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Business Combinations | 12 Months Ended
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Jun. 30, 2026
Business Combination [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. The results of these acquisitions have been included in the Company’s consolidated financial statements since their respective closing dates. 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 and is not deductible for income tax purposes. Direct costs related to these acquisitions were not material and were expensed as incurred primarily as General and administrative in the Consolidated Statements of Operations and Comprehensive Income. TraceHQ.com Inc. 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 allocation of the purchase price for Trace was approximately $6,809 of goodwill, $4,200 of proprietary technology and other immaterial assets and liabilities, which reflects certain immaterial measurement period adjustments recorded during the years ended June 30, 2024 and 2025. Pro forma information is not presented for the Trace acquisition because the effects of the acquisition are not material to the Company’s consolidated financial statements. Airbase Inc. On October 1, 2024, the Company acquired all of the outstanding shares of Airbase Inc. ("Airbase") for cash consideration of $320,205, net of cash acquired and preliminary purchase price adjustments, which was funded by borrowings under its credit facility. Refer to Note 12 for more information on the credit facility. Airbase is a modern finance and spend management software solution that combines bill pay/accounts payable automation, expense management, corporate cards and procurement capabilities. The acquisition was consummated to enable the Company to provide a comprehensive solution and modern client experience for managing payroll and non-payroll spend on a single integrated platform. The allocation of the purchase price for Airbase was as follows, which reflects certain immaterial measurement period adjustments recorded before the measurement period closed on September 30, 2025:
Cash and cash equivalents | $ | 41,250 |
Funds held for clients | 42,354 |
Proprietary technology | 75,200 |
Client relationships | 3,800 |
Non-solicitation agreements | 2,400 |
Trade names | 2,100 |
Goodwill | 234,295 |
Other assets acquired | 15,786 |
Client fund obligations | (42,354) |
Other liabilities assumed | (13,376) |
Total | $ | 361,455 |
The Company’s fair value estimate of the acquired proprietary technology is based on a relief from royalty rate methodology which includes, but is not limited to, forecasted revenue growth rates, royalty rates, technology migration rates and required rate of return. Unaudited Pro Forma Financial Information The unaudited pro forma information below summarizes the combined results of the Company and Airbase as if the Company’s acquisition of Airbase closed on July 1, 2023, but does not necessarily reflect the combined actual results of operations of the Company and Airbase that would have been achieved, nor is it necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Airbase, including amortization of acquired intangible assets, interest expense incurred to fund the acquisition and acquisition related costs.
| 2024 |  | 2025
Revenue | $ | 1,422,873 |  |  | $ | 1,601,619 |
Net income | $ | 158,844 |  |  | $ | 224,620 |
Grayscale Labs, Inc. On April 6, 2026, the Company acquired all of the outstanding shares of Grayscale Labs, Inc. ("Grayscale") through a merger for cash consideration of $50,240, subject to working capital and other customary purchase price adjustments. Grayscale is an AI-powered recruiting automation company. This acquisition expands the Company's recruiting capabilities with AI-powered automation to enable its clients to engage candidates earlier and move faster through time-sensitive hiring workflows. The preliminary allocation of the purchase price for Grayscale was approximately $35,806 of goodwill, $11,600 of proprietary technology, $3,200 of client relationships and other immaterial assets and liabilities. 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. The measurement period will end no later than one year from the acquisition date. Pro forma information is not presented for the Grayscale acquisition because the effects of the acquisition are not material to the Company’s consolidated financial statements.

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