Bill.com(NYSE:BILL) 
Bill.com Holdings, Inc. provides cloud-based software that digitizes and automates back-office financial operations for small and midsize businesses worldwide. It offers artificial-intelligence (AI)-enabled financial software platform. The company provides software-as-a-service, cloud-based payments...
Website: https://www.bill.com/
Founded: 2006
IPO Price: $22 (Dec 12, 2019)
Full Time Employees: 2,269 (Jun 2022)
CEO / Founder: René Lacerte
Sector: Technology
Industry: Software-Application
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At a glance:
- Small Business Spend & AP/AR Automation Remains Core Growth Driver: Bill.com’s platform is centered on automating accounts payable/receivable and related workflows for SMBs, with growth tied to continued digitization of back-office finance operations.
- Take Rate and Transaction Volume Are Key Revenue Sensitivities: Revenue performance is highly influenced by payment volumes, customer activity levels, and monetization across payments and software, making macro-driven SMB spend an important variable.
- Operating Leverage vs. Continued Investment Trade-Off: Results often reflect a balance between driving efficiency (sales & marketing and operating costs) and ongoing investment in product, partnerships, and platform capabilities to sustain expansion.
- Customer Retention and Upsell Matter Alongside New Logo Adds: Net retention, attachment of additional modules, and expanding usage within existing customers can meaningfully impact growth and unit economics beyond simple customer acquisition.
- Competitive and Platform/Partner Ecosystem Dynamics: Performance is influenced by competitive pressure in SMB fintech and by the strength of integrations/partnerships (e.g., accounting platforms and banks) that drive distribution and workflow stickiness.
Bull Thesis:
- Large and Underserved SMB Market Opportunity: Bill.com operates in the vast small and medium-sized business (SMB) market, which is still largely underserved by modern, integrated financial automation solutions. Many SMBs continue to rely on manual processes, presenting a significant greenfield opportunity for Bill.com to drive digital transformation and expand its customer base.
- Strong Network Effects and High Switching Costs: The platform benefits from powerful network effects, as more businesses and accounting firms join, making it easier to send and receive payments within the ecosystem. Once integrated into a business's core financial workflows, Bill.com's solutions become deeply embedded, leading to high switching costs and strong customer retention.
- Expanding Product Portfolio and Cross-Selling Opportunities: Through strategic acquisitions like Divvy, Bill.com has expanded its offerings beyond core AP/AR to include spend management, expense management, and corporate cards. This broader suite of products creates significant cross-selling opportunities, increases customer lifetime value, and strengthens its position as a comprehensive financial operations platform for SMBs.
- Path to Profitability and Operating Leverage: While the company has historically prioritized growth, its SaaS business model inherently possesses high gross margins and significant operating leverage. As the customer base scales and revenue grows, Bill.com is expected to demonstrate improving profitability and free cash flow generation, driven by efficient customer acquisition and retention.
Bear Thesis:
- Intense Competition and Pricing Pressure: Bill.com faces significant competition from various players, including established incumbents (e.g., Intuit, SAP Concur), fintech startups (e.g., Brex, Ramp, Melio), and payment processors (e.g., Stripe). This crowded market could lead to increased customer acquisition costs, pricing pressure, and slower market share gains.
- High Valuation Concerns: Despite recent market corrections, Bill.com's valuation has historically been at a premium compared to many other SaaS companies. Investors may question whether the current growth trajectory and future profitability justify such a high multiple, especially in a rising interest rate environment where growth stocks are re-rated.
- Macroeconomic Sensitivity and SMB Headwinds: SMBs are particularly vulnerable to economic downturns, inflation, and rising interest rates. A challenging macroeconomic environment could lead to reduced spending by Bill.com's customers, slower new customer acquisition, increased churn, and lower transaction volumes, directly impacting the company's revenue growth.
- Free Cash Flow Trajectory Still Negative: Bill.com continues to report negative free cash flow, indicating that it is still burning cash to fund its operations and growth initiatives. While common for high-growth companies, a prolonged period of negative FCF or a slower-than-expected path to sustained profitability could raise concerns among investors, particularly in a market that increasingly values cash generation.
Main Competitors:
- Melio (Melio Payments), Directly competes with Bill.com for small and medium-sized businesses (SMBs) by offering a simplified, cloud-based platform for accounts payable (AP) automation and bill payments. Melio focuses on ease of use and flexible payment options (ACH, credit card, check) for vendors, often appealing to smaller businesses looking for a straightforward solution.
- Ramp (Ramp Spend Management (includes Bill Pay, AP Automation, Corporate Cards)), Initially known for corporate cards and expense management, Ramp has aggressively expanded into comprehensive spend management, including robust AP automation and bill pay features. It competes with Bill.com by offering an integrated platform that aims to consolidate financial operations for SMBs and mid-market companies, often emphasizing cost savings and efficiency.
- Tipalti (Tipalti AP Automation, Mass Payments), Offers a comprehensive platform for global payables automation, supplier management, and mass payments. While often targeting larger mid-market to enterprise clients, Tipalti competes with Bill.com for companies needing advanced AP workflows, multi-entity support, and international payment capabilities, especially as Bill.com moves upmarket.
- Intuit ($INTU) (QuickBooks Online (with Bill Pay and Invoicing features)), As the dominant accounting software for SMBs, QuickBooks Online offers integrated bill pay and invoicing functionalities. While Bill.com provides more advanced automation and workflow, QuickBooks' native features serve as a primary alternative for businesses that prefer an all-in-one solution or have simpler needs, and Bill.com often integrates with it, but also competes for the 'enhanced automation' layer.
Moat:
Bill.com's primary moat lies in its extensive network effect, connecting a vast ecosystem of businesses and their vendors, which simplifies payments and onboarding. Its deep integrations with leading accounting software (QuickBooks, Xero, NetSuite) and robust, customizable workflow automation for AP and AR also create significant stickiness. However, the competitive landscape is intense and rapidly evolving. New entrants like Ramp and Melio are aggressively expanding their offerings from niche areas (e.g., corporate cards, simple payments) into comprehensive spend and AP automation, often with competitive pricing and modern user experiences. Traditional accounting software providers like Intuit also continuously enhance their native bill pay features, while larger players like Tipalti target the mid-market with advanced global payment capabilities. Bill.com must continue to innovate, leverage its network, and maintain its strong accountant channel to defend its market position against these agile and well-funded competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 406,563,000 | 414,671,000 | 395,741,000 | 383,349,000 | 358,217,000 | 362,554,000 | 358,450,000 | 343,664,000 | 323,028,000 | 318,495,000 | 304,985,000 | 295,983,000 | 272,555,000 | 260,006,000 | 229,924,000 | 200,221,000 | 166,911,000 | 156,478,000 | 116,403,000 | 78,273,000 | 59,738,000 | 54,045,000 | 46,209,000 | 42,110,000 | 41,230,000 | 39,080,000 |
yoy | 13.50% | 14.37% | 10.40% | 11.55% | 10.89% | 13.83% | 17.53% | 16.11% | 18.52% | 22.50% | 32.65% | 47.83% | 63.29% | 66.16% | 97.52% | 155.80% | 179.41% | 189.53% | 151.91% | 85.88% | 44.89% | 38.29% | ||||
qoq | -1.96% | 4.78% | 3.23% | 7.02% | -1.20% | 1.14% | 4.30% | 6.39% | 1.42% | 4.43% | 3.04% | 8.60% | 4.83% | 13.08% | 14.84% | 19.96% | 6.67% | 34.43% | 48.71% | 31.03% | 10.53% | 16.96% | 9.73% | 2.13% | 5.50% | |
subscription and transaction fees | 371,134,000 | 375,128,000 | 358,005,000 | 345,947,000 | 320,298,000 | 319,616,000 | 314,943,000 | 301,305,000 | 281,294,000 | 274,992,000 | 265,142,000 | 77,512,000 | 58,622,000 | 52,333,000 | 43,788,000 | 38,801,000 | 36,092,000 | 32,964,000 | ||||||||
interest on funds held for customers | 35,429,000 | 39,543,000 | 37,736,000 | 37,402,000 | 37,919,000 | 42,938,000 | 43,507,000 | 42,359,000 | 41,734,000 | 43,503,000 | 39,843,000 | 761,000 | 1,116,000 | 1,712,000 | 2,421,000 | 3,309,000 | 5,138,000 | 6,116,000 | ||||||||
total cost of revenue | 74,708,000 | 83,588,000 | 77,003,000 | 73,588,000 | 67,212,000 | 66,608,000 | 64,696,000 | 65,201,000 | 55,012,000 | 58,377,000 | 56,026,000 | 52,552,000 | 48,850,000 | 47,467,000 | 45,107,000 | 43,441,000 | 37,342,000 | 34,386,000 | 29,835,000 | 20,293,000 | 15,434,000 | 13,973,000 | 12,106,000 | 10,100,000 | 10,110,000 | 9,787,000 |
service costs | 62,726,000 | 69,190,000 | 66,066,000 | 63,172,000 | 56,733,000 | 56,298,000 | 53,602,000 | 53,906,000 | 43,845,000 | 47,239,000 | 44,904,000 | 41,327,000 | 37,897,000 | 36,965,000 | 34,820,000 | |||||||||||
depreciation and amortization | 11,982,000 | 14,398,000 | 10,937,000 | 10,416,000 | 10,479,000 | 10,310,000 | 11,094,000 | |||||||||||||||||||
gross profit | 331,855,000 | 331,083,000 | 318,738,000 | 309,761,000 | 291,005,000 | 295,946,000 | 293,754,000 | 278,463,000 | 268,016,000 | 260,118,000 | 248,959,000 | 243,431,000 | 223,705,000 | 212,539,000 | 184,817,000 | 156,780,000 | 129,569,000 | 122,092,000 | 86,568,000 | 57,980,000 | 44,304,000 | 40,072,000 | 34,103,000 | 32,010,000 | 31,120,000 | 29,293,000 |
yoy | 14.04% | 11.87% | 8.51% | 11.24% | 8.58% | 13.77% | 17.99% | 14.39% | 19.81% | 22.39% | 34.71% | 55.27% | 72.65% | 74.08% | 113.49% | 170.40% | 192.45% | 204.68% | 153.84% | 81.13% | 42.37% | 36.80% | ||||
qoq | 0.23% | 3.87% | 2.90% | 6.45% | -1.67% | 0.75% | 5.49% | 3.90% | 3.04% | 4.48% | 2.27% | 8.82% | 5.25% | 15.00% | 17.88% | 21.00% | 6.12% | 41.04% | 49.31% | 30.87% | 10.56% | 17.50% | 6.54% | 2.86% | 6.24% | |
gross margin % | 81.62% | 79.84% | 80.54% | 80.80% | 81.24% | 81.63% | 81.95% | 81.03% | 82.97% | 81.67% | 81.63% | 82.24% | 82.08% | 81.74% | 80.38% | 78.30% | 77.63% | 78.03% | 74.37% | 74.07% | 74.16% | 74.15% | 73.80% | 76.02% | 75.48% | 74.96% |
operating expenses | ||||||||||||||||||||||||||
research and development | 74,385,000 | 82,806,000 | 80,289,000 | 90,050,000 | 86,540,000 | 84,784,000 | 78,685,000 | 79,609,000 | 81,594,000 | 86,489,000 | 89,065,000 | 81,841,000 | 78,761,000 | 78,910,000 | 75,121,000 | 65,162,000 | 60,230,000 | 51,954,000 | 42,472,000 | 29,677,000 | 22,286,000 | 20,486,000 | 17,786,000 | 14,929,000 | 13,969,000 | 12,992,000 |
sales and marketing | 153,226,000 | 155,439,000 | 149,216,000 | 148,097,000 | 136,758,000 | 132,534,000 | 126,322,000 | 123,732,000 | 118,105,000 | 118,305,000 | 118,398,000 | 117,200,000 | 115,350,000 | 164,683,000 | 118,633,000 | 71,957,000 | 92,065,000 | 80,817,000 | 62,312,000 | 29,102,000 | 15,190,000 | 14,174,000 | 12,908,000 | 11,796,000 | 11,802,000 | 11,491,000 |
general and administrative | 72,286,000 | 79,497,000 | 76,919,000 | 70,169,000 | 73,851,000 | 71,122,000 | 66,771,000 | 25,180,000 | 81,573,000 | 85,583,000 | 85,326,000 | 73,441,000 | 71,719,000 | 69,381,000 | 66,738,000 | 57,386,000 | 60,457,000 | 65,396,000 | 57,935,000 | 69,920,000 | 22,124,000 | 19,583,000 | 17,190,000 | 15,546,000 | 15,064,000 | 12,748,000 |
provision for expected credit losses | 18,834,000 | 22,624,000 | 16,096,000 | 15,785,000 | 14,945,000 | 21,358,000 | 20,661,000 | |||||||||||||||||||
restructuring | 5,044,000 | 412,000 | 8,870,000 | 392,000 | 2,104,000 | 25,091,000 | ||||||||||||||||||||
total operating expenses | 332,254,000 | 349,159,000 | 339,457,000 | 332,010,000 | 319,951,000 | 317,656,000 | 301,452,000 | 300,687,000 | 295,638,000 | 327,792,000 | 305,606,000 | 284,829,000 | 277,923,000 | 325,002,000 | 272,511,000 | 240,135,000 | 212,752,000 | 198,167,000 | 162,719,000 | 128,699,000 | 59,600,000 | 54,243,000 | 47,884,000 | 42,271,000 | 40,835,000 | 37,231,000 |
operating income | -399,000 | -18,076,000 | -20,719,000 | -22,249,000 | -28,946,000 | -21,710,000 | -7,698,000 | -22,224,000 | -27,622,000 | |||||||||||||||||
yoy | -98.62% | -16.74% | 169.15% | 0.11% | 4.79% | |||||||||||||||||||||
qoq | -97.79% | -12.76% | -6.88% | -23.14% | 33.33% | 182.02% | -65.36% | -19.54% | ||||||||||||||||||
operating margin % | -0.10% | -4.36% | -5.24% | -5.80% | -8.08% | -5.99% | -2.15% | -6.47% | -8.55% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
other income | 15,174,000 | 16,010,000 | 17,906,000 | 19,181,000 | 18,650,000 | 55,303,000 | 17,878,000 | 29,819,000 | 59,801,000 | 28,919,000 | 29,308,000 | 26,265,000 | 23,622,000 | 17,022,000 | 5,947,000 | -3,475,000 | -11,427,000 | -11,432,000 | -3,341,000 | 830,000 | 764,000 | 1,397,000 | 360,000 | |||
income before provision for income taxes | 14,775,000 | -2,066,000 | -2,813,000 | -3,068,000 | -10,296,000 | 33,593,000 | 10,180,000 | 7,595,000 | 32,179,000 | -38,755,000 | -27,339,000 | -15,133,000 | -30,596,000 | -82,146,000 | -26,728,000 | -17,512,000 | -12,951,000 | -9,497,000 | -8,318,000 | -7,578,000 | ||||||
provision for income taxes | 1,989,000 | 522,000 | 149,000 | 4,004,000 | 1,293,000 | 45,000 | 1,268,000 | 370,000 | 1,666,000 | 522,000 | 738,000 | 542,000 | -40,284,000 | -333,000 | 1,000 | 1,000 | ||||||||||
net income | 12,786,000 | -2,588,000 | -2,962,000 | -7,072,000 | -11,589,000 | 33,548,000 | 8,912,000 | 7,595,000 | 31,809,000 | -40,421,000 | -27,861,000 | -15,871,000 | -31,138,000 | -95,076,000 | -81,640,000 | -84,942,000 | -86,720,000 | -80,440,000 | -75,685,000 | -41,862,000 | -26,728,000 | -17,179,000 | -12,951,000 | -9,498,000 | -8,319,000 | -7,578,000 |
yoy | -210.33% | -107.71% | -133.24% | -193.11% | -136.43% | -183.00% | -131.99% | -147.85% | -202.15% | -57.49% | -65.87% | -81.32% | -64.09% | 18.19% | 7.87% | 102.91% | 224.45% | 368.25% | 484.40% | 340.75% | 221.29% | 126.70% | ||||
qoq | -594.05% | -12.63% | -58.12% | -38.98% | -134.54% | 276.44% | 17.34% | -76.12% | -178.69% | 45.08% | 75.55% | -49.03% | -67.25% | 16.46% | -3.89% | -2.05% | 7.81% | 6.28% | 80.80% | 56.62% | 55.59% | 32.65% | 36.36% | 14.17% | 9.78% | |
net income margin % | 3.14% | -0.62% | -0.75% | -1.84% | -3.24% | 9.25% | 2.49% | 2.21% | 9.85% | -12.69% | -9.14% | -5.36% | -11.42% | -36.57% | -35.51% | -42.42% | -51.96% | -51.41% | -65.02% | -53.48% | -44.74% | -31.79% | -28.03% | -22.56% | -20.18% | -19.39% |
net income per share | ||||||||||||||||||||||||||
basic | 0.13 | -0.03 | -0.03 | -0.07 | -0.11 | 0.33 | 0.08 | -0.085 | 0.3 | |||||||||||||||||
diluted | 0.12 | -0.03 | -0.03 | 0.02 | -0.11 | -0.06 | 0.08 | -0.085 | ||||||||||||||||||
weighted-average number of common shares used to compute net income per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic | 99,285 | 100,532 | 101,922 | 103,568 | 102,219 | 103,102 | 105,672 | 105,436 | ||||||||||||||||||
diluted | 112,677 | 100,532 | 101,922 | 103,912 | 102,219 | 104,480 | 107,322 | 111,176 | ||||||||||||||||||
depreciation and amortization of intangible assets | 8,356,750 | 11,167,000 | 11,138,000 | 11,122,000 | 11,225,000 | 10,953,000 | 10,502,000 | 10,287,000 | ||||||||||||||||||
income from operations | -67,674,000 | -56,647,000 | -41,398,000 | -54,218,000 | -112,463,000 | -87,694,000 | -83,355,000 | -83,183,000 | -76,075,000 | -76,151,000 | -70,719,000 | -15,296,000 | -14,171,000 | -13,781,000 | -10,261,000 | -9,715,000 | -7,938,000 | |||||||||
net income per share | ||||||||||||||||||||||||||
basic and diluted | -0.38 | -0.26 | -0.15 | -0.29 | -0.9 | -0.78 | -0.82 | -0.84 | -0.78 | -0.79 | -0.49 | -0.32 | -0.21 | -0.16 | -0.07 | -0.11 | -0.34 | |||||||||
weighted-average number of common shares used to compute net loss per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic and diluted | 106,102 | 105,914 | 106,817 | 105,976 | 106,597 | 105,906 | 105,086 | 101,753 | 103,830 | 102,910 | 95,892 | 82,813 | 82,627 | 81,519 | 80,216 | 44,106 | 72,379 | 22,306 | ||||||||
loss before benefit from income taxes | -95,441,000 | -81,747,000 | -61,588,500 | -87,599,000 | -81,075,000 | -79,626,000 | ||||||||||||||||||||
benefit from income taxes | -365,000 | -107,000 | -1,233,750 | -879,000 | -635,000 | -3,941,000 | ||||||||||||||||||||
other expenses | -3,222,750 | -4,416,000 | -5,000,000 | |||||||||||||||||||||||
weighted-average number of common shares used to compute net income per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic and diluted | 106,102 | 105,914 | 106,817 | 105,976 | 106,597 | 105,906 | 105,086 | 101,753 | 103,830 | 102,910 | 95,892 | 82,813 | 82,627 | 81,519 | 80,216 | 44,106 | 72,379 | 22,306 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||
cash and cash equivalents | 994,672,000 | 1,094,530,000 | 1,099,628,000 | 1,038,346,000 | 1,047,737,000 | 1,566,271,000 | 853,470,000 | 985,941,000 | 952,474,000 | 1,579,633,000 | 1,527,182,000 | 1,617,151,000 | 1,590,560,000 | 1,616,758,000 | 1,608,966,000 | 1,596,542,000 | 1,639,371,000 | 1,672,166,000 | 2,013,433,000 | 509,615,000 | 1,223,724,000 | 1,568,684,000 | 564,153,000 | 573,643,000 | 228,585,000 | 314,894,000 |
short-term investments | 1,178,673,000 | 1,146,970,000 | 1,215,339,000 | 1,180,110,000 | 1,125,349,000 | 644,672,000 | 619,596,000 | 601,535,000 | 837,140,000 | 972,621,000 | 1,119,456,000 | 1,043,110,000 | 1,073,013,000 | 1,066,538,000 | 1,034,537,000 | 1,108,493,000 | 1,143,408,000 | 1,117,170,000 | 821,554,000 | 655,314,000 | 512,520,000 | 165,588,000 | 136,171,000 | 123,974,000 | 153,838,000 | 68,135,000 |
accounts receivable | 32,140,000 | 41,163,000 | 32,113,000 | 32,341,000 | 26,663,000 | 28,911,000 | 31,934,000 | 28,049,000 | 29,891,000 | 26,652,000 | 24,100,000 | 28,233,000 | 34,065,000 | 31,261,000 | 29,060,000 | 24,045,000 | 26,859,000 | 24,433,000 | 19,815,000 | 18,222,000 | 9,584,000 | 7,037,000 | 5,042,000 | 4,252,000 | 3,440,000 | 4,791,000 |
acquired card receivables, net of allowances of 18,266 and 15,020 as of march 31, 2026 and june 30, 2025, respectively | 819,359,000 | |||||||||||||||||||||||||
prepaid expenses and other current assets | 259,804,000 | 278,473,000 | 269,326,000 | 258,418,000 | 241,332,000 | 251,877,000 | 283,756,000 | 297,169,000 | 256,199,000 | 204,726,000 | 195,027,000 | 170,111,000 | 170,120,000 | 178,688,000 | 140,019,000 | 151,258,000 | 91,865,000 | 84,718,000 | 71,551,000 | 59,077,000 | 18,268,000 | 18,748,000 | 15,421,000 | 26,781,000 | 25,137,000 | 15,768,000 |
funds held for customers | 3,999,136,000 | 4,032,211,000 | 3,974,674,000 | 4,044,470,000 | 3,657,218,000 | 3,766,541,000 | 3,787,171,000 | 3,704,907,000 | 3,510,918,000 | 3,655,435,000 | 3,263,528,000 | 3,355,909,000 | 3,106,360,000 | 3,474,048,000 | 3,121,654,000 | 3,142,660,000 | 3,043,540,000 | 3,380,395,000 | 2,432,521,000 | 2,208,598,000 | 1,929,840,000 | 2,217,680,000 | 1,668,903,000 | 1,644,250,000 | 1,353,552,000 | 1,491,763,000 |
total current assets | 7,283,784,000 | 7,325,431,000 | 7,329,845,000 | 7,238,793,000 | 6,803,834,000 | 6,839,933,000 | 6,204,201,000 | 6,314,817,000 | 6,228,483,000 | 6,956,047,000 | 6,682,120,000 | 6,673,164,000 | 6,405,232,000 | 6,748,188,000 | 6,291,977,000 | 6,279,390,000 | 6,182,554,000 | 6,492,296,000 | 5,533,212,000 | 3,606,037,000 | 3,701,801,000 | 3,985,107,000 | 2,396,615,000 | 2,379,449,000 | 1,770,703,000 | 1,901,260,000 |
non-current assets: | ||||||||||||||||||||||||||
operating lease right-of-use assets | 49,936,000 | 52,017,000 | 54,066,000 | 56,086,000 | 58,076,000 | 60,144,000 | 57,370,000 | 59,414,000 | 61,466,000 | 63,505,000 | 66,600,000 | 68,988,000 | 70,331,000 | 72,725,000 | 75,106,000 | 76,445,000 | 78,739,000 | 76,807,000 | 78,930,000 | 71,925,000 | 44,125,000 | 44,771,000 | 43,400,000 | |||
property and equipment | 138,517,000 | 127,028,000 | 128,957,000 | 116,611,000 | 104,837,000 | 94,467,000 | 90,016,000 | 88,034,000 | 87,300,000 | 86,577,000 | 85,294,000 | 81,564,000 | 77,465,000 | 69,383,000 | 62,025,000 | 56,985,000 | 53,279,000 | 52,691,000 | 51,142,000 | 48,902,000 | 31,740,000 | 30,572,000 | 21,709,000 | 13,866,000 | 12,317,000 | 7,511,000 |
intangible assets | 177,311,000 | 192,475,000 | 207,640,000 | 222,805,000 | 237,970,000 | 253,134,000 | 264,914,000 | 281,471,000 | 300,764,000 | 320,985,000 | 341,206,000 | 361,427,000 | 381,648,000 | 401,869,000 | 412,814,000 | 432,583,000 | 452,351,000 | 472,120,000 | 491,888,000 | 417,341,000 | ||||||
goodwill | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,396,509,000 | 2,362,330,000 | 2,362,893,000 | 2,363,109,000 | 2,363,109,000 | 2,354,812,000 | 1,772,043,000 | ||||||
other assets | 32,749,000 | 32,974,000 | 34,228,000 | 33,178,000 | 31,410,000 | 30,019,000 | 32,051,000 | 38,568,000 | 47,736,000 | 48,788,000 | 48,654,000 | 54,366,000 | 49,700,000 | 49,600,000 | 48,847,000 | 47,730,000 | 53,804,000 | 53,935,000 | 54,221,000 | 52,925,000 | 22,499,000 | 21,967,000 | 17,484,000 | 10,700,000 | 6,819,000 | 6,353,000 |
total assets | 10,078,806,000 | 10,126,434,000 | 10,151,245,000 | 10,063,982,000 | 9,632,636,000 | 9,674,206,000 | 9,045,061,000 | 9,178,813,000 | 9,122,258,000 | 9,872,411,000 | 9,620,383,000 | 9,636,018,000 | 9,380,885,000 | 9,738,274,000 | 9,253,099,000 | 9,256,026,000 | 9,183,836,000 | 9,510,958,000 | 8,564,205,000 | 5,969,173,000 | 3,800,165,000 | 4,082,417,000 | 2,479,208,000 | 2,404,015,000 | 1,789,839,000 | 1,915,124,000 |
liabilities and stockholders' equity | ||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||
accounts payable | 7,148,000 | 5,044,000 | 6,999,000 | 16,293,000 | 9,302,000 | 5,723,000 | 11,181,000 | 7,447,000 | 6,824,000 | 8,772,000 | 6,491,000 | 8,519,000 | 9,144,000 | 14,262,000 | 11,508,000 | 9,948,000 | 9,433,000 | 11,770,000 | 13,142,000 | 11,904,000 | 4,320,000 | 5,076,000 | 6,566,000 | 3,478,000 | 6,477,000 | 6,018,000 |
accrued compensation and benefits | 32,665,000 | 33,081,000 | 35,950,000 | 39,581,000 | 32,998,000 | 29,249,000 | 23,305,000 | 34,158,000 | 27,619,000 | 33,228,000 | 23,030,000 | 32,901,000 | 20,639,000 | 31,021,000 | 20,649,000 | 29,004,000 | 18,478,000 | 21,146,000 | 18,176,000 | 20,287,000 | 11,632,000 | 14,304,000 | 7,605,000 | 12,387,000 | 6,723,000 | 6,379,000 |
deferred revenue | 21,290,000 | 20,887,000 | 20,782,000 | 22,435,000 | 21,740,000 | 21,775,000 | 21,730,000 | 17,006,000 | 17,547,000 | 17,327,000 | 19,489,000 | 26,328,000 | 28,084,000 | 30,358,000 | 30,401,000 | 31,868,000 | 30,487,000 | 21,328,000 | 12,848,000 | 8,371,000 | 5,379,000 | 6,166,000 | 5,891,000 | 6,101,000 | 4,274,000 | |
other accruals and current liabilities | 325,521,000 | 339,017,000 | 306,405,000 | 252,455,000 | 262,921,000 | 265,548,000 | 212,327,000 | 299,506,000 | 263,603,000 | 268,409,000 | 252,932,000 | 194,733,000 | 171,234,000 | 181,551,000 | 141,806,000 | 120,080,000 | 155,127,000 | 87,578,000 | 79,296,000 | 72,022,000 | ||||||
borrowings from credit facilities | 180,005,000 | 180,006,000 | 180,007,000 | 180,008,000 | 135,021,000 | 135,033,000 | 135,046,000 | 75,097,000 | 30,370,000 | 79,534,000 | ||||||||||||||||
convertible senior notes | 33,446,000 | 33,421,000 | 33,397,000 | 33,373,000 | 734,814,000 | 733,991,000 | 966,242,000 | 1,708,208,000 | 1,706,494,000 | 1,704,782,000 | 1,703,083,000 | 1,701,397,000 | 1,699,690,000 | 1,697,985,000 | 1,134,835,000 | 1,133,825,000 | 1,132,793,000 | 909,847,000 | 897,871,000 | 886,052,000 | ||||||
customer fund deposits | 3,999,136,000 | 4,032,211,000 | 3,974,674,000 | 4,044,470,000 | 3,657,218,000 | 3,766,541,000 | 3,787,171,000 | 3,704,907,000 | 3,510,918,000 | 3,655,435,000 | 3,263,528,000 | 3,355,909,000 | 3,106,360,000 | 3,474,048,000 | 3,121,654,000 | 3,142,660,000 | 3,043,540,000 | 3,380,395,000 | 2,432,521,000 | 2,208,598,000 | 1,929,840,000 | 2,217,680,000 | 1,668,903,000 | 1,644,250,000 | 1,353,552,000 | 1,491,763,000 |
total current liabilities | 4,385,760,000 | 4,430,240,000 | 4,378,256,000 | 4,588,660,000 | 4,017,576,000 | 4,122,209,000 | 4,055,714,000 | 4,063,024,000 | 3,826,511,000 | 4,118,192,000 | 3,700,503,000 | 3,753,436,000 | 3,335,461,000 | 3,731,240,000 | 3,326,018,000 | 3,408,657,000 | 4,391,783,000 | 4,665,201,000 | 3,697,256,000 | 2,325,659,000 | 1,969,832,000 | 2,256,066,000 | 1,702,360,000 | 1,676,847,000 | 1,386,047,000 | 1,518,306,000 |
non-current liabilities: | ||||||||||||||||||||||||||
operating lease liabilities | 51,000,000 | 53,490,000 | 55,947,000 | 58,372,000 | 60,694,000 | 63,400,000 | 60,571,000 | 62,847,000 | 65,023,000 | 67,725,000 | 69,969,000 | 72,477,000 | 75,631,000 | 78,207,000 | 80,440,000 | 82,728,000 | 84,931,000 | 83,547,000 | 85,722,000 | 86,639,000 | 6,388,000 | 4,727,000 | 2,485,000 | |||
other long-term liabilities | 4,077,000 | 1,871,000 | 1,661,000 | 1,581,000 | 3,874,000 | 504,000 | 609,000 | 574,000 | 21,582,000 | 22,267,000 | 20,504,000 | 18,944,000 | 26,058,000 | 28,970,000 | 22,014,000 | 20,803,000 | 29,278,000 | 27,060,000 | 26,372,000 | 25,888,000 | 3,459,000 | 4,412,000 | 2,361,000 | 13,827,000 | 11,745,000 | 1,375,000 |
total liabilities | 6,276,071,000 | 6,319,625,000 | 6,268,534,000 | 6,149,942,000 | 5,762,175,000 | 5,864,812,000 | 5,031,816,000 | 5,044,612,000 | 5,063,525,000 | 5,920,566,000 | 5,502,270,000 | 5,550,049,000 | 5,276,548,000 | 5,654,397,000 | 5,205,568,000 | 5,212,332,000 | 5,115,520,000 | 5,417,631,000 | 4,454,994,000 | 3,439,583,000 | 2,929,704,000 | 3,205,669,000 | 1,760,440,000 | 1,693,296,000 | 1,399,890,000 | 1,521,772,000 |
commitments and contingencies | ||||||||||||||||||||||||||
stockholders' equity: | ||||||||||||||||||||||||||
common stock | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||
additional paid-in capital | 5,571,103,000 | 5,524,079,000 | 5,464,986,000 | 5,414,645,000 | 5,331,897,000 | 5,267,182,000 | 5,293,869,000 | 5,233,037,000 | 5,165,049,000 | 5,088,799,000 | 5,022,021,000 | 4,946,623,000 | 4,887,200,000 | 4,811,780,000 | 4,684,484,000 | 4,598,737,000 | 4,535,699,000 | 4,468,341,000 | 4,403,500,000 | 2,777,155,000 | 1,076,255,000 | 1,055,425,000 | 879,346,000 | 857,044,000 | 530,190,000 | 524,260,000 |
accumulated other comprehensive income | 1,992,000 | 13,775,000 | 13,202,000 | 10,197,000 | 7,277,000 | 9,119,000 | 237,000 | -100,000 | -191,000 | 198,000 | 1,118,000 | 2,420,000 | -994,000 | 20,000 | ||||||||||||
accumulated deficit | -1,770,362,000 | -1,731,047,000 | -1,595,479,000 | -1,510,804,000 | -1,468,715,000 | -1,457,551,000 | -1,289,745,000 | -1,096,948,000 | -1,104,811,000 | -1,137,193,000 | -900,097,000 | -856,168,000 | -779,682,000 | -721,544,000 | -626,468,000 | -544,828,000 | -459,886,000 | -373,166,000 | -294,152,000 | -247,467,000 | -205,605,000 | -178,877,000 | -161,698,000 | -148,747,000 | -139,249,000 | -130,930,000 |
total stockholders' equity | 3,802,735,000 | 3,806,809,000 | 3,882,711,000 | 3,914,040,000 | 3,870,461,000 | 3,809,394,000 | 4,013,245,000 | 4,134,201,000 | 4,058,733,000 | 3,951,845,000 | 4,118,113,000 | 4,085,969,000 | 4,104,337,000 | 4,083,877,000 | 4,047,531,000 | 4,043,694,000 | 4,068,316,000 | 4,093,327,000 | 4,109,211,000 | 2,529,590,000 | 870,461,000 | 876,748,000 | 718,768,000 | 710,719,000 | 389,949,000 | 393,352,000 |
total liabilities and stockholders' equity | 10,078,806,000 | 10,126,434,000 | 10,151,245,000 | 10,063,982,000 | 9,632,636,000 | 9,674,206,000 | 9,045,061,000 | 9,178,813,000 | 9,122,258,000 | 9,872,411,000 | 9,620,383,000 | 9,636,018,000 | 9,380,885,000 | 9,738,274,000 | 9,253,099,000 | 9,256,026,000 | 9,183,836,000 | 9,510,958,000 | 8,564,205,000 | 5,969,173,000 | 3,800,165,000 | 4,082,417,000 | 2,479,208,000 | |||
acquired card receivables, net of allowances of 19,542 and 15,020 as of december 31, 2025 and june 30, 2025, respectively | 732,084,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 15,217 and 15,020 as of september 30, 2025 and june 30, 2025, respectively | 738,765,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 15,020 and 20,883 as of june 30, 2025 and 2024, respectively | 685,108,000 | |||||||||||||||||||||||||
preferred stock: 0.00001 par value per share... | ||||||||||||||||||||||||||
common stock; 0.00001 par value per share... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||||||||
acquired card receivables, net of allowances of 19,983 and 20,883 as of march 31, 2025 and june 30, 2024, respectively | 705,535,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 20,768 and 20,883 as of december 31, 2024 and june 30, 2024, respectively | 581,661,000 | |||||||||||||||||||||||||
accumulated other comprehensive loss | -239,000 | -1,890,000 | -1,507,000 | -3,813,000 | -4,488,000 | -3,183,000 | -6,361,000 | -10,487,000 | -10,217,000 | -7,499,000 | -1,850,000 | -139,000 | ||||||||||||||
acquired card receivables, net of allowances of 24,868 and 20,883 as of september 30, 2024 and june 30, 2024, respectively | 628,274,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 20,883 and 15,498 as of june 30, 2024 and 2023, respectively | 697,216,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 23,853 and 15,498 as of march 31, 2024 and june 30, 2023, respectively | 641,861,000 | |||||||||||||||||||||||||
acquired card receivables, net of allowances of 21,509 and 15,498 as of december 31, 2023 and june 30, 2023, respectively | 516,980,000 | |||||||||||||||||||||||||
acquired card receivables | 552,827,000 | 458,650,000 | 431,114,000 | 380,895,000 | 357,741,000 | 256,392,000 | 237,511,000 | 213,414,000 | 174,338,000 | 147,093,000 | ||||||||||||||||
borrowings from revolving credit facility | ||||||||||||||||||||||||||
borrowing from credit facilities | 78,713,000 | 79,014,000 | ||||||||||||||||||||||||
deferred income tax liability | 3,877,000 | 9,090,000 | 1,832,000 | 1,832,000 | ||||||||||||||||||||||
unbilled revenue | 8,118,000 | 7,865,000 | 7,370,000 | 6,925,000 | 6,549,000 | 6,151,000 | 5,909,000 | |||||||||||||||||||
other accrued and current liabilities | 9,281,000 | 6,600,000 | 8,335,000 | 8,541,000 | 10,894,000 | 9,872,000 | ||||||||||||||||||||
line of credit borrowings | 2,300,000 | 2,300,000 | 2,300,000 | 2,300,000 | ||||||||||||||||||||||
preferred stock | ||||||||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | ||||||||||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||||||||
deferred revenue, non-current | 2,622,000 | 2,098,000 | 2,091,000 | |||||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||||
no-voting common stock: none authorized, issued and outstanding at june 30, 2020; 14,000 shares authorized, and none issued and outstanding at june 30, 2019 | ||||||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders' equity | 2,404,015,000 | 1,789,839,000 | 1,915,124,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||
net income | 12,785,000 | -2,588,000 | -2,962,000 | -7,072,000 | -11,589,000 | 33,548,000 | 8,912,000 | ||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||
stock-based compensation | 53,937,000 | 64,256,000 | 58,805,000 | 59,761,000 | 62,230,000 | 65,884,000 | 54,657,000 | 58,339,000 | 59,389,000 | 65,500,000 | 65,147,000 | 57,850,000 | 63,792,000 | 119,305,000 | 72,620,000 | 56,776,000 | 52,810,000 | 49,684,000 | 37,887,000 | 37,027,000 | 10,680,000 | 10,689,000 | 9,894,000 | 7,628,000 | 5,085,000 |
amortization of intangible assets | 15,164,000 | 15,165,000 | 15,165,000 | 15,165,000 | 15,165,000 | 14,657,000 | 16,938,000 | 19,293,000 | 20,220,000 | 20,222,000 | 20,221,000 | 20,221,000 | 20,221,000 | 19,994,000 | 19,769,000 | 19,768,000 | 19,769,000 | 19,768,000 | 16,672,000 | ||||||
depreciation of property and equipment | 5,297,000 | 7,615,000 | 3,839,000 | 3,160,000 | 3,171,000 | 3,510,000 | 3,169,000 | 3,671,000 | 3,209,000 | 3,240,000 | 3,718,000 | 3,351,000 | 2,826,000 | 2,535,000 | 2,546,000 | ||||||||||
amortization of capitalized internal-use software costs and other paid in cash | 7,921,000 | 12,610,000 | 4,507,000 | ||||||||||||||||||||||
amortization of debt discount and issuance costs | 1,591,000 | 1,625,000 | 1,610,000 | 11,819,000 | |||||||||||||||||||||
accretion of discount on investments in marketable debt securities | -5,258,000 | -6,422,000 | -7,464,000 | -7,590,000 | -7,738,000 | -9,431,000 | -12,241,000 | ||||||||||||||||||
accretion of discount on loans held for investment | -7,083,000 | -7,144,000 | -6,533,000 | -5,976,000 | -5,279,000 | -5,329,000 | -4,631,000 | -3,678,000 | |||||||||||||||||
gain on debt extinguishment | 0 | 0 | -10,939,000 | ||||||||||||||||||||||
provision for expected credit losses on acquired card receivables and other financial assets | 18,834,000 | 22,624,000 | 16,096,000 | 15,785,000 | 14,945,000 | 21,358,000 | 20,661,000 | ||||||||||||||||||
non-cash operating lease expense | 2,081,000 | 2,050,000 | 2,019,000 | 1,990,000 | 2,067,000 | 2,062,000 | 2,045,000 | 2,052,000 | 2,038,000 | 2,164,000 | 2,388,000 | 2,379,000 | 2,396,000 | 2,376,000 | 2,342,000 | 2,294,000 | 2,224,000 | 2,123,000 | 1,960,000 | 1,178,000 | 958,000 | 912,000 | 765,000 | ||
other | 113,000 | 468,000 | 368,000 | -514,000 | 319,000 | 418,000 | 172,000 | -31,000 | 4,402,000 | -2,053,000 | -562,000 | -221,000 | 832,000 | -414,000 | 930,000 | -375,000 | 0 | -69,000 | -282,000 | ||||||
changes in assets and liabilities: | |||||||||||||||||||||||||
accounts receivable | 9,212,000 | -9,075,000 | 273,000 | -5,740,000 | 2,442,000 | 2,868,000 | -4,028,000 | 3,864,000 | -4,185,000 | -3,317,000 | 3,707,000 | 5,487,000 | -2,917,000 | -2,278,000 | -4,774,000 | 2,814,000 | -2,426,000 | -4,618,000 | 1,198,000 | -1,203,000 | -2,547,000 | -1,995,000 | -790,000 | -2,012,000 | 1,351,000 |
prepaid expenses and other current assets | -1,514,000 | 7,510,000 | 5,403,000 | -8,780,000 | 9,101,000 | -26,164,000 | -1,143,000 | -12,238,000 | 5,564,000 | 4,553,000 | -4,704,000 | -9,367,000 | -2,854,000 | -3,284,000 | -1,339,000 | -10,004,000 | 5,581,000 | -14,868,000 | 6,321,000 | 7,108,000 | -886,000 | -6,261,000 | 2,314,000 | 409,000 | -9,235,000 |
other assets | 284,000 | 1,168,000 | -1,378,000 | 19,000 | -516,000 | 2,004,000 | 6,910,000 | 9,596,000 | -828,000 | -166,000 | -1,074,000 | 2,360,000 | -160,000 | -742,000 | -1,138,000 | 6,073,000 | 131,000 | 286,000 | -1,385,000 | -726,000 | -532,000 | -4,483,000 | -6,784,000 | -3,881,000 | -466,000 |
accounts payable | 2,046,000 | -724,000 | -9,797,000 | 6,453,000 | 3,834,000 | -5,878,000 | 3,804,000 | 773,000 | -2,131,000 | 2,741,000 | -2,508,000 | -421,000 | -4,776,000 | 2,000,000 | 1,511,000 | 664,000 | -2,412,000 | -1,291,000 | -732,000 | 6,490,000 | -439,000 | -200,000 | 1,566,000 | -121,000 | -2,621,000 |
other accruals and current liabilities | -11,441,000 | -1,644,000 | 20,826,000 | 15,841,000 | 7,246,000 | 16,926,000 | -9,791,000 | 14,180,000 | -14,132,000 | 23,230,000 | -2,286,000 | 24,826,000 | -5,769,000 | 11,161,000 | 4,247,000 | -5,205,000 | 24,095,000 | 6,500,000 | -17,930,000 | ||||||
operating lease liabilities | -2,820,000 | -2,360,000 | -2,331,000 | -2,225,000 | -2,759,000 | -2,080,000 | -2,348,000 | -2,280,000 | -2,642,000 | -2,494,000 | -2,423,000 | -2,592,000 | -2,917,000 | -2,408,000 | -2,386,000 | -2,286,000 | -2,639,000 | -2,160,000 | -792,000 | 613,000 | 852,000 | 1,166,000 | 5,764,000 | ||
other long-term liabilities | -2,215,000 | 2,385,000 | -11,963,000 | -2,570,000 | -15,000 | -32,000 | -2,825,000 | -307,000 | 1,000 | 34,000 | -7,051,000 | 2,000,000 | -1,577,000 | -121,000 | 16,000 | 3,000 | -765,000 | 1,338,000 | 2,302,000 | 10,502,000 | |||||
deferred revenue | 359,000 | 183,000 | -1,591,000 | 734,000 | 8,000 | 147,000 | 657,000 | -529,000 | 202,000 | -2,788,000 | -2,449,000 | -2,603,000 | -3,031,000 | -406,000 | -1,303,000 | 408,000 | 810,000 | -1,185,000 | 5,566,000 | 3,930,000 | 2,892,000 | -406,000 | 438,000 | 314,000 | 1,834,000 |
net cash from operating activities | 102,674,000 | 105,317,000 | 96,855,000 | 83,816,000 | 99,530,000 | 78,716,000 | 88,582,000 | 78,620,000 | 66,809,000 | 79,681,000 | 53,661,000 | 80,355,000 | 34,031,000 | 55,230,000 | 18,152,000 | -10,474,000 | 26,445,000 | -12,930,000 | -21,134,000 | 17,786,000 | -1,580,000 | -9,227,000 | -2,356,000 | -1,103,000 | 822,000 |
capital expenditures | -17,942,000 | -14,184,000 | -14,593,000 | -15,337,000 | -7,460,000 | -6,720,000 | -7,039,000 | -5,527,000 | -3,849,000 | -5,469,000 | -6,048,000 | -7,473,000 | -10,059,000 | -7,531,000 | -6,140,000 | -4,469,000 | -3,677,000 | -3,144,000 | -4,346,000 | -3,106,000 | -3,804,000 | -8,088,000 | -6,208,000 | -5,851,000 | -2,913,000 |
free cash flows | 84,732,000 | 91,133,000 | 82,262,000 | 68,479,000 | 92,070,000 | 71,996,000 | 81,543,000 | 73,093,000 | 62,960,000 | 74,212,000 | 47,613,000 | 72,882,000 | 23,972,000 | 47,699,000 | 12,012,000 | -14,943,000 | 22,768,000 | -16,074,000 | -25,480,000 | 14,680,000 | -5,384,000 | -17,315,000 | -8,564,000 | -6,954,000 | -2,091,000 |
cash flows from investing activities: | |||||||||||||||||||||||||
purchases of corporate and customer fund short-term investments | -650,076,000 | -310,786,000 | -372,347,000 | -532,761,000 | -1,104,408,000 | -572,575,000 | -637,992,000 | -639,810,000 | -1,052,609,000 | -590,652,000 | -399,588,000 | -349,245,000 | -753,325,000 | -781,282,000 | -859,911,000 | -625,570,000 | -723,708,000 | -843,867,000 | -608,552,000 | -584,271,000 | -784,583,000 | -358,097,000 | -343,345,000 | -257,917,000 | -416,046,000 |
proceeds from maturities and sales of corporate and customer fund short-term investments | 465,876,000 | 453,200,000 | 328,254,000 | 487,261,000 | 624,617,000 | 539,073,000 | 563,677,000 | ||||||||||||||||||
purchase of intangible assets | 0 | 0 | |||||||||||||||||||||||
purchases of loans held for investment | -249,214,000 | -268,604,000 | -241,680,000 | -222,041,000 | -196,212,000 | -198,987,000 | -181,686,000 | -140,711,000 | -108,830,000 | -77,357,000 | -32,756,000 | ||||||||||||||
principal repayments of loans held for investment | 251,476,000 | 271,096,000 | 244,471,000 | 223,218,000 | 194,846,000 | 197,462,000 | 171,987,000 | 134,311,000 | 97,561,000 | 68,970,000 | 25,330,000 | ||||||||||||||
acquired card receivables | -100,736,000 | 6,918,000 | -52,826,000 | 16,949,000 | -153,338,000 | 54,918,000 | -47,968,000 | -45,636,000 | -127,508,000 | 29,991,000 | -42,333,000 | ||||||||||||||
purchases of property and equipment | -168,000 | -1,492,000 | -1,299,000 | -2,789,000 | -205,000 | -16,000 | -352,000 | -403,000 | -1,090,000 | -3,338,000 | -1,785,000 | -1,376,000 | -1,619,000 | -1,291,000 | -1,063,000 | -1,404,000 | -1,840,000 | -3,426,000 | -7,742,000 | -5,894,000 | -5,701,000 | -2,764,000 | |||
capitalization of internal-use software costs | -17,774,000 | -12,692,000 | -13,294,000 | -12,548,000 | -7,460,000 | -6,720,000 | -7,039,000 | -5,322,000 | -3,833,000 | -5,117,000 | -5,645,000 | -6,383,000 | -6,721,000 | -5,746,000 | -4,764,000 | -2,850,000 | -2,386,000 | -2,081,000 | -2,942,000 | -1,266,000 | -378,000 | -346,000 | -314,000 | -150,000 | -149,000 |
net cash from investing activities | -300,988,000 | 136,574,000 | -108,721,000 | -43,589,000 | -644,105,000 | 9,842,000 | -139,538,000 | -42,986,000 | -617,981,000 | -50,181,000 | 301,774,000 | 379,208,000 | -25,385,000 | 38,777,000 | -133,315,000 | -51,405,000 | -106,586,000 | -515,439,000 | -453,872,000 | -863,698,000 | -383,918,000 | -105,817,000 | -73,457,000 | -137,264,000 | 48,956,000 |
cash flows from financing activities: | |||||||||||||||||||||||||
proceeds from issuance of convertible senior notes | 0 | 0 | |||||||||||||||||||||||
cash paid for convertible senior notes issuance costs | 0 | -906,000 | |||||||||||||||||||||||
payments for repurchase and settlement of convertible senior notes | 0 | ||||||||||||||||||||||||
purchase of capped calls | 0 | 0 | 0 | 0 | |||||||||||||||||||||
customer fund deposits liability | -40,233,000 | ||||||||||||||||||||||||
prepaid card deposits | 2,463,000 | 12,330,000 | 16,764,000 | -14,956,000 | 11,102,000 | 21,049,000 | 11,322,000 | 2,875,000 | -4,292,000 | -2,505,000 | -13,979,000 | ||||||||||||||
repurchase of common stock | -56,862,000 | -132,651,000 | -83,145,000 | -30,001,000 | 0 | -199,999,000 | -200,002,000 | 0 | 0 | -199,841,000 | -12,061,000 | -63,614,000 | |||||||||||||
proceeds from line of credit borrowings | 0 | 0 | 150,000,000 | 0 | 0 | 22,500,000 | |||||||||||||||||||
proceeds from exercise of stock options | 683,000 | 558,000 | 276,000 | 929,000 | 520,000 | 1,235,000 | 1,017,000 | 1,589,000 | 1,473,000 | 2,106,000 | 2,946,000 | 3,012,000 | 2,643,000 | 4,316,000 | 3,901,000 | 4,908,000 | 6,332,000 | 14,448,000 | 8,336,000 | 5,175,000 | 5,592,000 | 8,480,000 | 8,962,000 | 10,486,000 | 845,000 |
tax withholdings related to net share settlements of equity awards | -14,487,000 | -15,397,000 | -14,080,000 | -1,424,000 | -1,702,000 | -3,410,000 | -1,304,000 | -2,181,000 | |||||||||||||||||
proceeds from issuance of common stock under the employee stock purchase plan | 0 | 6,251,000 | 0 | 0 | 5,302,000 | 0 | 8,649,000 | 0 | 7,846,000 | 0 | 9,385,000 | 0 | 8,494,000 | 0 | 7,123,000 | 0 | 5,726,000 | 0 | 4,537,000 | 0 | 4,327,000 | ||||
net cash from financing activities | -109,562,000 | -113,016,000 | 1,100,000 | 339,617,000 | -105,573,000 | 537,631,000 | -105,153,000 | -20,195,000 | -801,215,000 | 190,720,000 | -111,909,000 | 195,400,000 | -347,162,000 | 389,026,000 | -2,154,000 | 138,706,000 | -323,430,000 | 959,179,000 | 2,104,111,000 | 283,540,000 | -280,235,000 | 1,599,000,000 | 37,278,000 | 609,297,000 | -136,087,000 |
effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 69,000 | -2,000 | 75,000 | -109,000 | 591,000 | -645,000 | -127,000 | 157,000 | -390,000 | 173,000 | -180,000 | -170,000 | 459,000 | -277,000 | 97,000 | -172,000 | |||||||||
net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents | -10,691,000 | ||||||||||||||||||||||||
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 0 | 0 | 3,550,885,000 | 0 | 0 | 3,351,399,000 | 0 | 1,000 | 4,224,840,000 | 0 | 0 | 3,542,715,000 | 0 | 0 | 1,809,692,000 | 0 | 0 | 1,592,377,000 | |||||||
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | -307,807,000 | 128,873,000 | 3,540,194,000 | -649,557,000 | 625,544,000 | 3,195,163,000 | -1,352,777,000 | 220,394,000 | 4,468,186,000 | -338,686,000 | 483,492,000 | 3,425,121,000 | -403,496,000 | 430,907,000 | 3,438,625,000 | -665,733,000 | 1,483,956,000 | 1,553,842,000 | |||||||
reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | |||||||||||||||||||||||||
cash and cash equivalents | -99,858,000 | -5,098,000 | 1,099,628,000 | -9,391,000 | -518,534,000 | 712,801,000 | 853,470,000 | 33,467,000 | -627,159,000 | 52,451,000 | 1,527,182,000 | 26,591,000 | -26,198,000 | 7,792,000 | 1,608,966,000 | -42,829,000 | -32,795,000 | -341,267,000 | 2,013,433,000 | -714,109,000 | -344,960,000 | 1,004,531,000 | 564,153,000 | ||
restricted cash included in other current assets | -15,952,000 | 14,482,000 | 111,842,000 | 8,866,000 | 141,000 | -56,047,000 | 148,660,000 | 21,070,000 | 49,569,000 | 5,149,000 | 98,313,000 | -9,501,000 | -6,986,000 | 32,180,000 | 71,629,000 | 56,909,000 | 11,979,000 | -255,000 | 16,619,000 | 10,942,000 | -84,000 | 0 | 119,000 | ||
restricted cash included in other assets | 0 | -1,581,000 | 4,885,000 | -412,000 | 0 | 0 | 5,297,000 | 0 | -1,819,000 | 28,000 | 7,088,000 | 7,086,000 | 0 | 0 | 6,724,000 | 0 | 0 | 0 | 6,724,000 | ||||||
restricted cash and restricted cash equivalents included in funds held for customers | -191,997,000 | 121,070,000 | 2,323,839,000 | 380,671,000 | -131,164,000 | -31,210,000 | 2,187,736,000 | -38,942,000 | -773,368,000 | 162,766,000 | 2,835,603,000 | 630,737,000 | -305,502,000 | 443,520,000 | 1,737,802,000 | 62,599,000 | -382,680,000 | 772,429,000 | 1,401,849,000 | 133,920,000 | -320,689,000 | 479,425,000 | 989,570,000 | ||
total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | -307,807,000 | 128,873,000 | 3,540,194,000 | -649,557,000 | 625,544,000 | 3,195,163,000 | -1,352,777,000 | 220,394,000 | 4,468,186,000 | -338,686,000 | 483,492,000 | 3,425,121,000 | -403,496,000 | 430,907,000 | 3,438,625,000 | -562,372,000 | -665,733,000 | 1,483,956,000 | 1,553,842,000 | ||||||
net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 625,544,000 | -156,236,000 | 15,596,000 | -1,352,777,000 | 220,393,000 | 243,346,000 | 654,913,000 | -338,686,000 | 483,492,000 | -117,594,000 | 76,678,000 | -403,496,000 | 430,907,000 | 1,628,933,000 | -562,372,000 | -665,733,000 | 1,483,956,000 | -38,535,000 | |||||||
customer fund deposits liability and other | -68,715,000 | 380,539,000 | -114,587,000 | -25,781,000 | 78,512,000 | 198,588,000 | -144,394,000 | 390,960,000 | -91,190,000 | ||||||||||||||||
amortization of capitalized internal-use software costs paid in cash | 3,561,000 | 3,114,000 | |||||||||||||||||||||||
cash paid for acquisition, net of acquired cash and cash equivalents | 0 | 0 | 192,000 | 0 | -89,000 | -144,452,000 | |||||||||||||||||||
proceeds from beneficial interest | 0 | 0 | 0 | 2,080,000 | |||||||||||||||||||||
payments for repurchase of convertible senior notes | 0 | 0 | -222,256,000 | ||||||||||||||||||||||
proceeds from unwind of capped calls | 1,190,000 | ||||||||||||||||||||||||
cash paid for line of credit issuance costs | |||||||||||||||||||||||||
contingent consideration payout | 0 | -5,291,000 | 0 | -5,471,000 | |||||||||||||||||||||
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | |||||||||||||||||||||||||
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | |||||||||||||||||||||||||
reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above: | |||||||||||||||||||||||||
total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | |||||||||||||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||||||||||
cash paid for interest during the period | |||||||||||||||||||||||||
cash paid for income taxes during the period | |||||||||||||||||||||||||
noncash investing and financing activities: | |||||||||||||||||||||||||
payable on purchases of property and equipment and internal-use software costs | |||||||||||||||||||||||||
payable on purchases of acquired card receivables | |||||||||||||||||||||||||
payable on repurchase of common stock | |||||||||||||||||||||||||
payable on excise tax | |||||||||||||||||||||||||
issuance and exercise of warrants | |||||||||||||||||||||||||
amortization of debt issuance costs | 1,384,000 | 1,001,000 | 895,000 | 1,064,000 | |||||||||||||||||||||
amortization of capitalized internal-use software costs | 3,944,000 | 3,037,000 | 2,593,000 | 2,387,000 | 1,352,000 | 1,206,000 | 1,108,000 | 977,000 | 924,000 | ||||||||||||||||
net loss | 7,595,000 | 31,809,000 | -40,421,000 | -27,861,000 | -15,871,000 | -31,138,000 | -95,076,000 | -81,640,000 | -84,942,000 | -86,720,000 | -79,014,000 | -75,685,000 | -41,862,000 | -26,728,000 | -17,179,000 | -12,951,000 | -9,498,000 | -8,319,000 | |||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||
amortization of premium (accretion of discount) on investments in marketable debt securities | -11,078,000 | -13,093,000 | -13,484,000 | -13,309,000 | -8,186,000 | -2,215,000 | 1,347,000 | 3,401,000 | 3,781,000 | 2,857,000 | 2,722,000 | 1,247,000 | 677,000 | 46,000 | |||||||||||
deferred income taxes | -235,000 | -10,000 | -74,000 | -42,000 | -192,000 | -343,000 | -527,000 | -299,000 | 616,000 | -869,000 | 121,000 | -3,943,000 | |||||||||||||
proceeds from maturities of corporate and customer fund short-term investments | 654,887,000 | 575,715,000 | 524,336,000 | 757,169,000 | 773,132,000 | 827,416,000 | 845,314,000 | 838,099,000 | 593,824,000 | 640,796,000 | 348,947,000 | 318,907,000 | 273,599,000 | 329,774,000 | 256,827,000 | 244,332,000 | 209,689,000 | 189,075,000 | |||||||
proceeds from sale of corporate and customer fund short-term investments | 0 | 0 | 6,519,000 | 5,000,000 | 6,000,000 | 27,510,000 | 17,234,000 | 23,593,000 | 83,786,000 | 2,000,000 | 33,286,000 | 20,822,000 | 2,612,000 | ||||||||||||
proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs | 0 | -30,000 | -445,000 | 1,341,597,000 | |||||||||||||||||||||
proceeds from issuance of convertible senior notes, net of discounts and issuance costs | 0 | 0 | -2,629,000 | 562,704,000 | |||||||||||||||||||||
payments on line of credit and bank borrowings | |||||||||||||||||||||||||
fair value of shares issued as consideration for acquisition | |||||||||||||||||||||||||
fair value of stock-based awards assumed in acquisition | |||||||||||||||||||||||||
fair value of earn-out consideration for acquisition | |||||||||||||||||||||||||
provision for credit losses on acquired card receivables and other financial assets | |||||||||||||||||||||||||
amortization of debt issuance costs, net of accretion of debt premium | 1,762,000 | 1,761,000 | |||||||||||||||||||||||
provision for losses on acquired card receivables and other financial assets | 16,288,000 | 12,401,000 | |||||||||||||||||||||||
amortization of debt discount and issuance costs, net of accretion of debt premium | |||||||||||||||||||||||||
increase in acquired card receivables | -20,685,000 | -37,507,000 | -31,717,000 | ||||||||||||||||||||||
increase in customer fund deposits liability and other | 229,418,000 | -357,689,000 | 347,210,000 | -14,549,000 | |||||||||||||||||||||
increase in prepaid card deposits | |||||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||||||||||||||||
recognition of beneficial interest | |||||||||||||||||||||||||
amortization of debt premium and issuance costs | 1,734,000 | ||||||||||||||||||||||||
provision for losses on acquired card receivables | 8,643,000 | 8,431,000 | 6,611,000 | 4,258,000 | 6,086,000 | 5,486,000 | 4,049,000 | ||||||||||||||||||
increase in acquired card receivables, net and other | -95,936,000 | ||||||||||||||||||||||||
amortization of debt discount (accretion of debt premium) and issuance costs | 1,712,000 | 1,415,000 | 1,407,000 | 1,399,000 | 556,000 | ||||||||||||||||||||
increase in acquired card receivables and other | -107,443,000 | ||||||||||||||||||||||||
depreciation and amortization | 941,000 | 3,197,000 | 2,635,000 | 2,388,000 | 1,901,000 | 1,525,000 | 1,000,000 | 924,000 | 1,052,000 | 1,100,000 | |||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs | -63,000 | -1,021,000 | |||||||||||||||||||||||
proceeds from issuance of common stock upon follow-on public offering, net of underwriting discounts and commissions and other offering costs | |||||||||||||||||||||||||
cash paid for interest | |||||||||||||||||||||||||
payable on purchases of property and equipment | |||||||||||||||||||||||||
conversion of redeemable convertible preferred stock into common stock upon initial public offering | |||||||||||||||||||||||||
reclassification of redeemable convertible preferred stock warrant liabilities into additional paid-in capital upon initial public offering | |||||||||||||||||||||||||
receivable from broker-assisted exercises of stock options | |||||||||||||||||||||||||
accrued stock and debt issuance costs | |||||||||||||||||||||||||
increase in other receivables included in funds held for customers | -5,312,000 | -7,289,000 | -946,000 | -1,720,000 | |||||||||||||||||||||
purchase of capped call | 0 | 0 | -37,893,000 | ||||||||||||||||||||||
increase in customer fund deposits liability | -336,855,000 | 947,874,000 | 223,923,000 | 278,758,000 | -287,840,000 | 548,777,000 | 24,653,000 | 290,698,000 | -138,211,000 | ||||||||||||||||
payments of line of credit borrowings | |||||||||||||||||||||||||
unbilled revenue | -253,000 | -495,000 | -445,000 | -376,000 | 802,000 | -242,000 | |||||||||||||||||||
cash paid for acquisition, net of acquired cash | |||||||||||||||||||||||||
proceeds from issuance of convertible senior notes, net of discount and issuance costs | 0 | -224,000 | |||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||||||||||||||||
restricted cash included in other long-term assets | |||||||||||||||||||||||||
revaluation of warrant liabilities | |||||||||||||||||||||||||
deferred income tax | 0 | ||||||||||||||||||||||||
accrued and other current liabilities | 71,000 | 4,491,000 | -4,504,000 | 2,862,000 | 2,342,000 | ||||||||||||||||||||
payments on line of credit borrowings | |||||||||||||||||||||||||
payments of offering costs related to the follow-on public offering | 0 | 0 | -664,000 | ||||||||||||||||||||||
proceeds from exercise of stock warrants | 0 | 0 | |||||||||||||||||||||||
payments of deferred debt issuance costs | 0 | 0 | |||||||||||||||||||||||
decrease in other receivables included in funds held for customers | 1,541,000 | -1,522,000 | |||||||||||||||||||||||
payments of deferred offering costs | |||||||||||||||||||||||||
revaluation of warrant liabilities and forfeiture of warrants | 0 | 0 | |||||||||||||||||||||||
issuance of warrants | |||||||||||||||||||||||||
proceeds from line of credit and bank borrowings | |||||||||||||||||||||||||
payments on bank borrowings | |||||||||||||||||||||||||
accrued offering and debt issuance costs | |||||||||||||||||||||||||
accretion of discount on investment in marketable debt securities | -509,000 | ||||||||||||||||||||||||
decrease in restricted cash and cash equivalents and other receivables included in funds held for customers | |||||||||||||||||||||||||
decrease in restricted cash | 0 | ||||||||||||||||||||||||
net increase in cash and cash equivalents | -86,309,000 | ||||||||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | ||||||||||||||||||||||||
cash and cash equivalents, end of period | -86,309,000 | ||||||||||||||||||||||||
increase in restricted cash and cash equivalents and other receivables included in funds held for customers | |||||||||||||||||||||||||
noncash financing activities: | |||||||||||||||||||||||||
accrued offering costs | |||||||||||||||||||||||||
accrued preferred stock issuance costs |