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Revenue
 3 Months Ended
Sep. 30, 2024
Revenue From Contract With Customer [Abstract]  
Revenue

3. Revenue

Disaggregation of Revenue

The following table presents the Company’s net revenue disaggregated by vertical (in thousands):

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

Net revenue:

 

 

 

 

 

 

Financial Services

 

$

210,891

 

 

$

72,125

 

Home Services

 

 

65,075

 

 

 

49,394

 

Other Revenue

 

 

3,253

 

 

 

2,404

 

Total net revenue

 

$

279,219

 

 

$

123,923

 

Contract Balances

The contract liabilities representing client deposits from the Company’s contracts with its clients were $1.4 million and $1.3 million as of September 30, 2024 and June 30, 2024.

The Company’s contract liabilities result from payments received in advance of revenue recognition and advance consideration received from clients, which precede the Company’s satisfaction of the associated performance obligation. The changes in the liability balances during the three months ended September 30, 2024 was related to advance consideration received from clients of $60.1 million, offset by revenue recognized of $60.1 million.

Accounts Receivable and Allowances

The allowance for credit losses on accounts receivable was $1.4 million and $0.8 million as of September 30, 2024 and June 30, 2024. The revenue reserve was $1.2 million and $1.3 million as of September 30, 2024 and June 30, 2024. The total allowance for credit losses and revenue reserve was $2.6 million and $2.1 million as of September 30, 2024 and June 30, 2024.

Concentrations of Credit Risk

The Company had two clients that accounted for 20% and 14% of net revenue for the three months ended September 30, 2024 and no clients that accounted for more than 10% of net revenue for the three months ended September 30, 2023. The same clients accounted for 22% and 16% of accounts receivable as of September 30, 2024, and 13% and 11% of accounts receivable as of June 30, 2024.