0000950170-24-099495 | 10-K | XBRL Viewer

Balance at June 30, 2023

Addition related to the acquisition of AquaVida

Balance at June 30, 2024

Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net consisted of the following (in thousands):


	June 30, 2024							June 30, 2023
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	93,511	$	(68,770	)	$	24,741	$	91,629	$	(61,025	)	$	30,604
Content		43,106		(43,068	)		38		43,056		(43,056	)		—
Website/trade/domain names		25,422		(20,051	)		5,371		25,422		(19,451	)		5,971
Acquired technology and others		43,014		(35,156	)		7,858		34,934		(32,809	)		2,125
Total	$	205,053	$	(167,045	)	$	38,008	$	195,041	$	(156,341	)	$	38,700

Amortization Expense

Future amortization expense for the Company’s intangible assets as of June 30, 2024 was as follows (in thousands):


Fiscal Year Ending June 30,	Amortization
2025	$	9,533
2026		6,887
2027		5,864
2028		5,281
2029		4,234
Thereafter		6,209
Total	$	38,008

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):

- Definition

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

+ References

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+ Details

Intangible Assets, Net and Goodwill

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

8. Intangible Assets, Net and Goodwill

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	June 30, 2024							June 30, 2023
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	93,511	$	(68,770	)	$	24,741	$	91,629	$	(61,025	)	$	30,604
Content		43,106		(43,068	)		38		43,056		(43,056	)		—
Website/trade/domain names		25,422		(20,051	)		5,371		25,422		(19,451	)		5,971
Acquired technology and others		43,014		(35,156	)		7,858		34,934		(32,809	)		2,125
Total	$	205,053	$	(167,045	)	$	38,008	$	195,041	$	(156,341	)	$	38,700

Amortization of intangible assets was $10.7 million, $11.1 million and $11.6 million for fiscal years 2024, 2023 and 2022.

Future amortization expense for the Company’s intangible assets as of June 30, 2024 was as follows (in thousands):


Fiscal Year Ending June 30,	Amortization
2025	$	9,533
2026		6,887
2027		5,864
2028		5,281
2029		4,234
Thereafter		6,209
Total	$	38,008

Goodwill

The addition to goodwill during fiscal year 2024 was associated the acquisition of AquaVida. There was no addition to goodwill during fiscal year 2023. See Note 6, Acquisitions, for further details related to the acquisitions. There was no goodwill impairment recognized during fiscal years 2024 and 2023.

The changes in the carrying amount of goodwill were as follows (in thousands):

Fair Value Measurements - Schedule of Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Liabilities:
Total Liabilities	$ 20,609	$ 18,537
Cash and cash equivalents	2,215	16,910
Other Liabilities:
Other Liabilities	20,609	18,537
Current [Member]
Other Liabilities:
Other Liabilities	9,372	7,875
Non Current [Member]
Other Liabilities:
Other Liabilities	11,237	10,662
Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	18,143	17,498
Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	2,466	1,039
Money market funds [Member]
Assets:
Total Assets	2,215	16,910
Level 1 [Member]
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Money market funds [Member]
Assets:
Total Assets	2,215	16,910
Level 2 [Member]
Liabilities:
Total Liabilities	18,143	17,498
Level 2 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	18,143	17,498
Level 2 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 2 [Member] \| Money market funds [Member]
Assets:
Total Assets	0	0
Level 3 [Member]
Liabilities:
Total Liabilities	2,466	1,039
Level 3 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 3 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	2,466	1,039
Level 3 [Member] \| Money market funds [Member]
Assets:
Total Assets	$ 0	$ 0

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 (Loss)	$ (31,331)	$ (68,866)	$ (5,248)

- Definition

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

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+ Details

Stock Benefit Plans - Schedule of RSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Service-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	2,899,159	1,890,481
Granted, Shares	1,887,379	1,896,618
Vested, Shares	(1,222,938)	(778,233)
Forfeited, Shares	(141,733)	(109,707)
Ending balance, Shares	3,421,867	2,899,159	1,890,481
Beginning balance, Weighted Average Grant Date Fair Value	$ 11.95	$ 14.33
Granted, Weighted Average Grant Date Fair Value	9.68	11.06
Vested, Weighted Average Grant Date Fair Value	12.32	15.42
Forfeited, Weighted Average Grant Date Fair Value	11.24	13.18
Ending balance, Weighted Average Grant Date Fair Value	$ 10.59	$ 11.95	$ 14.33
Weighted Average Remaining Contractual Life (In years)	1 year 3 months 3 days	1 year 3 months 18 days	1 year 3 months 25 days
Aggregate Intrinsic Value, Outstanding	$ 56,769	$ 25,600	$ 19,018
Performance-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	878,471	1,223,977
Granted, Shares	616,000	308,000
Vested, Shares	(291,628)	(504,086)
Forfeited, Shares	(186,158)	(149,420)
Ending balance, Shares	1,016,685	878,471	1,223,977
Beginning balance, Weighted Average Grant Date Fair Value	$ 11.66	$ 13.32
Granted, Weighted Average Grant Date Fair Value	16.59	8.83
Vested, Weighted Average Grant Date Fair Value	14.47	13.44
Forfeited, Weighted Average Grant Date Fair Value	9.48	13.47
Ending balance, Weighted Average Grant Date Fair Value	$ 14.24	$ 11.66	$ 13.32
Weighted Average Remaining Contractual Life (In years)	1 year 1 month 13 days	1 year 18 days	1 year 1 month 13 days
Aggregate Intrinsic Value, Outstanding	$ 16,867	$ 7,757	$ 12,313

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2022
Equity Class Of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 2,200	$ 4,053
Retirement of treasury stock, Shares	247,618	403,193
Retirement of treasury stock	$ 2,200	$ 4,100
Stock repurchased but unsettled, value		$ 100
Stock repurchased but unsettled, shares		10,000
April 2022 Stock Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program outstanding shares of common stock authorized to repurchase			$ 40,000
Repurchase of common stock	247,618	403,193
Treasury Stock Acquired, Average Cost Per Share	$ 8.85	$ 10.02
Treasury Stock, Value, Acquired, Cost Method	$ 2,200	$ 4,100
Treasury Stock Broker Commission	$ 0.03	$ 0.03
Stock repurchase program, amount remained available for stock repurchase	$ 16,800

Balance Sheet Components (Tables)

12 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

Accounts receivable, net was comprised of the following (in thousands):


	June 30,
	2024			2023
Accounts receivable, gross	$	113,892		$	71,470
Less: Allowance for credit losses and revenue reserves		(2,106	)		(3,722	)
Total accounts receivable, net	$	111,786		$	67,748

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets were comprised of the following (in thousands):


	June 30,
	2024		2023
Prepaid expenses	$	6,217	$	8,241
Income tax receivable		63		120
Other assets		533		1,418
Total prepaid expenses and other assets	$	6,813	$	9,779

Property and Equipment, Net

Property and equipment, net was comprised of the following (in thousands):


	June 30,
	2024			2023
Computer equipment	$	13,259		$	12,236
Software		1,262			825
Furniture and fixtures		375			346
Leasehold improvements		3,889			1,377
Internal software development costs		29,474			18,568
Property and equipment, gross		48,259			33,352
Less: Accumulated depreciation and amortization		(28,401	)		(16,603	)
Total property and equipment, net	$	19,858		$	16,749

Accrued Liabilities

Accrued liabilities were comprised of the following (in thousands):


	June 30,
	2024		2023
Accrued media costs	$	52,805	$	27,302
Accrued compensation and related expenses		6,579		7,812
Accrued professional service and other business expenses		6,348		5,579
Operating lease liabilities, current		3,090		3,317
Deferred revenue (1)		—		9
Total accrued liabilities	$	68,822	$	44,019

(1)

Accrued liabilities include deferred revenue of $9 thousand as of June 30, 2023, which previously has been presented as a separate component in the balance sheets.

Other Liabilities, Noncurrent

Other liabilities, noncurrent were comprised of the following (in thousands):


	June 30,
	2024		2023
Post-closing payments and contingent consideration related to acquisitions	$	11,237	$	10,662
Income tax liabilities		6,089		5,493
Other liabilities		118		118
Total other liabilities, noncurrent	$	17,444	$	16,273

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended
	Mar. 01, 2024	Jan. 04, 2024	Jun. 30, 2022	Dec. 31, 2021
Best Company
Business Acquisition [Line Items]
Closing date of acquisition		Jan. 04, 2024
Cash paid upon closing		$ 2,510
Business Combination, post-closing payments		4,000
Business combination, incremental convertible promissory note		$ 1,000
Business combination, deferred consideration payment period		2 years
Business combination, deferred consideration payment description		post-closing payments, payable in equal annual installments over two years, with the first installment payable twelve months following the date of closing.
AquaVida
Business Acquisition [Line Items]
Closing date of acquisition	Mar. 01, 2024
Cash paid upon closing	$ 2,000
Business Combination, post-closing payments	$ 4,000
Business combination, deferred consideration payment period	4 years
Business combination, deferred consideration payment description	post-closing payments, payable in equal annual installments over a four-year period, with the first installment payable twelve months following the date of closing.
Home Services Client Vertical
Business Acquisition [Line Items]
Closing date of acquisition			Jun. 30, 2022	Dec. 31, 2021
Cash paid upon closing			$ 1,000	$ 1,000
Business Combination, post-closing payments			$ 1,000	$ 2,000
Business combination, deferred consideration payment period			2 years	2 years
Business combination, deferred consideration payment description			post-closing payments, payable in equal annual installments over a two-year period, with the first installment paid in the fourth quarter of fiscal year 2023	post-closing payments, payable in equal annual installments over a two-year period, with the first installment paid in the second quarter of fiscal year 2023

Segment Information

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

14. Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its chief executive officer, reviews financial information presented on a consolidated basis, and no expense or operating income is evaluated at a segment level. Given the consolidated level of review by the Company’s chief executive officer, the Company operates as one reportable segment.

The following tables summarize the net revenue and long-lived assets by geographic area (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Net revenue:
United States	$	607,373	$	570,703	$	559,984
International		6,141		9,921		22,115
Total net revenue	$	613,514	$	580,624	$	582,099


	June 30,
	2024		2023
Property and equipment, net:
United States	$	19,643	$	16,475
International		215		274
Total property and equipment, net	$	19,858	$	16,749


	June 30,
	2024		2023
Intangible assets, net:
United States	$	38,008	$	38,700
International		—		—
Total intangible assets, net	$	38,008	$	38,700

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts

The activity in the allowance for doubtful accounts and the deferred tax asset valuation allowance are as follows (in thousands):


	Balance at the beginning of the year		Charged to expenses/against revenue (1)		Write-offs net of recoveries			Balance at the end of the year
Allowance for doubtful accounts
Fiscal year 2022	$	1,010	$	581	$	(55	)	$	1,536
Fiscal year 2023	$	1,536	$	2,740	$	(554	)	$	3,722
Fiscal year 2024	$	3,722	$	935	$	(2,551	)	$	2,106

Deferred tax asset valuation allowance
Fiscal year 2022	$	8,193	$	9	$	(1,042	)	$	7,160
Fiscal year 2023	$	7,160	$	52,396	$	—		$	59,556
Fiscal year 2024	$	59,556	$	8,113	$	—		$	67,669

(1)

Additions to the allowance for doubtful accounts and the valuation allowance are charged to expense. Additions to the allowance for sales returns are charged against revenue.

All other schedules are omitted because they are not required or the required information is shown in the financial statements or notes thereto.

Segment Information (Tables)

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Net Revenue and Long-Lived Assets by Geographic Area

The following tables summarize the net revenue and long-lived assets by geographic area (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Net revenue:
United States	$	607,373	$	570,703	$	559,984
International		6,141		9,921		22,115
Total net revenue	$	613,514	$	580,624	$	582,099


	June 30,
	2024		2023
Property and equipment, net:
United States	$	19,643	$	16,475
International		215		274
Total property and equipment, net	$	19,858	$	16,749


	June 30,
	2024		2023
Intangible assets, net:
United States	$	38,008	$	38,700
International		—		—
Total intangible assets, net	$	38,008	$	38,700

Revenue - Schedule of Contract Liabilities from Contracts with Clients (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Client deposits	$ 1,344	$ 1,213
Deferred revenue	0	9
Total	$ 1,344	$ 1,222

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 loss	$ (31,331)	$ (68,866)	$ (5,248)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,957	19,155	16,961
Stock-based compensation	23,701	18,786	18,506
Impairment of investment in equity securities	2,000	0	0
Provision for sales returns and doubtful accounts receivable	896	2,745	581
Deferred income taxes	597	47,214	(791)
Non-cash lease expense	(513)	(1,081)	(1,043)
Change in the fair value of contingent consideration	0	0	(926)
Other adjustments, net	(256)	(149)	482
Changes in assets and liabilities:
Accounts receivable	(44,934)	10,936	5,543
Prepaid expenses and other assets	2,966	(4,802)	3,003
Other assets, noncurrent	(875)	124	(788)
Accounts payable	10,480	(4,770)	(2,885)
Accrued liabilities	25,351	(7,454)	(4,723)
Net cash provided by operating activities	12,039	11,838	28,672
Cash Flows from Investing Activities
Internal software development costs	(11,377)	(11,942)	(4,672)
Capital expenditures	(5,348)	(3,062)	(2,842)
Acquisitions, net of cash acquired	(4,510)	0	(1,797)
Other investing activities	(1,500)	(121)	86
Net cash used in investing activities	(22,735)	(15,125)	(9,225)
Cash Flows from Financing Activities
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	3,491	3,219	1,854
Payment of withholding taxes related to release of restricted stock, net of share settlement	(6,688)	(5,389)	(7,342)
Post-closing payments and contingent consideration related to acquisitions	(7,026)	(11,643)	(12,559)
Repurchase of common stock	(2,288)	(5,646)	(15,268)
Net cash used in financing activities	(12,511)	(19,459)	(33,315)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	18	(15)	(12)
Net decrease in cash, cash equivalents and restricted cash	(23,189)	(22,761)	(13,880)
Cash, cash equivalents and restricted cash at beginning of period	73,692	96,453	110,333
Cash, cash equivalents and restricted cash at end of period	50,503	73,692	96,453
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	50,488	73,677	96,439
Restricted cash included in other assets, noncurrent	$ 15	$ 15	$ 14
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets, noncurrent	Other assets, noncurrent	Other assets, noncurrent
Total cash, cash equivalents and restricted cash	$ 50,503	$ 73,692	$ 96,453
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	470	372	396
Supplemental Disclosure of Noncash Investing and Financing Activities
Post-closing payments unpaid at acquisition date (See Note 6)	7,161	0	2,785
Contingent consideration unpaid at acquisition date (See Note 6)	2,100	0	0
Retirement of treasury stock (See Note 13)	(2,200)	(4,053)	(16,950)
Purchases of property and equipment included in accrued liabilities	$ 846	$ 1,228	$ 613

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis

The following table presents the fair value of the Company’s financial instruments (in thousands):


	June 30, 2024								June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	2,215	$	—	$	—	$	2,215	$	16,910	$	—	$	—	$	16,910
Liabilities:
Post-closing payments related to acquisitions	$	—	$	18,143	$	—	$	18,143	$	—	$	17,498	$	—	$	17,498
Contingent consideration related to acquisitions		—		—		2,466		2,466		—		—		1,039		1,039
Total	$	—	$	18,143	$	2,466	$	20,609	$	—	$	17,498	$	1,039	$	18,537

Reported as:
Cash and cash equivalents							$	2,215							$	16,910
Other Liabilities:
Current							$	9,372							$	7,875
Noncurrent								11,237								10,662
Total							$	20,609							$	18,537

Schedule of Change in Contingent Consideration

The following table presents the changes in the contingent consideration (in thousands):


	Level 3
Balance at June 30, 2022	$	1,787
Payments made during the period		(748	)
Balance at June 30, 2023		1,039
Additions related to the acquisition of AquaVida (initial measurement)		2,100
Payments made during the period		(673	)
Balance at June 30, 2024	$	2,466

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0	0
Fair value, liabilities, level 2 to level 1 transfers, amount	0	0
Fair value liabilities level 3 to level 1 transfers, amount	0	0
Fair value assets level 3 to level 1 transfers, amount	$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Balance at beginning of the year	$ 2,092	$ 120	$ 120
Write-offs charged against the allowance	(1,277)	0	0
Provision for credit losses	0	1,972	0
Balance at end of the year	$ 815	$ 2,092	$ 120

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimated fair value of indemnification agreements	$ 0	$ 0
Estimated fair value of indemnity provisions	0	$ 0
Letter of credit agreement with a financial institution that is used as collateral for the Company's corporate headquarters' operating lease	$ 300,000
Letters of credit automatically renew annually without amendment on the annual expiration date	30 days

Leases - Supplemental Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 5,114	$ 5,860	$ 6,206
Lease liabilities arising from obtaining right-of-use assets
Operating leases	$ 11,026	$ 824	$ 564
Weighted average remaining lease term - operating leases	4 years 3 months 18 days	1 year 6 months	1 year 10 months 24 days
Weighted average discount rate - operating leases	6.90%	5.50%	5.10%

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2024	Aug. 12, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	QNST
Entity Registrant Name	QuinStreet, Inc.
Entity Central Index Key	0001117297
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,976,094
Entity Public Float			$ 675,599,058
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-34628
Entity Tax Identification Number	77-0512121
Entity Address, Address Line One	950 Tower Lane
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Foster City
Entity Address, State or Province	CA
Entity Incorporation State Country Code	DE
Entity Address, Postal Zip Code	94404
City Area Code	650
Local Phone Number	587-7700
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2024 annual stockholders’ meeting are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Francisco, California
Auditor Firm ID	238

Income Taxes - Components of Noncurrent Deferred Tax Assets and Liabilities, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Noncurrent deferred tax assets:
Reserves and accruals	$ 1,192	$ 1,716
Stock-based compensation expense	3,340	3,099
Net operating loss	38,590	35,430
Fixed assets	330	246
Tax credits	15,496	13,790
Operating lease liabilities	2,583	960
Research and development capitalized cost	12,985	7,221
Other	623	198
Total noncurrent deferred tax assets	75,139	62,660
Less: valuation allowance - long-term	(67,669)	(59,556)
Total noncurrent deferred tax assets, net of valuation allowance	7,470	3,104
Noncurrent deferred tax liabilities:
Intangibles	(8,434)	(5,303)
Operating lease right-of-use assets	(2,458)	(718)
Total noncurrent deferred tax liabilities	(10,892)	(6,021)
Net deferred tax liabilities	$ (3,422)	$ (2,917)

Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Net revenue

$ 613,514

$ 580,624

$ 582,099

Cost of revenue

^[1]

567,268

532,101

528,368

Gross profit

46,246

48,523

53,731

Operating expenses:

Product development

^[1]

30,045

28,893

21,906

Sales and marketing

^[1]

13,607

12,542

11,042

General and administrative

^[1]

30,659

27,904

25,501

Operating loss

(28,065)

(20,816)

(4,718)

Interest income

408

296

Interest expense

(680)

(790)

(1,075)

Other (expense) income, net

(2,059)

(52)

Loss before income taxes

(30,396)

(21,362)

(5,762)

(Provision for) benefit from income taxes

(935)

(47,504)

514

Net loss

(31,331)

(68,866)

(5,248)

Comprehensive loss:

Net loss

(31,331)

(68,866)

(5,248)

Other comprehensive loss:

Foreign currency translation adjustment

(2)

(5)

(6)

Comprehensive loss

$ (31,333)

$ (68,871)

$ (5,254)

Net loss per share, basic

^[2]

$ (0.57)

$ (1.28)

$ (0.1)

Net loss per share, diluted

^[2]

$ (0.57)

$ (1.28)

$ (0.1)

Weighted-average shares of common stock used in computing net loss per share, basic

54,917

53,799

54,339

Weighted-average shares of common stock used in computing net loss per share, diluted

54,917

53,799

54,339

[1]	Cost of revenue and operating expenses include stock-based compensation expense as follows:
[2]	Diluted net loss per share does not reflect any potential common stock relating to stock options, restricted stock units, or shares issuable related to the ESPP due to net loss incurred in fiscal years 2024, 2023 and 2022. The assumed issuance of any additional shares would be anti-dilutive.

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

Leases - Components of Lease Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Lease, Cost [Abstract]

Operating lease expense

$ 4,220

$ 4,790

$ 5,172

Short-term lease expense

840

638

619

Variable lease expense

^[1]

565

666

676

Total lease expense

$ 5,625

$ 6,094

$ 6,467

[1]	Variable lease expense is primarily composed of common area maintenance charges.

Stock Benefit Plans - Schedule of Fair Value of Purchase Rights (Detail) - Employee Stock Purchase Plan [Member] - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Expected volatility	48.00%	48.00%	48.00%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.50%	2.90%	0.30%
Grant date fair value	$ 2.97	$ 3.77	$ 3.72
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years	2 years
Expected volatility	58.00%	57.00%	64.00%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	5.50%	5.00%	1.00%
Grant date fair value	$ 6.73	$ 8.11	$ 5.33

- 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
-SubTopic 10
-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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Topic 718
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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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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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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 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stock Benefit Plans

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Benefit Plans

13. Stock Benefit Plans

Stock-Based Compensation

In fiscal years 2024, 2023 and 2022, the Company recorded stock-based compensation expense of $23.7 million, $18.8 million and $18.5 million. There was no tax benefits realized in fiscal years 2024 and 2023 due to the Company's full valuation allowance. In fiscal year 2022, the Company recognized tax benefits related to stock-based compensation of $0.8 million, which are reflected in the Company’s (provision for) benefit from income taxes.

Stock Incentive Plans

In November 2009, the Company’s board of directors adopted the 2010 Equity Incentive Plan (the “2010 Incentive Plan”) and the Company’s stockholders approved the 2010 Incentive Plan in January 2010. The 2010 Incentive Plan became effective upon the completion of the IPO of the Company’s common stock in February 2010. The 2010 Incentive Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NQSOs”), restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock awards and other forms of equity compensation, as well as for the grant of performance cash awards. The Company may issue ISOs only to its employees. NQSOs and all other awards may be granted to employees, including officers, nonemployee directors and consultants.

To date, the Company has granted ISOs, NQSOs, service-based RSUs, market-based RSUs, and performance-based RSUs under the 2010 Incentive Plan. ISOs and NQSOs are generally granted to employees with an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock options granted to employees generally have a contractual term of seven years and vest over four years of continuous service, with 25 percent of the stock options vesting on the one-year anniversary of the date of grant and the remaining 75 percent vesting in equal monthly installments over the three year period thereafter. RSUs generally vest over four years of continuous service, with 25 percent of the RSUs vesting on the one-year anniversary of the date of grant and 6.25 percent vesting quarterly thereafter for the next 12 quarters, subject to any performance or stock price targets. Performance-based RSUs vest variably subject to the achievement of performance targets, consisting of both revenue growth and adjusted EBITDA targets. The Company evaluates the portion of the awards that are probable to vest quarterly until the performance criteria are met.

An aggregate of 23,125,612 shares of the Company’s common stock were reserved for issuance under the 2010 Incentive Plan as of June 30, 2024, and this amount will be increased by any outstanding stock awards that expire or terminate for any reason prior to their exercise or settlement. The number of shares of the Company’s common stock reserved for issuance was increased annually through July 1, 2019 by up to five percent of the total number of shares of the Company’s common stock outstanding on the last day of the preceding fiscal year. The maximum number of shares that may be issued under the 2010 Incentive Plan is 30,000,000. There were 9,396,038 shares available for issuance under the 2010 Incentive Plan as of June 30, 2024.

In November 2009, the Company’s board of directors adopted the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”) and the stockholders approved the Directors’ Plan in January 2010. The Directors’ Plan became effective upon the completion of the Company’s IPO. The Directors’ Plan provides for the automatic grant of NQSOs and RSUs to non-employee directors and also provides for the discretionary grant of NQSOs and RSUs. Stock options granted to new non-employee directors vest in equal monthly installments over four years and annual stock option grants to existing directors vest in equal monthly installments over one year. The initial service-based RSU grants vest daily over a period of four years and annual service-based RSU grants vest daily over a period of one year.

An aggregate of 4,598,838 shares of the Company’s common stock were reserved for issuance under the Directors’ Plan as of June 30, 2024. This amount was increased annually through July 1, 2019, by the sum of 200,000 shares and the aggregate number of shares of the Company’s common stock subject to awards granted under the Directors’ Plan during the immediately preceding fiscal year. There were 1,921,954 shares available for issuance under the Directors’ Plan as of June 30, 2024.

Valuation Assumptions

The Company uses the Black-Scholes option-pricing model to fair value its stock options. Options are granted with an exercise price equal to the fair value of the common stock at the date of grant. The Company calculates the weighted-average expected life of options using the simplified method pursuant to the accounting guidance for share-based payments as its historical exercise experience does not provide a reasonable basis upon which to estimate expected term. The Company estimates the expected volatility of its common stock based on its historical volatility over the expected term of the stock option. The Company has no history or expectation of paying dividends on its common stock. The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected term of the stock option.

The weighted-average Black-Scholes model assumptions and the weighted-average grant date fair value of stock options were as follows:


	Fiscal Year Ended June 30,
	2024			2023			2022
Expected term (in years)		3.5			3.5			4.4
Expected volatility		52	%		55	%		58	%
Expected dividend yield		—			—			—
Risk-free interest rate		4.6	%		3.8	%		1.0	%
Grant date fair value	$	5.30		$	4.85		$	8.12

Stock Option Award Activity

The following table summarizes the stock option award activity under the plans:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		547,619		$	8.33		2.76	$	2,110
Granted		11,306			11.18
Exercised		(109,359	)		5.37
Forfeited		(2,439	)		13.76
Expired		(3,077	)		10.49
Outstanding at June 30, 2023		444,050		$	9.10		2.28	$	1,283
Granted		9,808			12.54
Exercised		(217,926	)		4.21
Forfeited		(15	)		15.45
Expired		(7,314	)		7.78
Outstanding at June 30, 2024		228,603		$	13.95		3.23	$	912
Vested and expected-to-vest at June 30, 2024 (1)		227,879		$	13.94		3.23	$	912
Vested and exercisable at June 30, 2024		203,602		$	13.33		3.15	$	907

(1)

The expected-to-vest options are the result of applying the pre-vesting forfeiture assumption to total outstanding options.

The following table summarizes the total intrinsic value, the cash received and the actual tax benefit of options exercised (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Intrinsic value	$	1,561	$	693	$	4,262
Cash received		918		587		1,850
Tax benefit		—		—		725

As of June 30, 2024, there was $0.2 million of total unrecognized compensation expense related to unvested stock options which are expected to be recognized over a weighted-average period of 0.9 year.

Service-Based Restricted Stock Unit Activity

The following table summarizes the service-based RSU activity under the plans:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		1,890,481		$	14.33		1.32	$	19,018
Granted		1,896,618			11.06
Vested		(778,233	)		15.42
Forfeited		(109,707	)		13.18
Outstanding at June 30, 2023		2,899,159		$	11.95		1.30	$	25,600
Granted		1,887,379			9.68
Vested		(1,222,938	)		12.32
Forfeited		(141,733	)		11.24
Outstanding at June 30, 2024		3,421,867		$	10.59		1.26	$	56,769

As of June 30, 2024, there was $26.0 million of total unrecognized compensation expense related to service-based RSUs.

Performance-Based Restricted Stock Unit Activity

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		1,223,977		$	13.32		1.12	$	12,313
Granted		308,000			8.83
Vested		(504,086	)		13.44
Forfeited		(149,420	)		13.47
Outstanding at June 30, 2023		878,471		$	11.66		1.05	$	7,757
Granted		616,000			16.59
Vested		(291,628	)		14.47
Forfeited		(186,158	)		9.48
Outstanding at June 30, 2024		1,016,685		$	14.24		1.12	$	16,867

As of June 30, 2024, there was $4.7 million of total unrecognized compensation expense related to performance-based RSUs.

At the time of vesting, a portion of RSUs are withheld by the Company to provide for federal and state tax withholding obligations resulting from the release of the RSUs.

Employee Stock Purchase Plan

In October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), with 2,164,999 shares of common stock reserved for future issuance under the plan. The 2021 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. The 2021 ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length, and each offering period is comprised of four purchase periods of approximately six months in length.

On each purchase date, eligible employees may purchase the Company’s common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the common stock on the first trading day of each offering period, or (2) the fair market value of the common stock on the purchase date. A participant may purchase up to a maximum of 2,500 shares of the common stock during each purchase period, subject to a maximum of $25,000 worth of shares of the common stock in each calendar year (as determined under applicable tax rules). If the fair market value of the common stock on any purchase date is lower than it was on the first trading day of that offering period, participants will be automatically withdrawn from the current offering period and be immediately re-enrolled in a new offering period. In fiscal year 2024, 317,394 shares of common stock were purchased under the 2021 ESPP. As of June 30, 2024, 1,568,959 shares were available for issuance under the 2021 ESPP.

ESPP employee payroll contributions accrued as of June 30, 2024 amounting to $1.2 million are included within accrued liabilities on the Company’s consolidated balance sheet, and will be used to purchase shares at the ESPP purchase period ending on August 24, 2024.

The fair value of the purchase rights for the ESPP are estimated on the date of grant using the Black-Scholes model with the following assumptions:


	Fiscal Year Ended June 30,
	2024		2023		2022
Expected term (in years)	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	48% - 58%		48% - 57%		48% - 64%
Expected dividend yield		—		—		—
Risk-free interest rate	4.5% - 5.5%		2.9% - 5.0%		0.3% - 1.0%
Grant date fair value	$2.97 - $6.73		$3.77 - $8.11		$3.72 - $5.33

Net Loss per Share (Tables)

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Loss per Share

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


	Fiscal Year Ended June 30,
	2024			2023			2022
	(In thousands, except per share data)
Numerator:
Net loss	$	(31,331	)	$	(68,866	)	$	(5,248	)
Denominator:
Weighted average shares of common stock used in computing basic net loss per share		54,917			53,799			54,339
Weighted average effect of dilutive securities		—			—			—
Weighted average shares of common stock used in computing diluted net loss per share		54,917			53,799			54,339
Net loss per share:
Basic and diluted (1)	$	(0.57	)	$	(1.28	)	$	(0.10	)
Securities excluded from weighted average shares of common stock used in computing diluted net loss per share because the effect would have been anti-dilutive: (2)		4,453			4,247			3,557

(1)

Diluted net loss per share does not reflect any potential common stock relating to stock options, restricted stock units, or shares issuable related to the ESPP due to net loss incurred in fiscal years 2024, 2023 and 2022. The assumed issuance of any additional shares would be anti-dilutive.

(2)

These weighted shares relate to anti-dilutive stock options, restricted stock units, and shares issuable related to the ESPP as calculated using the treasury stock method and could be dilutive in the future.

Net Loss per Share - Calculation of Basic and Diluted Net Loss per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Numerator:

Net loss

$ (31,331)

$ (68,866)

$ (5,248)

Denominator:

Weighted-average shares of common stock used in computing basic net loss per share

54,917

53,799

54,339

Weighted average effect of dilutive securities:

Weighted average effect of dilutive securities

Weighted average shares of common stock used in computing diluted net loss per share

54,917

53,799

54,339

Net loss per share:

Basic

^[1]

$ (0.57)

$ (1.28)

$ (0.1)

Diluted

^[1]

$ (0.57)

$ (1.28)

$ (0.1)

Securities excluded from weighted-average shares used in computing diluted net loss per share because the effect would have been anti-dilutive

^[2]

4,453

4,247

3,557

[1]	Diluted net loss per share does not reflect any potential common stock relating to stock options, restricted stock units, or shares issuable related to the ESPP due to net loss incurred in fiscal years 2024, 2023 and 2022. The assumed issuance of any additional shares would be anti-dilutive.
[2]	These weighted shares relate to anti-dilutive stock options, restricted stock units, and shares issuable related to the ESPP as calculated using the treasury stock method and could be dilutive in the future.

Balance Sheet Components - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,259	$ 33,352
Less: Accumulated depreciation and amortization	(28,401)	(16,603)
Total property and equipment, net	19,858	16,749
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,259	12,236
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,262	825
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	375	346
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,889	1,377
Internal software development costs [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,474	$ 18,568

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
US	$	(31,110	)	$	(21,745	)	$	(6,022	)
Foreign		714			383			260
Total	$	(30,396	)	$	(21,362	)	$	(5,762	)

Components of the Provision for (Benefit From) Income Taxes

The components of the provision for (benefit from) income taxes were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023		2022
Current:
Federal	$	—		$	—	$	—
State		125			143		176
Foreign		305			224		195
Total current provision for income taxes		430			367		371
Deferred:
Federal		572			40,780		(1,032	)
State		(104	)		6,357		147
Foreign		37			—		—
Total deferred provision for (benefit from) income taxes		505			47,137		(885	)
Total provision for (benefit from) income taxes	$	935		$	47,504	$	(514	)

Reconciliation Between Statutory Federal Income Tax Expense and Effective Income Tax Expense (Benefit)

The reconciliation between the statutory federal income tax expense and the Company’s effective income tax expense (benefit) was as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
Statutory federal income tax expense	$	(6,359	)	$	(4,486	)	$	(1,210	)
States taxes, net of federal benefit		(1,553	)		(752	)		(314	)
Foreign rate differential		106			61			11
Stock-based compensation expense (benefit)		25			676			(774	)
Change in valuation allowance		8,113			52,396			(1,034	)
Research and development credits		(1,593	)		(1,847	)		(1,174	)
Disqualified compensation expense		1,363			744			1,806
Uncertain tax position		490			550			385
Expired attributes		188			273			261
Foreign deferred adjustment		(6	)		—			1,354
Other		161			(111	)		175
Effective income tax expense (benefit)	$	935		$	47,504		$	(514	)

Components of Noncurrent Deferred Tax Assets and Liabilities, Net

The components of the noncurrent deferred tax assets and liabilities, net were as follows (in thousands):


	June 30,
	2024			2023
Noncurrent deferred tax assets:
Reserves and accruals	$	1,192		$	1,716
Stock-based compensation expense		3,340			3,099
Net operating loss		38,590			35,430
Fixed assets		330			246
Tax credits		15,496			13,790
Operating lease liabilities		2,583			960
Research and development capitalized cost		12,985			7,221
Other		623			198
Total noncurrent deferred tax assets		75,139			62,660
Less: valuation allowance — long-term		(67,669	)		(59,556	)
Total noncurrent deferred tax assets, net of valuation allowance		7,470			3,104

Noncurrent deferred tax liabilities:
Intangibles		(8,434	)		(5,303	)
Operating lease right-of-use assets		(2,458	)		(718	)
Total noncurrent deferred tax liabilities		(10,892	)		(6,021	)

Net deferred tax liabilities	$	(3,422	)	$	(2,917	)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits was as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
Balance at beginning of the year	$	6,030		$	5,296		$	4,756
Gross increases - current period tax positions		654			717			542
Gross decreases - prior period tax positions		(40	)		—			—
Gross increases - prior period tax positions		—			19			—
Reductions as a result of lapsed statute of limitations		—			(2	)		(2	)
Balance at end of the year	$	6,644		$	6,030		$	5,296

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) Client Segment	Jun. 30, 2023 USD ($) Client	Jun. 30, 2022 USD ($) Client
Summary Of Significant Accounting Policies [Line Items]
Maximum period for classifying as cash and cash equivalents		3 months
Revenue Reserve		$ 1,300,000	$ 1,600,000
Allowance for credit losses and revenue reserve		$ 2,100,000	3,700,000
Costs incurred in development phase are capitalized and amortized period		6 months
Maximum period from the acquisition date for recording adjustments to the assets acquired and liabilities assumed		1 year
Number of reporting units \| Segment		1
Goodwill impairment	$ 0	$ 0	0
Impairment of long-lived assets	$ 0
Weighted-average useful life of intangible assets		3 years 9 months 18 days
Impairment charge of investment in equity security		$ 2,000,000	0	$ 0
Employer contributions to defined contribution plan		$ 0	0
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value method investment ownership percentage		20.00%
Software Development [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets		2 years
Software capitalized amount		$ 10,900,000	$ 12,800,000
Customer Concentration Risk [Member] \| Net revenue [Member] \| Client One [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of clients accounted for more than 10% of net revenue \| Client		1	1	1
Concentration risk percentage accounted by major clients		12.00%	20.00%	17.00%
Customer Concentration Risk [Member] \| Net revenue [Member] \| Other Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients		10.00%	10.00%	10.00%
Number of clients accounted for more than 10% of net revenue \| Client		0	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Client One [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients		13.00%
Number of clients that accounted for 10% or more of net accounts receivable \| Client		1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Client Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients		11.00%
Number of clients that accounted for 10% or more of net accounts receivable \| Client		1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Other Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients		10.00%	10.00%
Number of clients accounted for more than 10% of net accounts receivable \| Client		0	0

Acquisitions - Schedule of Consideration (Detail) - USD ($) $ in Thousands	Mar. 01, 2024	Jan. 04, 2024
Best Company
Business Acquisition [Line Items]
Cash paid upon closing		$ 2,510
Post-closing payments, net of imputed interest		3,696
Section 338 election payment to Modernize		158
Total		$ 6,364
AquaVida
Business Acquisition [Line Items]
Cash paid upon closing	$ 2,000
Post-closing payments, net of imputed interest	3,465
Section 338 election payment to Modernize	2,100
Total	$ 7,565

Revenue

12 Months Ended

Jun. 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):


	Fiscal Year Ended June 30,
	2024		2023		2022
Net revenue:
Financial Services	$	392,579	$	379,723	$	417,110
Home Services		211,944		193,133		158,805
Other Revenue		8,991		7,768		6,184
Total net revenue	$	613,514	$	580,624	$	582,099

Contract Balances

The following table provides information about contract liabilities from the Company’s contracts with its clients (in thousands):


	June 30,
	2024		2023
Client deposits	$	1,344	$	1,213
Deferred revenue		—		9
Total	$	1,344	$	1,222

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 fiscal year 2024 related to advance consideration received from clients of $18.7 million, offset by revenue recognized of $18.5 million.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-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

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Allowance for doubtful accounts [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at the beginning of the year

$ 3,722

$ 1,536

$ 1,010

Charged to expenses/against revenue

^[1]

935

2,740

581

Write-offs net of recoveries

(2,551)

(554)

(55)

Balance at the end of the year

2,106

3,722

1,536

Deferred tax asset valuation allowance [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at the beginning of the year

59,556

7,160

8,193

Charged to expenses/against revenue

^[1]

8,113

52,396

Write-offs net of recoveries

(1,042)

Balance at the end of the year

$ 67,669

$ 59,556

$ 7,160

[1]	Additions to the allowance for doubtful accounts and the valuation allowance are charged to expense. Additions to the allowance for sales returns are charged against revenue.

- 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
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance at Jun. 30, 2022	$ 286,000	$ 53		$ 316,422	$ (261)	$ (30,214)
Beginning Balance, Shares at Jun. 30, 2022		53,356,875
Issuance of common stock upon exercise of stock options	$ 587			587
Issuance of common stock upon exercise of stock options, Shares	109,359	109,359
Release of restricted stock, net of share settlement		$ 1		(1)
Release of restricted stock, net of share settlement, Shares		851,241
Issuance of common stock under the employee stock purchase plan	$ 2,687			2,687
Issuance of common stock under the employee stock purchase plan, Shares		278,646
Stock-based compensation expense	18,840			18,840
Withholding taxes related to release of restricted stock, net of share settlement	(5,389)			(5,389)
Repurchase of common stock	(4,053)		$ (4,053)
Repurchase of common stock, Shares			(403,193)
Retirement of treasury stock	$ 4,100		$ 4,053	(4,053)
Retirement of treasury stock, Shares	403,193	(403,193)	403,193
Net loss	$ (68,866)					(68,866)
Other comprehensive loss	(5)				(5)
Ending Balance at Jun. 30, 2023	$ 229,801	$ 54		329,093	(266)	(99,080)
Ending Balance, Shares at Jun. 30, 2023	54,192,928	54,192,928
Issuance of common stock upon exercise of stock options	$ 918			918
Issuance of common stock upon exercise of stock options, Shares	217,926	217,926
Release of restricted stock, net of share settlement		$ 1		(1)
Release of restricted stock, net of share settlement, Shares		992,809
Issuance of common stock under the employee stock purchase plan	$ 2,573			2,573
Issuance of common stock under the employee stock purchase plan, Shares		317,394
Stock-based compensation expense	23,754			23,754
Withholding taxes related to release of restricted stock, net of share settlement	(6,688)			(6,688)
Repurchase of common stock	(2,200)		$ (2,200)
Repurchase of common stock, Shares			(247,618)
Retirement of treasury stock	$ 2,200		$ 2,200	(2,200)
Retirement of treasury stock, Shares	247,618	(247,618)	247,618
Net loss	$ (31,331)					(31,331)
Other comprehensive loss	(2)				(2)
Ending Balance at Jun. 30, 2024	$ 216,825	$ 55		$ 347,449	$ (268)	$ (130,411)
Ending Balance, Shares at Jun. 30, 2024	55,473,439	55,473,439

Leases - Additional Information (Detail)	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Operating lease expense	$	4,220	$	4,790	$	5,172
Short-term lease expense		840		638		619
Variable lease expense (1)		565		666		676
Total lease expense	$	5,625	$	6,094	$	6,467

(1)

Variable lease expense is primarily composed of common area maintenance charges.

Supplemental Information Related to Operating Leases

Supplemental information related to operating leases was as follows (in thousands, except lease term and discount rate):


	Fiscal Year Ended June 30,
	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	5,114		$	5,860		$	6,206

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	11,026		$	824		$	564

Weighted average remaining lease term - operating leases	4.3 years			1.5 years			1.9 years
Weighted average discount rate - operating leases		6.9	%		5.5	%		5.1	%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2024 were as follows (in thousands):


Fiscal Year Ending June 30,	Amount
2025	$	3,511
2026		2,881
2027		2,750
2028		2,728
2029		1,457
Thereafter		209
Total minimum lease payments		13,536
Less: imputed interest		(2,567	)
Present value of net minimum lease payments	$	10,969
Operating lease liabilities:
Current (included in Accrued Liabilities)	$	3,090
Noncurrent		7,879
Total	$	10,969

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Reclassification

Certain amounts in fiscal year 2023 consolidated financial statements have been reclassified to conform with current year presentation. These reclassifications had no effect on previously reported totals for assets, liabilities, stockholders’ equity, cash flows or net income.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.

Revenue Recognition

The Company derives revenue primarily from fees earned through the delivery of qualified inquiries such as clicks, leads, calls, applications, or customers. The Company recognizes revenue when the Company transfers promised goods or services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company recognizes revenue pursuant to the five-step framework contained in ASC 606, Revenue from Contracts with Customers: (i) identify the contract with a client; (ii) identify the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations.

As part of determining whether a contract exists, probability of collection is assessed on a client-by-client basis at the outset of the contract. Clients are subjected to a credit review process that evaluates the clients’ financial position and the ability and intention to pay. If it is determined from the outset of an arrangement that the client does not have the ability or intention to pay, the Company will conclude that a contract does not exist and will continuously reassess its evaluation until the Company is able to conclude that a contract does exist.

Generally, the Company’s contracts specify the period of time as one month, but in some instances the term may be longer. However, for most of the Company’s contracts with clients, either party can terminate the contract at any time without penalty. Consequently, enforceable rights and obligations only exist on a day-to-day basis, resulting in individual daily contracts during the specified term of the contract or until one party terminates the contract prior to the end of the specified term.

The Company has assessed the services promised in its contracts with clients and has identified one performance obligation, which is a series of distinct services. Depending on the client’s needs, these services consist of a specified or an unlimited number of clicks, leads, calls, applications, customers, etc. (hereafter collectively referred to as “marketing results”) to be delivered over a period of time. The Company satisfies these performance obligations over time as the services are provided. The Company does not promise to provide any other significant goods or services to its clients.

Transaction price is measured based on the consideration that the Company expects to receive from a contract with a client. The Company’s contracts with clients contain variable consideration as the price for an individual marketing result varies on a day-to-day basis depending on the market-driven amount a client has committed to pay. However, because the Company ensures the stated period of its contracts does not generally span multiple reporting periods, the contractual amount within a period is based on the number of marketing results delivered within the period. Therefore, the transaction price for any given period is fixed and no estimation of variable consideration is required.

If a marketing result delivered to a client does not meet the contractual requirements associated with that marketing result, the Company’s contracts allow for clients to return a marketing result generally within 5-10 days of having received the marketing result. Such returns are factored into the amount billed to the client on a monthly basis and consequently result in a reduction to revenue in the same month the marketing result is delivered. No warranties are offered to the Company’s clients.

The Company does not allocate transaction price as the Company has only one performance obligation and its contracts do not generally span multiple periods. Taxes collected from clients and remitted to governmental authorities are not included in revenue. The Company elected to use the practical expedient which allows the Company to record sales commissions as expense as incurred when the amortization period would have been one year or less.

The Company bills clients monthly in arrears for the marketing results delivered during the preceding month. The Company’s standard payment terms are 30-60 days. Consequently, the Company does not have significant financing components in its arrangements.

Separately from the agreements the Company has with clients, the Company has agreements with Internet search companies, third-party publishers and strategic partners that it engages with to generate targeted marketing results for the Company’s clients. The Company receives a fee from its clients and separately pays a fee to the Internet search companies, third-party publishers and strategic partners. The Company evaluates whether it is the principal (i.e., report revenue on a gross basis) or agent (i.e., report revenue on a net basis). In doing so, the Company first evaluates whether it controls the goods or services before they are transferred to the clients. If the Company controls the goods or services before they are transferred to the clients, the Company is the principal in the transaction. As a result, the fees paid by the Company’s clients are recognized as revenue and the fees paid to its Internet search companies, third-party publishers and strategic partners are included in cost of revenue. If the Company does not control the goods or services before they are transferred to the clients, the Company is the agent in the transaction and recognizes revenue on a net basis. The Company has one subsidiary, CloudControlMedia, LLC (“CCM”), which provides performance marketing agency and technology services to clients in financial services, education and other markets, recognizing revenue on a net basis. Determining whether the Company controls the goods or services before they are transferred to the clients may require judgment.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company’s investment portfolio consists of money market funds. Cash is deposited with financial institutions that management believes are creditworthy. To date, the Company has not experienced any material losses on its investment portfolio.

The Company maintains contracts with its clients, most of which are cancelable with little or no prior notice. In addition, these contracts do not contain penalty provisions for cancellation before the end of the contract term. The Company had one client that accounted for 12%, 20% and 17% of net revenue in fiscal years 2024, 2023 and 2022. The Company had two clients that accounted for 13% and 11% of net accounts receivable as of June 30, 2024. No other client accounted for 10% or more of net revenue in fiscal years 2024, 2023 and 2022, or 10% or more of net accounts receivable as of June 30, 2024 and 2023.

Fair Value of Financial Instruments

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 reporting date. The Company estimates and categorizes the fair value of its financial instruments by applying the following hierarchy:

Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to directly access.

Level 2 — Valuations based on quoted prices for similar assets or liabilities; valuations for interest-bearing securities based on non-daily quoted prices in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments consist principally of cash equivalents, accounts receivable, accounts payable, post-closing payments and contingent consideration related to acquisitions. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. See Note 5, Fair Value Measurements, for additional information regarding fair value measurements.

Cash and Cash Equivalents

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents on the Company’s consolidated balance sheets.

Accounts Receivable and Allowances

The Company’s accounts receivable are derived from clients located principally in the United States. The Company performs ongoing credit evaluation of its customers and generally does not require collateral. The Company makes estimates of expected credit losses for the allowance for doubtful accounts and allowance for unbilled receivables based upon its assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers.

The following table presents the changes in the Company’s allowance for credit losses for the periods indicated (in thousands):


	Fiscal Year Ended June 30,
	2024			2023		2022
Balance at beginning of the year	$	2,092		$	120	$	120
Write-offs charged against the allowance		(1,277	)		—		—
Provision for credit losses		—			1,972		—
Balance at end of the year	$	815		$	2,092	$	120

The revenue reserve was $1.3 million and $1.6 million as of June 30, 2024 and 2023. The total allowance for credit losses and revenue reserve was $2.1 million and $3.7 million as of June 30, 2024 and 2023.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Computer equipment	3 years
Software	3 years
Furniture and fixtures	3 to 5 years
Leasehold improvements	the shorter of the lease term or the estimated useful lives of the improvements

Internal Software Development Costs

The Company incurs costs to develop software for internal use. The Company expenses all costs that relate to the planning and post-implementation phases of development as product development expense. Costs incurred in the development phase are capitalized and amortized over the product’s estimated useful life if the product is expected to have a useful life beyond six months. Costs associated with repair or maintenance of existing sites or the development of website content are included within cost of revenue in the Company’s consolidated statements of operations and comprehensive loss. The Company’s policy is to amortize capitalized internal software development costs on a product-by-product basis using the straight-line method over the estimated economic life of the application, which is generally two years. The Company capitalized internal software development costs of $10.9 million and $12.8 million in fiscal years 2024 and 2023. Amortization of internal software development costs is reflected within cost of revenue in the Company’s consolidated statements of operations and comprehensive loss.

Leases

At the commencement date of a lease, the Company recognizes lease liabilities which represent its obligation to make lease payments, and right-of-use (“ROU”) assets which represent its right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The ROU asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. Lease liabilities are recorded in accrued liabilities and operating lease liabilities, noncurrent. ROU assets are recorded in operating lease right-of-use assets.

Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Lease agreements that contain both lease and non-lease components are generally accounted for separately. The Company does not recognize lease liabilities and ROU assets for short-term leases with terms of twelve months or less.

Acquisitions and Business Combinations

In each acquisition transaction, the Company assesses whether the transaction should follow accounting guidance applicable to an asset acquisition or a business combination. This assessment requires an evaluation of whether the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. An asset acquisition is an acquisition of an asset, or a group of assets, that does not meet the definition of a business.

The Company accounts for asset acquisitions using the cost accumulation and allocation model, whereby the costs of acquisition are allocated to the assets acquired on a relative fair value basis in accordance with the Company’s accounting policies.

The Company accounts for business combinations using the acquisition method, which requires that the total consideration for each of the acquired business be allocated to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill.

In determining the fair value of assets acquired and liabilities assumed in a business combination, the Company used the income approach to value its most significant acquired asset. Significant assumptions relating to the Company’s estimates in the income approach include base revenue, revenue growth rate net of client attrition, projected gross margin, discount rates, projected operating expenses and the future effective income tax rates. The valuations of our acquired businesses have been performed by a third-party valuation specialist under the Company management’s supervision. The Company believes that the estimated fair value assigned to the assets acquired and liabilities assumed are based on reasonable assumptions and estimates that marketplace participants would use. However, such assumptions are inherently uncertain and actual results could differ from those estimates. Future changes in our assumptions or the interrelationship of those assumptions may negatively impact future valuations. In future measurements of fair value, adverse changes in discounted cash flow assumptions could result in an impairment of goodwill or intangible assets that would require a non-cash charge to the consolidated statements of operations and comprehensive loss and may have a material effect on our financial condition and operating results.

Acquisition related costs in a business combination are not considered part of the consideration, and are expensed as operating expense as incurred. Contingent consideration, if any, is measured at fair value initially on the acquisition date as well as subsequently at the end of each reporting period until settlement at the end of the assessment period. The Company includes the results of operations of the businesses acquired as of the beginning of the acquisition dates.

Goodwill

The Company conducts a test for the impairment of goodwill at the reporting unit level on at least an annual basis and whenever there are events or changes in circumstances that would more likely than not reduce the estimated fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. Significant judgments required to estimate the fair value of reporting units include estimating future cash flows and determining appropriate discount rates, growth rates, an appropriate control premium and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could trigger impairment.

The Company performs its annual goodwill impairment test on April 30 and conducts a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. In assessing the qualitative factors, the Company considers the impact of key factors such as changes in the general economic conditions, changes in industry and competitive environment, stock price, actual revenue performance compared to previous years, forecasts and cash flow generation. The Company had one reporting unit for purposes of allocating and testing goodwill for fiscal year 2024. Based on the results of the qualitative assessment completed as of April 30, 2024, there were no indicators of impairment.

Long-Lived Assets

The Company evaluates long-lived assets, such as property and equipment and purchased intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If necessary, a quantitative test is performed that requires the application of judgment when assessing the fair value of an asset. When the Company identifies an impairment, it reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. As of April 30, 2024, the Company evaluated its long-lived assets and concluded there were no indicators of impairment. The weighted-average useful life of intangible assets was 3.8 years as of June 30, 2024.

Investments in Equity Securities

The Company’s investments in equity securities, which are reported within other assets, noncurrent, on the consolidated balance sheets, include investments in privately held companies without readily determinable market values. The Company adjusts the carrying value of its investments in equity securities to fair value when transactions for identical or similar investments of the same issuer are observable. All gains and losses on investments in equity securities, realized and unrealized, are recognized within other (expense) income, net on the Company’s consolidated statements of operations and comprehensive loss.

The Company applies the equity method of accounting for investments in other entities when it exercises significant influence. Under the equity method, the Company’s share of each investee’s profit or loss is recognized within other (expense) income, net on the Company’s consolidated statements of operations and comprehensive loss.

The Company applies the fair value measurement alternative for investments in other entities when it holds less than 20% ownership in the entity and does not exercise significant influence. These investments consist of equity holdings in non-public companies and are recorded within other assets, noncurrent, on the consolidated balance sheets.

The Company regularly reviews investments accounted for under the equity method and the fair value measurement alternative for possible impairment, which generally involves an analysis of the facts and changes in circumstances influencing the investment, expectations of the entity’s cash flows and capital needs, and the viability of its business model. The evaluation for impairment of investments in equity securities considers qualitative factors, including the financial condition and specific events related to an investee that may indicate the fair value of the investment is less than its carrying value. For fiscal year 2024, an impairment charge for investments in equity securities of $2.0 million was recorded within other (expense) income, net on the consolidated statement of operations and comprehensive loss.

Income Taxes

The Company accounts for income taxes using an asset and liability approach to record deferred taxes. The Company’s deferred income tax assets represent temporary differences between the financial statement carrying amount and the tax basis of existing assets and liabilities that will result in deductible amounts in future years, including net loss carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company regularly assesses the realizability of our deferred tax assets. Judgment is required to determine whether a valuation allowance is necessary and the amount of such valuation allowance, if appropriate. The Company considers all available evidence, both positive and negative to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need, or continued need, for a valuation allowance the Company considers, among other things, the nature, frequency and severity of current and cumulative taxable income or losses, forecasts of future profitability, and the duration of statutory carryforward periods. The Company’s judgments regarding future profitability may change due to future market conditions, changes in U.S. or international tax laws and other factors.

The Company recognizes tax benefits from an uncertain tax position only if it is more likely than not, based on the technical merits of the position, that the tax position will be sustained on examination by the tax authorities. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense.

Foreign Currency Translation

The Company’s foreign operations are subject to exchange rate fluctuations. The majority of the Company’s sales and expenses are denominated in U.S. dollars. The functional currency for the majority of the Company’s foreign subsidiaries is the U.S. dollar. For these subsidiaries, assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and historical exchange rates for nonmonetary assets and liabilities. Net revenue, cost of revenue and expenses are generally remeasured at average exchange rates in effect during each period. Gains and losses from foreign currency remeasurement are included in other (expense) income, net in the Company’s consolidated statements of operations and comprehensive loss. Certain foreign subsidiaries designate the local currency as their functional currency. For those subsidiaries, the assets and liabilities are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average exchange rates for the period. The foreign currency translation adjustments are included in accumulated other comprehensive loss as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are recorded within other (expense) income, net in the Company’s consolidated statements of operations and comprehensive loss and were not material for any period presented.

Comprehensive Loss

Comprehensive loss consists of net loss and foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency. Comprehensive loss is disclosed as part of the statements of operations and comprehensive loss.

Loss Contingencies

The Company is subject to the possibility of various loss contingencies arising in the ordinary course of business. Management considers the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as its ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to its management to determine whether such accruals should be adjusted and whether new accruals are required.

From time to time, the Company is involved in disputes, litigation and other legal actions. The Company records a charge equal to at least the minimum estimated liability for a loss contingency only when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements, and (ii) the range of loss can be reasonably estimated. The actual liability in any such matters may be materially different from the Company’s estimates, which could result in the need to adjust the liability and record additional expenses.

Stock-Based Compensation

The Company measures and records the expense related to stock-based transactions based on the fair values of stock-based payment awards, as determined on the date of grant. The fair value of restricted stock units with a service condition (“service-based RSU”) is determined based on the closing price of the Company’s common stock on the date of grant. To estimate the fair value of stock options and purchase rights granted under the employee stock purchase plan (“ESPP”), the Company selected the Black-Scholes option pricing model. The fair value of restricted stock units with a service and performance condition (“performance-based RSU”) is determined based on the closing price of the Company’s common stock on the date of grant. Grant date as defined by ASC 718 is determined when the components that comprise the performance targets have been fully established. If a grant date has not been established, the compensation expense associated with the performance-based RSUs is re-measured at each reporting date based on the closing price of the Company’s common stock at each reporting date until the grant date has been established. In applying these models, the Company’s determination of the fair value of the award is affected by assumptions regarding a number of subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the award and the employees’ actual and projected stock option exercise and pre-vesting employment termination behaviors.

The Company recognizes stock-based compensation expense for options and service-based RSUs using the straight-line method, and for performance-based RSUs using the graded vesting method, based on awards ultimately expected to vest. The Company recognizes stock-based compensation expense for the purchase rights granted under the ESPP using the straight-line method over the offering period. The Company estimates future forfeitures at the date of grant. On an annual basis, the Company assesses changes to its estimate of expected forfeitures based on recent forfeiture activity. The effect of adjustments made to the forfeiture rates, if any, is recognized in the period that change is made. See Note 13, Stock Benefit Plans, for additional information regarding stock-based compensation.

401(k) Savings Plan

The Company sponsors a 401(k) defined contribution plan covering all U.S. employees. There were no employer contributions under this plan in fiscal years 2024 and 2023.

Recent Accounting Pronouncements

Accounting Pronouncements Already Adopted

In October 2021, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The Company adopted ASU 2021-08 in the first quarter of fiscal year 2024 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures (ASU 2023-09) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its financial statement disclosures.

ASU’s not included in the Company's disclosures were assessed and determined to be not applicable and material to the Company’s consolidated financial statements or disclosures.

Net Income per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by using the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding stock options, unvested restricted stock units, and shares issuable related to the ESPP using the treasury stock method.

Retirement of Treasury Stock

The Company’s accounting policy upon the retirement of treasury stock is to deduct its par value from common stock and reduce additional paid-in capital by the amount recorded in additional paid-in capital when the stock was originally issued.

Segment Information

Stockholders' Equity

12 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

12. Stockholders’ Equity

Stock Repurchases

In April 2022, the Board of Directors canceled the prior stock repurchase program that commenced in July 2017 and authorized a stock repurchase program allowing the repurchase of up to $40.0 million worth of common stock. In fiscal year 2024, the Company repurchased 247,618 shares of its common stock at an average price of $8.85 per share, at a total cost of $2.2 million (including a broker commission of $0.03 per share). In fiscal year 2023, the Company repurchased 403,193 shares of its common stock at an average price of $10.02 per share, at a total cost of $4.1 million (including a broker commission of $0.03 per share). Repurchases under this program took place in the open market and were made under a Rule 10b5-1 plan. The repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. As of June 30, 2024, approximately $16.8 million remained available for stock repurchases pursuant to the board authorization.

Retirement of Treasury Stock

In fiscal year 2024, the Company retired 247,618 shares of its common stock with a carrying value of $2.2 million. In fiscal year 2023, the Company retired 403,193 shares of its common stock with a carrying value of $4.1 million (including 10,000 shares for $0.1 million that were repurchased but not settled as of June 30, 2023). The Company’s accounting policy upon the retirement of treasury stock is to deduct its par value from common stock and reduce additional paid-in capital by the amount recorded in additional paid-in capital when the stock was originally issued.

- 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
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-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
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Intangible Assets, Net and Goodwill - Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 9,533
2026	6,887
2027	5,864
2028	5,281
2029	4,234
Thereafter	6,209
Net Carrying Amount	$ 38,008	$ 38,700

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
US	$	(31,110	)	$	(21,745	)	$	(6,022	)
Foreign		714			383			260
Total	$	(30,396	)	$	(21,362	)	$	(5,762	)

The components of the provision for (benefit from) income taxes were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023		2022
Current:
Federal	$	—		$	—	$	—
State		125			143		176
Foreign		305			224		195
Total current provision for income taxes		430			367		371
Deferred:
Federal		572			40,780		(1,032	)
State		(104	)		6,357		147
Foreign		37			—		—
Total deferred provision for (benefit from) income taxes		505			47,137		(885	)
Total provision for (benefit from) income taxes	$	935		$	47,504	$	(514	)

The reconciliation between the statutory federal income tax expense and the Company’s effective income tax expense (benefit) was as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
Statutory federal income tax expense	$	(6,359	)	$	(4,486	)	$	(1,210	)
States taxes, net of federal benefit		(1,553	)		(752	)		(314	)
Foreign rate differential		106			61			11
Stock-based compensation expense (benefit)		25			676			(774	)
Change in valuation allowance		8,113			52,396			(1,034	)
Research and development credits		(1,593	)		(1,847	)		(1,174	)
Disqualified compensation expense		1,363			744			1,806
Uncertain tax position		490			550			385
Expired attributes		188			273			261
Foreign deferred adjustment		(6	)		—			1,354
Other		161			(111	)		175
Effective income tax expense (benefit)	$	935		$	47,504		$	(514	)

The components of the noncurrent deferred tax assets and liabilities, net were as follows (in thousands):


	June 30,
	2024			2023
Noncurrent deferred tax assets:
Reserves and accruals	$	1,192		$	1,716
Stock-based compensation expense		3,340			3,099
Net operating loss		38,590			35,430
Fixed assets		330			246
Tax credits		15,496			13,790
Operating lease liabilities		2,583			960
Research and development capitalized cost		12,985			7,221
Other		623			198
Total noncurrent deferred tax assets		75,139			62,660
Less: valuation allowance — long-term		(67,669	)		(59,556	)
Total noncurrent deferred tax assets, net of valuation allowance		7,470			3,104

Noncurrent deferred tax liabilities:
Intangibles		(8,434	)		(5,303	)
Operating lease right-of-use assets		(2,458	)		(718	)
Total noncurrent deferred tax liabilities		(10,892	)		(6,021	)

Net deferred tax liabilities	$	(3,422	)	$	(2,917	)

The Company has a net deferred tax liability balance of $3.4 million and $2.9 million as of June 30, 2024 and 2023, included within other liabilities, noncurrent on the Company’s consolidated balance sheet. The net deferred tax liability is related to indefinite lived deferred tax liabilities unable to be offset with deferred tax assets. The Company has a valuation allowance of approximately $67.7 million and $59.6 million as of June 30, 2024 and 2023, respectively. The Company evaluated the need for a valuation allowance by considering among other things, the nature, frequency and severity of current and cumulative losses, reversal of taxable temporary differences, tax planning strategies, forecasts of future profitability, and the duration of statutory carryforward periods. The Company determined that the significant negative evidence associated with cumulative losses in recent periods and current results outweighed the positive evidence as of June 30, 2024 and accordingly, the near-term realization of certain of these assets was deemed not more likely than not. In the fourth quarter of fiscal year 2023, the Company recorded a one-time, non-cash charge to income tax expense of $52.4 million to establish a valuation allowance against its net deferred tax assets. The Company will continue to assess the likelihood that the deferred tax assets will be realizable at each reporting period and the valuation allowance will be adjusted accordingly.

As of June 30, 2024 and 2023, the Company had a federal operating loss carryforward of approximately $152.9 million and $141.5 million. As of June 30, 2024 and 2023, the Company’s state operating loss carryforward was approximately $97.6 million and $83.8 million. With the exception of $69.5 million of federal net operating losses which can be carried forward indefinitely, the federal and state net operating losses, if not used, will begin to expire on June 30, 2035 and June 30, 2025, respectively. The operating loss carryforward in the India jurisdiction was approximately $1.8 million which will begin to expire on June 30, 2025. The Company has federal and California research and development tax credit carryforwards of approximately $10.8 million and $12.2 million to offset future taxable income. The federal research and development tax credits, if not used, will begin to expire on June 30, 2034, while the state tax credit carryforwards do not have an expiration date and may be carried forward indefinitely.

Utilization of the operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of operating loss carryforwards and credits before utilization.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits was as follows (in thousands):


	Fiscal Year Ended June 30,
	2024			2023			2022
Balance at beginning of the year	$	6,030		$	5,296		$	4,756
Gross increases - current period tax positions		654			717			542
Gross decreases - prior period tax positions		(40	)		—			—
Gross increases - prior period tax positions		—			19			—
Reductions as a result of lapsed statute of limitations		—			(2	)		(2	)
Balance at end of the year	$	6,644		$	6,030		$	5,296

The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the Company’s provision for (benefit from) income taxes. As of June 30, 2024, the Company has accrued $1.6 million for interest and penalties related to the unrecognized tax benefits. The balance of interest and penalties is recorded as other liabilities, noncurrent on the Company’s consolidated balance sheet.

As of June 30, 2024, unrecognized tax benefits of $1.1 million, if recognized, would affect the Company’s effective tax rate. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company files income tax returns in the United States, various U.S. states and certain foreign jurisdictions and is no longer subject to U.S. federal, state and local, or non-U.S., income tax examinations by tax authorities for years before 2013. As of June 30, 2024, the tax years 2013 through 2024 remain open in the U.S., and the tax years 2020 through 2024 remain open in various foreign jurisdictions. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from our examinations.

- 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
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-Paragraph 12C
-Publisher FASB
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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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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

The Company

12 Months Ended

Jun. 30, 2024

Organization [Abstract]

The Company

1. The Company

QuinStreet, Inc. (the “Company”) is a leader in performance marketplaces and technologies for the financial services and home services industries. The Company was incorporated in California in April 1999 and reincorporated in Delaware in December 2009. The Company specializes in customer acquisition for clients in high value, information-intensive markets or “verticals,” including financial services and home services. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States, India and Mexico. The majority of the Company’s operations and revenue are in North America.

Stock Benefit Plans - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2009	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 23,701,000	$ 18,786,000	$ 18,506,000
Tax benefits realized		0	$ 0	$ 800,000
Total unrecognized compensation expense related to stock options		$ 200,000
Unvested stock options weighted average period (in years)		10 months 24 days
2010 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General contractual term for stock options granted to employees		7 years
Common stock reserved for issuance		23,125,612
Percentage of common stock reserved for issuance to be increased					5.00%
Maximum number of shares that may be issued		30,000,000
Shares available for issuance		9,396,038
Directors' Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance		4,598,838
Shares available for issuance		1,921,954
Number of common stock shares increased in reserve for annual basis		200,000
2021 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance		2,164,999
Shares available for issuance		1,568,959
Shares of common stock allowed to purchase at a discount through payroll deductions		15.00%
Purchase of common stock at a percentage of price per share		85.00%
Maximum number of common stock, participant may purchase during purchase period		2,500
Maximum value of common stock, participant may purchase in each calendar year		$ 25,000
Employee payroll contributions accrued		$ 1,200,000
Purchase period end date		Aug. 24, 2024
Shares of common stock purchased		317,394
Employee Stock Option \| 2010 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Stock options vesting percentage one year from the date of grant		25.00%
Remaining stock option vesting percentage over the three years period thereafter		75.00%
Employee Stock Option \| Directors' Plan [Member] \| Annual Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year	1 year
Employee Stock Option \| Directors' Plan [Member] \| Initial Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted stock units [Member] \| 2010 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
RSUs vesting percentage one year from the date of grant		25.00%
Remaining RSUs vesting quarterly thereafter percentage		6.25%
Restricted stock units [Member] \| Directors' Plan [Member] \| Annual Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted stock units [Member] \| Directors' Plan [Member] \| Initial Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Service-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense		$ 26,000,000
Performance-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense		$ 4,700,000

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses

The following table presents the changes in the Company’s allowance for credit losses for the periods indicated (in thousands):


	Fiscal Year Ended June 30,
	2024			2023		2022
Balance at beginning of the year	$	2,092		$	120	$	120
Write-offs charged against the allowance		(1,277	)		—		—
Provision for credit losses		—			1,972		—
Balance at end of the year	$	815		$	2,092	$	120

Estimated Useful Lives of the Assets

Property and equipment are stated at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Computer equipment	3 years
Software	3 years
Furniture and fixtures	3 to 5 years
Leasehold improvements	the shorter of the lease term or the estimated useful lives of the improvements

Revenue (Tables)

12 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Net Revenue

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


	Fiscal Year Ended June 30,
	2024		2023		2022
Net revenue:
Financial Services	$	392,579	$	379,723	$	417,110
Home Services		211,944		193,133		158,805
Other Revenue		8,991		7,768		6,184
Total net revenue	$	613,514	$	580,624	$	582,099

Schedule of Contract Liabilities from Contracts with Clients

The following table provides information about contract liabilities from the Company’s contracts with its clients (in thousands):


	June 30,
	2024		2023
Client deposits	$	1,344	$	1,213
Deferred revenue		—		9
Total	$	1,344	$	1,222

Balance Sheet Components - Other Liabilities, Noncurrent (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Payables and Accruals [Abstract]
Post-closing payments and contingent consideration related to acquisitions	$ 11,237	$ 10,662
Income tax liabilities	6,089	5,493
Other liabilities	118	118
Total other liabilities, noncurrent	$ 17,444	$ 16,273

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances and reserves	$ 2,106	$ 3,722
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	55,473,439	54,192,928
Common stock, shares outstanding	55,473,439	54,192,928

Revenue - Schedule of Disaggregation of Net Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Net revenue	$ 613,514	$ 580,624	$ 582,099
Financial Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	392,579	379,723	417,110
Home Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	211,944	193,133	158,805
Other Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 8,991	$ 7,768	$ 6,184

- 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

- 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
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Fair Value Measurements - Schedule of Change in Contingent Consideration (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Additions related to the acquisition of AquaVida (initial measurement)	$ 0	$ 0	$ (926)
Level 3 [Member]
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	1,039		$ 1,787
Payments made during the period	(673)	(748)
Additions related to the acquisition of AquaVida (initial measurement)	2,100
Ending balance	$ 2,466	$ 1,039

Acquisitions (Tables)

12 Months Ended

Jun. 30, 2024

Best Company

Business Acquisition [Line Items]

Schedule of Consideration

The following table summarizes the consideration as of the acquisition date (in thousands):

Summary of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives

The following table summarizes the components and allocation of the purchase price, the fair values and estimated useful lives of the identifiable assets acquired as of the date of the acquisition (in thousands):


	Estimated Fair Value		Estimated Useful Life
Shared assets license	$	5,228	10 years
Client relationships		682	8 years
Non-competition agreements		454	3 years
Total	$	6,364

AquaVida

Business Acquisition [Line Items]

Schedule of Consideration

The following table summarizes the consideration as of the acquisition date (in thousands):

Summary of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives

The following table summarizes the components and preliminary allocation of the purchase price, the fair values and estimated useful lives of the identifiable assets acquired as of the date of the acquisition (in thousands):


	Estimated Fair Value		Estimated Useful Life
Existing technology	$	1,900	5 years
Client relationships		1,200	8 years
Content		50	1 year
Non-competition agreement		500	4 years
Goodwill		3,915	Indefinite
Total	$	7,565

Stock Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2024

Employee Stock Option [Member]

Schedule of Weighted Average Assumptions

The weighted-average Black-Scholes model assumptions and the weighted-average grant date fair value of stock options were as follows:


	Fiscal Year Ended June 30,
	2024			2023			2022
Expected term (in years)		3.5			3.5			4.4
Expected volatility		52	%		55	%		58	%
Expected dividend yield		—			—			—
Risk-free interest rate		4.6	%		3.8	%		1.0	%
Grant date fair value	$	5.30		$	4.85		$	8.12

Stock Option Award Activity

The following table summarizes the stock option award activity under the plans:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		547,619		$	8.33		2.76	$	2,110
Granted		11,306			11.18
Exercised		(109,359	)		5.37
Forfeited		(2,439	)		13.76
Expired		(3,077	)		10.49
Outstanding at June 30, 2023		444,050		$	9.10		2.28	$	1,283
Granted		9,808			12.54
Exercised		(217,926	)		4.21
Forfeited		(15	)		15.45
Expired		(7,314	)		7.78
Outstanding at June 30, 2024		228,603		$	13.95		3.23	$	912
Vested and expected-to-vest at June 30, 2024 (1)		227,879		$	13.94		3.23	$	912
Vested and exercisable at June 30, 2024		203,602		$	13.33		3.15	$	907

(1)

The expected-to-vest options are the result of applying the pre-vesting forfeiture assumption to total outstanding options.

Schedule of Total Intrinsic Value, Cash Received and Actual Tax Benefit of All Options Exercised

The following table summarizes the total intrinsic value, the cash received and the actual tax benefit of options exercised (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Intrinsic value	$	1,561	$	693	$	4,262
Cash received		918		587		1,850
Tax benefit		—		—		725

Service-based RSU [Member]

Schedule of RSU Activity

The following table summarizes the service-based RSU activity under the plans:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		1,890,481		$	14.33		1.32	$	19,018
Granted		1,896,618			11.06
Vested		(778,233	)		15.42
Forfeited		(109,707	)		13.18
Outstanding at June 30, 2023		2,899,159		$	11.95		1.30	$	25,600
Granted		1,887,379			9.68
Vested		(1,222,938	)		12.32
Forfeited		(141,733	)		11.24
Outstanding at June 30, 2024		3,421,867		$	10.59		1.26	$	56,769

Performance-based RSU [Member]

Schedule of RSU Activity

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2022		1,223,977		$	13.32		1.12	$	12,313
Granted		308,000			8.83
Vested		(504,086	)		13.44
Forfeited		(149,420	)		13.47
Outstanding at June 30, 2023		878,471		$	11.66		1.05	$	7,757
Granted		616,000			16.59
Vested		(291,628	)		14.47
Forfeited		(186,158	)		9.48
Outstanding at June 30, 2024		1,016,685		$	14.24		1.12	$	16,867

Employee Stock Purchase Plan [Member]

Schedule of Fair Value of Purchase Rights

The fair value of the purchase rights for the ESPP are estimated on the date of grant using the Black-Scholes model with the following assumptions:


	Fiscal Year Ended June 30,
	2024		2023		2022
Expected term (in years)	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	48% - 58%		48% - 57%		48% - 64%
Expected dividend yield		—		—		—
Risk-free interest rate	4.5% - 5.5%		2.9% - 5.0%		0.3% - 1.0%
Grant date fair value	$2.97 - $6.73		$3.77 - $8.11		$3.72 - $5.33

Segment Information - Net Revenue and Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net revenue:
Total net revenue	$ 613,514	$ 580,624	$ 582,099
Property and equipment, net:
Total property and equipment, net	19,858	16,749
Intangible assets, net:
Intangible assets, net	38,008	38,700
United States [Member]
Net revenue:
Total net revenue	607,373	570,703	559,984
Property and equipment, net:
Total property and equipment, net	19,643	16,475
Intangible assets, net:
Intangible assets, net	38,008	38,700
International [Member]
Net revenue:
Total net revenue	6,141	9,921	$ 22,115
Property and equipment, net:
Total property and equipment, net	215	274
Intangible assets, net:
Intangible assets, net	$ 0	$ 0

- Definition

+ References

+ Details

Intangible Assets, Net and Goodwill - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets		$ 10,700,000	$ 11,100,000	$ 11,600,000
Additions to goodwill		3,915,000	0
Goodwill impairment	$ 0	$ 0	$ 0

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 5, 2024, Gregory Wong, Chief Financial Officer, entered into a Rule 10b5-1 Plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Wong's Rule 10b5-1 Plan provides for the potential sale (beginning on September 12, 2024) of all of the (net) shares of up to 111,416 (gross) shares of the Company's common stock, consisting of (i) 50,977 shares of common stock and (ii) the net shares (not yet determinable) after shares are withheld to satisfy tax withholding obligations, issuable upon the vesting of up to 60,439 shares of restricted stock and performance-based restricted stock granted to Mr. Wong by the Company. Mr. Wong’s Rule 10b5-1 Plan expires on February 20, 2025, or upon the earlier completion of all the transactions authorized thereunder.
Gregory Wong [Member]
Trading Arrangements, by Individual
Name	Gregory Wong
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 5, 2024
Expiration Date	February 20, 2025
Arrangement Duration	161 days
Aggregate Available	111,416
Common Stock Shares [Member] \| Gregory Wong [Member]
Trading Arrangements, by Individual
Aggregate Available	50,977
Restricted Stock and Performance-Based Restricted Stock [Member] \| Gregory Wong [Member]
Trading Arrangements, by Individual
Aggregate Available	60,439

Acquisitions - Schedule of Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 01, 2024	Jan. 04, 2024
Best Company
Business Acquisition [Line Items]
Deferred Consideration Imputed Interest		$ 325
AquaVida
Business Acquisition [Line Items]
Deferred Consideration Imputed Interest	$ 535

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

10 . Leases

The Company has operating leases primarily for its office facilities. The leases expire at various dates through fiscal year 2030, some of which include options to renew, with renewal terms of up to 5 years. The Company does not include any renewal options in the lease terms for calculating lease liability, as the renewal options allow the Company to maintain operational flexibility and the Company is not reasonably certain that it will exercise these renewal options at the time of the lease commencement.

The components of lease expense were as follows (in thousands):


	Fiscal Year Ended June 30,
	2024		2023		2022
Operating lease expense	$	4,220	$	4,790	$	5,172
Short-term lease expense		840		638		619
Variable lease expense (1)		565		666		676
Total lease expense	$	5,625	$	6,094	$	6,467

(1)

Variable lease expense is primarily composed of common area maintenance charges.

Supplemental information related to operating leases was as follows (in thousands, except lease term and discount rate):


	Fiscal Year Ended June 30,
	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	5,114		$	5,860		$	6,206

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	11,026		$	824		$	564

Weighted average remaining lease term - operating leases	4.3 years			1.5 years			1.9 years
Weighted average discount rate - operating leases		6.9	%		5.5	%		5.1	%

The implicit rate within each lease is not readily determinable and therefore the Company uses its incremental borrowing rate at the lease commencement date to determine the present value of the lease payments. The determination of the incremental borrowing rate requires judgment. The Company determined its incremental borrowing rate for each lease using indicative bank borrowing rates, adjusted for various factors including level of collateralization, term and currency to align with the terms of a lease.

Maturities of operating lease liabilities as of June 30, 2024 were as follows (in thousands):


Fiscal Year Ending June 30,	Amount
2025	$	3,511
2026		2,881
2027		2,750
2028		2,728
2029		1,457
Thereafter		209
Total minimum lease payments		13,536
Less: imputed interest		(2,567	)
Present value of net minimum lease payments	$	10,969
Operating lease liabilities:
Current (included in Accrued Liabilities)	$	3,090
Noncurrent		7,879
Total	$	10,969

Commitments and Contingencies

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Guarantor Arrangements

The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts under certain circumstances and subject to deductibles and exclusions. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is not material. Accordingly, the Company had no liabilities recorded for these agreements as of June 30, 2024 and 2023.

In the ordinary course of its business, the Company from time to time enters into standard indemnification provisions in its agreements with its clients. Pursuant to these provisions, the Company may be obligated to indemnify its clients for certain losses suffered or incurred, including losses arising from violations of applicable law by the Company or by its third-party publishers, losses arising from actions or omissions of the Company or its third-party publishers, and for third-party claims that a Company product infringed upon any United States patent, copyright, or other intellectual property rights. Where practicable, the Company limits its liabilities under such indemnities. Subject to these limitations, the term of such indemnification provisions is generally coterminous with the corresponding agreements and survives for the duration of the applicable statute of limitations after termination of the agreement. The potential amount of future payments to defend lawsuits or settle indemnified claims under these indemnification provisions is generally limited and the Company believes the estimated fair value of these indemnity provisions is not material. Accordingly, the Company had no liabilities recorded for these agreements as of June 30, 2024 and 2023.

Letters of Credit

The Company has a $0.3 million letter of credit agreement with a financial institution that is used as collateral for the Company’s corporate headquarters’ operating lease. The letter of credit automatically renews annually without amendment unless canceled by the financial institution within 30 days of the annual expiration date.

Income Taxes - Reconciliation Between Statutory Federal Income Tax Expense and Effective Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Statutory federal income tax expense	$ (6,359)	$ (4,486)	$ (1,210)
States taxes, net of federal benefit	(1,553)	(752)	(314)
Foreign rate differential	106	61	11
Stock-based compensation expense (benefit)	25	676	(774)
Change in valuation allowance	8,113	52,396	(1,034)
Research and development credits	(1,593)	(1,847)	(1,174)
Disqualified compensation expense	1,363	744	1,806
Uncertain tax position	490	550	385
Expired attributes	188	273	261
Foreign deferred adjustment	(6)	0	1,354
Other	161	(111)	175
Total provision for (benefit from) income taxes	$ 935	$ 47,504	$ (514)

Acquisitions

12 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Acquisitions

6. Acquisitions

BestCompany

On January 4, 2024, the Company acquired certain assets of BestCompany, a leading performance-based marketing company specializing in purchasing media traffic data from third party platforms and generating qualified inquiries from such data, to broaden the Company's customer and media relationships in the home services vertical. In exchange for certain assets of BestCompany, the Company paid $2.5 million in cash upon closing and will make $4.0 million in post-closing payments, payable in equal annual installments over two years, with the first installment payable twelve months following the date of closing. The purchase consideration also includes an incremental $1.0 million to BestCompany in the form of a two-year convertible promissory note.

The following table summarizes the consideration as of the acquisition date (in thousands):

The Company evaluated the set of activities and assets acquired and concluded that it did not meet the definition of a business because the acquired set did not include a substantive process. Therefore, the acquisition was accounted for as an asset acquisition and the total purchase price was allocated to the acquired assets. The results of the acquired assets have been included in the Company's results of operations since the acquisition date. The Company measured assets acquired using a cost accumulation and allocation model under which cost of the acquisition is allocated to the assets acquired. The fair value of the intangible assets acquired was determined by the Company based on management’s best estimates, and in doing so management engaged a third-party valuation specialist to assist with the measurement. The fair value of the shared assets license was determined using the multi-period excess earnings income approach. The fair value of the customer relationships was determined using the distributor method. The fair value of the non-competition agreements was determined using the with and without method. The excess of the purchase price over the aggregate fair value of the identifiable intangible assets acquired was allocated to the individual assets acquired based on their relative fair values. No goodwill is recognized.


	Estimated Fair Value		Estimated Useful Life
Shared assets license	$	5,228	10 years
Client relationships		682	8 years
Non-competition agreements		454	3 years
Total	$	6,364

Aqua Vida

On March 1, 2024, the Company acquired certain assets of AquaVida, a performance-based marketing company specializing in media generation, to broaden the Company's access to large and meaningful media channels in all verticals. In exchange for the assets of AquaVida, the Company paid $2.0 million in cash upon closing and will make $4.0 million in post-closing payments, payable in equal annual installments over a four-year period, with the first installment payable twelve months following the date of closing. The purchase consideration also includes a contingent consideration based on future media margin results, payable for four years following the date of closing.

The following table summarizes the consideration as of the acquisition date (in thousands):

The acquisition was accounted for as a business combination. The results of the acquired assets have been included in the Company's results of operations since the acquisition date. The Company allocated the purchase price to identifiable intangible assets acquired based on their estimated fair values. The fair value of the intangible assets acquired was determined by the Company based on management’s best estimates, and in doing so management engaged a third-party valuation specialist to assist with the measurement. The fair value of the existing technology was determined using the multi-period excess earnings income approach. The fair value of the customer relationships was determined using the distributor approach. The fair value of content was determined using the replacement cost method. The fair value of the non-competition agreement was determined using with and without method. The excess of the purchase price over the aggregate fair value of the identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to synergies the Company expects to achieve related to the acquisition. The goodwill is deductible for tax purposes.


	Estimated Fair Value		Estimated Useful Life
Existing technology	$	1,900	5 years
Client relationships		1,200	8 years
Content		50	1 year
Non-competition agreement		500	4 years
Goodwill		3,915	Indefinite
Total	$	7,565

The Company is still finalizing the allocation of the purchase price to the individual assets acquired. Accordingly, these preliminary estimates are subject to change during the measurement period, which is the period subsequent to the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination, not to exceed one year from the acquisition date. The final purchase price allocation, which may include changes in the allocations within intangible assets and between intangible assets and goodwill, as well as changes in the estimated useful lives of the intangible assets, will be determined when the Company has completed the detailed review of underlying inputs and assumptions used in its preliminary purchase price allocation.

Other

In fiscal year 2022, the Company completed two immaterial acquisitions within the home services client vertical. The purchase consideration included $1.0 million for each of the acquisition in cash upon closing. The purchase consideration also included a $2.0 million post-closing payments, payable in equal annual installments over a two-year period, with the first installment paid in the second quarter of fiscal year 2023, and a $1.0 million post-closing payments, payable in equal annual installments over a two-year period, with the first installment paid in the fourth quarter of fiscal year 2023.

The results of these acquisitions have been included in the Company’s results of operations since their respective acquisition dates, which were not considered material to the Company.

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
US	$ (31,110)	$ (21,745)	$ (6,022)
Foreign	714	383	260
Loss before income taxes	$ (30,396)	$ (21,362)	$ (5,762)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 32
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 30
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 6,030	$ 5,296	$ 4,756
Gross increases - current period tax positions	654	717	542
Gross decreases - prior period tax positions	(40)	0	0
Gross increases - prior period tax positions	0	19	0
Reductions as a result of lapsed statute of limitations	0	(2)	(2)
Unrecognized Tax Benefits, Ending Balance	$ 6,644	$ 6,030	$ 5,296

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cost of revenue [Member]
Stock-based compensation	$ 8,409	$ 7,923	$ 7,475
Product development [Member]
Stock-based compensation	3,147	2,880	2,575
Sales and marketing [Member]
Stock-based compensation	2,968	2,298	2,378
General and administrative [Member]
Stock-based compensation	$ 9,177	$ 5,685	$ 6,078

Intangible Assets, Net and Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at June 30, 2023	$ 121,141,000
Addition related to the acquisition of AquaVida	3,915,000	$ 0
Balance at June 30, 2024	$ 125,056,000	$ 121,141,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Balance Sheet Components - Schedule of Prepaid Expenses and Other Assets Current (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 6,217	$ 8,241
Income tax receivable	63	120
Other assets	533	1,418
Total prepaid expenses and other assets	$ 6,813	$ 9,779

Balance Sheet Components - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued media costs	$ 52,805	$ 27,302
Accrued compensation and related expenses	6,579	7,812
Accrued professional service and other business expenses	6,348	5,579
Operating lease liabilities, current	$ 3,090	$ 3,317
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Deferred revenue		$ 9
Total accrued liabilities	$ 68,822	$ 44,019

Revenue - Additional Information (Detail) $ in Millions	12 Months Ended
Revenue - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 18.5
Change in amount of advance consideration received from customers	$ 18.7

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense	$ 3.0	$ 2.8	$ 2.4
Amortization expense related to internal software development costs	$ 10.2	$ 5.3	$ 3.0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Income Tax Contingency [Line Items]
Net deferred tax liabilities	$ 2,917	$ 3,422
Valuation allowance - long-term	59,556	67,669
Operating loss carry-forwards	35,430	38,590
Unrecognized tax benefits that if recognized would affect the effective tax rate		1,100
Non-cash charge to income tax expense	52,400
Other Liabilities, Noncurrent [Member]
Income Tax Contingency [Line Items]
Net deferred tax liabilities	2,900	3,400
Interest and penalties related to the unrecognized tax benefits		1,600
Federal [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards	141,500	152,900
Operating loss carry-forwards indefinite		$ 69,500
Operating loss carry-forwards, expire date		Jun. 30, 2035
Tax credit carry-forwards, expire date		Jun. 30, 2034
State [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards	83,800	$ 97,600
Operating loss carry-forwards, expire date		Jun. 30, 2025
India [Member] \| International [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards		$ 1,800
Operating loss carry-forwards, expire date		Jun. 30, 2025
California [Member] \| State [Member]
Income Tax Contingency [Line Items]
Research and development carry-forwards	$ 12,200	$ 10,800
Minimum [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Open tax year		2013
Minimum [Member] \| International [Member]
Income Tax Contingency [Line Items]
Open tax year		2020
Maximum [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Open tax year		2024
Maximum [Member] \| International [Member]
Income Tax Contingency [Line Items]
Open tax year		2024

Summary of Significant Accounting Policies - Estimated Useful Lives of the Assets (Detail)	12 Months Ended
	Jun. 30, 2024
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	3 years
Furniture and fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	3 years
Furniture and fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	5 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of leasehold improvements	the shorter of the lease term or the estimated useful lives of the improvements
Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets	3 years

Net Loss per Share

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

4. Net Loss per Share

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


	Fiscal Year Ended June 30,
	2024			2023			2022
	(In thousands, except per share data)
Numerator:
Net loss	$	(31,331	)	$	(68,866	)	$	(5,248	)
Denominator:
Weighted average shares of common stock used in computing basic net loss per share		54,917			53,799			54,339
Weighted average effect of dilutive securities		—			—			—
Weighted average shares of common stock used in computing diluted net loss per share		54,917			53,799			54,339
Net loss per share:
Basic and diluted (1)	$	(0.57	)	$	(1.28	)	$	(0.10	)
Securities excluded from weighted average shares of common stock used in computing diluted net loss per share because the effect would have been anti-dilutive: (2)		4,453			4,247			3,557

(1)

(2)

Income Taxes - Components of the Provision for (Benefit From) Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current:
Federal	$ 0	$ 0	$ 0
State	125	143	176
Foreign	305	224	195
Total current provision for income taxes	430	367	371
Deferred:
Federal	572	40,780	(1,032)
State	(104)	6,357	147
Foreign	37	0	0
Total deferred provision for (benefit from) income taxes	505	47,137	(885)
Total provision for (benefit from) income taxes	$ 935	$ 47,504	$ (514)

Stock Benefit Plans - Schedule of Total Intrinsic Value, Cash Received and Actual Tax Benefit of All Options Exercised (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value	$ 1,561	$ 693	$ 4,262
Cash received	918	587	1,850
Tax benefit	$ 0	$ 0	$ 725

Stock Benefit Plans - Schedule of Stock Option Award Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Beginning balance, Shares

444,050

547,619

Granted, Shares

9,808

11,306

Exercised, Shares

(217,926)

(109,359)

Forfeited, Shares

(15)

(2,439)

Expired, Shares

(7,314)

(3,077)

Ending balance, Shares

228,603

444,050

547,619

Vested and expected-to-vest at June 30, 2024, Shares

^[1]

227,879

Vested and exercisable at June 30, 2024, Shares

203,602

Beginning balance, Weighted Average Exercise Price

$ 9.10

$ 8.33

Granted, Weighted Average Exercise Price

12.54

11.18

Exercised, Weighted Average Exercise Price

4.21

5.37

Forfeited, Weighted Average Exercise Price

15.45

13.76

Expired, Weighted Average Exercise Price

7.78

10.49

Ending balance, Weighted Average Exercise Price

13.95

$ 9.10

$ 8.33

Vested and expected-to-vest at June 30, 2024, Weighted Average Exercise Price

^[1]

13.94

Vested and exercisable at June 30, 2024, Weighted Average Exercise Price

$ 13.33

Weighted Average Remaining Contractual Life (In years)

3 years 2 months 23 days

2 years 3 months 10 days

2 years 9 months 3 days

Vested and expected-to-vest at June 30, 2024, Weighted Average Remaining Contractual Life (In years)

^[1]

3 years 2 months 23 days

Vested and exercisable at June 30, 2024,Weighted Average Remaining Contractual Life (In years)

3 years 1 month 24 days

Aggregate Intrinsic Value

$ 912

$ 1,283

$ 2,110

Vested and expected-to-vest at June 30, 2024, Aggregate Intrinsic Value

^[1]

912

Vested and exercisable at June 30, 2024, Aggregate Intrinsic Value

$ 907

[1]	The expected-to-vest options are the result of applying the pre-vesting forfeiture assumption to total outstanding options

Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
2025	$ 3,511
2026	2,881
2027	2,750
2028	2,728
2029	1,457
Thereafter	209
Total minimum lease payments	13,536
Less imputed interest	(2,567)
Present value of net minimum lease payments	10,969
Operating lease liabilities:
Current (included in Accrued Liabilities)	$ 3,090	$ 3,317
Operating Lease Liability Current Statement Of Financial Position [Extensible List]	Other liabilities	Other liabilities
Noncurrent	$ 7,879	$ 1,261
Total	$ 10,969

Balance Sheet Components - Accrued Liabilities (Parenthetical) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Payables and Accruals [Abstract]
Deferred revenue	$ 9

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 50,488	$ 73,677
Accounts receivable, net of allowances and reserves of $2,106 and $3,722 as of June 30, 2024 and 2023	111,786	67,748
Prepaid expenses and other assets	6,813	9,779
Total current assets	169,087	151,204
Property and equipment, net	19,858	16,749
Operating lease right-of-use assets	10,440	3,536
Goodwill	125,056	121,141
Intangible assets, net	38,008	38,700
Other assets, noncurrent	6,097	5,825
Total assets	368,546	337,155
Current liabilities:
Accounts payable	48,204	37,926
Accrued liabilities	68,822	44,019
Other liabilities	9,372	7,875
Total current liabilities	126,398	89,820
Operating lease liabilities, noncurrent	7,879	1,261
Other liabilities, noncurrent	17,444	16,273
Total liabilities	151,721	107,354
Commitments and contingencies (See Note 11)	0	0
Stockholders' equity:
Common stock: $0.001 par value; 100,000,000 shares authorized; 55,473,439 and 54,192,928 shares issued and outstanding as of June 30, 2024 and 2023	55	54
Additional paid-in capital	347,449	329,093
Accumulated other comprehensive loss	(268)	(266)
Accumulated deficit	(130,411)	(99,080)
Total stockholders' equity	216,825	229,801
Total liabilities and stockholders' equity	$ 368,546	$ 337,155

Fair Value Measurements

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following table presents the fair value of the Company’s financial instruments (in thousands):


	June 30, 2024								June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	2,215	$	—	$	—	$	2,215	$	16,910	$	—	$	—	$	16,910
Liabilities:
Post-closing payments related to acquisitions	$	—	$	18,143	$	—	$	18,143	$	—	$	17,498	$	—	$	17,498
Contingent consideration related to acquisitions		—		—		2,466		2,466		—		—		1,039		1,039
Total	$	—	$	18,143	$	2,466	$	20,609	$	—	$	17,498	$	1,039	$	18,537

Reported as:
Cash and cash equivalents							$	2,215							$	16,910
Other Liabilities:
Current							$	9,372							$	7,875
Noncurrent								11,237								10,662
Total							$	20,609							$	18,537

There were no transfers between Level 1, Level 2 and Level 3 during the periods presented.

Cash Equivalents

The valuation technique used to measure the fair value of money market funds included using quoted prices in active markets for identical assets.

Post-Closing Payments Related to Acquisitions

The post-closing payments are future payments related to the acquisitions of BestCompany.com, LLC (“BestCompany”) and Aqua Vida, LLC (“AquaVida”) in fiscal year 2024, and Modernize, Inc. (“Modernize”) in fiscal year 2021. As the fair value of the Company’s post-closing payments was determined based on installments stipulated in the terms of the acquisition agreements and discount rates observable in the market, the post-closing payments are classified as Level 2 within the fair value hierarchy. See Note 6, Acquisitions, for further details related to the acquisitions.

Contingent Consideration Related to Acquisitions

The contingent consideration consists of the estimated fair value of future payments related to the Company’s acquisitions of AquaVida and CCM. The AquaVida contingent consideration is based upon margin targets, and the CCM contingent consideration is based upon revenue targets. The fair value of the contingent consideration is determined using the real options technique which incorporates various estimates, including projected net revenue, projected gross margin, volatility and discount rates. As certain of these inputs are not observable in the market, the contingent consideration is classified as a Level 3 instrument. Significant changes in the projected net revenue, projected gross margin, or discount rates would have a material impact on the fair value of the contingent consideration. Changes in the fair value of the contingent consideration are recorded in earnings on the Company’s consolidated statements of operations and comprehensive loss. See Note 6, Acquisitions, for further details related to the acquisitions.

The Company reassesses the estimated fair value of the contingent consideration at the end of each reporting period based on the information available at the time. There was no adjustment for change in fair value recorded for the contingent consideration in fiscal years 2024 and 2023 based on the information and evidence available as of each period end.

The following table presents the changes in the contingent consideration (in thousands):


	Level 3
Balance at June 30, 2022	$	1,787
Payments made during the period		(748	)
Balance at June 30, 2023		1,039
Additions related to the acquisition of AquaVida (initial measurement)		2,100
Payments made during the period		(673	)
Balance at June 30, 2024	$	2,466

Acquisitions - Schedule of Allocation of Purchase Price and Estimated Useful Lives of Identifiable Assets Acquired (Detail) - USD ($) $ in Thousands			12 Months Ended
	Mar. 01, 2024	Jan. 04, 2024	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Weighted-average useful life of intangible assets			3 years 9 months 18 days
Goodwill			$ 125,056	$ 121,141
Best Company
Business Acquisition [Line Items]
Estimated Fair Value		$ 6,364
Best Company \| Shared assets license
Business Acquisition [Line Items]
Estimated Fair Value		$ 5,228
Weighted-average useful life of intangible assets		10 years
Best Company \| Customer/publisher/advertiser relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 682
Weighted-average useful life of intangible assets		8 years
Best Company \| Non-competition agreements
Business Acquisition [Line Items]
Estimated Fair Value		$ 454
Weighted-average useful life of intangible assets		3 years
AquaVida
Business Acquisition [Line Items]
Estimated Fair Value	$ 7,565
Goodwill	3,915
AquaVida \| Existing technology
Business Acquisition [Line Items]
Estimated Fair Value	$ 1,900
Weighted-average useful life of intangible assets	5 years
AquaVida \| Customer/publisher/advertiser relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 1,200
Weighted-average useful life of intangible assets	8 years
AquaVida \| Content [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 50
Weighted-average useful life of intangible assets	1 year
AquaVida \| Non-competition agreements
Business Acquisition [Line Items]
Estimated Fair Value	$ 500
Weighted-average useful life of intangible assets	4 years

Balance Sheet Components - Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 113,892	$ 71,470
Less: Allowance for credit losses and revenue reserves	(2,106)	(3,722)
Total accounts receivable, net	$ 111,786	$ 67,748

Intangible Assets, Net and Goodwill - Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 205,053	$ 195,041
Accumulated Amortization	(167,045)	(156,341)
Net Carrying Amount	38,008	38,700
Customer/publisher/advertiser relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	93,511	91,629
Accumulated Amortization	(68,770)	(61,025)
Net Carrying Amount	24,741	30,604
Content [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,106	43,056
Accumulated Amortization	(43,068)	(43,056)
Net Carrying Amount	38	0
Website/trade/domain names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,422	25,422
Accumulated Amortization	(20,051)	(19,451)
Net Carrying Amount	5,371	5,971
Acquired technology and others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,014	34,934
Accumulated Amortization	(35,156)	(32,809)
Net Carrying Amount	$ 7,858	$ 2,125

Stock Benefit Plans - Schedule of Weighted Average Assumptions (Detail) - Employee Stock Option - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 6 months	3 years 6 months	4 years 4 months 24 days
Expected volatility	52.00%	55.00%	58.00%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.60%	3.80%	1.00%
Grant date fair value	$ 5.30	$ 4.85	$ 8.12

- 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

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Reclassification

Use of Estimates

Revenue Recognition

Concentrations of Credit Risk

Fair Value of Financial Instruments

Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to directly access.

Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and Cash Equivalents

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents on the Company’s consolidated balance sheets.

Accounts Receivable and Allowances

The following table presents the changes in the Company’s allowance for credit losses for the periods indicated (in thousands):


	Fiscal Year Ended June 30,
	2024			2023		2022
Balance at beginning of the year	$	2,092		$	120	$	120
Write-offs charged against the allowance		(1,277	)		—		—
Provision for credit losses		—			1,972		—
Balance at end of the year	$	815		$	2,092	$	120

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Computer equipment	3 years
Software	3 years
Furniture and fixtures	3 to 5 years
Leasehold improvements	the shorter of the lease term or the estimated useful lives of the improvements

Internal Software Development Costs

Leases

Acquisitions and Business Combinations

Goodwill

Long-Lived Assets

Investments in Equity Securities

Income Taxes

Foreign Currency Translation

Comprehensive Loss

Loss Contingencies

Stock-Based Compensation

401(k) Savings Plan

The Company sponsors a 401(k) defined contribution plan covering all U.S. employees. There were no employer contributions under this plan in fiscal years 2024 and 2023.

Recent Accounting Pronouncements

Accounting Pronouncements Already Adopted

Accounting Pronouncements Not Yet Adopted

ASU’s not included in the Company's disclosures were assessed and determined to be not applicable and material to the Company’s consolidated financial statements or disclosures.

Balance Sheet Components

12 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

7. Balance Sheet Components

Accounts Receivable, Net

Accounts receivable, net was comprised of the following (in thousands):


	June 30,
	2024			2023
Accounts receivable, gross	$	113,892		$	71,470
Less: Allowance for credit losses and revenue reserves		(2,106	)		(3,722	)
Total accounts receivable, net	$	111,786		$	67,748

Prepaid Expenses and Other Assets

Prepaid expenses and other assets were comprised of the following (in thousands):


	June 30,
	2024		2023
Prepaid expenses	$	6,217	$	8,241
Income tax receivable		63		120
Other assets		533		1,418
Total prepaid expenses and other assets	$	6,813	$	9,779

Property and Equipment, Net

Property and equipment, net was comprised of the following (in thousands):


	June 30,
	2024			2023
Computer equipment	$	13,259		$	12,236
Software		1,262			825
Furniture and fixtures		375			346
Leasehold improvements		3,889			1,377
Internal software development costs		29,474			18,568
Property and equipment, gross		48,259			33,352
Less: Accumulated depreciation and amortization		(28,401	)		(16,603	)
Total property and equipment, net	$	19,858		$	16,749

Depreciation expense was $3.0 million, $2.8 million and $2.4 million for fiscal years 2024, 2023 and 2022. Amortization expense related to internal software development costs was $10.2 million, $5.3 million and $3.0 million for fiscal years 2024, 2023 and 2022.

Accrued liabilities

Accrued liabilities were comprised of the following (in thousands):


	June 30,
	2024		2023
Accrued media costs	$	52,805	$	27,302
Accrued compensation and related expenses		6,579		7,812
Accrued professional service and other business expenses		6,348		5,579
Operating lease liabilities, current		3,090		3,317
Deferred revenue (1)		—		9
Total accrued liabilities	$	68,822	$	44,019

(1)

Accrued liabilities include deferred revenue of $9 thousand as of June 30, 2023, which previously has been presented as a separate component in the balance sheets.

Other liabilities, noncurrent

Other liabilities, noncurrent were comprised of the following (in thousands):


	June 30,
	2024		2023
Post-closing payments and contingent consideration related to acquisitions	$	11,237	$	10,662
Income tax liabilities		6,089		5,493
Other liabilities		118		118
Total other liabilities, noncurrent	$	17,444	$	16,273