	12		22		42		108
Fair value at end of period	$	242	$	619	$	242	$	619

The following table summarizes the activity related to the fair value of the residual trust certificates (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	41,503	$	13,744	$	51,678	$	16,170
Additions	—		13,695		—		13,695
Cash received (due to payments or sales)	(9,063)		(2,080)		(18,835)		(4,384)
Change in unrealized gain (loss)	138		(73)		(510)		(184)
Accrued interest	295		84		748		70
Reversal of (impairment on) securities available for sale	(107)		(51)		(315)		(48)
Fair value at end of period	$	32,766	$	25,319	$	32,766	$	25,319

The following table summarizes the activity related to the fair value of the PayBright contingent consideration (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	24,269	$	290,719	$	23,348	$	153,447
Subsequent changes in fair value	(12,062)		(34,026)		(9,302)		107,567
Effect of foreign currency translation	303		(2,943)		(1,536)		(7,264)
Fair value at end of period	$	12,510	$	253,750	$	12,510	$	253,750

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Fair value at beginning of period	$	1,876	$	1,400	$	1,987	$	2,464
Facilitation of loans	2,342		2,534		3,475		3,574
Actual performance	612		(1,011)		(2,264)		(1,011)
Subsequent changes in fair value	(1,133)		(871)		499		(2,975)
Fair value at end of period	$	3,697	$	2,052	$	3,697	$	2,052

Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates


	December 31, 2022		June 30, 2022
Discount rate assumption:
Discount rate increase of 25%	$	(417)	$	(1,410)
Discount rate increase of 50%	$	(820)	$	(2,295)
Loss rate assumption:
Loss rate increase of 25%	$	(297)	$	(729)
Loss rate increase of 50%	$	(460)	$	(964)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(59)	$	(545)
Prepayment rate decrease of 50%	$	(119)	$	(519)

Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of December 31, 2022 and June 30, 2022 (in thousands):


	December 31, 2022
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	344	$	—	$	344	$	—	$	344
Loans held for investment, net	3,473,404		—		—		3,613,246		3,613,246
Other assets	11,367		—		11,367		—		11,367
Total assets	$	3,485,115	$	—	$	11,711	$	3,613,246	$	3,624,957
Liabilities:
Convertible senior notes, net (1)	$	1,708,779	$	—	$	948,778	$	—	$	948,778
Notes issued by securitization trusts	1,314,212		—		—		1,253,937		1,253,937
Funding debt (2)	1,894,452		—		—		1,894,401		1,894,401
Total liabilities	$	4,917,443	$	—	$	948,778	$	3,148,338	$	4,097,116


	June 30, 2022
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	2,670	$	—	$	2,670	$	—	$	2,670
Loans held for investment, net	2,348,169		—		—		2,412,871		2,412,871
Other assets	12,661		—		12,661		—		12,661
Total assets	$	2,363,500	$	—	$	15,331	$	2,412,871	$	2,428,202
Liabilities:
Convertible senior notes, net (1)	$	1,706,668	$	—	$	984,285	$	—	$	984,285
Notes issued by securitization trusts	1,627,580		—		—		1,529,401		1,529,401
Funding debt (2)	683,395		—		—		683,388		683,388
Total liabilities	$	4,017,643	$	—	$	984,285	$	2,212,789	$	3,197,074

(2)As of December 31, 2022 and June 30, 2022, debt issuance costs in the amount of $11.8 million and $10.8 million, respectively, was included within funding debt.

Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Common Stock, Reserved for Future Issuance

The Company had shares of common stock reserved for issuance as follows:


	December 31, 2022	June 30, 2022


Available outstanding under stock option plan	54,689,282	53,158,233
Available for future grant under stock option plan	39,443,744	31,156,746
Total	94,133,026	84,314,979

Equity Incentive Plans (Tables)

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the six months ended December 31, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2022	19,310,706	$	15.22	6.94
Granted	1,523,736	21.22
Exercised	(533,393)	4.55
Forfeited, expired or cancelled	(908,703)	39.09
Balance as of December 31, 2022	19,392,346	14.87		6.67
Vested and exercisable, December 31, 2022	13,649,028	$	10.10	5.79	$	43,193
Vested and exercisable, and expected to vest thereafter(1) December 31, 2022	19,342,618	$	14.87	6.64	$	44,086

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

Schedule of Restricted Stock Unit Activity

The following table summarizes our RSU activity during the six months ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested as of June 30, 2022	21,387,592	$	38.41
Granted	9,860,752	27.48
Vested	(6,263,666)	34.50
Forfeited, expired or cancelled	(2,106,144)	39.77
Non-vested as of December 31, 2022	22,878,534	$	34.64

Schedule of Components and Classification of Stock-based Compensation

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
General and administrative	$	66,659	$	61,947	$	133,999	$	129,689
Technology and data analytics	48,534		21,427		91,962		41,494
Sales and marketing	5,549		4,633		13,677		9,657
Processing and servicing	1,033		530		1,945		886
Total stock-based compensation in operating expenses	121,775		88,537		241,583		181,726
Capitalized into property, equipment and software, net	22,443		13,383		43,647		25,073
Total stock-based compensation expense	$	144,218	$	101,920	$	285,230	$	206,799

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022				2022
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(256,451)	$	(65,986)	$	(455,739)	$	(117,967)
Net loss attributable to common stockholders - basic and diluted	$	(256,451)	$	(65,986)	$	(455,739)	$	(117,967)
Denominator:

Weighted average shares of common stock - basic	233,581,678		60,101,653		232,201,361		60,104,939


Weighted average shares of common stock - diluted	233,581,678		60,101,653		232,201,361		60,104,939


Net loss per share:
Basic	$	(1.10)	$	(1.10)	$	(1.96)	$	(1.96)
Diluted	$	(1.10)	$	(1.10)	$	(1.96)	$	(1.96)


	Three Months Ended December 31,				Six Months Ended December 31,
	2021				2021
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(121,609)	$	(38,126)	$	(332,251)	$	(134,099)
Net loss attributable to common stockholders - basic and diluted	$	(121,609)	$	(38,126)	$	(332,251)	$	(134,099)
Denominator:

Weighted average shares of common stock - basic	214,335,757		67,198,131		194,918,082		78,670,012


Weighted average shares of common stock - diluted	214,335,757		67,198,131		194,918,082		78,670,012


Net loss per share:
Basic	$	(0.57)	$	(0.57)	$	(1.70)	$	(1.70)
Diluted	$	(0.57)	$	(0.57)	$	(1.70)	$	(1.70)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	As of December 31,
	2022	2021
Restricted stock units	22,878,534	13,345,552
Stock options, including early exercise of options	19,392,346	18,851,935
Common stock warrants	6,178,730	6,075,005
Employee stock purchase plan shares	1,121,878	123,093
Total	49,571,488	38,395,585

Segments and Geographical Information (Tables)

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Geographical Area

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
United States	$	390,389	$	350,486	$	742,974	$	612,089
Canada	9,121		10,525		18,135		18,307
Other	48		—		73		—
Total	$	399,558	$	361,011	$	761,182	$	630,396

Long-lived Assets by Geographic Areas

The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands):


	December 31, 2022		June 30, 2022
United States	$	288,989	$	217,532
Canada	3,195		4,390
Other	$	369	$	231
Total	$	292,553	$	222,153

Business Description (Details)	6 Months Ended
Business Description (Details)	Dec. 31, 2022
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 163,136	$ 153,645	$ 302,993	$ 265,284
Interest income	155,321	138,355	292,123	255,657
Gain on sales of loans	59,607	57,690	123,202	88,669
Servicing income	21,494	11,321	42,864	20,786
Total Revenue, net	399,558	361,011	761,182	630,396
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	134,019	127,087	247,168	219,331
Virtual card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 29,117	$ 26,558	$ 55,825	$ 45,953

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 125,858	$ 88,674	$ 231,996	$ 171,615
Amortization of discount on loans	38,838	54,965	77,807	93,410
Amortization of premiums on loans	(4,580)	(2,995)	(8,954)	(5,732)
Interest receivable charged-off, net of recoveries	(4,795)	(2,289)	(8,726)	(3,636)
Interest income	$ 155,321	$ 138,355	$ 292,123	$ 255,657

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due		120 days
Non-accrued loans held for investment	$ 1.7	$ 1.8	$ 1.7
Customer Concentration Risk \| Largest merchant partner \| Revenue
Concentration Risk [Line Items]
Revenue concentration percent	11.00%		10.00%

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Receivables [Abstract]
Unpaid principal balance	$ 3,691,398	$ 2,516,733
Accrued interest receivable	32,855	20,697
Premiums on loans held for investment	9,081	8,911
Less: Discount due to loss on loan purchase commitment	(38,615)	(20,692)
Less: Discount due to loss on directly originated loans	(38,381)	(20,443)
Less: Fair value adjustment on loans acquired through business combination	(834)	(1,645)
Loans held for investment	$ 3,655,504	$ 2,503,561

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 4,400.0	$ 3,400.0	$ 7,900.0	$ 5,600.0
Threshold period for delinquent loans past due	4 days		4 days
Past due charge-off threshold	120 days		120 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			1 month
Proprietary credit quality score	0		0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			60 months
Proprietary credit quality score	100		100

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 2,998,233	$ 2,288,907
2022	523,645	158,318
2021	80,605	37,607
2020	20,130	618
2019	348	82
Prior	32	2
Loans held for investment	3,622,993	2,485,534
2023 Current period charge-offs	15,426
2022 Current period charge-offs	131,629
2021 Current period charge-offs	5,142
2020 Current period charge-offs	337
2019 Current period charge-offs	45
Prior current period charge-offs	19
Total current period charge-offs	152,598
2023 Current period recoveries	(1,106)
2022 Current period recoveries	(7,963)
2021 Current period recoveries	(3,107)
2020 Current period recoveries	(1,017)
2019 Current period recoveries	(684)
Prior current period recoveries	(494)
Total current period recoveries	(14,371)
2023 Current period net charge-offs	14,320
2022 Current period net charge-offs	123,666
2021 Current period net charge-offs	2,035
2020 Current period net charge-offs	(680)
2019 Current period net charge-offs	(639)
Prior current period net charge-offs	(475)
Total current period net charge-offs	138,227
96+
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,900,886	1,218,104
2022	239,706	122,503
2021	53,982	33,458
2020	16,500	157
2019	10	1
Prior	1	0
Loans held for investment	2,211,085	1,374,223
94-96
Financing Receivable, Credit Quality Indicator [Line Items]
2023	770,581	620,403
2022	127,269	11,240
2021	2,079	773
2020	360	13
2019	6	2
Prior	2	0
Loans held for investment	900,297	632,431
90-94
Financing Receivable, Credit Quality Indicator [Line Items]
2023	86,105	220,056
2022	40,435	3,886
2021	530	6
2020	2	4
2019	4	0
Prior	0	0
Loans held for investment	127,076	223,952
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2023	23,650	44,300
2022	5,315	135
2021	12	2
2020	2	0
2019	0	0
Prior	0	0
Loans held for investment	28,979	44,437
No score
Financing Receivable, Credit Quality Indicator [Line Items]
2023	217,011	186,044
2022	110,920	20,554
2021	24,002	3,368
2020	3,266	444
2019	328	79
Prior	29	2
Loans held for investment	$ 355,556	$ 210,491

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 3,655,504	$ 2,503,561
Loans held for investment	3,622,993	2,485,534
Loan receivable on nonaccrual status	27,800	22,700
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	3,445,851	2,322,919
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	79,930	77,963
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	38,952	34,669
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	29,261	26,919
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 28,999	$ 23,064

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 153,025	$ 152,021	$ 155,392	$ 117,760
Provision for credit losses	103,066	49,695	164,935	110,699
Charge-offs	(81,562)	(47,573)	(152,598)	(78,027)
Recoveries of charged-off receivables	7,571	4,146	14,371	7,857
Balance at end of period	$ 182,100	$ 158,289	$ 182,100	$ 158,289

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	Apr. 19, 2022	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2021
Fast AF, Inc
Business Acquisition [Line Items]
Cash paid for acquisition	$ 10,000
Cost of identifiable intangible assets	25,415
Transaction costs	400
Fast AF, Inc \| Assembled workforce
Business Acquisition [Line Items]
Cost of identifiable intangible assets	$ 12,490
Useful Life (in years)	1 year 6 months
Fast AF, Inc \| Senior Secured Note Issued To Fast AF, Inc \| Senior Notes
Business Acquisition [Line Items]
Forgiveness of senior secured note	$ 15,000
ShopBrain
Business Acquisition [Line Items]
Cash		$ 30,000
Purchase price		$ 40,000
Transaction costs			$ 100	$ 200
ShopBrain \| Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)		151,745

Acquisitions - Fair Value of Consideration Transferred (Details) - ShopBrain $ in Thousands	Jul. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash	$ 30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$ 40,000

Acquisitions - Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Jul. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 527,630	$ 539,534
ShopBrain
Business Acquisition [Line Items]
Intangible assets			$ 9,488
Total assets acquired			9,488
Goodwill			30,512
Total purchase price			$ 40,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Acquisitions - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Apr. 19, 2022	Jul. 01, 2021
Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	$ 25,415
Developed technology \| Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	12,925
Assembled workforce \| Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	$ 12,490
Useful Life (in years)	1 year 6 months
ShopBrain \| Developed technology
Business Acquisition [Line Items]
Fair Value		$ 9,488
Useful Life (in years)		3 years

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable		$ 11,800	$ 13,900	$ 11,800	$ 13,900
Depreciation		15,600	6,500	29,100	11,500
Impairment expense on leasehold improvements		0	0	0	0
Goodwill impairment loss		0	0	0	0
Amortization of intangible assets		7,400	5,500	14,800	11,000
Impairment of intangible assets		0	0	0	0
Vesting of warrants exercised	$ 133,500
Commercial agreement term	3 years 2 months 12 days
Amortization of sales and marketing expense		10,500	5,800	20,900	5,800
Extension of remaining expected benefit period						2 years
Amortization of commercial agreement assets				$ 43,114	43,885
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period				4 years
Commercial agreement asset, gross		270,600		$ 270,600
Amortization of commercial agreement assets		9,100	17,000	18,100	34,000
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Asset amortization period							3 years
Commercial agreement asset, gross							$ 25,900
Amortization of commercial agreement assets		$ 2,100	$ 2,100	$ 4,200	$ 4,000

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 337,096	$ 231,820
Less: Accumulated depreciation and amortization	(88,157)	(60,338)
Total Property, equipment and software, net	248,939	171,482
Internally developed software
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	298,683	200,621
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	19,394	16,169
Computer equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	12,192	10,751
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 6,827	$ 4,279

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 539,534
Additions	0
Effect of foreign currency translation	(11,904)
Ending balance	$ 527,630

- Definition

+ References + Details

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 19, 2022	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization			$ (43,047)	$ (28,629)
Total amortization expense			48,334
Total intangible assets, gross			93,877	94,646
Total intangible assets			50,830	66,017
Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 25,415
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles			2,146	2,146
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles			350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross			37,932	38,371
Accumulated Amortization			(14,133)	(10,281)
Total amortization expense			$ 23,799	28,090
Weighted Average Remaining Useful Life (in years)		3 years 7 months 6 days	3 years 1 month 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross			$ 39,499	39,782
Accumulated Amortization			(22,173)	(15,882)
Total amortization expense			$ 17,326	23,900
Weighted Average Remaining Useful Life (in years)		1 year 10 months 24 days	1 year 4 months 24 days
Developed technology \| Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Fair Value	12,925
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross			$ 12,490	12,490
Accumulated Amortization			(5,857)	(1,664)
Total amortization expense			$ 6,633	10,826
Weighted Average Remaining Useful Life (in years)		1 year 3 months 18 days	9 months 18 days
Assembled workforce \| Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,490
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross			$ 1,460	1,507
Accumulated Amortization			(884)	(802)
Total amortization expense			$ 576	$ 705
Weighted Average Remaining Useful Life (in years)		2 years 4 months 24 days	2 years

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Balance Sheet Related Disclosures [Abstract]
2023 (remaining six months)	$ 14,644
2024	21,520
2025	7,167
2026	4,988
2027 and thereafter	15
Total amortization expense	$ 48,334

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Derivative instruments	$ 69,615	$ 49,983
Operating lease right-of-use assets	43,614	50,671
Equity securities, at cost	43,172	43,172
Processing reserves	35,411	26,483
Prepaid expenses	34,306	37,497
Prepaid payroll taxes for stock-based compensation	14,338	35,172
Other receivables	21,739	17,221
Other assets	27,064	21,368
Total other assets	$ 289,259	$ 281,567

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Offsetting [Abstract]
Collateral held for derivative instruments	$ 68,374	$ 55,779
Operating lease liability	57,492	65,713
Accrued expenses	52,865	67,343
Contingent consideration liability	12,510	23,348
Other liabilities	29,378	25,415
Total accrued expenses and other liabilities	$ 220,619	$ 237,598

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Restricted cash	$ 424,460	$ 247,402	$ 424,460	$ 247,402	$ 295,636
Impairment expense		0	0
Sublease Income	$ 900	$ 900	$ 1,700	$ 1,500
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period			9 months
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period			1 year
Remaining lease term	8 years		8 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,700		$ 9,700		$ 9,700

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 3,672	$ 3,692	$ 7,516	$ 7,500

Leases - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 3 months 18 days
Weighted average discount rate	4.70%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Leases [Abstract]
2023 (remaining six months)	$ 6,291
2024	16,503
2025	16,317
2026	15,371
2027 and thereafter	10,368
Total lease payments	64,850
Less imputed interest	(7,358)
Present value of lease liabilities	$ 57,492	$ 65,713

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Line of Credit Facility [Line Items]
Funding debt, year one	$ 177,864	$ 158,547
Funding debt, year two	520,794	421,484
Funding debt, year three	460,715	0
Funding debt, year four	193,954	0
Funding debt, after year four	541,125	103,364
Total	1,894,452	683,395
Deferred debt issuance costs	(11,782)	(10,818)
Total funding debt, net of deferred debt issuance costs	$ 1,882,670	$ 672,577

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Feb. 04, 2022 USD ($)	Nov. 23, 2021 USD ($) d segment $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Loans held for investment			$ 3,655,504	$ 3,655,504	$ 2,503,561
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income				Other income (expense), net
Remaining life				47 months
Borrowings outstanding			$ 1,882,670	$ 1,882,670	672,577
2022-X1 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			4.06%	4.06%
2022-X1 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			5.71%	5.71%
Convertible Senior Notes
Line of Credit Facility [Line Items]
Conversion ratio		0.0046371
Interest expense			$ 1,100	$ 2,100
Convertible Senior Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| d		20
Threshold consecutive trading days \| segment		30
Threshold percentage of stock price trigger		130.00%
Redemption price (as a percentage)		100.00%
Convertible Senior Notes \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| d		5
Minimum percentage of common stock price trigger		98.00%
Funding debt \| Warehouse Credit Facilities \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			2,100,000	2,100,000	549,600
Repurchase Agreement
Line of Credit Facility [Line Items]
Liability component of debt outstanding			25,200	25,200	27,000
Repurchase Agreement \| 2021-Z1 and 2021-Z2 \| Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			32,800	32,800	32,400
Convertible Debt \| Convertible Senior Notes
Line of Credit Facility [Line Items]
Liability component of debt outstanding			1,708,779	1,708,779
Securitization issued		$ 1,725,000	1,725,000	1,725,000
Fixed interest rate		0.00%
Proceeds from debt		$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares		$ 215.65
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	$ 165,000					$ 205,000
Unused commitment fee percentage	0.20%
Borrowings outstanding			0	0
Revolving facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities \| One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1.00%
Revolving facilities \| Base Rate
Line of Credit Facility [Line Items]
Basis spread	0.85%
Revolving facilities \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread	1.85%
Revolving facilities \| Funding debt
Line of Credit Facility [Line Items]
Funding debt			1,894,452	1,894,452	683,395
Liability component of debt outstanding			1,882,670	$ 1,882,670	$ 672,577
Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur				12 months
Aggregate commitment amount of credit facility			3,400,000	$ 3,400,000
Funding debt			1,900,000	1,900,000
Remaining amount available of credit facility			$ 1,600,000	$ 1,600,000
Minimum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage				0.00%
Minimum \| Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage				82.00%
Basis spread				1.25%
Maximum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage				0.75%
Maximum \| Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage				87.00%
Basis spread				4.25%

Debt - Convertible Notes Outstanding (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal Amount	$ 1,725,000	$ 1,725,000
Unamortized Discount and Issuance Cost	(16,221)
Total funding debt, net of deferred debt issuance costs	$ 1,708,779

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Fair value	$ 944,890	$ 1,899,212
Securitization notes receivable and certificates
Debt Instrument [Line Items]
Fair value	$ 32,766	$ 51,678
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-Z1 \| Funding debt \| Other Assets
Debt Instrument [Line Items]
Pledged securities	$ (47)

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 7,804,751	$ 6,973,792
Liabilities	5,294,603	4,355,537
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	3,279,490	2,242,269
Liabilities	3,050,807	2,166,529
Net Assets	228,683	75,740
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	1,911,540	563,207
Liabilities	1,734,754	534,422
Net Assets	176,786	28,785
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	1,367,950	1,679,062
Liabilities	1,316,053	1,632,107
Net Assets	$ 51,897	$ 46,955

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Assets	$ 7,804,751	$ 6,973,792
Liabilities	5,294,603	4,355,537
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	653,754	996,242
Liabilities	635,677	965,909
Net Assets	18,077	30,333
Maximum Exposure to Losses	32,719	51,248
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	653,754	996,242
Liabilities	635,677	965,909
Net Assets	18,077	30,333
Maximum Exposure to Losses	$ 32,719	$ 51,248

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Marketable Securities [Line Items]
Marketable Securities	$ 1,844,626	$ 2,061,695
Money market funds \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable Securities	899,736	162,483
Certificates of deposit
Marketable Securities [Line Items]
Marketable Securities	181,758	300,390
Certificates of deposit \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable Securities	0	16,026
Commercial paper
Marketable Securities [Line Items]
Marketable Securities	156,459	478,293
Commercial paper \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable Securities	0	229,272
Government bonds, US
Marketable Securities [Line Items]
Marketable Securities	216,956	378,386
Government bonds, US \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable Securities	29,967	58,541
Corporate bonds
Marketable Securities [Line Items]
Marketable Securities	314,014	368,671
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable Securities	11,967	17,955
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable Securities	32,766	51,678
Other
Marketable Securities [Line Items]
Marketable Securities	$ 1,003	$ 0

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 955,707	$ 1,907,255
Gross Unrealized Gains	52	207
Gross Unrealized Losses	(10,533)	(8,229)
Allowance for Credit Losses	(336)	(21)
Fair value	944,890	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	182,547	317,331
Gross Unrealized Gains	27	6
Gross Unrealized Losses	(816)	(921)
Allowance for Credit Losses	0	0
Fair value	181,758	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	319,023	371,907
Gross Unrealized Gains	3	7
Gross Unrealized Losses	(5,012)	(3,243)
Allowance for Credit Losses	0	0
Fair value	314,014	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156,766	708,694
Gross Unrealized Gains	12	16
Gross Unrealized Losses	(319)	(1,145)
Allowance for Credit Losses	0	0
Fair value	156,459	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,180	18,196
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(213)	(241)
Allowance for Credit Losses	0	0
Fair value	11,967	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	250,095	438,947
Gross Unrealized Gains	10	0
Gross Unrealized Losses	(3,182)	(2,020)
Allowance for Credit Losses	0	0
Fair value	246,923	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,093	52,180
Gross Unrealized Gains	0	178
Gross Unrealized Losses	(991)	(659)
Allowance for Credit Losses	(336)	(21)
Fair value	32,766	51,678
Certificates Of Deposit, Corporate Bonds, Non-US Government Bonds And Commercial Paper \| Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair value	30,000	$ 303,800
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,003
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Fair value	$ 1,003

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Dec. 31, 2022 USD ($) position	Jun. 30, 2022 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 685,060	$ 1,771,109
Less than or equal to 1 year, unrealized losses	(8,690)	(7,615)
Greater than 1 year, fair value	83,114	0
Greater than 1 year, unrealized losses	(852)	0
Total, fair value	768,174	1,771,109
Total, unrealized losses	$ (9,542)	$ (7,615)
Number of positions with unrealized losses \| position	135,000	270,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 120,276	$ 290,169
Less than or equal to 1 year, unrealized losses	(816)	(921)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	120,276	290,169
Total, unrealized losses	(816)	(921)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	258,665	351,088
Less than or equal to 1 year, unrealized losses	(4,459)	(3,243)
Greater than 1 year, fair value	46,305	0
Greater than 1 year, unrealized losses	(553)	0
Total, fair value	304,970	351,088
Total, unrealized losses	(5,012)	(3,243)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	114,004	679,272
Less than or equal to 1 year, unrealized losses	(319)	(1,145)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	114,004	679,272
Total, unrealized losses	(319)	(1,145)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	2,092	17,955
Less than or equal to 1 year, unrealized losses	(55)	(241)
Greater than 1 year, fair value	9,876	0
Greater than 1 year, unrealized losses	(158)	0
Total, fair value	11,968	17,955
Total, unrealized losses	(213)	(241)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	190,023	431,903
Less than or equal to 1 year, unrealized losses	(3,041)	(2,020)
Greater than 1 year, fair value	26,933	0
Greater than 1 year, unrealized losses	(141)	0
Total, fair value	216,956	431,903
Total, unrealized losses	$ (3,182)	(2,020)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		722
Less than or equal to 1 year, unrealized losses		(45)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		722
Total, unrealized losses		$ (45)

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 732,504	$ 1,604,885
Within 1 year, fair value	727,965	1,599,650
Greater than 1 year, less than or equal to 5 years, amortized cost	223,203	302,370
Greater than 1 year, less than or equal to 5 years, fair value	216,925	299,562
Amortized Cost	955,707	1,907,255
Total, amortized cost	955,707	1,907,255
Total, fair value	944,890	1,899,212
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	182,547	317,331
Within 1 year, fair value	181,758	316,416
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	182,547	317,331
Total, fair value	181,758	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	176,257	206,208
Within 1 year, fair value	174,773	204,614
Greater than 1 year, less than or equal to 5 years, amortized cost	142,766	165,699
Greater than 1 year, less than or equal to 5 years, fair value	139,241	164,057
Amortized Cost	319,023	371,907
Total, fair value	314,014	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	156,766	708,694
Within 1 year, fair value	156,459	707,565
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	156,766	708,694
Total, fair value	156,459	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	10,033	11,895
Within 1 year, fair value	9,875	11,813
Greater than 1 year, less than or equal to 5 years, amortized cost	2,147	6,301
Greater than 1 year, less than or equal to 5 years, fair value	2,092	6,142
Amortized Cost	12,180	18,196
Total, fair value	11,967	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	205,898	360,757
Within 1 year, fair value	204,097	359,242
Greater than 1 year, less than or equal to 5 years, amortized cost	44,197	78,190
Greater than 1 year, less than or equal to 5 years, fair value	42,826	77,685
Amortized Cost	250,095	438,947
Total, fair value	246,923	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	34,093	52,180
Greater than 1 year, less than or equal to 5 years, fair value	32,766	51,678
Amortized Cost	34,093	52,180
Total, amortized cost	34,093	52,180
Total, fair value	32,766	51,678
Certificates Of Deposit, Corporate Bonds, US Government Bonds And Commercial Paper \| Cash and cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Total, fair value	30,000	$ 303,800
Other
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	1,003
Within 1 year, fair value	1,003
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	1,003
Total, amortized cost	1,003
Total, fair value	$ 1,003

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 473,300	$ 584,900	$ 2,154,400	$ 635,600
Equity securities, at cost	$ 43,172		$ 43,172		$ 43,172

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 1,100		$ 1,200
Derivative instruments	69,615		49,983
Servicing liabilities	3,680	$ 3,152	2,673	$ 8,626	$ 3,610	$ 3,961
Contingent consideration	12,510		23,348
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	899,736		162,483
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			16,026
Restricted cash	181,758		300,390
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	29,967		58,541
Restricted cash	216,956		378,386
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	314,014		368,671
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			229,272
Restricted cash	156,459		478,293
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	11,967		17,955
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	32,766		51,678
Other	1,003
Servicing assets	1,093		1,192
Derivative instruments	69,615		49,983
Total assets	1,915,334		2,112,870
Servicing liabilities	3,680		2,673
Performance fee liability	1,876		1,710
Residual trust certificates, held by third-parties	242		377
Contingent consideration	12,510		23,348
Profit share liability	3,697		1,987
Total liabilities	22,005		30,095
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0		0
Total assets	0		0
Total liabilities	0		0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	899,736		162,483
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 1 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Restricted cash	0		0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 1 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Other	0
Servicing assets	0		0
Derivative instruments	0		0
Total assets	899,736		162,483
Servicing liabilities	0		0
Performance fee liability	0		0
Residual trust certificates, held by third-parties	0		0
Contingent consideration	0		0
Profit share liability	0		0
Total liabilities	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	11,367		12,661
Total assets	11,711		15,331
Total liabilities	948,778		984,285
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			16,026
Restricted cash	181,758		300,390
Level 2 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	29,967		58,541
Restricted cash	216,956		378,386
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	314,014		368,671
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			229,272
Restricted cash	156,459		478,293
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	11,967		17,955
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Other	0
Servicing assets	0		0
Derivative instruments	69,615		49,983
Total assets	980,736		1,897,517
Servicing liabilities	0		0
Performance fee liability	0		0
Residual trust certificates, held by third-parties	0		0
Contingent consideration	0		0
Profit share liability	0		0
Total liabilities	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0		0
Total assets	3,613,246		2,412,871
Total liabilities	3,148,338		2,212,789
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 3 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Restricted cash	0		0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 3 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	32,766		51,678
Other	1,003
Servicing assets	1,093		1,192
Derivative instruments	0		0
Total assets	34,862		52,870
Servicing liabilities	3,680		2,673
Performance fee liability	1,876		1,710
Residual trust certificates, held by third-parties	242		377
Contingent consideration	12,510		23,348
Profit share liability	3,697		1,987
Total liabilities	$ 22,005		$ 30,095

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 2,100,000		$ 2,500,000	$ 4,100,000	$ 3,600,000
Unpaid principal balance on serviced sold loans	4,600,000			4,600,000		$ 4,500,000
Servicing income	21,494		11,321	42,864	20,786
Servicing assets	1,100			1,100		1,200
Servicing liabilities	$ 3,700			$ 3,700		2,700
Economic risk retention	5.00%			5.00%
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income				Other income (expense), net
Senior Notes And Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 32,766	$ 41,503	$ 25,319	$ 32,766	$ 25,319	$ 51,678	$ 13,744	$ 16,170
PayBright \| Class B common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)		2,587,362
Common stock released form escrow (in shares)		1,293,681

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,142	$ 2,287	$ 1,192	$ 2,349
Initial transfers of financial assets	404	645	433	1,114
Subsequent changes in fair value	(453)	(754)	(532)	(1,285)
Fair value at end of period	$ 1,093	$ 2,178	$ 1,093	$ 2,178

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 3,152	$ 3,610	$ 2,673	$ 3,961
Initial transfers of financial assets	2,207	6,749	4,195	8,724
Subsequent changes in fair value	(1,679)	(1,733)	(3,188)	(4,059)
Fair value at end of period	$ 3,680	$ 8,626	$ 3,680	$ 8,626

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Dec. 31, 2022	Jun. 30, 2022
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0075	0.0078
Servicing liability, measurement input	0.0075	0.0213
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0300	0.0185
Servicing liability, measurement input	0.0300	0.0234
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0101	0.0110
Servicing liability, measurement input	0.0222	0.0221
Gross default rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0184	0.0059
Servicing liability, measurement input	0.0672	0.0903
Gross default rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1056	0.5059
Servicing liability, measurement input	0.3655	0.2444
Gross default rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0408	0.0159
Servicing liability, measurement input	0.1422	0.1381

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Gross default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ (1)	$ 11
Servicing asset, effect of 50% increase in measurement input	(2)	22
Servicing liability, effect of 25% increase in measurement input	(15)	(10)
Servicing liability, effect of 50% increase in measurement input	(31)	(21)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	0	(3,513)
Servicing asset, effect of 50% increase in measurement input	0	(7,026)
Servicing asset, effect of 10% increase in measurement input	(801)	0
Servicing asset, effect of 20% increase in measurement input	(1,602)	0
Servicing liability, effect of 25% increase in measurement input	0	6,139
Servicing liability, effect of 50% increase in measurement input	0	12,278
Servicing liability, effect of 10% increase in measurement input	3,181	0
Servicing liability, effect of 20% increase in measurement input	6,363	0
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(40)	(57)
Servicing asset, effect of 50% increase in measurement input	(77)	(109)
Servicing liability, effect of 25% increase in measurement input	(75)	(50)
Servicing liability, effect of 50% increase in measurement input	$ (145)	$ (98)

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,763	$ 1,335	$ 1,710	$ 1,290
Purchases of loans	572	503	1,051	833
Repayments	(501)	0	(501)	0
Subsequent changes in fair value	42	(308)	(384)	(593)
Fair value at end of period	$ 1,876	$ 1,530	$ 1,876	$ 1,530

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Dec. 31, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Minimum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Minimum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0178	0.0178
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Maximum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0334	0.0310
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Weighted Average \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Weighted Average \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0263	0.0242

Fair Value of Financial Assets and Liabilities - Fair Value of Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 308	$ 745	$ 377	$ 914
Repayments	(78)	(148)	(177)	(403)
Subsequent changes in fair value	12	22	42	108
Fair value at end of period	$ 242	$ 619	$ 242	$ 619

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs	Dec. 31, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0071	0.0075
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0650	0.0800
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1500	0.1000
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0107	0.0075
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1300	0.0800
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0071	0.0075
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1300	0.0800

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes And Residual Trust Certificates - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 41,503	$ 13,744	$ 51,678	$ 16,170
Additions	0	13,695	0	13,695
Cash received (due to payments or sales)	(9,063)	(2,080)	(18,835)	(4,384)
Change in unrealized gain (loss)	138	(73)	(510)	(184)
Accrued interest	295	84	748	70
Reversal of (impairment on) securities available for sale	(107)	(51)	(315)	(48)
Fair value at end of period	$ 32,766	$ 25,319	$ 32,766	$ 25,319

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes And Residual Trust Certificates	Dec. 31, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0445	0.0368
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0099	0.0061
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0675	0.0525
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3777	0.2250
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1530	0.1095
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2640	0.3500
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0728	0.0537
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0338	0.0265
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1835	0.1848

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (417)	$ (1,410)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(820)	(2,295)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(297)	(729)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(460)	(964)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(59)	(545)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (119)	$ (519)

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 24,269	$ 290,719	$ 23,348	$ 153,447
Subsequent changes in fair value	(12,062)	(34,026)	(9,302)	107,567
Effect of foreign currency translation	303	(2,943)	(1,536)	(7,264)
Fair value at end of period	$ 12,510	$ 253,750	$ 12,510	$ 253,750

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,876	$ 1,400	$ 1,987	$ 2,464
Facilitation of loans	2,342	2,534	3,475	3,574
Actual performance	612	(1,011)	(2,264)	(1,011)
Subsequent changes in fair value	(1,133)	(871)	499	(2,975)
Fair value at end of period	$ 3,697	$ 2,052	$ 3,697	$ 2,052

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Dec. 31, 2022	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0007	0.0125
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0182	0.0354
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0172	0.0128

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Revolving facilities \| Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 11,782	$ 10,818
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	0	0
Other assets	0	0
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	344	2,670
Loans held for investment, net	0	0
Other assets	11,367	12,661
Total assets	11,711	15,331
Convertible senior notes, net	948,778	984,285
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	948,778	984,285
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	3,613,246	2,412,871
Other assets	0	0
Total assets	3,613,246	2,412,871
Convertible senior notes, net	0	0
Notes issued by securitization trusts	1,253,937	1,529,401
Funding debt	1,894,401	683,388
Total liabilities	3,148,338	2,212,789
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	344	2,670
Loans held for investment, net	3,473,404	2,348,169
Other assets	11,367	12,661
Total assets	3,485,115	2,363,500
Convertible senior notes, net	1,708,779	1,706,668
Notes issued by securitization trusts	1,314,212	1,627,580
Funding debt	1,894,452	683,395
Total liabilities	4,917,443	4,017,643
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	344	2,670
Loans held for investment, net	3,613,246	2,412,871
Other assets	11,367	12,661
Total assets	3,624,957	2,428,202
Convertible senior notes, net	948,778	984,285
Notes issued by securitization trusts	1,253,937	1,529,401
Funding debt	1,894,401	683,388
Total liabilities	$ 4,097,116	$ 3,197,074

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	94,133,026	84,314,979
Available outstanding under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	54,689,282	53,158,233
Available for future grant under stock option plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	39,443,744	31,156,746

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) vote	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) vote	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Warrants granted for purchase (in shares) \| shares	22,000,000
Dividend yield	0.00%
Volatility	45.00%
Vesting of warrants exercised	$ 133.5
Sale of warrants recognized		$ 138.6	$ 70.6	$ 257.7	$ 70.6
Amortization expense of warrants sold		10.5	5.8	20.9	5.8
Expenses on sale of warrants		$ 128.1	$ 64.9	$ 236.8	$ 64.9
Minimum
Class of Stock [Line Items]
Warrants exercise term	3 years 6 months
Risk free rate	0.93%
Maximum
Class of Stock [Line Items]
Warrants exercise term	7 years 6 months
Risk free rate	1.47%
Second Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	15,000,000
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1		1
Exercise price of warrants (in USD per share) \| $ / shares	$ 100
Class A common stock \| First Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares	7,000,000
Exercise price of warrants (in USD per share) \| $ / shares	$ 0.01
Warrants exercise term	7 years 6 months
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote		15		15

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended		25 Months Ended
	May 01, 2021 shares	Nov. 18, 2020 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jan. 14, 2021 segment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			94,133,026		94,133,026		94,133,026	84,314,979
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares					$ 11.81
Right to purchase shares (in shares)					1,523,736
Stock-based compensation expense \| $			$ 121,775	$ 88,537	$ 241,583	$ 181,726
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)			39,443,744		39,443,744		39,443,744	31,156,746
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in escrow, subject to forfeiture (in shares)	304,364				15,521
Service period	2 years
Common stock released from escrow account (in shares)					45,459
Common stock remitted back to company (in shares)					243,384
Incremental compensation cost \| $					$ 2,000
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			54,689,282		54,689,282		54,689,282	53,158,233
Vesting period					4 years
Equity exercise taxes payable \| $			$ 1,900		$ 1,900		$ 1,900	$ 10,900
Non-vested stock options, unrecognized compensation cost \| $			58,000		$ 58,000		58,000
Weighted-average compensation expense recognition period					2 years 2 months 12 days
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage					25.00%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Stock options, including early exercise of options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO					7 years
Expiration period					3 months
Stock options, including early exercise of options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO					10 years
Expiration period					10 years
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to purchase shares (in shares)					12,500,000
Stock-based compensation expense \| $			27,500	$ 42,300	$ 55,000	$ 84,500
Non-vested stock options, unrecognized compensation cost \| $			$ 152,500		$ 152,500		152,500
Weighted-average compensation expense recognition period			3 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period					2 years
Number of vesting conditions \| segment									2
Non-vested RSUs, unrecognized compensation cost \| $			$ 675,800		$ 675,800		$ 675,800
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			146,209,197		146,209,197		146,209,197
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent		85.00%
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		11,300,000
Number of common stock issued (in shares)							649,580

Equity Incentive Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	19,310,706	19,310,706
Granted (in shares) \| shares		1,523,736
Exercised (in shares) \| shares		(533,393)
Forfeited, expired or cancelled (in shares) \| shares		(908,703)
Ending balance (in shares) \| shares		19,392,346
Vested and exercisable (in shares) \| shares		13,649,028
Vested and exercisable, and expected to vest thereafter (in shares) \| shares		19,342,618
Weighted Average Exercise Price
Beginning balance (in USD per share) \| $ / shares	$ 15.22	$ 15.22
Granted (in USD per share) \| $ / shares		21.22
Exercised (in USD per share) \| $ / shares		4.55
Forfeited, expired or cancelled (in USD per share) \| $ / shares		39.09
Ending balance (in USD per share) \| $ / shares		14.87
Vested and exercisable (in USD per share) \| $ / shares		10.10
Vested and exercisable, and expected to vest thereafter (in USD per share) \| $ / shares		$ 14.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	6 years 11 months 8 days	6 years 8 months 1 day
Weighted Average Remaining Contractual Term, Vested and exercisable		5 years 9 months 14 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest		6 years 7 months 20 days
Aggregate Intrinsic Value, Vested and exercisable \| $		$ 43,193
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest \| $		$ 44,086

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	6 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	21,387,592
Granted (in shares) \| shares	9,860,752
Vested (in shares) \| shares	(6,263,666)
Forfeited, expired or cancelled (in shares) \| shares	(2,106,144)
Ending balance, Non-vested (in shares) \| shares	22,878,534
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 38.41
Granted (in USD per share) \| $ / shares	27.48
Vested (in USD per share) \| $ / shares	34.50
Forfeited, expired or cancelled (in USD per share) \| $ / shares	39.77
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 34.64

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 121,775	$ 88,537	$ 241,583	$ 181,726
Capitalized into property, equipment and software, net	22,443	13,383	43,647	25,073
Total stock-based compensation expense	144,218	101,920	285,230	206,799
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	66,659	61,947	133,999	129,689
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	48,534	21,427	91,962	41,494
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,549	4,633	13,677	9,657
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 1,033	$ 530	$ 1,945	$ 886

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (1,568)	$ 276	$ (1,748)	$ 447

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Loss	$ (322,437)	$ (251,269)	$ (159,735)	$ (306,615)	$ (573,706)	$ (466,350)
Denominator:
Basic weighted average common shares outstanding (in shares)	293,683,331		281,533,888		292,306,300	273,588,094
Diluted weighted average common shares outstanding (in shares)	293,683,331		281,533,888		292,306,300	273,588,094
Net loss per share:
Basic (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)
Diluted (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)
Class A common stock
Numerator:
Net Loss	$ (256,451)		$ (121,609)		$ (455,739)	$ (332,251)
Net Loss Attributable to Common Stockholders	$ (256,451)		$ (121,609)		$ (455,739)
Denominator:
Basic weighted average common shares outstanding (in shares)	233,581,678		214,335,757		232,201,361	194,918,082
Diluted weighted average common shares outstanding (in shares)	233,581,678		214,335,757		232,201,361	194,918,082
Net loss per share:
Basic (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)
Diluted (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)
Class B common stock
Numerator:
Net Loss	$ (65,986)		$ (38,126)		$ (117,967)	$ (134,099)
Net Loss Attributable to Common Stockholders	$ (65,986)		$ (38,126)		$ (117,967)
Denominator:
Basic weighted average common shares outstanding (in shares)	60,101,653		67,198,131		60,104,939	78,670,012
Diluted weighted average common shares outstanding (in shares)	60,101,653		67,198,131		60,104,939	78,670,012
Net loss per share:
Basic (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)
Diluted (in USD per share)	$ (1.10)		$ (0.57)		$ (1.96)	$ (1.70)

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	49,571,488	38,395,585
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	22,878,534	13,345,552
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	19,392,346	18,851,935
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	6,178,730	6,075,005
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	1,121,878	123,093

Segments and Geographical Information - Additional Information (Details)	6 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segments and Geographical Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 399,558	$ 361,011	$ 761,182	$ 630,396
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	390,389	350,486	742,974	612,089
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	9,121	$ 10,525	18,135	$ 18,307
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 48		$ 73

- Definition

+ References

+ Details

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 292,553	$ 222,153
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	288,989	217,532
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	3,195	4,390
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 369	$ 231

Subsequent Events (Details) - Subsequent Event $ in Thousands	Feb. 08, 2023 USD ($) employee	Feb. 01, 2023 USD ($)
Subsequent Event [Line Items]
Reduction of workforce \| employee	500
Reduction of workforce (as a percentage)	19.00%
Facility Closing
Subsequent Event [Line Items]
Expected restructuring costs	$ 11,000
Minimum
Subsequent Event [Line Items]
Expected restructuring costs	35,000
Minimum \| One-time Termination Benefits
Subsequent Event [Line Items]
Expected restructuring costs	24,000
Maximum
Subsequent Event [Line Items]
Expected restructuring costs	39,000
Maximum \| One-time Termination Benefits
Subsequent Event [Line Items]
Expected restructuring costs	$ 28,000
Butter Holdings, Ltd.
Subsequent Event [Line Items]
Purchase price, cash		$ 14,900
Settlement of subordinated secured notes included in purchase price		$ 1,500