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Revenue
 9 Months Ended
Mar. 31, 2026
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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services

 

$

231,821

 

 

$

199,724

 

 

$

656,094

 

 

$

630,549

 

Home Services and Other Revenue

 

 

114,316

 

 

 

70,118

 

 

 

263,741

 

 

 

201,108

 

Total net revenue

 

$

346,137

 

 

$

269,842

 

 

$

919,835

 

 

$

831,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract Balances

The contract liabilities representing client deposits from the Company’s contracts with its clients were $1.2 million and $1.3 million as of March 31, 2026 and June 30, 2025.

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 nine months ended March 31, 2026 was related to advance consideration received from clients of $10.7 million, offset by revenue recognized of $10.6 million.

Accounts Receivable and Allowances

The allowance for credit losses on accounts receivable was $0.9 million and $0.9 million as of March 31, 2026 and June 30, 2025. The revenue reserve was $2.9 million and $1.0 million as of March 31, 2026 and June 30, 2025. The total allowance for credit losses and revenue reserve was $3.8 million and $1.9 million as of March 31, 2026 and June 30, 2025.

Concentrations of Credit Risk

The Company had one client that accounted for 24% of net revenue for the three months ended March 31, 2026, and 22% of net revenue for the nine months ended March 31, 2026. The Company had one client that accounted for 27% of net revenue for the three months ended March 31, 2025, and two clients that accounted for 23% and 13% of net revenue for the nine months ended March 31, 2025. The Company had one client that accounted for 23% of net accounts receivable as of March 31, 2026, and two clients that accounted for 16% and 13% of net accounts receivable as of June 30, 2025.