0001591698-24-000151 | 10-K | XBRL Viewer

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Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation, Consolidation, and Use of Estimates The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. (b) Concentrations of Risk The Company regularly maintains cash balances that exceed Federal Depository Insurance Corporation limits. No individual client represents 10% or more of total revenues. For all periods presented, substantially all of total revenues were generated by clients in the United States. (c) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Any interest earned on the Company’s cash and cash equivalents is reported as Other income (expense) in the Consolidated Statements of Operations and Comprehensive Income. (d) Funds Held For Clients and Client Fund Obligations The Company obtains funds from clients in advance of performing payroll and payroll tax filing services on behalf of those clients. Funds held for clients represent assets that are used solely for the purposes of satisfying the obligations to remit funds relating to payroll and payroll tax filing services. The Company has classified Funds held for clients as a current asset since these funds are held solely for the purposes of satisfying the client fund obligations. Funds held for clients is primarily comprised of cash and cash equivalents invested in demand deposit accounts. The Company also invests a portion of its funds held for clients and corporate funds in marketable securities. Marketable securities classified as available-for-sale are recorded at fair value on the Consolidated Balance Sheets. Unrealized gains and losses, net of applicable income taxes, are reported as Other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income. Interest on marketable securities included in Funds held for clients is reported as Interest income on funds held for clients in the Consolidated Statements of Operations and Comprehensive Income. The Company evaluates whether a decline in an individual security’s fair value as compared to its amortized cost basis resulted from credit loss or other factors. If the Company determines that an individual security’s unrealized loss results from credit impairment, it compares the present value of cash flows expected to be collected from the impaired security with its amortized cost basis. If the security’s amortized cost basis exceeds the present value of expected cash flows, the Company records credit impairment loss through an allowance for credit loss. The Company did not recognize any credit impairment losses during the years ended June 30, 2022, 2023 or 2024. Client fund obligations represent the Company’s contractual obligations to remit funds to satisfy clients’ payroll and tax payment obligations and are recorded in the accompanying Consolidated Balance Sheets at the time that the Company obtains funds from clients. The client fund obligations represent liabilities that will be repaid within one year of the balance sheet date. (e) Accounts Receivable, Net Accounts receivable is comprised of trade receivables, accrued interest receivable on funds held for clients and other receivables. Trade receivables are recorded at the invoiced amount and do not bear interest. Amounts collected on accounts receivable are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The Company maintains an allowance for credit losses reflecting expected credit losses in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s clients’ financial conditions, the amount of receivables in dispute, the current receivables aging and current payment patterns. The Company reviews its allowance for credit losses quarterly. Past due balances over 60 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all commercially reasonable means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its clients. (f) Deferred Contract Costs The Company defers certain selling and commission costs that meet the capitalization criteria under ASC 340-40. The Company also capitalizes certain costs to fulfill a contract related to its proprietary products if they are identifiable, generate or enhance resources used to satisfy future performance obligations and are expected to be recovered under ASC 340-40. Implementation fees are treated as nonrefundable upfront fees and the related implementation costs are required to be capitalized and amortized over the expected period of benefit, which is the period in which the Company expects to recover the costs and enhance its ability to satisfy future performance obligations. The Company utilizes the portfolio approach to account for both the cost of obtaining a contract and the cost of fulfilling a contract. These capitalized costs are amortized over the expected period of benefit, which has been determined to be over 7 years based on the Company’s average client life and other qualitative factors, including rate of technological changes. The Company does not incur any additional costs to obtain or fulfill contracts upon renewal. The Company recognizes additional selling and commission costs and fulfillment costs when an existing client purchases additional services. These additional costs only relate to the additional services purchased and do not relate to the renewal of previous services. Management evaluates deferred contract costs for impairment if changes in circumstances occur that could impact the recoverability of the costs to obtain or fulfill contracts with the Company’s customers. (g) Capitalized Internal-Use Software The Company capitalizes internal-use software costs when module development begins, it is probable that the project will be completed, and the software will be used as intended. Costs associated with preliminary project stage activities, training, maintenance and all other post implementation stage activities are expensed as incurred. The Company also capitalizes certain costs related to specific upgrades and enhancements when it is probable the expenditures will result in significant additional functionality. The capitalization policy provides for the capitalization of certain payroll costs for employees who are directly associated with developing internal-use software as well as certain external direct costs, such as consulting fees. Capitalized employee costs are limited to the time directly spent on such projects. Capitalized internal-use software costs are amortized on a straight-line basis over their estimated useful lives, which are generally two to three years while certain projects that support the Company’s main processing activities have an estimated useful life of ten years. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. (h) Property and Equipment and Long-Lived Assets Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets, generally three to seven years for most classes of assets, or over the term of the related lease for leasehold improvements. Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. (i) Business Combinations The Company accounts for business combinations in accordance with ASC 805, Business Combinations using the acquisition method of accounting. It allocates the purchase price consideration associated with its acquisitions to the fair values of assets acquired and liabilities assumed at their respective acquisition dates, with the excess recorded to goodwill. Estimating the fair values of assets acquired and liabilities assumed requires the use of significant judgments and estimates, which are inherently uncertain and subject to refinement as additional information becomes available. Adjustments to the fair values of assets acquired and liabilities assumed may be recorded during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. The Company may engage a valuation specialist to assist in the fair value measurement of assets acquired and liabilities assumed for each acquisition. (j) Intangible Assets, Net of Accumulated Amortization Intangible assets are comprised primarily of acquired client relationships, proprietary technology, trade names and non-solicitation agreements and are reported net of accumulated amortization on the Consolidated Balance Sheets. The Company uses the straight-line method of amortization to amortize client relationships over a five to nine-year period from the date of acquisition, proprietary technology over a five to seven-year period from the date of acquisition and trade names over a five-year period from the date of acquisition. Non-solicitation agreements use the straight-line method of amortization over the term of the related agreements. The Company tests intangible assets for potential impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. (k) Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is not amortized, but instead is tested for impairment at the reporting unit level. If the fair value of the reporting unit is less than its carrying amount, the Company would record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss recognized should not exceed the amount of goodwill allocated to the reporting unit. The Company performs its annual impairment review of goodwill in its fiscal fourth quarter or when a triggering event occurs between annual impairment tests. No impairment was recorded in fiscal 2022, 2023 or 2024 as a result of the Company’s qualitative assessments over its single reporting segment. (l) Leases The Company determines if an arrangement is a lease at agreement inception. Operating leases are included in Operating lease right-of-use assets, Accrued expenses, and Long-term operating lease liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received. The Company’s lease terms may include options to renew or extend a lease. The Company recognizes amounts in Operating lease right-of-use assets and Operating lease liabilities when it is reasonably certain it will exercise such options. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s most significant leases are real estate leases of office space. The remaining operating leases are primarily comprised of leases of printers and other equipment. For all leases, the Company has elected the practical expedient permitted under Topic 842 to combine lease and non-lease components. As a result, non-lease components, such as common area or equipment maintenance charges, are accounted for as a single lease element. The Company does not have any material finance leases. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time, and are often due to changes in an external market rate or the value of an index (e.g., Consumer Price Index). Certain of the Company’s operating lease agreements include variable payments that are passed through by the lessor, such as insurance, taxes, and common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. Variable payments are expensed as incurred and included within variable lease costs. The Company’s lease agreements do not contain material residual value guarantees, restrictions, or covenants. (m) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets may be reduced by a valuation allowance to the extent we determine it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management judgment is required in determining the period in which the reversal of a valuation allowance should occur. The Company is required to consider all available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income among other items, in determining whether a full or partial release of its valuation allowance is required. The Company is also required to schedule future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company’s accounting for deferred tax consequences represents the best estimate of those future events. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. When applicable, the Company records interest and penalties as an element of income tax expense. Refer to Note 14 for additional information on income taxes. (n) Share Repurchases The Company retires all shares repurchased pursuant to its approved share repurchase program (the "Repurchase Program"). The Company records the share purchase price and the amount of any excise taxes payable on shares repurchased as a reduction of Additional paid-in capital on its Consolidated Balance Sheets. If the Company exhausts Additional paid-in capital, it will record the excess as a reduction to Retained earnings. For more information on the Repurchase Program, refer to Note 15. (o) Revenue Recognition The Company recognizes revenue when it transfers control of goods or services to a customer in an amount that reflects the consideration to which it expects to be entitled to for those goods or services based on the following five steps: 1)Identify the contract with a customer; 2)Identify the performance obligations in the contract; 3)Determine the transaction price; 4)Allocate the transaction price to performance obligations in the contract; and 5)Recognize revenue when or as the Company satisfies a performance obligation. The Company derives its revenue from contracts substantially all from recurring service fees. While the majority of its agreements are generally cancellable by the client on 60 days’ notice or less, the Company offers term agreements to its clients, which are generally two years in length. Recurring fees are derived from cloud-based payroll and HCM software solutions which includes payroll processing and related services such as payroll reporting and tax filing services, time and labor services, time clock rentals, and HR-related software solutions, including employee management and benefits enrollment and administration, substantially all of which are delivered on a monthly basis. Substantially all of the Company’s recurring fees are satisfied over time as services are provided. The performance obligations related to recurring services are generally satisfied monthly as services are provided, with fees charged and collected based on a per-employee-per-month fee. The Company has certain optional performance obligations that are satisfied at a point in time including the sales of time clocks and W-2 services. Implementation services and other consist mainly of nonrefundable implementation fees, which involve setting the client up in, and loading data into, the Company’s cloud-based modules. These implementation activities are considered set-up activities. The Company has determined that the nonrefundable upfront fees provide certain clients with a material right to renew the contract. As a result, implementation fees are deferred and amortized generally over a period up to 24 months. Sales taxes collected from clients and remitted to governmental authorities where applicable are accounted for on a net basis and therefore are excluded from revenues in the Consolidated Statements of Operations and Comprehensive Income. Interest income earned on funds held for clients is recognized in Interest income on funds held for clients when earned as the collection, holding and remittance of these funds are components of providing services to clients. (p) Cost of Revenues Cost of revenues consists primarily of costs to provide HCM and payroll solutions relating to the provision of ongoing client support and implementation activities and also includes amortization of capitalized internal-use software and certain acquired intangibles. The Company generally expenses these costs when incurred except for costs related to the implementation of the Company’s proprietary products. These costs are capitalized and amortized over a period of 7 years. (q) Advertising Advertising costs are expensed as incurred. Advertising costs amounted to $8,335, $15,700 and $22,414 for the years ended June 30, 2022, 2023 and 2024, respectively. (r) Stock-Based Compensation The Company recognizes all employee stock-based compensation as a cost in the financial statements. Equity-classified awards, comprised of restricted stock units and market share units, are measured at the grant date fair value of each award and expense is recognized, net of assumed forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of each award. For market share units, the Company estimates grant date fair value using a discrete model based on multiple stock price-paths developed through the use of Monte Carlo simulation. For estimated shares purchasable under the 2014 Employee Stock Purchase Plan (“ESPP”), the Company estimates grant date fair value using the Black-Scholes option-pricing model and recognizes applicable expense on a straight-line basis over each purchase period. The Company may update the assumed forfeiture rates based on historical experience as appropriate. (s) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. (t) Segment Information The Company’s chief operating decision maker reviews the financial results of the Company in total when evaluating financial performance and for purposes of allocating resources. The Company has thus determined that it operates in a single reporting segment. For fiscal 2024, the Company’s chief operation decision maker was the Company’s Co-Chief Executive Officers. (u) Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 primarily requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker along with other incremental segment information. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the impact of the ASU on its related financial statement disclosures including the timing of adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure ("ASU 2023-09"). ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity's effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of this ASU to its consolidated financial statements and related disclosures and is evaluating the method and timing of adoption. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of other recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

Accrued Expenses

12 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

(11) Accrued Expenses

The components of accrued expenses were as follows:


	June 30,
	2023		2024
Accrued payroll and personnel costs	$	85,019	$	93,248
Operating lease liabilities	7,800		7,634
Deferred revenue	24,539		25,949
Other	25,929		31,481
Total accrued expenses	$	143,287	$	158,311

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Components of Accounts Receivable, Net
Trade receivables	$ 18,850	$ 15,471
Accrued interest on funds held for clients	9,453	6,886
Other	7,069	4,348
Gross accounts receivable	35,372	26,705
Allowance for credit loss	(2,375)	(1,620)
Accounts receivable, net	32,997	25,085
Activity in the allowance for credit losses
Balance at the beginning of the year	1,620	841	$ 800
Provision for credit losses	1,565	1,245	311
Write-offs	(810)	(466)	(270)
Balance at the end of the year	$ 2,375	$ 1,620	$ 841

Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of stock-based compensation expense related to restricted stock units, market share units and the Employee Stock Purchase Plan

Stock-based compensation expense related to RSUs, MSUs and the Employee Stock Purchase Plan (as described below) was included in the following line items in the accompanying Consolidated Statements of Operations and Comprehensive Income:


	Year Ended June 30,
	2022		2023		2024
Cost of revenues	$	11,622	$	17,101	$	18,927
Sales and marketing	21,854		36,930		35,536
Research and development	18,696		36,475		36,072
General and administrative	44,030		56,794		55,497
Total stock-based compensation expense	$	96,202	$	147,300	$	146,032

Schedule of stock option activity

The following table represents stock option activity during the year ended June 30, 2024:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Balance at July 1, 2023	288	$	23.63	1.2	$	46,129
Options exercised	(121)	$	17.37
Balance at June 30, 2024	167	$	28.13	0.5	$	17,301
Options vested and exercisable at June 30, 2024	167	$	28.13	0.5	$	17,301

Schedule of restricted stock unit activity

The following table represents restricted stock unit activity during the year ended June 30, 2024:


	Units	Weighted average grant date fair value
RSU balance at July 1, 2023	1,242	$	225.30
RSUs granted	796	$	190.07
RSUs vested	(624)	$	200.67
RSUs forfeited	(124)	$	213.55
RSU balance at June 30, 2024	1,290	$	214.98

Schedule of market share unit activity

The following table represents market share unit activity during the year ended June 30, 2024:


	Units	Weighted average grant date fair value
MSU balance at July 1, 2023	171	$	320.38
MSUs granted	86	$	256.66
MSUs vested	(60)	$	178.04
MSU balance at June 30, 2024	197	$	335.79

Schedule of the assumptions used for estimating the grant date fair value of MSUs

The Company estimated the grant date fair value of the MSUs using a Monte Carlo simulation model that included the following assumptions:


	Year Ended June 30,
	2022		2023		2024
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	47.4 - 47.5%		51.0 - 52.7%		44.5%
Expected term (years)	2.92 - 3.04		2.75 - 3.04		3.04
Risk‑free interest rate	0.43 - 0.47%		3.11 - 4.01%		4.58%

Schedule of assumptions used for estimating the grant date fair value of the ESPP

The grant date fair values of the ESPP offering periods were estimated using the following assumptions:


	Year Ended June 30,
	2022		2023		2024
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	31.0 - 57.5%		41.1 - 57.5%		32.9 - 43.3%
Expected term (years)	0.5		0.5		0.5
Risk‑free interest rate	0.04 - 1.54%		1.54 - 5.26%		5.26 - 5.41%

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Audit Information [Abstract]
Auditor name	KPMG LLP
Auditor location	Chicago, IL
Auditor firm ID	185

Benefit Plans - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Benefit Plans
Total stock-based compensation expense	$ 146,032	$ 147,300	$ 96,202
Stock-based compensation expense capitalized in internal-use software costs	14,376	11,901	7,119
Unrecognized Stock-Based Compensation Costs Not Yet Recognized, Net of Estimated Forfeitures Related to Unvested RSUs and MSUs
Total unrecognized compensation cost, net of estimated forfeitures	$ 127,409
Weighted average period to recognize unrecognized compensation cost	1 year 8 months 12 days
Excess income tax benefits
Excess income tax benefits for stock-based compensation arrangements recognized through income tax expense (benefit)	$ 9,374	113,903	143,046
Cost of revenues
Benefit Plans
Total stock-based compensation expense	18,927	17,101	11,622
Sales and marketing
Benefit Plans
Total stock-based compensation expense	35,536	36,930	21,854
Research and development
Benefit Plans
Total stock-based compensation expense	36,072	36,475	18,696
General and administrative
Benefit Plans
Total stock-based compensation expense	$ 55,497	$ 56,794	$ 44,030

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Property and equipment
Property and equipment, gross	$ 151,222	$ 141,955
Accumulated depreciation	(90,582)	(77,886)
Property and equipment, net	60,640	64,069
Depreciation expense	20,744	18,478	$ 16,199
Office equipment
Property and equipment
Property and equipment, gross	2,771	2,508
Computer equipment
Property and equipment
Property and equipment, gross	63,138	58,670
Furniture and fixtures
Property and equipment
Property and equipment, gross	13,081	12,958
Software
Property and equipment
Property and equipment, gross	13,102	11,127
Leasehold improvements
Property and equipment
Property and equipment, gross	49,392	48,159
Time clocks rented by clients
Property and equipment
Property and equipment, gross	$ 9,738	$ 8,533

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

(13) Leases

The Company primarily leases office space under non-cancellable operating leases expiring on various dates from July 2024 through October 2032. The leases provide for increasing annual base rents and oblige the Company to fund its proportionate share of operating expenses and, in certain cases, real estate taxes. The Company also leases various types of office and production related equipment under non-cancellable operating leases expiring on various dates from July 2024 through December 2027.

The components of operating lease expense were as follows:


	Year Ended June 30,
	2022		2023		2024
Operating lease cost	$	7,509	$	8,868	$	8,590
Short-term lease cost	345		301		568
Variable lease cost	4,579		5,358		4,614
Total lease costs	$	12,433	$	14,527	$	13,772

Operating lease cost excludes $4,283 in lease exit gains recorded during the year ended June 30, 2024.

The classification of the Company’s operating lease right-of-use assets, operating lease liabilities and other supplemental information related to the Company’s operating leases were as follows:


	June 30,
	2023			2024
Operating lease right-of-use assets	$	44,067		$	33,792
Accrued expenses	$	7,800		$	7,634
Long-term operating lease liabilities	$	62,471		$	46,814
Weighted-average remaining lease term (years)	8.0			7.0
Weighted-average discount rate	3.52		%	4.62		%

The following table summarizes supplemental cash flow information related to the Company’s operating leases:


	Year Ended June 30,
	2022		2023		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,955	$	10,958	$	9,855
Operating lease assets obtained in exchange for new liabilities	$	10,084	$	1,264	$	1,059

The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet were as follows as of June 30, 2024:


Fiscal 2025	$	9,838
Fiscal 2026	9,262
Fiscal 2027	8,855
Fiscal 2028	8,655
Fiscal 2029	7,698
Thereafter	19,821
Total undiscounted cash flows	64,129
Less: Present value discount	(9,681)
Total operating lease liabilities	$	54,448

The table above excludes $7,263 of undiscounted future minimum lease payments for operating lease liabilities for both office space and equipment that had not yet commenced for terms ranging from four to six years.

Net Income Per Share - Summary of Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Anti-dilutive securities excluded from diluted per share calculations
Anti-dilutive securities excluded (in shares)	24	87	94
Market share units
Anti-dilutive securities excluded from diluted per share calculations
Anti-dilutive securities excluded (in shares)	12	48	24
Restricted stock units
Anti-dilutive securities excluded from diluted per share calculations
Anti-dilutive securities excluded (in shares)	12	39	70

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Operating leases:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 9,855	$ 10,958	$ 9,955
Operating lease assets obtained in exchange for new liabilities	$ 1,059	$ 1,264	$ 10,084

Revenue

12 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

(3) Revenue

The following table disaggregates revenue by Recurring fees and Implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue:


	Year Ended June 30,
	2022		2023		2024
Recurring fees	$	818,137	$	1,056,808	$	1,227,150
Implementation services and other	29,557		41,228		54,530
Total revenues from contracts	$	847,694	$	1,098,036	$	1,281,680

Deferred revenue

The timing of revenue recognition for recurring revenue is consistent with the timing of invoicing as they occur monthly as services are provided based on a per-employee-per-month fee. As such, the Company does not generally recognize contract assets or liabilities related to recurring revenue.

The Company defers and amortizes nonrefundable upfront fees related to implementation services generally over a period up to 24 months based on the type of contract. The following table summarizes the changes in deferred revenue (i.e., contract liability) related to these nonrefundable upfront fees as follows:


	Year Ended June 30,
	2023		2024
Balance at beginning of the year	$	12,233	$	22,617
Deferral of revenue	40,991		43,463
Revenue recognized	(30,607)		(41,197)
Balance at end of the year	$	22,617	$	24,883

Deferred revenue related to these nonrefundable upfront fees are recorded within Accrued expenses and Other long-term liabilities on the Consolidated Balance Sheets. The Company expects to recognize these deferred revenue balances of $20,849 in fiscal 2025, $3,893 in fiscal 2026, and $141 thereafter.

Deferred contract costs

The following tables present the deferred contract costs balances and the related amortization expense for these deferred contract costs:


	Year Ended June 30, 2023
	Beginning Balance		Capitalized Costs		Amortization		Ending Balance
Costs to obtain a new contract	$	182,543	$	80,999	$	(44,577)	$	218,965
Costs to fulfill a contract	106,025		72,762		(25,421)		153,366
Total	$	288,568	$	153,761	$	(69,998)	$	372,331


	Year Ended June 30, 2024
	Beginning Balance		Capitalized Costs		Amortization		Ending Balance
Costs to obtain a new contract	$	218,965	$	83,701	$	(52,530)	$	250,136
Costs to fulfill a contract	153,366		78,599		(36,239)		195,726
Total	$	372,331	$	162,300	$	(88,769)	$	445,862

Deferred contract costs are recorded within Deferred contract costs and Long-term deferred contract costs on the Consolidated Balance Sheets. Amortization of deferred contract costs is primarily recorded in Cost of revenues and Sales and marketing in the Consolidated Statements of Operations and Comprehensive Income. The Company did not record any impairment losses associated with its deferred contract costs during the years ended June 30, 2022, 2023 or 2024.

Remaining Performance Obligations

The Company has applied the practical expedients as allowed under Topic 606 and elects not to disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less and contracts for which the variable consideration is allocated entirely to wholly unsatisfied performance obligations. The Company’s remaining performance obligations related to minimum monthly fees on its term-based contracts was approximately $76,978 as of June 30, 2024, which will be generally recognized over the next 24 months.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	(15) Stockholders’ Equity Common Stock Holders of common stock are entitled to one vote per share and to receive dividends, when declared. The holders have no preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares. Share Repurchase Program On April 30, 2024, the Company's Board of Directors approved a share repurchase program (the "Repurchase Program") under which the Company is authorized to purchase (in the aggregate) up to $500,000 of its issued and outstanding common stock. Under the Repurchase Program, shares may be repurchased from time-to-time in open market transactions at prevailing market prices, privately negotiated transactions or by other means, including the use of Rule 10b5-1 trading plans entered into by the Company. The actual timing, number and value of shares repurchased under the Repurchase Program will depend on the market price of its common stock, trading volume, general market conditions and other corporate and economic considerations. The Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time. During the year ended June 30, 2024, the Company repurchased 1,050 shares for $150,000. All shares of common stock repurchased were retired.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Leases - Operating Lease ROU Assets, Operating Lease Liabilities and Other Supplemental Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Operating leases:
Operating lease right-of-use assets	$ 33,792	$ 44,067
Accrued expenses	7,634	7,800
Long-term operating lease liabilities	$ 46,814	$ 62,471
Weighted-average remaining lease term (years)	7 years	8 years
Weighted-average discount rate	4.62%	3.52%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 206,766	$ 140,822	$ 90,777
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation expense	146,032	147,300	96,202
Depreciation and amortization expense	76,426	60,866	50,218
Deferred income tax expense (benefit)	27,835	13,540	(7,180)
Provision for credit losses	1,565	1,245	311
Net amortization of premiums (accretion of discounts) on available-for-sale securities	(4,378)	(5,412)	381
Other	(962)	1,682	503
Changes in operating assets and liabilities:
Accounts receivable	(8,186)	(9,407)	(7,605)
Deferred contract costs	(70,337)	(80,781)	(73,263)
Prepaid expenses and other	(5,829)	(3,994)	(14,767)
Accounts payable	2,423	(1,554)	2,553
Accrued expenses and other	13,315	18,416	16,923
Net cash provided by operating activities	384,670	282,723	155,053
Cash flows from investing activities:
Purchases of available-for-sale securities and other	(304,465)	(598,895)	(433,962)
Proceeds from sales and maturities of available-for-sale securities	294,438	446,751	116,848
Capitalized internal-use software costs	(60,726)	(45,004)	(34,515)
Purchases of property and equipment	(18,028)	(21,910)	(18,069)
Acquisitions of businesses, net of cash acquired	(12,031)	0	(107,576)
Other investing activities	(1,079)	(1,104)	(2,500)
Net cash used in investing activities	(101,891)	(220,162)	(479,774)
Cash flows from financing activities:
Net change in client fund obligations	325,056	(1,362,421)	2,228,038
Borrowings under credit facility	0	0	50,000
Repayment of credit facility	0	0	(50,000)
Repurchases of common shares	(150,000)	0	0
Proceeds from employee stock purchase plan	19,143	16,916	14,103
Taxes paid related to net share settlement of equity awards	(52,549)	(88,312)	(69,761)
Other financing activities	(72)	(885)	(87)
Net cash provided by (used in) financing activities	141,578	(1,434,702)	2,172,293
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents	424,357	(1,372,141)	1,847,572
Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of year	2,421,312	3,793,453	1,945,881
Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of year	2,845,669	2,421,312	3,793,453
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchases of property and equipment and internal-use software, accrued but not paid	1,118	0	2,052
Liabilities assumed for acquisitions	378	117	4,581
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	494	404	311
Cash paid for income taxes	47,619	1,359	11
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	401,811	288,767	139,756
Funds held for clients' cash and cash equivalents	2,443,858	2,132,545	3,653,697
Total cash, cash equivalents and funds held for clients' cash and cash equivalents	$ 2,845,669	$ 2,421,312	$ 3,793,453

Cash and Cash Equivalents and Funds Held for Clients - Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash and Cash Equivalents and Funds Held for Clients
Amortized cost of cash and cash equivalents	$ 401,811	$ 288,767
Fair value of cash and cash equivalents	401,811	288,767	$ 139,756
Amortized cost of funds held for clients' cash and cash equivalents	2,443,858	2,132,545
Fair value of funds held for clients' cash and cash equivalents	2,443,858	2,132,545	$ 3,653,697
Available-for-sale securities
Amortized cost	509,145	494,741
Gross unrealized gains	1,361	45
Gross unrealized losses	(2,304)	(5,916)
Fair value	508,202	488,870
Total investments at amortized cost	3,354,814	2,916,053
Total investments gross unrealized gains	1,361	45
Total investments gross unrealized losses	(2,304)	(5,916)
Total investments	3,353,871	2,910,182
Commercial paper
Available-for-sale securities
Amortized cost		110,003
Gross unrealized gains		12
Gross unrealized losses		(138)
Fair value		109,877
Corporate bonds
Available-for-sale securities
Amortized cost	314,728	112,262
Gross unrealized gains	1,094	18
Gross unrealized losses	(1,002)	(1,867)
Fair value	314,820	110,413
Asset-backed securities
Available-for-sale securities
Amortized cost	40,653	30,061
Gross unrealized gains	147	10
Gross unrealized losses	(118)	(337)
Fair value	40,682	29,734
Certificates of deposit
Available-for-sale securities
Amortized cost		68,247
Gross unrealized gains		5
Gross unrealized losses		(93)
Fair value		68,159
U.S treasury securities
Available-for-sale securities
Amortized cost	124,889	158,839
Gross unrealized gains	36	0
Gross unrealized losses	(973)	(2,839)
Fair value	123,952	156,000
U.S government agency securities
Available-for-sale securities
Amortized cost		8,000
Gross unrealized gains		0
Gross unrealized losses		(513)
Fair value		7,487
Other
Available-for-sale securities
Amortized cost	28,875	7,329
Gross unrealized gains	84	0
Gross unrealized losses	(211)	(129)
Fair value	$ 28,748	$ 7,200

Fair Value Measurement

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

(5) Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1—Quoted prices in active markets for identical assets and liabilities.

•Level 2—Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company measures any cash and cash equivalents, funds held for clients' cash and cash equivalents, accounts receivable, accounts payable and client fund obligations at fair value on a recurring basis using Level 1 inputs. The Company considers the recorded value of these financial assets and liabilities to approximate the fair value of the respective assets and liabilities at June 30, 2023 and 2024 based upon the short-term nature of these assets and liabilities.

Marketable securities classified as available-for-sale are recorded at fair value on a recurring basis using Level 2 inputs obtained from an independent pricing service. Available-for-sale securities include commercial paper, corporate bonds, asset-backed securities, U.S. treasury securities and other. The independent pricing service utilizes a variety of inputs including benchmark yields, broker/dealer quoted prices, reported trades, issuer spreads as well as other available market data. The Company, on a sample basis, validates the pricing from the independent pricing service against another third-party pricing source for reasonableness. The Company has not adjusted any prices obtained by the independent pricing service, as it believes they are appropriately valued. There were no available-for-sale securities classified in Level 3 of the fair value hierarchy at June 30, 2023 or 2024.

The fair value level for the Company’s cash and cash equivalents and available-for-sale securities was as follows:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	288,767	$	288,767	$	—	$	—
Funds held for clients' cash and cash equivalents	2,132,545		2,132,545		—		—
Available-for-sale securities:
Commercial paper	109,877		—		109,877		—
Corporate bonds	110,413		—		110,413		—
Asset-backed securities	29,734		—		29,734		—
Certificates of deposit	68,159		—		68,159		—
U.S. treasury securities	156,000		—		156,000		—
U.S. government agency securities	7,487		—		7,487		—
Other	7,200		—		7,200		—
Total available-for-sale securities	488,870		—		488,870		—
Total investments	$	2,910,182	$	2,421,312	$	488,870	$	—


	June 30, 2024
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	401,811	$	401,811	$	—	$	—
Funds held for clients' cash and cash equivalents	2,443,858		2,443,858		—		—
Available-for-sale securities:

Corporate bonds	314,820		—		314,820		—
Asset-backed securities	40,682		—		40,682		—

U.S. treasury securities	123,952		—		123,952		—

Other	28,748		—		28,748		—
Total available-for-sale securities	508,202		—		508,202		—
Total investments	$	3,353,871	$	2,845,669	$	508,202	$	—

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

The Company records assets acquired and liabilities assumed in business combinations at fair value. Refer to Note 7 for further details on the fair value measurements of certain assets and liabilities recorded at fair value on a non-recurring basis.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Benefit Plans - MSU Activity (Details) - Market share units - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
MSUs Outstanding, Units
Balance at the beginning of the year (in shares)	171
MSUs granted (in shares)	86
MSUs vested (in shares)	(60)
Balance at the end of the year (in shares)	197	171
MSUs Outstanding, Weighted average grant date fair value
Balance at the beginning of the year (in dollars per share)	$ 320.38
MSUs granted (in dollars per share)	256.66
MSUs vested (in dollar per shares)	178.04
Balance at the end of the year (in dollars per share)	$ 335.79	$ 320.38
Valuation Assumptions
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	44.50%
Expected term (years)	3 years 14 days
Risk‑free interest rate	4.58%
Minimum
Valuation Assumptions
Expected volatility		51.00%	47.40%
Expected term (years)		2 years 9 months	2 years 11 months 1 day
Risk‑free interest rate		3.11%	0.43%
Maximum
Equity Incentive Plans
Percentage of award shares eligible to vest, maximum	200.00%
Valuation Assumptions
Expected volatility		52.70%	47.50%
Expected term (years)		3 years 14 days	3 years 14 days
Risk‑free interest rate		4.01%	0.47%

Capitalized Internal-Use Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Capitalized internal-use software and accumulated amortization
Capitalized internal-use software	$ 324,269	$ 248,738
Accumulated amortization	(207,857)	(162,611)
Capitalized internal-use software, net	116,412	86,127
Cost of revenue
Capitalized internal-use software and accumulated amortization
Amortization of capitalized internal-use software	$ 45,246	$ 31,440	$ 25,267

Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Advertising
Advertising costs	$ 22,414	$ 15,700	$ 8,335

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Changes in Goodwill
Balance at beginning of year	$ 102,054	$ 101,949
Additions attributable to acquisitions	6,883	0
Measurement period adjustments	0	105
Balance at end of year	108,937	102,054	$ 101,949
Amortizable intangible assets
Intangible assets, gross	72,769	68,569
Accumulated amortization	(44,478)	(34,042)
Intangible assets, net	28,291	34,527
Amortization expense for acquired intangible assets	10,436	10,948	$ 8,752
Future amortization expense for acquired intangible assets
Fiscal 2025	9,728
Fiscal 2026	8,109
Fiscal 2027	5,733
Fiscal 2028	3,869
Fiscal 2029	852
Intangible assets, net	28,291	34,527
Proprietary technology
Amortizable intangible assets
Intangible assets, gross	$ 47,329	43,129
Weighted average useful life (years)	5 years 10 months 24 days
Client relationships
Amortizable intangible assets
Intangible assets, gross	$ 22,200	22,200
Weighted average useful life (years)	7 years 9 months 18 days
Non-solicitation agreements
Amortizable intangible assets
Intangible assets, gross	$ 1,600	1,600
Weighted average useful life (years)	3 years 1 month 6 days
Trade names
Amortizable intangible assets
Intangible assets, gross	$ 1,640	$ 1,640
Weighted average useful life (years)	5 years

Business Combinations

12 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Business Combinations

(7) Business Combinations

The Company accounts for business combinations in accordance with ASC 805, Business Combinations. The Company recorded the acquisitions disclosed below using the acquisition method of accounting and recognized assets and liabilities at their fair values as of the date of acquisitions, with the excess recorded to goodwill.

On August 31, 2021, the Company entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Blue Marble Payroll, LLC (“Blue Marble”) and its equity holders and acquired all of the issued and outstanding equity interests of Blue Marble for cash consideration of $60,961, subject to customary purchase price adjustments. Blue Marble’s payroll platform enables U.S.-based companies to manage payroll for employees outside the U.S. in line with complex local and country-specific requirements across many countries. This acquisition enables the Company to better serve its clients in managing their international workforces through a unified solution to pay employees, automate processes and stay compliant with regulations in other countries.

An entity affiliated with Steven I. Sarowitz, the Chairman of the Board of Directors and the largest shareholder of the Company, was the largest equity holder of Blue Marble. The Board of Directors of the Company appointed the Audit Committee, which is comprised solely of directors who are independent of the management of Blue Marble, the Blue Marble equity holders and the Company, to evaluate, assess and negotiate on its behalf the terms and conditions in the Purchase Agreement. The Audit Committee and the disinterested directors of the Company’s Board of Directors unanimously approved the Purchase Agreement and transactions specified within it.

The allocation of the purchase price for Blue Marble was as follows:


	August 31, 2021
Proprietary technology	$	21,200
Client relationships	3,000
Trade names	1,200
Goodwill	34,776
Other assets acquired	2,659
Liabilities assumed	(1,874)
Total purchase price	$	60,961

On January 18, 2022, the Company acquired all of the shares outstanding of Cloudsnap, Inc., ("Cloudsnap") through a merger for cash consideration of $50,002, which was paid upon closing. Cloudsnap is a provider of a flexible, low-code solution for integrating disparate business applications. This transaction enables the Company to deliver modern integrations and seamless data sharing between critical systems more efficiently and effectively, while helping to unify and automate business processes across clients' HR, finance, benefits, and other systems.

The allocation of the purchase price for Cloudsnap was as follows:


	January 18, 2022
Proprietary technology	$	15,800


Goodwill	33,628
Other assets acquired	3,398
Liabilities assumed	(2,824)
Total purchase price	$	50,002

On November 30, 2023, the Company acquired all of the outstanding shares of TraceHQ.com, Inc. ("Trace") through a merger of Trace with a subsidiary of the Company for cash consideration of $12,086, subject to working capital and other customary purchase price adjustments. Trace offers a headcount planning solution that expands the Company's product functionality in this area. The preliminary allocation of the purchase price for Trace was approximately $6,883 of goodwill, $4,200 of proprietary technology and other immaterial assets and liabilities, which reflects certain immaterial measurement period adjustments recorded during the year ended June 30, 2024. The fair values of the assets acquired and liabilities assumed due to this acquisition are currently provisional and are subject to change over the measurement period as the Company continues to evaluate and analyze the estimates and assumptions used in the valuation. The primary area subject to change is deferred taxes. The measurement period will end no later than one year from the acquisition date.

The results from these acquisitions have been included in the Company’s consolidated financial statements since the closing of the acquisitions and are not material to the Company. Pro forma information was not presented because the effects of the acquisitions are not material to the Company’s consolidated financial statements. The goodwill related to these transactions is primarily attributable to the assembled workforce and growth opportunities from the expansion and enhancement of the Company’s product offerings. The goodwill associated with the Blue Marble acquisition is deductible for income tax purposes. The goodwill associated with the Cloudsnap and Trace acquisitions is not deductible for income tax purposes. Direct costs related to these acquisitions were immaterial and expensed as incurred primarily as General and administrative in the Consolidated Statements of Operations and Comprehensive Income.

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 30, 2024	Jul. 26, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36348
Entity Registrant Name	PAYLOCITY HOLDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4066644
Entity Address, Address Line One	1400 American Lane
Entity Address, City or Town	Schaumburg
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60173
City Area Code	847
Local Phone Number	463-3200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCTY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 7.3
Entity Common Stock, Shares Outstanding		55,567,199
Entity Central Index Key	0001591698
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Summary of Significant Accounting Policies - PP&E (Details)	Jun. 30, 2024
Minimum
Property and Equipment and Long-Lived Assets
Estimated useful lives of the assets	3 years
Maximum
Property and Equipment and Long-Lived Assets
Estimated useful lives of the assets	7 years

Revenue - Deferred Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Deferred contract costs
Beginning Balance	$ 372,331	$ 288,568
Capitalized Costs	162,300	153,761
Amortization	(88,769)	(69,998)
Ending Balance	445,862	372,331	$ 288,568
Impairment losses	0	0	0
Costs to obtain a new contract
Deferred contract costs
Beginning Balance	218,965	182,543
Capitalized Costs	83,701	80,999
Amortization	(52,530)	(44,577)
Ending Balance	250,136	218,965	182,543
Costs to fulfill a contract
Deferred contract costs
Beginning Balance	153,366	106,025
Capitalized Costs	78,599	72,762
Amortization	(36,239)	(25,421)
Ending Balance	$ 195,726	$ 153,366	$ 106,025

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current taxes
Federal	$ 30,900	$ 1,702	$ 0
State and local	11,524	2,625	(16)
Deferred taxes:
Federal	26,438	17,973	(4,214)
State and local	1,387	(4,508)	(2,950)
Total income tax expense (benefit)	$ 70,249	$ 17,792	$ (7,180)
Tax Rate Reconciliation
Income tax expense (benefit) at statutory federal rate	21.00%	21.00%	21.00%
Increase (reduction) in income taxes resulting from:
Research and development credit and other credits	(2.90%)	(3.10%)	(5.30%)
Non-deductible expenses	0.70%	1.00%	1.50%
Change in valuation allowance	(0.50%)	(2.80%)	0.40%
Stock-based compensation expense	2.70%	(6.10%)	(21.90%)
State and local income taxes, net of federal income tax benefit	4.30%	1.30%	(4.00%)
Other	0.10%	(0.10%)	(0.30%)
Total effective income tax rate	25.40%	11.20%	(8.60%)
Pre-tax income	$ 277,015	$ 158,614	$ 83,597
Deferred tax assets:
Operating lease liabilities	14,141	18,238
Accrued expenses	19,706	19,610
Stock-based compensation	28,595	27,402
Net operating loss carryforwards	4,282	13,010
Federal and state tax credits	17,907	35,016
Research and development costs	29,718	12,523
Other	0	1,204
Total deferred tax assets	114,349	127,003
Valuation allowance	0	(1,350)
Net deferred tax assets	114,349	125,653
Deferred tax liabilities:
Deferred contract costs	(116,004)	(96,598)
Operating lease right-of-use assets	(8,775)	(11,456)
Intangible assets	(2,661)	(2,626)
Depreciation	(10,559)	(10,947)
Other	(358)	0
Total deferred tax liabilities	(138,357)	(121,627)
Deferred tax assets, net, total		$ 4,026
Deferred tax liabilities, net	(24,008)
State
Deferred tax assets:
Valuation allowance	$ 0

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Recurring and other revenue	$ 1,281,680	$ 1,098,036	$ 847,694
Interest income on funds held for clients	120,835	76,562	4,957
Total revenues	1,402,515	1,174,598	852,651
Cost of revenues	441,729	367,039	287,002
Gross profit	960,786	807,559	565,649
Operating expenses:
Sales and marketing	334,954	296,716	214,455
Research and development	178,333	163,994	102,908
General and administrative	187,406	191,823	163,692
Total operating expenses	700,693	652,533	481,055
Operating income	260,093	155,026	84,594
Other income (expense)	16,922	3,588	(997)
Income before income taxes	277,015	158,614	83,597
Income tax expense (benefit)	70,249	17,792	(7,180)
Net income	206,766	140,822	90,777
Other comprehensive income (loss), net of tax	3,579	(2,212)	(2,369)
Comprehensive income	$ 210,345	$ 138,610	$ 88,408
Net income per share:
Basic (in dollars per share)	$ 3.68	$ 2.53	$ 1.65
Diluted (in dollars per share)	$ 3.63	$ 2.49	$ 1.61
Weighted-average shares used in computing net income per share:
Basic (in shares)	56,214	55,706	55,036
Diluted (in shares)	56,976	56,596	56,445

Leases - Operating Lease Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Components of operating lease expense:
Operating lease cost	$ 8,590	$ 8,868	$ 7,509
Short-term lease cost	568	301	345
Variable lease cost	4,614	5,358	4,579
Total lease costs	13,772	$ 14,527	$ 12,433
Lease exit gains	$ 4,283

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 206,766	$ 140,822	$ 90,777

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 250
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt	12 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	(12) Debt In July 2019, the Company entered into a revolving credit agreement with PNC Bank, National Association, and other lenders, which is secured by substantially all of the Company’s assets, subject to certain restrictions. In August 2022, the Company entered into a first amendment to the aforementioned credit agreement to increase the borrowing capacity of our revolving credit facility ("credit facility") to $550,000, which may be increased up to $825,000, subject to obtaining additional lender commitments and certain approvals and satisfying other requirements. The amended credit agreement extends the maturity date of the credit facility to August 2027 and replaces the interest rate based on London Interbank Offered Rate with an interest rate based on secured overnight financing rate ("SOFR"). In January 2022, the Company borrowed $50,000 under the credit facility in connection with its acquisition of Cloudsnap, which it repaid during the third quarter of fiscal 2022. The Company had no borrowings at June 30, 2023 or June 30, 2024 and did not borrow any amounts during fiscal 2023 or 2024. The Company incurred interest expense related to any borrowings at average interest rate of 1.01% during the year ended June 30, 2022. The proceeds of any borrowings are to be used to fund working capital, capital expenditures and general corporate purposes, including permitted acquisitions, permitted investments, permitted distributions and share repurchases. The Company may generally borrow, prepay and reborrow under the credit facility and terminate or reduce the lenders’ commitments at any time prior to revolving credit facility expiration without a premium or a penalty, other than customary “breakage” costs. Any borrowings under the credit facility will generally bear interest, at the Company’s option, at a rate per annum determined by reference to either the Term SOFR rate plus the SOFR Adjustment or an adjusted base rate, in each case plus an applicable margin ranging from 0.875% to 1.500% and 0.00% to 0.500%, respectively, based on the then-applicable net total leverage ratio. Additionally, the Company is required to pay certain commitment, letter of credit fronting and letter of credit participation fees on available and/or undrawn portions of the credit facility.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

12 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table disaggregates revenue by Recurring fees and Implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue:


	Year Ended June 30,
	2022		2023		2024
Recurring fees	$	818,137	$	1,056,808	$	1,227,150
Implementation services and other	29,557		41,228		54,530
Total revenues from contracts	$	847,694	$	1,098,036	$	1,281,680

Schedule of changes in deferred revenue related to nonrefundable upfront fees

The following table summarizes the changes in deferred revenue (i.e., contract liability) related to these nonrefundable upfront fees as follows:


	Year Ended June 30,
	2023		2024
Balance at beginning of the year	$	12,233	$	22,617
Deferral of revenue	40,991		43,463
Revenue recognized	(30,607)		(41,197)
Balance at end of the year	$	22,617	$	24,883

Schedule of deferred contract costs and the related amortization expense

The following tables present the deferred contract costs balances and the related amortization expense for these deferred contract costs:


	Year Ended June 30, 2023
	Beginning Balance		Capitalized Costs		Amortization		Ending Balance
Costs to obtain a new contract	$	182,543	$	80,999	$	(44,577)	$	218,965
Costs to fulfill a contract	106,025		72,762		(25,421)		153,366
Total	$	288,568	$	153,761	$	(69,998)	$	372,331


	Year Ended June 30, 2024
	Beginning Balance		Capitalized Costs		Amortization		Ending Balance
Costs to obtain a new contract	$	218,965	$	83,701	$	(52,530)	$	250,136
Costs to fulfill a contract	153,366		78,599		(36,239)		195,726
Total	$	372,331	$	162,300	$	(88,769)	$	445,862

Leases - Future Maturities and Leases That Had Not Yet Commenced (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Undiscounted cash flows for future maturities of operating lease liabilities and the reconciliation to the balance of operating lease liabilities
Fiscal 2025	$ 9,838
Fiscal 2026	9,262
Fiscal 2027	8,855
Fiscal 2028	8,655
Fiscal 2029	7,698
Thereafter	19,821
Total undiscounted cash flows	64,129
Less: Present value discount	(9,681)
Operating lease liabilities	54,448
Operating leases that have not yet commenced
Undiscounted future minimum lease payments	$ 7,263
Maximum
Operating leases that have not yet commenced
Lease term	6 years
Minimum
Operating leases that have not yet commenced
Lease term	4 years

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2024, the following officer adopted a "Rule 10b5-1 trading arrangement" as defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense of Rule 10b5-1(c):

Name and Title

Total Shares of Common Stock to be Sold (1)(2)

Duration (3)

Adoption Date

Expiration Date

Andrew Cappotelli

Senior Vice President Operations

Up to 3,403

August 14, 2024 - November 29, 2024

May 15, 2024

November 29, 2024

(1)The number of shares to be sold is determined, in part, based on pricing triggers outlined in the adopting person's trading arrangement.

(2)Includes shares subject to certain outstanding equity awards with time- and/or market-based vesting conditions. For shares subject to market-based vesting conditions, the number of shares included in the table above assumes the maximum achievement of the market-based market conditions. Additionally, for both time- and market-based vesting awards, the actual number of shares that may be sold will be net of the number of shares withheld by the Company to satisfy tax withholding obligations arising from the vesting of such awards, which is not determinable at this time.

(3)The trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the expiration date listed in the table.

No directors or officers terminated a Rule 10b5-1 trading arrangement or entered into or terminated a “non-Rule 10b5-1 trading arrangement” as defined in Item 408(a) of Regulation S-K during the three months ended June 30, 2024.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Andrew Cappotelli [Member]

Trading Arrangements, by Individual

Name

Andrew Cappotelli

Title

Senior Vice President Operations

Rule 10b5-1 Arrangement Adopted

true

May 15, 2024

November 29, 2024

108 days

3,403

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following table summarizes changes in goodwill during the years presented below:


	Year Ended June 30,
	2023		2024
Balance at beginning of year	$	101,949	$	102,054
Additions attributable to acquisitions	—		6,883
Measurement period adjustments	105		—
Balance at end of year	$	102,054	$	108,937

Schedule of amortizable intangible assets and estimated useful lives

The Company’s amortizable intangible assets and estimated useful lives were as follows:


	June 30,				Weighted average useful life (years)
	2023		2024
Proprietary technology	$	43,129	$	47,329	5.9
Client relationships	22,200		22,200		7.8
Non-solicitation agreements	1,600		1,600		3.1
Trade names	1,640		1,640		5.0
Total	68,569		72,769
Accumulated amortization	(34,042)		(44,478)
Intangible assets, net	$	34,527	$	28,291

Schedule of future amortization expense for acquired intangible assets

Future amortization expense for acquired intangible assets was as follows as of June 30, 2024:


Fiscal 2025	$	9,728
Fiscal 2026	8,109
Fiscal 2027	5,733
Fiscal 2028	3,869
Fiscal 2029	852

Total	$	28,291

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of components of operating lease expense

The components of operating lease expense were as follows:


	Year Ended June 30,
	2022		2023		2024
Operating lease cost	$	7,509	$	8,868	$	8,590
Short-term lease cost	345		301		568
Variable lease cost	4,579		5,358		4,614
Total lease costs	$	12,433	$	14,527	$	13,772

Schedule of the classification of operating lease right-of-use assets, operating lease liabilities and other supplemental information related to operating leases

The classification of the Company’s operating lease right-of-use assets, operating lease liabilities and other supplemental information related to the Company’s operating leases were as follows:


	June 30,
	2023			2024
Operating lease right-of-use assets	$	44,067		$	33,792
Accrued expenses	$	7,800		$	7,634
Long-term operating lease liabilities	$	62,471		$	46,814
Weighted-average remaining lease term (years)	8.0			7.0
Weighted-average discount rate	3.52		%	4.62		%

Schedule of supplemental cash flow information related to operating leases

The following table summarizes supplemental cash flow information related to the Company’s operating leases:


	Year Ended June 30,
	2022		2023		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,955	$	10,958	$	9,855
Operating lease assets obtained in exchange for new liabilities	$	10,084	$	1,264	$	1,059

Schedule of undiscounted cash flows for future maturities of operating lease liabilities and the reconciliation to the balance of operating lease liabilities


Fiscal 2025	$	9,838
Fiscal 2026	9,262
Fiscal 2027	8,855
Fiscal 2028	8,655
Fiscal 2029	7,698
Thereafter	19,821
Total undiscounted cash flows	64,129
Less: Present value discount	(9,681)
Total operating lease liabilities	$	54,448

Fair Value Measurement (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value level for cash and cash equivalents and available-for-sale securities measured on a recurring basis

The fair value level for the Company’s cash and cash equivalents and available-for-sale securities was as follows:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	288,767	$	288,767	$	—	$	—
Funds held for clients' cash and cash equivalents	2,132,545		2,132,545		—		—
Available-for-sale securities:
Commercial paper	109,877		—		109,877		—
Corporate bonds	110,413		—		110,413		—
Asset-backed securities	29,734		—		29,734		—
Certificates of deposit	68,159		—		68,159		—
U.S. treasury securities	156,000		—		156,000		—
U.S. government agency securities	7,487		—		7,487		—
Other	7,200		—		7,200		—
Total available-for-sale securities	488,870		—		488,870		—
Total investments	$	2,910,182	$	2,421,312	$	488,870	$	—


	June 30, 2024
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	401,811	$	401,811	$	—	$	—
Funds held for clients' cash and cash equivalents	2,443,858		2,443,858		—		—
Available-for-sale securities:

Corporate bonds	314,820		—		314,820		—
Asset-backed securities	40,682		—		40,682		—

U.S. treasury securities	123,952		—		123,952		—

Other	28,748		—		28,748		—
Total available-for-sale securities	508,202		—		508,202		—
Total investments	$	3,353,871	$	2,845,669	$	508,202	$	—

Income Taxes - Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unrecognized Tax Benefits
Unrecognized tax benefits at beginning of the year	$ 1,552	$ 1,015
Additions for current year tax positions	769	570
Additions for tax positions of prior periods	114	0
Subtractions for tax positions of prior periods	0	(33)
Unrecognized tax benefit at end of year	2,435	$ 1,552
Federal
Operating loss carryforwards
Net operating loss carryforwards	10,484
State
Operating loss carryforwards
Net operating loss carryforwards	31,649
Net operating loss carryforwards that will expire	23,429
Net operating loss carryforwards not subject to expiration	$ 8,220
State \| Maximum
Operating loss carryforwards
Expiration date for net operating losses	Jun. 30, 2044
Unrecognized Tax Benefits
Statute of limitations on filings	4 years
State \| Minimum
Operating loss carryforwards
Expiration date for net operating losses	Jun. 30, 2029
Unrecognized Tax Benefits
Statute of limitations on filings	3 years
Research and development and other \| State
Tax credit carryforwards
Tax credit carryforwards	$ 22,667
Research and development and other \| Federal And State \| Maximum
Tax credit carryforwards
Expiration date for tax credit carryforwards	Jun. 30, 2044
Research and development and other \| Federal And State \| Minimum
Tax credit carryforwards
Expiration date for tax credit carryforwards	Jun. 30, 2025

Property and Equipment

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

(9) Property and Equipment

The major classes of property and equipment were as follows:


	June 30,
	2023		2024
Office equipment	$	2,508	$	2,771
Computer equipment	58,670		63,138
Furniture and fixtures	12,958		13,081
Software	11,127		13,102
Leasehold improvements	48,159		49,392
Time clocks rented by clients	8,533		9,738
Total	141,955		151,222
Accumulated depreciation	(77,886)		(90,582)
Property and equipment, net	$	64,069	$	60,640

Depreciation expense amounted to $16,199, $18,478 and $20,744 for the years ended June 30, 2022, 2023 and 2024, respectively.

Cash and Cash Equivalents and Funds Held for Clients - Classification (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash and Cash Equivalents and Funds Held for Clients
Cash and cash equivalents	$ 401,811	$ 288,767	$ 139,756
Funds held for clients	2,952,060	2,621,415
Total investments	3,353,871	2,910,182
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months	(658)	(2,305)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months	155,235	344,035
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months	(1,646)	(3,611)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months	121,141	104,818
Total gross unrealized losses on available-for-sale securities	(2,304)	(5,916)
Total available-for-sale securities in unrealized loss positions	276,376	448,853
Credit impairment losses	0	0	0
Commercial paper
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months		(138)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months		96,665
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months		0
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months		0
Total gross unrealized losses on available-for-sale securities		(138)
Total available-for-sale securities in unrealized loss positions		96,665
Corporate bonds
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months	(488)	(695)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months	105,957	71,089
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months	(514)	(1,172)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months	30,057	32,807
Total gross unrealized losses on available-for-sale securities	(1,002)	(1,867)
Total available-for-sale securities in unrealized loss positions	136,014	103,896
Asset-backed securities
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months	(1)	(233)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months	1,069	23,313
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months	(117)	(104)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months	8,335	2,038
Total gross unrealized losses on available-for-sale securities	(118)	(337)
Total available-for-sale securities in unrealized loss positions	9,404	25,351
Certificates of deposit
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months		(93)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months		52,254
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months		0
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months		0
Total gross unrealized losses on available-for-sale securities		(93)
Total available-for-sale securities in unrealized loss positions		52,254
U.S treasury securities
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months	(157)	(1,075)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months	44,712	95,388
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months	(816)	(1,764)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months	72,224	60,612
Total gross unrealized losses on available-for-sale securities	(973)	(2,839)
Total available-for-sale securities in unrealized loss positions	116,936	156,000
U.S government agency securities
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months		0
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months		0
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months		(513)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months		7,487
Total gross unrealized losses on available-for-sale securities		(513)
Total available-for-sale securities in unrealized loss positions		7,487
Other
Cash and Cash Equivalents and Funds Held for Clients
Gross unrealized losses on available-for-sale securities in unrealized loss positions for less than 12 months	(12)	(71)
Fair value of available-for-sale securities in unrealized loss positions for less than 12 months	3,497	5,326
Gross unrealized losses on available-for-sale securities in unrealized loss positions for greater than 12 months	(199)	(58)
Fair value of available-for-sale securities in unrealized loss positions for greater than 12 months	10,525	1,874
Total gross unrealized losses on available-for-sale securities	(211)	(129)
Total available-for-sale securities in unrealized loss positions	14,022	7,200
Reclassification out of Accumulated Other Comprehensive Income
Cash and Cash Equivalents and Funds Held for Clients
Realized gains or losses	$ 0	$ 0	$ 0

Benefit Plans

12 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

(16) Benefit Plans

(a) Equity Incentive Plans

In November 2023, the Company’s stockholders approved the 2023 Equity Incentive Plan (the “2023 Plan”), which replaces the Company’s 2014 Equity Incentive Plan (the “2014 Plan”). The 2023 Plan permits the granting of restricted stock units (“RSUs”), market share units (“MSUs”) and other equity incentives at the discretion of the compensation committee of the Company’s board of directors (“the Committee”). No new awards have been or will be issued under the 2014 Plan since the effective date of the 2023 Plan. Outstanding awards under the 2014 Plan continue to be subject to the terms and conditions of the 2014 Plan.

As of June 30, 2024, the Company had 3,794 shares allocated to the plans, of which 1,654 shares were subject to outstanding options or awards. Generally, the Company issues previously unissued shares for the exercise of stock options or vesting of awards; however, shares previously subject to 2023 Plan grants or awards that are forfeited or net settled at exercise or release may be reissued to satisfy future issuances.


	Year Ended June 30,
	2022		2023		2024
Cost of revenues	$	11,622	$	17,101	$	18,927
Sales and marketing	21,854		36,930		35,536
Research and development	18,696		36,475		36,072
General and administrative	44,030		56,794		55,497
Total stock-based compensation expense	$	96,202	$	147,300	$	146,032

In addition, the Company capitalized $7,119, $11,901 and $14,376 of stock-based compensation expense in its capitalized internal-use software costs in the years ended June 30, 2022, 2023 and 2024, respectively.

The following table represents stock option activity during the year ended June 30, 2024:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Balance at July 1, 2023	288	$	23.63	1.2	$	46,129
Options exercised	(121)	$	17.37
Balance at June 30, 2024	167	$	28.13	0.5	$	17,301
Options vested and exercisable at June 30, 2024	167	$	28.13	0.5	$	17,301

There were no stock options granted during the years ended June 30, 2022, 2023 or 2024. The total intrinsic value of options exercised during the years ended June 30, 2022, 2023 and 2024 was $51,457, $52,985 and $18,438, respectively.

The Company grants RSUs under its equity incentive plans with terms determined at the discretion of the Committee. RSUs generally vest over four years following the grant date and have time-based vesting conditions. The following table represents restricted stock unit activity during the year ended June 30, 2024:


	Units	Weighted average grant date fair value
RSU balance at July 1, 2023	1,242	$	225.30
RSUs granted	796	$	190.07
RSUs vested	(624)	$	200.67
RSUs forfeited	(124)	$	213.55
RSU balance at June 30, 2024	1,290	$	214.98

The Company also grants MSUs under its equity incentive plans with terms determined at the discretion of the Committee. The actual number of MSUs that will be eligible to vest is based on the achievement of a relative total shareholder return (“TSR”) target as compared to the TSR realized by each of the companies comprising the Russell 3000 Index over an approximately three-year period. The MSUs cliff-vest at the end of the TSR measurement period, and up to 200% of the target number of shares subject to each MSU are eligible to be earned.

The following table represents market share unit activity during the year ended June 30, 2024:


	Units	Weighted average grant date fair value
MSU balance at July 1, 2023	171	$	320.38
MSUs granted	86	$	256.66
MSUs vested	(60)	$	178.04
MSU balance at June 30, 2024	197	$	335.79

The Company estimated the grant date fair value of the MSUs using a Monte Carlo simulation model that included the following assumptions:


	Year Ended June 30,
	2022		2023		2024
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	47.4 - 47.5%		51.0 - 52.7%		44.5%
Expected term (years)	2.92 - 3.04		2.75 - 3.04		3.04
Risk‑free interest rate	0.43 - 0.47%		3.11 - 4.01%		4.58%

At June 30, 2024, there was $127,409 of total unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs and MSUs. That cost is expected to be recognized over a weighted average period of 1.7 years.

The total of excess income tax benefits for stock-based compensation arrangements was $143,046, $113,903 and $9,374 for the years ended June 30, 2022, 2023 and 2024, respectively, and were recognized through Income tax expense (benefit).

(b) Employee Stock Purchase Plan

Under the Company’s Employee Stock Purchase Plan (“ESPP”), the Company can grant stock purchase rights to all eligible employees during specific offering periods not to exceed twenty-seven months. Each offering period will begin on the trading day closest to May 16 and November 16 of each year. Shares are purchased through employees’ payroll deductions, up to a maximum of 10% of employees’ compensation for each purchase period, at a purchase price equal to 85% of the lesser of the fair market value of the Company’s common stock at the first trading day of the applicable offering period or the purchase date. Participants may purchase up to $25 worth of common stock or 2 shares of common stock in any one year. The ESPP is considered compensatory and results in compensation expense.

As of June 30, 2024, a total of 2,024 shares of common stock were reserved for future issuances under the ESPP. The number of shares of common stock reserved for issuance under the ESPP was eligible to increase each calendar year, continuing through and including January 1, 2024. The Company’s board of directors approved the final increase in the number of common shares in reserve for issuance under the ESPP by 400 shares, effective January 1, 2024.

The Company issued a total of 149 shares upon the completion of its six-month offering periods ending November 15, 2023 and May 15, 2024. The Company recorded compensation expense attributable to the ESPP of $4,676, $6,393 and $6,378 for the years ended June 30, 2022, 2023 and 2024, respectively, which is included in the summary of stock-based compensation expense above. The grant date fair values of the ESPP offering periods were estimated using the following assumptions:


	Year Ended June 30,
	2022		2023		2024
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	31.0 - 57.5%		41.1 - 57.5%		32.9 - 43.3%
Expected term (years)	0.5		0.5		0.5
Risk‑free interest rate	0.04 - 1.54%		1.54 - 5.26%		5.26 - 5.41%

The Company maintains a 401(k) plan with a matching provision that covers all eligible employees. The Company matches 50% of employees’ contributions up to 8% of their gross pay. Contributions were $12,305, $15,083 and $17,377 for the years ended June 30, 2022, 2023 and 2024, respectively.

Summary of Significant Accounting Policies - Deferred Contract Costs (Details)	Jun. 30, 2024
Deferred contract costs
Amortization period of capitalized contract costs	7 years

Benefit Plans - General Information (Details) shares in Thousands	7 Months Ended
	Jun. 30, 2024 shares
Equity Incentive Plans
Equity Incentive Plans
Number of shares of common stock reserved for issuance (in shares)	3,794
Number of shares allocated but not yet issued that are subject to outstanding options or awards	1,654
2014 Equity Incentive Plan
Equity Incentive Plans
Number of awards issued under equity incentive plan (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(17) Commitments and Contingencies (a) Employment Agreements The Company has employment agreements with certain of its key officers. The agreements allow for annual compensation increases, participation in equity incentive plans and bonuses for annual performance as well as certain change of control events as defined in the agreements. (b) Litigation On November 16, 2020, a potential class action complaint was filed against the Company with the Circuit Court of Cook County alleging that the Company violated the Illinois Biometric Information Privacy Act. The complaint seeks statutory damages, attorney’s fees and other costs. On September 11, 2023, a second potential class action complaint was filed against the Company with the Circuit Court of Cook County that alleges violations of the Illinois Biometric Information Privacy Act that overlap with claims in the first action. The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to these matters at this time. The Company intends to vigorously defend against these lawsuits. From time to time, the Company is subject to litigation arising in the ordinary course of business. Many of these matters are covered in whole or in part by insurance. In the opinion of the Company’s management, the ultimate disposition of any matters currently outstanding or threatened will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and could materially impact the Company’s financial position, results of operations, or liquidity based on the final disposition of these matters.

Cash and Cash Equivalents and Funds Held for Clients - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Expected maturities of available-for-sale securities, amortized cost
One year or less	$ 160,979
One year to two years	97,324
Two years to three years	73,548
Three years to five years	177,294
Total available-for-sale securities	509,145	$ 494,741
Expected maturities of available-for-sale securities, fair value
One year or less	159,873
One year to two years	96,657
Two years to three years	73,812
Three years to five years	177,860
Total available-for-sale securities	$ 508,202	$ 488,870

Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of components of accrued expenses

The components of accrued expenses were as follows:


	June 30,
	2023		2024
Accrued payroll and personnel costs	$	85,019	$	93,248
Operating lease liabilities	7,800		7,634
Deferred revenue	24,539		25,949
Other	25,929		31,481
Total accrued expenses	$	143,287	$	158,311

Accounts Receivable, Net

12 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable, Net

(6) Accounts Receivable, Net

The components of accounts receivable were as follows:


	Year Ended June 30,
	2023		2024
Trade receivables	$	15,471	$	18,850
Accrued interest on funds held for clients	6,886		9,453
Other	4,348		7,069
Gross accounts receivable	26,705		35,372
Allowance for credit losses	(1,620)		(2,375)
Accounts receivable, net	$	25,085	$	32,997

Activity in the allowance for credit losses related to accounts receivable was as follows:


	Year Ended June 30,
	2022		2023		2024
Balance at the beginning of the year	$	800	$	841	$	1,620
Charged to expense	311		1,245		1,565
Write-offs	(270)		(466)		(810)
Balance at the end of the year	$	841	$	1,620	$	2,375

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

The major classes of property and equipment were as follows:


	June 30,
	2023		2024
Office equipment	$	2,508	$	2,771
Computer equipment	58,670		63,138
Furniture and fixtures	12,958		13,081
Software	11,127		13,102
Leasehold improvements	48,159		49,392
Time clocks rented by clients	8,533		9,738
Total	141,955		151,222
Accumulated depreciation	(77,886)		(90,582)
Property and equipment, net	$	64,069	$	60,640

Stockholders' Equity (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) vote shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2024 USD ($)
Stockholders' Equity
Repurchases of common shares	$ 150,000	$ 0	$ 0
Common Stock
Stockholders' Equity
Number of common stock vote per share \| vote	1
Maximum value of issued and outstanding common stock eligible for repurchase under the stock repurchase program				$ 500,000
Repurchases of common shares (in shares) \| shares	1,050
Repurchases of common shares	$ 150,000

Capitalized Internal-Use Software (Tables)

12 Months Ended

Jun. 30, 2024

Research and Development [Abstract]

Schedule of capitalized internal-use software and accumulated amortization

Capitalized internal-use software and accumulated amortization were as follows:


	June 30,
	2023		2024
Capitalized internal-use software	$	248,738	$	324,269
Accumulated amortization	(162,611)		(207,857)
Capitalized internal-use software, net	$	86,127	$	116,412

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill
Impairment loss	$ 0	$ 0	$ 0
Trade names
Intangible assets, net of accumulated amortization
Estimated useful lives	5 years
Minimum \| Client relationships
Intangible assets, net of accumulated amortization
Estimated useful lives	5 years
Minimum \| Proprietary technology
Intangible assets, net of accumulated amortization
Estimated useful lives	5 years
Maximum \| Client relationships
Intangible assets, net of accumulated amortization
Estimated useful lives	9 years
Maximum \| Proprietary technology
Intangible assets, net of accumulated amortization
Estimated useful lives	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 401,811	$ 288,767
Accounts receivable, net	32,997	25,085
Deferred contract costs	97,859	78,109
Prepaid expenses and other	39,765	35,061
Total current assets before funds held for clients	572,432	427,022
Funds held for clients	2,952,060	2,621,415
Total current assets	3,524,492	3,048,437
Capitalized internal-use software, net	116,412	86,127
Property and equipment, net	60,640	64,069
Operating lease right-of-use assets	33,792	44,067
Intangible assets, net	28,291	34,527
Goodwill	108,937	102,054
Long-term deferred contract costs	348,003	294,222
Long‑term prepaid expenses and other	7,077	6,331
Deferred income tax assets	17,816	15,846
Total assets	4,245,460	3,695,680
Current liabilities:
Accounts payable	8,638	6,153
Accrued expenses	158,311	143,287
Total current liabilities before client fund obligations	166,949	149,440
Client fund obligations	2,950,411	2,625,355
Total current liabilities	3,117,360	2,774,795
Long-term operating lease liabilities	46,814	62,471
Other long-term liabilities	6,398	3,731
Deferred income tax liabilities	41,824	11,820
Total liabilities	3,212,396	2,852,817
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2023 and June 30, 2024	0	0
Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2023 and June 30, 2024; 55,912 shares issued and outstanding at June 30, 2023 and 55,514 shares issued and outstanding at June 30, 2024	56	56
Additional paid-in capital	360,488	380,632
Retained earnings	673,456	466,690
Accumulated other comprehensive loss	(936)	(4,515)
Total stockholders' equity	1,033,064	842,863
Total liabilities and stockholders’ equity	$ 4,245,460	$ 3,695,680

Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Jun. 30, 2021		54,594
Beginning balance at Jun. 30, 2021	$ 476,930	$ 55	$ 241,718	$ 235,091	$ 66
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	103,733		103,733
Stock options exercised (in shares)		217
Stock options exercised	2,226		2,226
Issuance of common stock upon vesting of equity awards (in shares)		567
Issuance of common stock under employee stock purchase plan (in shares)		101
Issuance of common stock under employee stock purchase plan	14,103		14,103
Net settlement for taxes and/or exercise price related to equity awards (in shares)		(289)
Net settlement for taxes and/or exercise price related to equity awards	(71,937)		(71,937)
Unrealized gains (losses) on securities, net of tax	(2,369)				(2,369)
Net income	90,777			90,777
Ending balance (in shares) at Jun. 30, 2022		55,190
Ending balance at Jun. 30, 2022	613,463	$ 55	289,843	325,868	(2,303)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	162,183		162,183
Stock options exercised (in shares)		260
Stock options exercised	3,265		3,265
Issuance of common stock upon vesting of equity awards (in shares)		724
Issuance of common stock upon vesting of equity awards	1	$ 1
Issuance of common stock under employee stock purchase plan (in shares)		120
Issuance of common stock under employee stock purchase plan	16,916		16,916
Net settlement for taxes and/or exercise price related to equity awards (in shares)		(382)
Net settlement for taxes and/or exercise price related to equity awards	(91,575)		(91,575)
Unrealized gains (losses) on securities, net of tax	(2,212)				(2,212)
Net income	$ 140,822			140,822
Ending balance (in shares) at Jun. 30, 2023	55,912	55,912
Ending balance at Jun. 30, 2023	$ 842,863	$ 56	380,632	466,690	(4,515)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	163,602		163,602
Stock options exercised (in shares)		121
Stock options exercised	2,083		2,083
Issuance of common stock upon vesting of equity awards (in shares)		684
Issuance of common stock under employee stock purchase plan (in shares)		149
Issuance of common stock under employee stock purchase plan	19,143		19,143
Net settlement for taxes and/or exercise price related to equity awards (in shares)		(302)
Net settlement for taxes and/or exercise price related to equity awards	(54,632)		(54,632)
Repurchases of common shares (in shares)		(1,050)
Repurchases of common shares	(150,340)		(150,340)
Unrealized gains (losses) on securities, net of tax	3,579				3,579
Net income	$ 206,766			206,766
Ending balance (in shares) at Jun. 30, 2024	55,514	55,514
Ending balance at Jun. 30, 2024	$ 1,033,064	$ 56	$ 360,488	$ 673,456	$ (936)

Cash and Cash Equivalents and Funds Held for Clients

12 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents and Funds Held for Clients [Abstract]

Cash and Cash Equivalents and Funds Held for Clients

(4) Cash and Cash Equivalents and Funds Held for Clients

Cash and cash equivalents and Funds held for clients consisted of the following:


	June 30, 2023
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	288,767	$	—	$	—	$	288,767
Funds held for clients' cash and cash equivalents	2,132,545		—		—		2,132,545
Available-for-sale securities:
Commercial paper	110,003		12		(138)		109,877
Corporate bonds	112,262		18		(1,867)		110,413
Asset-backed securities	30,061		10		(337)		29,734
Certificates of deposit	68,247		5		(93)		68,159
U.S treasury securities	158,839		—		(2,839)		156,000
U.S government agency securities	8,000		—		(513)		7,487
Other	7,329		—		(129)		7,200
Total available-for-sale securities	494,741		45		(5,916)		488,870
Total investments	$	2,916,053	$	45	$	(5,916)	$	2,910,182


	June 30, 2024
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	401,811	$	—	$	—	$	401,811
Funds held for clients' cash and cash equivalents	2,443,858		—		—		2,443,858
Available-for-sale securities:

Corporate bonds	314,728		1,094		(1,002)		314,820
Asset-backed securities	40,653		147		(118)		40,682

U.S treasury securities	124,889		36		(973)		123,952

Other	28,875		84		(211)		28,748
Total available-for-sale securities	509,145		1,361		(2,304)		508,202
Total investments	$	3,354,814	$	1,361	$	(2,304)	$	3,353,871

All available-for-sale securities were included in Funds held for clients at June 30, 2023 and 2024.

Cash and cash equivalents and funds held for clients’ cash and cash equivalents included demand deposit accounts and money market funds as of June 30, 2023 and 2024.

Classification of investments on the consolidated balance sheets was as follows:


	June 30,
	2023		2024
Cash and cash equivalents	$	288,767	$	401,811

Funds held for clients	2,621,415		2,952,060

Total investments	$	2,910,182	$	3,353,871

Available-for-sale securities that have been in an unrealized loss position for a period of less and greater than 12 months as of June 30, 2023 and 2024 had fair market value as follows:


	June 30, 2023
	Securities in an unrealized loss position for less than 12 months				Securities in an unrealized loss position for greater than 12 months				Total
	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value
Commercial paper	$	(138)	$	96,665	$	—	$	—	$	(138)	$	96,665
Corporate bonds	(695)		71,089		(1,172)		32,807		(1,867)		103,896
Asset-backed securities	(233)		23,313		(104)		2,038		(337)		25,351
Certificates of deposit	(93)		52,254		—		—		(93)		52,254
U.S. treasury securities	(1,075)		95,388		(1,764)		60,612		(2,839)		156,000
U.S. government agency securities	—		—		(513)		7,487		(513)		7,487
Other	(71)		5,326		(58)		1,874		(129)		7,200
Total available-for-sale securities	$	(2,305)	$	344,035	$	(3,611)	$	104,818	$	(5,916)	$	448,853


	June 30, 2024
	Securities in an unrealized loss position for less than 12 months				Securities in an unrealized loss position for greater than 12 months				Total
	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value

Corporate bonds	$	(488)	105,957		$	(514)	$	30,057	$	(1,002)	$	136,014
Asset-backed securities	(1)		1,069		(117)		8,335		(118)		9,404

U.S. treasury securities	(157)		44,712		(816)		72,224		(973)		116,936

Other	(12)		3,497		(199)		10,525		(211)		14,022
Total available-for-sale securities	$	(658)	$	155,235	$	(1,646)	$	121,141	$	(2,304)	$	276,376

The Company regularly reviews the composition of its portfolio to determine the existence of credit impairment. The Company did not recognize any credit impairment losses during the years ended June 30, 2022, 2023 or 2024. All securities in the Company's portfolio held an A-1 rating or better as of June 30, 2024.

The Company did not make any material reclassification adjustments out of Accumulated other comprehensive income for realized gains and losses on the sale of available-for-sale securities during the years ended June 30, 2022, 2023 or 2024. Gross realized gains and losses on the sale of available-for-sale securities were immaterial for the years ended June 30, 2022, 2023 and 2024.

Expected maturities of available-for-sale securities at June 30, 2024 were as follows:


	Amortized cost		Fair value
One year or less	$	160,979	$	159,873
One year to two years	97,324		96,657
Two years to three years	73,548		73,812
Three years to five years	177,294		177,860
Total available-for-sale securities	$	509,145	$	508,202

Net Income Per Share

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

(18) Net Income Per Share

Basic net income per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, potential common shares outstanding during the period. The Company’s potential common shares consist of the incremental common shares issuable upon the exercise of stock options, the release of restricted stock units and market share units and the shares purchasable via the employee stock purchase plan as of the balance sheet date.

The following table presents the calculation of basic and diluted net income per share:


	Year Ended June 30,
	2022		2023		2024
Numerator:
Net income	$	90,777	$	140,822	$	206,766

Denominator:
Weighted-average shares used in computing net income per share:
Basic	55,036		55,706		56,214
Weighted-average effect of potentially dilutive shares:
Employee stock options, restricted stock units and market share units	1,409		890		762
Diluted	56,445		56,596		56,976

Net income per share:
Basic	$	1.65	$	2.53	$	3.68
Diluted	$	1.61	$	2.49	$	3.63

The following table summarizes the outstanding restricted stock units and market share units as of the balance sheet date that were excluded from the diluted per share calculation for the periods presented because to include them would have been anti-dilutive:


	Year Ended June 30,
	2022	2023	2024
Market share units	24	48	12
Restricted stock units	70	39	12

Total	94	87	24

Accounts Receivable, Net (Tables)

12 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of components of accounts receivable, net

The components of accounts receivable were as follows:


	Year Ended June 30,
	2023		2024
Trade receivables	$	15,471	$	18,850
Accrued interest on funds held for clients	6,886		9,453
Other	4,348		7,069
Gross accounts receivable	26,705		35,372
Allowance for credit losses	(1,620)		(2,375)
Accounts receivable, net	$	25,085	$	32,997

Schedule of activity in the allowance for credit loss related to accounts receivable

Activity in the allowance for credit losses related to accounts receivable was as follows:


	Year Ended June 30,
	2022		2023		2024
Balance at the beginning of the year	$	800	$	841	$	1,620
Charged to expense	311		1,245		1,565
Write-offs	(270)		(466)		(810)
Balance at the end of the year	$	841	$	1,620	$	2,375

Net Income Per Share (Tables)

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted net income per share

The following table presents the calculation of basic and diluted net income per share:


	Year Ended June 30,
	2022		2023		2024
Numerator:
Net income	$	90,777	$	140,822	$	206,766

Denominator:
Weighted-average shares used in computing net income per share:
Basic	55,036		55,706		56,214
Weighted-average effect of potentially dilutive shares:
Employee stock options, restricted stock units and market share units	1,409		890		762
Diluted	56,445		56,596		56,976

Net income per share:
Basic	$	1.65	$	2.53	$	3.68
Diluted	$	1.61	$	2.49	$	3.63

Schedule of anti-dilutive securities


	Year Ended June 30,
	2022	2023	2024
Market share units	24	48	12
Restricted stock units	70	39	12

Total	94	87	24

Capitalized Internal-Use Software

12 Months Ended

Jun. 30, 2024

Research and Development [Abstract]

Capitalized Internal-Use Software

(8) Capitalized Internal-Use Software

Capitalized internal-use software and accumulated amortization were as follows:


	June 30,
	2023		2024
Capitalized internal-use software	$	248,738	$	324,269
Accumulated amortization	(162,611)		(207,857)
Capitalized internal-use software, net	$	86,127	$	116,412

Amortization of capitalized internal-use software amounted to $25,267, $31,440 and $45,246 for the years ended June 30, 2022, 2023 and 2024, respectively and is included in Cost of revenues.

Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Fair value measurement
Cash and cash equivalents	$ 401,811	$ 288,767	$ 139,756
Funds held for clients' cash and cash equivalents	2,443,858	2,132,545	$ 3,653,697
Available-for-sale securities:
Total available-for-sale securities	508,202	488,870
Total investments	3,353,871	2,910,182
Level 3
Available-for-sale securities:
Total available-for-sale securities	0	0
Level 1
Fair value measurement
Cash and cash equivalents	401,811	288,767
Funds held for clients' cash and cash equivalents	2,443,858	2,132,545
Available-for-sale securities:
Total investments	2,845,669	2,421,312
Level 2
Fair value measurement
Cash and cash equivalents	0	0
Funds held for clients' cash and cash equivalents	0	0
Available-for-sale securities:
Total available-for-sale securities	508,202	488,870
Total investments	508,202	488,870
Commercial paper
Available-for-sale securities:
Total available-for-sale securities		109,877
Commercial paper \| Level 2
Available-for-sale securities:
Total available-for-sale securities		109,877
Corporate bonds
Available-for-sale securities:
Total available-for-sale securities	314,820	110,413
Corporate bonds \| Level 2
Available-for-sale securities:
Total available-for-sale securities	314,820	110,413
Asset-backed securities
Available-for-sale securities:
Total available-for-sale securities	40,682	29,734
Asset-backed securities \| Level 2
Available-for-sale securities:
Total available-for-sale securities	40,682	29,734
Certificates of deposit
Available-for-sale securities:
Total available-for-sale securities		68,159
Certificates of deposit \| Level 2
Available-for-sale securities:
Total available-for-sale securities		68,159
U.S treasury securities
Available-for-sale securities:
Total available-for-sale securities	123,952	156,000
U.S treasury securities \| Level 2
Available-for-sale securities:
Total available-for-sale securities	123,952	156,000
U.S government agency securities
Available-for-sale securities:
Total available-for-sale securities		7,487
U.S government agency securities \| Level 2
Available-for-sale securities:
Total available-for-sale securities		7,487
Other
Available-for-sale securities:
Total available-for-sale securities	28,748	7,200
Other \| Level 2
Available-for-sale securities:
Total available-for-sale securities	$ 28,748	$ 7,200

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(14) Income Taxes

(a) Income Taxes

Income tax expense (benefit) for the years ended June 30, 2022, 2023 and 2024 consists of the following:


	Year Ended June 30,
	2022		2023		2024
Current taxes
Federal	$	—	$	1,702	$	30,900
State and local	(16)		2,625		11,524
Deferred taxes:
Federal	(4,214)		17,973		26,438
State and local	(2,950)		(4,508)		1,387
Total income tax expense (benefit)	$	(7,180)	$	17,792	$	70,249

(b) Tax Rate Reconciliation

Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended June 30, 2022, 2023 and 2024 to pretax income as a result of the following:


	Year Ended June 30,
	2022		2023		2024
Income tax expense (benefit) at statutory federal rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:
Research and development credit and other credits	(5.3)		(3.1)		(2.9)
Non-deductible expenses	1.5		1.0		0.7
Change in valuation allowance	0.4		(2.8)		(0.5)
Stock-based compensation expense	(21.9)		(6.1)		2.7
State and local income taxes, net of federal income tax benefit	(4.0)		1.3		4.3

Other	(0.3)		(0.1)		0.1
	(8.6)	%	11.2	%	25.4	%

The effective tax rate for the years ended June 30, 2022, 2023 and 2024 was (8.6)%, 11.2% and 25.4%, respectively, on pre-tax income of $83,597, $158,614 and $277,015, respectively. The increase in the effective tax rate was primarily due to decreased deductions related to stock-based compensation.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2023 and 2024 are presented below.


	June 30,
	2023		2024
Deferred tax assets:
Operating lease liabilities	$	18,238	$	14,141
Accrued expenses	19,610		19,706
Stock-based compensation	27,402		28,595
Net operating loss carryforwards	13,010		4,282
Federal and state tax credits	35,016		17,907
Research and development costs	12,523		29,718
Other	1,204		—
Total deferred tax assets	127,003		114,349
Valuation allowance	(1,350)		—
Net deferred tax assets	125,653		114,349
Deferred tax liabilities:
Deferred contract costs	(96,598)		(116,004)
Operating lease right-of-use assets	(11,456)		(8,775)
Intangible assets	(2,626)		(2,661)
Depreciation	(10,947)		(10,559)
Other	—		(358)
Total deferred tax liabilities	(121,627)		(138,357)
Net deferred tax asset (liability)	$	4,026	$	(24,008)

As of June 30, 2024, the Company no longer maintains a valuation allowance for state tax benefits which may not be realized. Such assessment may change in the future as further evidence becomes available.

At June 30, 2024, the Company has gross net operating loss carryforwards for federal income tax purposes of approximately $10,484, all of which can be carried forward indefinitely. The Company has gross net operating loss carryforwards for state income tax purposes of approximately $31,649, of which $23,429 expire from 2029 to 2044, while the remaining $8,220 can be carried forward indefinitely. The Company also has gross state research and development tax credits and other state credit carryforwards of approximately $22,667, which expire between 2025 and 2044.

As of June 30, 2023 and 2024, the Company’s liabilities for unrecognized tax benefits, which would impact the Company’s effective tax rate if recognized, are presented below. The Company will include applicable penalties and interest when the benefit is recognized:


	Year Ended June 30,
	2023		2024
Unrecognized tax benefits at beginning of the year	$	1,015	$	1,552
Additions for current year tax positions	570		769
Additions for tax positions of prior periods	—		114
Subtractions for tax positions of prior periods	(33)		—
Unrecognized tax benefit at end of year	$	1,552	$	2,435

The Company files income tax returns with the United States federal government and various state jurisdictions. Certain tax years remain open for federal and state tax reporting jurisdictions in which the Company does business due to net operating loss carryforwards and tax credits unutilized from such years or utilized in a period remaining open for audit under normal statute of limitations relating to income tax liabilities. The Company, including its domestic subsidiaries, files a consolidated federal income tax return. For years before fiscal year ended June 30, 2021, the Company is no longer subject to U.S. federal examination; however, the Internal Revenue Service (IRS) has the ability to review years prior to fiscal year 2021 to the extent the Company utilized tax attributes carried forward from those prior years. The statute of limitations on state filings is generally three to four years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Changes in deferred revenue related to nonrefundable upfront fees
Balance at beginning of the year	$ 22,617	$ 12,233
Deferral of revenue	43,463	40,991
Revenue recognized	(41,197)	(30,607)
Balance at end of the year	$ 24,883	$ 22,617
Maximum
Revenue
Amortization period of nonrefundable upfront implementation fees	24 months
Implementation services and other
Changes in deferred revenue related to nonrefundable upfront fees
Deferred revenue from nonrefundable upfront fees expected to be recognized in fiscal 2025	$ 20,849
Deferred revenue from nonrefundable upfront fees expected to be recognized in fiscal 2026	3,893
Deferred revenue from nonrefundable upfront fees expected to be recognized thereafter	$ 141

Benefit Plans - RSU Activity (Details) - Restricted stock units shares in Thousands	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Equity Incentive Plans
Vesting period	4 years
RSUs Outstanding, Units
Balance at the beginning of the year (in shares) \| shares	1,242
RSUs granted (in shares) \| shares	796
RSUs vested (in shares) \| shares	(624)
RSUs forfeited (in shares) \| shares	(124)
Balance at the end of the year (in shares) \| shares	1,290
RSUs Outstanding, Weighted average grant date fair value
Balance at the beginning of the year (in dollars per share) \| $ / shares	$ 225.30
RSUs granted (in dollars per share) \| $ / shares	190.07
RSUs vested (in dollars per share) \| $ / shares	200.67
RSUs forfeited (in dollars per share) \| $ / shares	213.55
Balance at the end of the year (in dollars per share) \| $ / shares	$ 214.98

Cash and Cash Equivalents and Funds Held for Clients (Tables)

12 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents and Funds Held for Clients [Abstract]

Schedule of cash and cash equivalents and funds held for clients

Cash and cash equivalents and Funds held for clients consisted of the following:


	June 30, 2023
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	288,767	$	—	$	—	$	288,767
Funds held for clients' cash and cash equivalents	2,132,545		—		—		2,132,545
Available-for-sale securities:
Commercial paper	110,003		12		(138)		109,877
Corporate bonds	112,262		18		(1,867)		110,413
Asset-backed securities	30,061		10		(337)		29,734
Certificates of deposit	68,247		5		(93)		68,159
U.S treasury securities	158,839		—		(2,839)		156,000
U.S government agency securities	8,000		—		(513)		7,487
Other	7,329		—		(129)		7,200
Total available-for-sale securities	494,741		45		(5,916)		488,870
Total investments	$	2,916,053	$	45	$	(5,916)	$	2,910,182


	June 30, 2024
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	401,811	$	—	$	—	$	401,811
Funds held for clients' cash and cash equivalents	2,443,858		—		—		2,443,858
Available-for-sale securities:

Corporate bonds	314,728		1,094		(1,002)		314,820
Asset-backed securities	40,653		147		(118)		40,682

U.S treasury securities	124,889		36		(973)		123,952

Other	28,875		84		(211)		28,748
Total available-for-sale securities	509,145		1,361		(2,304)		508,202
Total investments	$	3,354,814	$	1,361	$	(2,304)	$	3,353,871

Schedule of the classification of investments

Classification of investments on the consolidated balance sheets was as follows:


	June 30,
	2023		2024
Cash and cash equivalents	$	288,767	$	401,811

Funds held for clients	2,621,415		2,952,060

Total investments	$	2,910,182	$	3,353,871

Schedule of available-for-sale securities that have been in an unrealized loss position for less and greater than 12 months

Available-for-sale securities that have been in an unrealized loss position for a period of less and greater than 12 months as of June 30, 2023 and 2024 had fair market value as follows:


	June 30, 2023
	Securities in an unrealized loss position for less than 12 months				Securities in an unrealized loss position for greater than 12 months				Total
	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value
Commercial paper	$	(138)	$	96,665	$	—	$	—	$	(138)	$	96,665
Corporate bonds	(695)		71,089		(1,172)		32,807		(1,867)		103,896
Asset-backed securities	(233)		23,313		(104)		2,038		(337)		25,351
Certificates of deposit	(93)		52,254		—		—		(93)		52,254
U.S. treasury securities	(1,075)		95,388		(1,764)		60,612		(2,839)		156,000
U.S. government agency securities	—		—		(513)		7,487		(513)		7,487
Other	(71)		5,326		(58)		1,874		(129)		7,200
Total available-for-sale securities	$	(2,305)	$	344,035	$	(3,611)	$	104,818	$	(5,916)	$	448,853


	June 30, 2024
	Securities in an unrealized loss position for less than 12 months				Securities in an unrealized loss position for greater than 12 months				Total
	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value

Corporate bonds	$	(488)	105,957		$	(514)	$	30,057	$	(1,002)	$	136,014
Asset-backed securities	(1)		1,069		(117)		8,335		(118)		9,404

U.S. treasury securities	(157)		44,712		(816)		72,224		(973)		116,936

Other	(12)		3,497		(199)		10,525		(211)		14,022
Total available-for-sale securities	$	(658)	$	155,235	$	(1,646)	$	121,141	$	(2,304)	$	276,376

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at June 30, 2024 were as follows:


	Amortized cost		Fair value
One year or less	$	160,979	$	159,873
One year to two years	97,324		96,657
Two years to three years	73,548		73,812
Three years to five years	177,294		177,860
Total available-for-sale securities	$	509,145	$	508,202

Summary of Significant Accounting Policies - Current Presentation, Concentration of Risk, Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Funds Held For Clients and Client Fund Obligations
Credit impairment losses	$ 0	$ 0	$ 0
Period of repayment of client fund obligations	1 year
Accounts Receivable
Number of days past due before a balance will be reviewed for collectability			60 days

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation, Consolidation, and Use of Estimates	(a) Basis of Presentation, Consolidation, and Use of Estimates The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Concentrations of Risk	(b) Concentrations of Risk The Company regularly maintains cash balances that exceed Federal Depository Insurance Corporation limits. No individual client represents 10% or more of total revenues. For all periods presented, substantially all of total revenues were generated by clients in the United States.
Cash and Cash Equivalents	(c) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Any interest earned on the Company’s cash and cash equivalents is reported as Other income (expense) in the Consolidated Statements of Operations and Comprehensive Income.
Funds Held For Clients and Client Fund Obligations	(d) Funds Held For Clients and Client Fund Obligations The Company obtains funds from clients in advance of performing payroll and payroll tax filing services on behalf of those clients. Funds held for clients represent assets that are used solely for the purposes of satisfying the obligations to remit funds relating to payroll and payroll tax filing services. The Company has classified Funds held for clients as a current asset since these funds are held solely for the purposes of satisfying the client fund obligations. Funds held for clients is primarily comprised of cash and cash equivalents invested in demand deposit accounts. The Company also invests a portion of its funds held for clients and corporate funds in marketable securities. Marketable securities classified as available-for-sale are recorded at fair value on the Consolidated Balance Sheets. Unrealized gains and losses, net of applicable income taxes, are reported as Other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income. Interest on marketable securities included in Funds held for clients is reported as Interest income on funds held for clients in the Consolidated Statements of Operations and Comprehensive Income. The Company evaluates whether a decline in an individual security’s fair value as compared to its amortized cost basis resulted from credit loss or other factors. If the Company determines that an individual security’s unrealized loss results from credit impairment, it compares the present value of cash flows expected to be collected from the impaired security with its amortized cost basis. If the security’s amortized cost basis exceeds the present value of expected cash flows, the Company records credit impairment loss through an allowance for credit loss. The Company did not recognize any credit impairment losses during the years ended June 30, 2022, 2023 or 2024. Client fund obligations represent the Company’s contractual obligations to remit funds to satisfy clients’ payroll and tax payment obligations and are recorded in the accompanying Consolidated Balance Sheets at the time that the Company obtains funds from clients. The client fund obligations represent liabilities that will be repaid within one year of the balance sheet date.
Accounts Receivable, Net	(e) Accounts Receivable, Net Accounts receivable is comprised of trade receivables, accrued interest receivable on funds held for clients and other receivables. Trade receivables are recorded at the invoiced amount and do not bear interest. Amounts collected on accounts receivable are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The Company maintains an allowance for credit losses reflecting expected credit losses in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s clients’ financial conditions, the amount of receivables in dispute, the current receivables aging and current payment patterns. The Company reviews its allowance for credit losses quarterly. Past due balances over 60 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all commercially reasonable means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its clients.
Deferred Contract Costs	(f) Deferred Contract Costs The Company defers certain selling and commission costs that meet the capitalization criteria under ASC 340-40. The Company also capitalizes certain costs to fulfill a contract related to its proprietary products if they are identifiable, generate or enhance resources used to satisfy future performance obligations and are expected to be recovered under ASC 340-40. Implementation fees are treated as nonrefundable upfront fees and the related implementation costs are required to be capitalized and amortized over the expected period of benefit, which is the period in which the Company expects to recover the costs and enhance its ability to satisfy future performance obligations. The Company utilizes the portfolio approach to account for both the cost of obtaining a contract and the cost of fulfilling a contract. These capitalized costs are amortized over the expected period of benefit, which has been determined to be over 7 years based on the Company’s average client life and other qualitative factors, including rate of technological changes. The Company does not incur any additional costs to obtain or fulfill contracts upon renewal. The Company recognizes additional selling and commission costs and fulfillment costs when an existing client purchases additional services. These additional costs only relate to the additional services purchased and do not relate to the renewal of previous services. Management evaluates deferred contract costs for impairment if changes in circumstances occur that could impact the recoverability of the costs to obtain or fulfill contracts with the Company’s customers.
Capitalized Internal-Use Software	(g) Capitalized Internal-Use Software The Company capitalizes internal-use software costs when module development begins, it is probable that the project will be completed, and the software will be used as intended. Costs associated with preliminary project stage activities, training, maintenance and all other post implementation stage activities are expensed as incurred. The Company also capitalizes certain costs related to specific upgrades and enhancements when it is probable the expenditures will result in significant additional functionality. The capitalization policy provides for the capitalization of certain payroll costs for employees who are directly associated with developing internal-use software as well as certain external direct costs, such as consulting fees. Capitalized employee costs are limited to the time directly spent on such projects. Capitalized internal-use software costs are amortized on a straight-line basis over their estimated useful lives, which are generally two to three years while certain projects that support the Company’s main processing activities have an estimated useful life of ten years. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Property and Equipment and Long-Lived Assets	(h) Property and Equipment and Long-Lived Assets Property and equipment are stated at cost. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets, generally three to seven years for most classes of assets, or over the term of the related lease for leasehold improvements. Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Business Combinations	(i) Business Combinations The Company accounts for business combinations in accordance with ASC 805, Business Combinations using the acquisition method of accounting. It allocates the purchase price consideration associated with its acquisitions to the fair values of assets acquired and liabilities assumed at their respective acquisition dates, with the excess recorded to goodwill. Estimating the fair values of assets acquired and liabilities assumed requires the use of significant judgments and estimates, which are inherently uncertain and subject to refinement as additional information becomes available. Adjustments to the fair values of assets acquired and liabilities assumed may be recorded during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. The Company may engage a valuation specialist to assist in the fair value measurement of assets acquired and liabilities assumed for each acquisition.
Intangible Assets, Net of Accumulated Amortization	(j) Intangible Assets, Net of Accumulated Amortization Intangible assets are comprised primarily of acquired client relationships, proprietary technology, trade names and non-solicitation agreements and are reported net of accumulated amortization on the Consolidated Balance Sheets. The Company uses the straight-line method of amortization to amortize client relationships over a five to nine-year period from the date of acquisition, proprietary technology over a five to seven-year period from the date of acquisition and trade names over a five-year period from the date of acquisition. Non-solicitation agreements use the straight-line method of amortization over the term of the related agreements. The Company tests intangible assets for potential impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.
Goodwill	(k) Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is not amortized, but instead is tested for impairment at the reporting unit level. If the fair value of the reporting unit is less than its carrying amount, the Company would record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss recognized should not exceed the amount of goodwill allocated to the reporting unit. The Company performs its annual impairment review of goodwill in its fiscal fourth quarter or when a triggering event occurs between annual impairment tests. No impairment was recorded in fiscal 2022, 2023 or 2024 as a result of the Company’s qualitative assessments over its single reporting segment.
Leases	(l) Leases The Company determines if an arrangement is a lease at agreement inception. Operating leases are included in Operating lease right-of-use assets, Accrued expenses, and Long-term operating lease liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received. The Company’s lease terms may include options to renew or extend a lease. The Company recognizes amounts in Operating lease right-of-use assets and Operating lease liabilities when it is reasonably certain it will exercise such options. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s most significant leases are real estate leases of office space. The remaining operating leases are primarily comprised of leases of printers and other equipment. For all leases, the Company has elected the practical expedient permitted under Topic 842 to combine lease and non-lease components. As a result, non-lease components, such as common area or equipment maintenance charges, are accounted for as a single lease element. The Company does not have any material finance leases. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time, and are often due to changes in an external market rate or the value of an index (e.g., Consumer Price Index). Certain of the Company’s operating lease agreements include variable payments that are passed through by the lessor, such as insurance, taxes, and common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. Variable payments are expensed as incurred and included within variable lease costs. The Company’s lease agreements do not contain material residual value guarantees, restrictions, or covenants.
Income Taxes	(m) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets may be reduced by a valuation allowance to the extent we determine it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management judgment is required in determining the period in which the reversal of a valuation allowance should occur. The Company is required to consider all available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income among other items, in determining whether a full or partial release of its valuation allowance is required. The Company is also required to schedule future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company’s accounting for deferred tax consequences represents the best estimate of those future events. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. When applicable, the Company records interest and penalties as an element of income tax expense. Refer to Note 14 for additional information on income taxes.
Share Repurchases	(n) Share Repurchases The Company retires all shares repurchased pursuant to its approved share repurchase program (the "Repurchase Program"). The Company records the share purchase price and the amount of any excise taxes payable on shares repurchased as a reduction of Additional paid-in capital on its Consolidated Balance Sheets. If the Company exhausts Additional paid-in capital, it will record the excess as a reduction to Retained earnings. For more information on the Repurchase Program, refer to Note 15.
Revenue Recognition	(o) Revenue Recognition The Company recognizes revenue when it transfers control of goods or services to a customer in an amount that reflects the consideration to which it expects to be entitled to for those goods or services based on the following five steps: 1)Identify the contract with a customer; 2)Identify the performance obligations in the contract; 3)Determine the transaction price; 4)Allocate the transaction price to performance obligations in the contract; and 5)Recognize revenue when or as the Company satisfies a performance obligation. The Company derives its revenue from contracts substantially all from recurring service fees. While the majority of its agreements are generally cancellable by the client on 60 days’ notice or less, the Company offers term agreements to its clients, which are generally two years in length. Recurring fees are derived from cloud-based payroll and HCM software solutions which includes payroll processing and related services such as payroll reporting and tax filing services, time and labor services, time clock rentals, and HR-related software solutions, including employee management and benefits enrollment and administration, substantially all of which are delivered on a monthly basis. Substantially all of the Company’s recurring fees are satisfied over time as services are provided. The performance obligations related to recurring services are generally satisfied monthly as services are provided, with fees charged and collected based on a per-employee-per-month fee. The Company has certain optional performance obligations that are satisfied at a point in time including the sales of time clocks and W-2 services. Implementation services and other consist mainly of nonrefundable implementation fees, which involve setting the client up in, and loading data into, the Company’s cloud-based modules. These implementation activities are considered set-up activities. The Company has determined that the nonrefundable upfront fees provide certain clients with a material right to renew the contract. As a result, implementation fees are deferred and amortized generally over a period up to 24 months. Sales taxes collected from clients and remitted to governmental authorities where applicable are accounted for on a net basis and therefore are excluded from revenues in the Consolidated Statements of Operations and Comprehensive Income. Interest income earned on funds held for clients is recognized in Interest income on funds held for clients when earned as the collection, holding and remittance of these funds are components of providing services to clients.
Cost of Revenues	(p) Cost of Revenues Cost of revenues consists primarily of costs to provide HCM and payroll solutions relating to the provision of ongoing client support and implementation activities and also includes amortization of capitalized internal-use software and certain acquired intangibles. The Company generally expenses these costs when incurred except for costs related to the implementation of the Company’s proprietary products. These costs are capitalized and amortized over a period of 7 years.
Advertising	(q) Advertising Advertising costs are expensed as incurred.
Stock-Based Compensation	(r) Stock-Based Compensation The Company recognizes all employee stock-based compensation as a cost in the financial statements. Equity-classified awards, comprised of restricted stock units and market share units, are measured at the grant date fair value of each award and expense is recognized, net of assumed forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of each award. For market share units, the Company estimates grant date fair value using a discrete model based on multiple stock price-paths developed through the use of Monte Carlo simulation. For estimated shares purchasable under the 2014 Employee Stock Purchase Plan (“ESPP”), the Company estimates grant date fair value using the Black-Scholes option-pricing model and recognizes applicable expense on a straight-line basis over each purchase period. The Company may update the assumed forfeiture rates based on historical experience as appropriate.
Commitments and Contingencies	(s) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Segment Information	(t) Segment Information The Company’s chief operating decision maker reviews the financial results of the Company in total when evaluating financial performance and for purposes of allocating resources. The Company has thus determined that it operates in a single reporting segment. For fiscal 2024, the Company’s chief operation decision maker was the Company’s Co-Chief Executive Officers.
Recently Issued Accounting Standards	(u) Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 primarily requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker along with other incremental segment information. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the impact of the ASU on its related financial statement disclosures including the timing of adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure ("ASU 2023-09"). ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity's effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of this ASU to its consolidated financial statements and related disclosures and is evaluating the method and timing of adoption. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of other recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Jun. 30, 2024
Organization and Description of Business [Abstract]
Organization and Description of Business	(1) Organization and Description of Business Paylocity Holding Corporation (the “Company”) is a cloud-based provider of human capital management and payroll software solutions that deliver a comprehensive platform for the modern workforce. Services are provided in a Software-as-a-Service (“SaaS”) delivery model. The Company’s comprehensive product suite delivers a unified platform that helps businesses attract and retain talent, build culture and connection with their employees, and streamline and automate HR and payroll processes.

Business Combinations (Tables)

12 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Summaries of the allocations of purchase prices

The allocation of the purchase price for Blue Marble was as follows:


	August 31, 2021
Proprietary technology	$	21,200
Client relationships	3,000
Trade names	1,200
Goodwill	34,776
Other assets acquired	2,659
Liabilities assumed	(1,874)
Total purchase price	$	60,961

The allocation of the purchase price for Cloudsnap was as follows:


	January 18, 2022
Proprietary technology	$	15,800


Goodwill	33,628
Other assets acquired	3,398
Liabilities assumed	(2,824)
Total purchase price	$	50,002

Net Income Per Share - Schedule of Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 206,766	$ 140,822	$ 90,777
Weighted-average shares used in computing net income per share:
Basic (in shares)	56,214	55,706	55,036
Weighted-average effect of potentially dilutive shares:
Employee stock options, restricted stock units and market share units (in shares)	762	890	1,409
Diluted (in shares)	56,976	56,596	56,445
Net income per share:
Basic (in dollars per share)	$ 3.68	$ 2.53	$ 1.65
Diluted (in dollars per share)	$ 3.63	$ 2.49	$ 1.61

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(10) Goodwill and Intangible Assets

The following table summarizes changes in goodwill during the years presented below:


	Year Ended June 30,
	2023		2024
Balance at beginning of year	$	101,949	$	102,054
Additions attributable to acquisitions	—		6,883
Measurement period adjustments	105		—
Balance at end of year	$	102,054	$	108,937

Refer to Note 7 for further details on acquisition activity during the years ended June 30, 2023 and 2024.

The Company’s amortizable intangible assets and estimated useful lives were as follows:


	June 30,				Weighted average useful life (years)
	2023		2024
Proprietary technology	$	43,129	$	47,329	5.9
Client relationships	22,200		22,200		7.8
Non-solicitation agreements	1,600		1,600		3.1
Trade names	1,640		1,640		5.0
Total	68,569		72,769
Accumulated amortization	(34,042)		(44,478)
Intangible assets, net	$	34,527	$	28,291

Amortization expense for acquired intangible assets was $8,752, $10,948 and $10,436 for the years ended June 30, 2022, 2023 and 2024, respectively, and is included in Cost of revenues and General and administrative. Future amortization expense for acquired intangible assets was as follows as of June 30, 2024:


Fiscal 2025	$	9,728
Fiscal 2026	8,109
Fiscal 2027	5,733
Fiscal 2028	3,869
Fiscal 2029	852

Total	$	28,291

Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Debt
Borrowed and repaid under credit facility		$ 0	$ 0	$ 50,000
Five-year revolving credit agreement \| Senior secured debt
Debt
Maximum borrowing capacity	$ 550,000
Maximum borrowing capacity, subject to additional lender commitments and satisfaction of other requirements	$ 825,000
Borrowed and repaid under credit facility		0	0
Average interest rate				1.01%
Long-term debt		$ 0	$ 0
Five-year revolving credit agreement \| Senior secured debt \| Minimum
Debt
Interest coverage ratio	2.00
Five-year revolving credit agreement \| Senior secured debt \| Maximum
Debt
Net total leverage ratio	4.00
Net total leverage ratio with step-up	4.50
Five-year revolving credit agreement \| Senior secured debt \| SOFR \| Minimum
Debt
Margin on base rate	0.875%
Five-year revolving credit agreement \| Senior secured debt \| SOFR \| Maximum
Debt
Margin on base rate	0.50%
Five-year revolving credit agreement \| Senior secured debt \| Adjusted base rate \| Minimum
Debt
Margin on base rate	0.00%
Five-year revolving credit agreement \| Senior secured debt \| Adjusted base rate \| Maximum
Debt
Margin on base rate	1.50%

Business Combinations (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Jan. 18, 2022	Aug. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Business Combinations
Goodwill				$ 108,937	$ 102,054	$ 101,949
Finite-lived intangible assets, gross				72,769	68,569
Proprietary technology
Business Combinations
Finite-lived intangible assets, gross				47,329	43,129
Client relationships
Business Combinations
Finite-lived intangible assets, gross				22,200	22,200
Trade names
Business Combinations
Finite-lived intangible assets, gross				$ 1,640	$ 1,640
TraceHQ.com, Inc.
Business Combinations
Cash consideration	$ 12,086
Goodwill	6,883
TraceHQ.com, Inc. \| Proprietary technology
Business Combinations
Finite-lived intangible assets, gross	$ 4,200
Blue Marble Payroll, LLC
Business Combinations
Cash consideration			$ 60,961
Goodwill			34,776
Other assets acquired			2,659
Liabilities assumed			(1,874)
Total purchase price			60,961
Blue Marble Payroll, LLC \| Proprietary technology
Business Combinations
Intangible assets			21,200
Blue Marble Payroll, LLC \| Client relationships
Business Combinations
Intangible assets			3,000
Blue Marble Payroll, LLC \| Trade names
Business Combinations
Intangible assets			$ 1,200
Cloudsnap, Inc
Business Combinations
Cash consideration		$ 50,002
Goodwill		33,628
Other assets acquired		3,398
Liabilities assumed		(2,824)
Total purchase price		50,002
Cloudsnap, Inc \| Proprietary technology
Business Combinations
Intangible assets		$ 15,800

Summary of Significant Accounting Policies - Revenue (Details)	12 Months Ended
	Jun. 30, 2024
Revenue from contracts terms
Period of term arrangements	2 years
Cost of revenues
Amortization period of cost of revenues for proprietary products	7 years
Maximum
Revenue from contracts terms
Notice period to cancel agreement	60 days
Deferred and amortized period of implementation fees	24 months

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

Income tax expense (benefit) for the years ended June 30, 2022, 2023 and 2024 consists of the following:


	Year Ended June 30,
	2022		2023		2024
Current taxes
Federal	$	—	$	1,702	$	30,900
State and local	(16)		2,625		11,524
Deferred taxes:
Federal	(4,214)		17,973		26,438
State and local	(2,950)		(4,508)		1,387
Total income tax expense (benefit)	$	(7,180)	$	17,792	$	70,249

Schedule of tax rate reconciliation by applying the U.S. federal income tax rate to pretax income


	Year Ended June 30,
	2022		2023		2024
Income tax expense (benefit) at statutory federal rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:
Research and development credit and other credits	(5.3)		(3.1)		(2.9)
Non-deductible expenses	1.5		1.0		0.7
Change in valuation allowance	0.4		(2.8)		(0.5)
Stock-based compensation expense	(21.9)		(6.1)		2.7
State and local income taxes, net of federal income tax benefit	(4.0)		1.3		4.3

Other	(0.3)		(0.1)		0.1
	(8.6)	%	11.2	%	25.4	%

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2023 and 2024 are presented below.


	June 30,
	2023		2024
Deferred tax assets:
Operating lease liabilities	$	18,238	$	14,141
Accrued expenses	19,610		19,706
Stock-based compensation	27,402		28,595
Net operating loss carryforwards	13,010		4,282
Federal and state tax credits	35,016		17,907
Research and development costs	12,523		29,718
Other	1,204		—
Total deferred tax assets	127,003		114,349
Valuation allowance	(1,350)		—
Net deferred tax assets	125,653		114,349
Deferred tax liabilities:
Deferred contract costs	(96,598)		(116,004)
Operating lease right-of-use assets	(11,456)		(8,775)
Intangible assets	(2,626)		(2,661)
Depreciation	(10,947)		(10,559)
Other	—		(358)
Total deferred tax liabilities	(121,627)		(138,357)
Net deferred tax asset (liability)	$	4,026	$	(24,008)

Schedule of unrecognized tax benefits


	Year Ended June 30,
	2023		2024
Unrecognized tax benefits at beginning of the year	$	1,015	$	1,552
Additions for current year tax positions	570		769
Additions for tax positions of prior periods	—		114
Subtractions for tax positions of prior periods	(33)		—
Unrecognized tax benefit at end of year	$	1,552	$	2,435

Benefit Plans- ESPP Information (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Equity Incentive Plans
Stock-based compensation expense		$ 146,032	$ 147,300	$ 96,202
Employee stock purchase plan shares
Equity Incentive Plans
Percentage of employee compensation, maximum		10.00%
Percentage of fair market value as a purchase price		85.00%
Maximum value of purchase per employee		$ 25
Number of shares per employee, maximum (in shares)		2
Period during which shares can be purchased		1 year
Number of shares of common stock reserved for issuance (in shares)		2,024
Increase in the number of shares of common stock reserved for issuance (in shares)	400
Number of shares issued (in shares)		149
Stock-based compensation expense		$ 6,378	$ 6,393	$ 4,676
Valuation Assumptions
Expected dividend yield		0.00%	0.00%	0.00%
Expected term (years)		6 months	6 months	6 months
Employee stock purchase plan shares \| Minimum
Valuation Assumptions
Expected volatility		32.90%	41.10%	31.00%
Risk‑free interest rate		5.26%	1.54%	0.04%
Employee stock purchase plan shares \| Maximum
Equity Incentive Plans
Offering period		27 months
Valuation Assumptions
Expected volatility		43.30%	57.50%	57.50%
Risk‑free interest rate		5.41%	5.26%	1.54%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
401(k) Plan Matching contributions by the Company as percentage of employees' contributions	50.00%
401(k) Plan Maximum contributions by the Company as percentage of employees' gross pay	8.00%
401(k) Plan contributions	$ 17,377	$ 15,083	$ 12,305

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	155,000	155,000
Common stock, shares issued (in shares)	55,514	55,912
Common stock, shares outstanding (in shares)	55,514	55,912

Summary of Significant Accounting Policies - Capitalized Internal-Use Software (Details) - Internal-Use Software	Jun. 30, 2024
Minimum
Capitalized internal-use software
Estimated useful lives	2 years
Maximum
Capitalized internal-use software
Estimated useful lives	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Components of accrued expenses
Accrued payroll and personnel costs	$ 93,248	$ 85,019
Operating lease liabilities	7,634	7,800
Deferred revenue	25,949	24,539
Other	31,481	25,929
Total accrued expenses	$ 158,311	$ 143,287
Operating lease, liability, current, statement of financial position [Extensible List]	Total accrued expenses	Total accrued expenses

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Remaining Performance Obligations
Minimum value of unsatisfied performance obligations on term-based contracts	$ 76,978
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Remaining Performance Obligations
Remaining performance obligation period	24 months

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Disaggregation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenue
Total revenues from contracts	$ 1,281,680	$ 1,098,036	$ 847,694
Recurring fees
Disaggregation of revenue
Total revenues from contracts	1,227,150	1,056,808	818,137
Implementation services and other
Disaggregation of revenue
Total revenues from contracts	$ 54,530	$ 41,228	$ 29,557

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Benefit Plans - Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Options Outstanding, Number of Shares
Balance at the beginning of the year (in shares)	288
Options exercised (in shares)	(121)
Balance at the end of the year (in shares)	167	288
Options vested and exercisable at the end of the year (in shares)	167
Options Outstanding, Weighted average exercise price
Balance at the beginning of the year (in dollars per share)	$ 23.63
Options exercised (in dollars per share)	17.37
Balance at the end of the year (in dollars per share)	28.13	$ 23.63
Options vested and exercisable at the end of the year, weighted average exercise price (in dollars per share)	$ 28.13
Options Additional Disclosures
Weighted average remaining contractual term (in years)	6 months	1 year 2 months 12 days
Weighted average remaining contractual term of options vested and exercisable at the end of the year (years)	6 months
Aggregate intrinsic value at the beginning of the year (years)	$ 46,129
Aggregate intrinsic value at the end of the year (years)	17,301	$ 46,129
Options vested and exercisable at the end of the year (years)	$ 17,301
Options granted (in shares)	0	0	0
Total intrinsic value of options exercised	$ 18,438	$ 52,985	$ 51,457