0001564590-21-045870 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2021	Aug. 16, 2021	Dec. 31, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
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	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,122,667
Entity Public Float			$ 1,065,707,917
ICFR Auditor Attestation Flag	true
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	6th 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 2021 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 110,318	$ 107,509
Accounts receivable, net of allowances and reserves of $1,010 and $10,177 as of June 30, 2021 and June 30, 2020, respectively	87,928	64,472
Prepaid expenses and other assets	7,930	13,591
Total current assets	206,176	185,572
Property and equipment, net	6,849	5,657
Operating lease right-of-use assets	10,983	9,118
Goodwill	117,833	80,677
Other intangible assets, net	59,177	28,174
Deferred tax assets, noncurrent	43,336	48,673
Other assets, noncurrent	5,161	536
Total assets	449,515	358,407
Current liabilities:
Accounts payable	45,231	36,759
Accrued liabilities	57,650	42,271
Deferred revenue	33	73
Other liabilities	12,697	6,734
Total current liabilities	115,611	85,837
Operating lease liabilities, noncurrent	8,545	8,692
Other liabilities, noncurrent	30,211	7,934
Total liabilities	154,367	102,463
Commitments and contingencies (See Note 12)	0	0
Stockholders' equity:
Common stock: $0.001 par value; 100,000,000 shares authorized; 53,786,363 and 52,209,813 shares issued and outstanding as of June 30, 2021 and June 30, 2020	54	52
Additional paid-in capital	320,315	304,650
Accumulated other comprehensive loss	(255)	(237)
Accumulated deficit	(24,966)	(48,521)
Total stockholders' equity	295,148	255,944
Total liabilities and stockholders' equity	$ 449,515	$ 358,407

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, net of allowances and reserves	$ 1,010	$ 10,177
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	53,786,363	52,209,813
Common stock, shares outstanding	53,786,363	52,209,813

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

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Income Statement [Abstract]

Net revenue

$ 578,487

$ 490,339

$ 455,154

Cost of revenue

^[1]

507,956

437,864

393,509

Gross profit

70,531

52,475

61,645

Operating expenses:

Product development

^[1]

19,344

14,206

12,329

Sales and marketing

^[1]

10,991

8,876

8,755

General and administrative

26,270

23,188

29,834

Operating income

13,926

6,205

10,727

Interest income

230

290

Interest expense

(1,296)

(696)

(367)

Other income, net

16,660

12,947

Income before income taxes

29,329

18,686

10,719

(Provision for) benefit from income taxes

(5,774)

(584)

51,761

Net income

$ 23,555

$ 18,102

$ 62,480

Net income per share:

Basic

$ 0.44

$ 0.35

$ 1.26

Diluted

$ 0.43

$ 0.34

$ 1.18

Weighted-average shares used in computing net income per share:

Basic

53,166

51,529

49,581

Diluted

55,129

53,387

52,754

[1]	Cost of revenue and operating expenses include stock-based compensation expense as follows:

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cost of revenue [Member]
Stock-based compensation	$ 8,997	$ 8,569	$ 7,354
Product development [Member]
Stock-based compensation	2,339	1,819	1,606
Sales and marketing [Member]
Stock-based compensation	2,459	1,701	1,358
General and administrative [Member]
Stock-based compensation	$ 5,838	$ 4,628	$ 3,810

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 23,555	$ 18,102	$ 62,480
Other comprehensive (loss) income:
Foreign currency translation adjustment	(18)	129	14
Total other comprehensive (loss) income	(18)	129	14
Comprehensive income	$ 23,537	$ 18,231	$ 62,494

- 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

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance at Jun. 30, 2018	$ 148,326	$ 48	$ 277,761	$ (380)	$ (129,103)
Beginning Balance, Shares at Jun. 30, 2018		48,146,384
Issuance of common stock upon exercise of stock options	7,702	$ 1	7,701
Issuance of common stock upon exercise of stock options, Shares		1,147,124
Release of restricted stock, net of share settlement		$ 1	(1)
Release of restricted stock, net of share settlement, Shares		1,224,952
Stock-based compensation expense	14,198		14,198
Withholding taxes related to release of restricted stock, net of share settlement	(9,891)		(9,891)
Net income	62,480				62,480
Other comprehensive income (loss)	14			14
Ending Balance at Jun. 30, 2019	222,829	$ 50	289,768	(366)	(66,623)
Ending Balance, Shares at Jun. 30, 2019		50,518,460
Issuance of common stock upon exercise of stock options	$ 4,479	$ 1	4,478
Issuance of common stock upon exercise of stock options, Shares	777,854	777,854
Release of restricted stock, net of share settlement		$ 1	(1)
Release of restricted stock, net of share settlement, Shares		913,499
Stock-based compensation expense	$ 16,781		16,781
Withholding taxes related to release of restricted stock, net of share settlement	(6,376)		(6,376)
Net income	18,102				18,102
Other comprehensive income (loss)	129			129
Ending Balance at Jun. 30, 2020	$ 255,944	$ 52	304,650	(237)	(48,521)
Ending Balance, Shares at Jun. 30, 2020	52,209,813	52,209,813
Issuance of common stock upon exercise of stock options	$ 3,968	$ 1	3,967
Issuance of common stock upon exercise of stock options, Shares	758,447	739,985
Release of restricted stock, net of share settlement		$ 1	(1)
Release of restricted stock, net of share settlement, Shares		836,565
Stock-based compensation expense	$ 19,679		19,679
Withholding taxes related to release of restricted stock, net of share settlement	(7,980)		(7,980)
Net income	23,555				23,555
Other comprehensive income (loss)	(18)			(18)
Ending Balance at Jun. 30, 2021	$ 295,148	$ 54	$ 320,315	$ (255)	$ (24,966)
Ending Balance, Shares at Jun. 30, 2021	53,786,363	53,786,363

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net income	$ 23,555	$ 18,102	$ 62,480
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,201	11,476	8,975
(Benefit from) provision for sales returns and doubtful accounts receivable	(341)	625	9,343
Stock-based compensation	19,633	16,717	14,128
Non-cash lease expense	(816)	259	0
Deferred income taxes	5,408	3,546	(52,019)
Gain on divestitures of businesses, net	(16,615)	(13,578)	0
Other adjustments, net	741	315	610
Changes in assets and liabilities:
Accounts receivable	(20,063)	11,354	(8,321)
Prepaid expenses and other assets	5,955	(8,136)	(545)
Other assets, noncurrent	(173)	5,508	634
Accounts payable	6,558	103	4,534
Accrued liabilities	10,612	1,173	(3,368)
Deferred revenue	(40)	178	46
Other liabilities, noncurrent	0	(34)	1,468
Net cash provided by operating activities	50,615	47,608	37,965
Cash Flows from Investing Activities
Capital expenditures	(1,969)	(1,962)	(1,972)
Business acquisitions, net of cash acquired	(49,304)	(2,000)	(32,737)
Internal software development costs	(3,131)	(2,291)	(2,336)
Proceeds from divestitures of businesses, net of cash divested	21,947	15,096	0
Purchases of equity investment	(4,000)	0	0
Other investing activities	0	25	56
Net cash (used in) provided by investing activities	(36,457)	8,868	(36,989)
Cash Flows from Financing Activities
Proceeds from exercise of common stock options	4,357	4,092	7,789
Payment of withholding taxes related to release of restricted stock, net of share settlement	(7,980)	(6,376)	(9,891)
Post-closing payments and contingent consideration related to acquisitions	(7,689)	(9,348)	(1,952)
Net cash used in financing activities	(11,312)	(11,632)	(4,054)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(36)	143	26
Net increase (decrease) in cash, cash equivalents and restricted cash	2,810	44,987	(3,052)
Cash, cash equivalents and restricted cash at beginning of period	107,523	62,536	65,588
Cash, cash equivalents and restricted cash at end of period	110,333	107,523	62,536
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	110,318	107,509	62,522
Restricted cash included in other assets, noncurrent	$ 15	$ 14	$ 14
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other assets, noncurrent	Other assets, noncurrent	Other assets, noncurrent
Cash, cash equivalents and restricted cash at end of period	$ 110,333	$ 107,523	$ 62,536
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	293	373	334
Supplemental Disclosure of Noncash Investing and Financing Activities
Post-closing payments unpaid at acquisition date (See Note 6)	32,192	0	17,893
Contingent consideration unpaid at acquisition date (See Note 6)	2,926	0	5,058
Purchases of property and equipment included in accrued liabilities	$ 275	$ 72	$ 230

The Company

12 Months Ended

Jun. 30, 2021

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, home services, and previously the historical education client vertical. The corporate headquarters are located in Foster City, California, with additional offices throughout the United States and India. The majority of the Company’s operations and revenue are in North America.

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2021

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.

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 assets and 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.

Additionally, the COVID-19 pandemic is a factor which may cause actual results to differ from estimates. COVID-19 is contributing to a general slowdown in the global economy and may affect the Company’s business, results of operations, financial condition, and future strategic plans. At this time, the extent to which the COVID-19 may impact the Company’s financial condition or results of operations is uncertain.

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, 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, The Progressive Corporation, that accounted for 23%, 21% and 22% of net revenue in fiscal years 2021, 2020 and 2019, and accounted for 10% and 17% of net accounts receivable as of June 30, 2021 and June 30, 2020. One additional client, The Allstate Corporation, accounted for 15% of net accounts receivable as of June 30, 2021. No other client accounted for 10% or more of net revenue in fiscal years 2021, 2020 and 2019, or 10% or more of net accounts receivable as of June 30, 2021 or 2020.

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 including the impact of COVID-19, 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,
	2021			2020			2019
Balance, beginning of period	$	9,287		$	9,529		$	727
Provision for credit losses		36			214			9,001
Write-offs charged against the allowance ⁽¹⁾		(9,087	)		(456	)		(199	)
Recoveries collected		(116	)		—			—
Balance, end of period	$	120		$	9,287		$	9,529

⁽¹⁾

In the third quarter of fiscal year 2019, the Company recorded an allowance of $8.7 million for bad debt expense related to a large former education client who entered federal receivership in January 2019. In the second quarter of fiscal year 2021, the Company believes that the likelihood of collection was no longer probable, therefore has determined to write off the receivable against this allowance, with no net impact to the Company’s consolidated statements of operations.

The revenue reserve was $0.9 million as of both June 30, 2021 and June 30, 2020. The total allowance for credit losses and revenue reserve was $1.0 million and $10.2 million as of June 30, 2021 and June 30, 2020, respectively.

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. 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 $2.3 million, $1.1 million and $2.3 million in fiscal years 2021, 2020 and 2019. Amortization of internal software development costs is reflected within cost of revenue in the Company’s consolidated statements of operations.

Leases

Effective July 1, 2019, the Company adopted ASC 842, Leases (ASC 842) which requires the recognition of lease liabilities and right-of-use (“ROU”) assets on the consolidated balance sheets, while recognizing expenses on the consolidated income statements in a manner similar to the legacy guidance. The Company applied the provisions of ASC 842 using the modified transition approach to all leases existing at the date of initial application and not restating comparative periods.

Under ASC 842, at the commencement date of a lease, the Company recognizes lease liabilities which represent its obligation to make lease payments, and 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.

Business Combinations

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 may have a material effect on our financial condition and operating results.

Acquisition related costs 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 including the impact of COVID-19, 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 years 2021 and 2020. Based on the results of the qualitative assessment completed as of April 30, 2021 and 2020, 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, 2021 and 2020, the Company evaluated its long-lived assets and concluded there were no indicators of impairment. The weighted-average useful life of intangible assets was 6.9 years as of June 30, 2021.

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 income, net on the Company’s consolidated statements of operations.

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 income, net on the Company’s consolidated statements of operations.

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.

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 including the impact of COVID-19, 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 income, net in the Company’s consolidated statements of operations. 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 income, net in the Company’s consolidated statements of operations and were not material for any period presented.

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive (loss) income. Other comprehensive (loss) income refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s comprehensive income and accumulated other comprehensive loss consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency. Total accumulated other comprehensive loss is disclosed as a separate component of stockholders’ equity.

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, 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 our common stock at each reporting date until the grant date has been established. For restricted stock units with a service and market condition (“market-based RSU”), the Company selected the Monte Carlo simulation model to estimate the fair value on the date of grant. 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 and market-based RSUs using the graded vesting method, based on awards ultimately expected to vest. 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 14, 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 2021, 2020 or 2019.

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

Credit Losses. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Company adopted the new standard as of July 1, 2020 using the modified retrospective transition method. Upon adoption, the Company updated its impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost, primarily including its accounts receivable. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. The Company continues to monitor the financial statements implications of the COVID-19 pandemic on expected credit losses

Fair Value Measurements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820), which eliminates, adds and modifies certain disclosure requirements for fair value measurement. The Company adopted the new standard as of July 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

Income Taxes. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. The new guidance is effective for the Company in the first quarter of fiscal year 2022 on a prospective basis, with early

adoption permitted. The Company is currently assessing the impact the new guidance will have on the consolidated financial statements.

Revenue

12 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

3. Revenue

Disaggregation of Revenue

In the first quarter of fiscal year 2021, the Company completed the acquisition of Modernize, Inc. (“Modernize”) to increase the scale and capabilities in the home services client vertical. In addition, the Company divested its former education client vertical to narrow its focus to the best performing businesses and market opportunities. As a result of these activities, in the second quarter of fiscal year 2021, the Company updated its reporting structure which resulted in two client verticals: financial services and home services, which was applied on a retrospective basis. All remaining businesses that are not significant enough for separate reporting are included in other revenue. The following table presents the Company’s net revenue disaggregated by vertical (in thousands):

	Fiscal Year Ended June 30,
	2021		2020		2019
Net revenue:
Financial Services	$	426,819	$	366,289	$	308,608
Home Services		134,538		49,931		40,273
Other Revenue		5,543		—		—
Divested Businesses⁽¹⁾		11,587		74,119		106,273
Total net revenue	$	578,487	$	490,339	$	455,154

⁽¹⁾	Represents revenue recognized from the businesses divested in fiscal years 2021 and 2020. See Note 7, Divestitures, for more information.

Contract Balances

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

	June 30,
	2021		2020
Deferred revenue	$	33	$	73
Client deposits		870		700
Total	$	903	$	773

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 2021 related to advance consideration received from clients of $8.6 million, offset by revenue recognized of $8.5 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Net Income per Share

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income per Share

4. Net Income per Share

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income 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 and restricted stock units using the treasury stock method.

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

	Fiscal Year Ended June 30,
	2021		2020		2019
	(In thousands, except per share data)
Numerator:
Basic and Diluted:
Net income	$	23,555	$	18,102	$	62,480
Denominator:
Basic:
Weighted-average shares of common stock used in computing basic net income per share		53,166		51,529		49,581
Diluted:
Weighted average shares of common stock used in computing basic net income per share		53,166		51,529		49,581
Weighted average effect of dilutive securities:
Stock options		778		1,054		1,724
Restricted stock units		1,185		804		1,449
Weighted average shares of common stock used in computing diluted net income per share		55,129		53,387		52,754
Net income per share:
Basic	$	0.44	$	0.35	$	1.26
Diluted	$	0.43	$	0.34	$	1.18
Securities excluded from weighted-average shares used in computing diluted net income per share because the effect would have been anti-dilutive: ⁽¹⁾		84		1,104		118

⁽¹⁾	These weighted shares relate to anti-dilutive stock options and restricted stock units as calculated using the treasury stock method and could be dilutive in the future.

Fair Value Measurements

12 Months Ended

Jun. 30, 2021

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, 2021								June 30, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,670	$	—	$	—	$	1,670	$	1,668	$	—	$	—	$	1,668
Total	$	1,670	$	—	$	—	$	1,670	$	1,668	$	—	$	—	$	1,668
Liabilities:
Post-closing payments related to acquisitions	$	—	$	34,954	$	—	$	34,954	$	—	$	9,045	$	—	$	9,045
Contingent consideration related to acquisitions		—		—		5,432		5,432		—		—		3,170		3,170
Total	$	—	$	34,954	$	5,432	$	40,386	$	—	$	9,045	$	3,170	$	12,215

Reported as:
Cash and cash equivalents							$	1,670							$	1,668
Other Liabilities:
Current							$	12,697							$	6,734
Noncurrent								27,689								5,481
Total							$	40,386							$	12,215

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 Company’s acquisitions of Modernize, FCE and Mayo Labs completed in fiscal year 2021, and the acquisitions of AmOne, CCM and MBT completed in fiscal year 2019. 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 FCE and CCM. The FCE contingent consideration is based upon revenue and gross 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. See Note 6, Acquisitions, for further details related to the acquisitions.

The following table represents the change in the contingent consideration (in thousands):

	Level 3
Balance as of June 30, 2019	$	5,058
Change in fair value during the period		—
Payments made during the period		(1,888	)
Balance as of June 30, 2020		3,170
Additions related to the acquisition of FCE (initial measurement)		2,926
Change in fair value during the period		—
Payments made during the period		(664	)
Balance as of June 30, 2021	$	5,432

Acquisitions

12 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

6. Acquisitions

Fiscal Year 2021

Modernize, Inc.

On July 1, 2020, the Company completed the acquisition of Modernize, a leading home improvement performance marketing company in the home services client vertical, to broaden its customer and media relationships. In exchange for all the outstanding shares of Modernize, the Company paid $43.9 million in cash upon closing (including $3.9 million cash for net assets acquired subject to post-closing adjustments) and will make $27.5 million in post-closing payments, payable in equal annual installments over a five year period, with the first installment payable twelve months following the date of closing. In addition, the Company made a Section 338(h)(10) election to treat the acquisition for tax purposes as a purchase and sale of assets. The incremental taxes resulting from this election were paid to Modernize in the fourth quarter of fiscal year 2021.

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

	Estimated Fair Value
Cash	$	43,944
Post-closing payments, net of imputed interest of $2,724		24,776
Section 338 election payment to Modernize		1,703
Total	$	70,423

The acquisition was accounted for as a business combination and the results of operations of Modernize have been included in the Company’s results of operations as of July 1, 2020. The Company expensed all transaction costs in the period in which they were incurred. The Company allocated the purchase price to identifiable assets acquired and liabilities assumed based on their estimated fair values. The fair value of the assets acquired and liabilities assumed was determined by the Company and in doing so management engaged a third-party valuation specialist to assist with the measurement of the fair value of identifiable intangible assets. The estimated fair value of the identifiable assets acquired and liabilities assumed in the acquisition was based on management’s best estimates. The fair value of the customer relationships was determined using the multi-period excess earnings income approach. The fair value of trade names and acquired technology was determined using the relief-from-royalty method. The fair value of content was determined using the cost approach. The excess of the purchase price over the aggregate fair value of the identifiable 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.

As of June 30, 2021, the Company has finalized the allocation of the purchase price to the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date, upon completion of the measurement period. The following table summarizes the final allocation of the purchase price as of the acquisition date (in thousands):

	Estimated Fair Value
	Preliminary as of July 1, 2020		Year to Date Adjustments ⁽¹⁾			Final as of June 30, 2021
Cash and cash equivalents	$	3,638	$	—		$	3,638
Accounts receivable, net		4,999		—			4,999
Operating lease right-of-use assets		4,702		—			4,702
Other intangible assets		33,700		—			33,700
Other assets		1,386		—			1,386
Total identifiable assets acquired		48,425		—			48,425

Accrued liabilities		4,909		—			4,909
Operating lease liabilities		4,896		—			4,896
Deferred tax liabilities		7,886		(7,886	)		—
Other liabilities		465		(240	)		225
Total identifiable liabilities assumed		18,156		(8,126	)		10,030

Net identifiable assets acquired		30,269		8,126			38,395
Goodwill		38,451		(6,423	)		32,028
Net assets acquired	$	68,720	$	1,703		$	70,423

⁽¹⁾

The Company made a 338(h)(10) election to treat the acquisition for tax purposes as a purchase and sale of assets which resulted in the release of the deferred tax liabilities of $7.9 million. The Company has paid the incremental taxes to Modernize resulting from that election, for an increase in total consideration of $1.7 million.

The following table summarizes the fair values of the identifiable intangible assets acquired and the estimated useful lives as of the acquisition date (in thousands):

	Estimated Fair Value		Estimated Useful Life
Customer/publisher/advertiser relationships	$	21,300	9 years
Content		800	1.5 years
Website/trade/domain names		5,300	15 years
Acquired technology and others		6,300	4 years
Total	$	33,700

FC Ecosystem, LLC

On March 1, 2021, the Company acquired substantially all of the assets relating to the performance marketing services business of FC Ecosystem, LLC, to broaden its customer relationships in the financial services client vertical. In exchange for the assets of FCE, the Company paid $7.0 million in cash upon closing and will make $4.0 million in post-closing payments, payable in equal annual installments over a two year period, with the first installment payable twelve months following the date of closing. The purchase consideration also includes contingent consideration of up to an additional $9.0 million, which is payable for two years following the date of closing and is calculated every February 28 for the preceding twelve months.

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

	Estimated Fair Value
Cash	$	7,000
Post-closing payments, net of imputed interest of $189		3,811
Contingent consideration		2,926
Total	$	13,737

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 customer relationship was determined using the multi-period excess earnings income approach. 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.

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

	Estimated Fair Value		Estimated Useful Life
Customer/publisher/advertiser relationships	$	8,600	7 years
Goodwill		5,137	Indefinite
Total	$	13,737

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 form the acquisition date. The final purchase price allocation, which may include changes in the allocations 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

On February 17, 2021, the Company also completed the acquisition of certain assets of Mayo Labs, LLC, a performance marketing services company serving the financial services client vertical. The Company paid $2.0 million in cash upon closing and will make $2.0 million in post-closing payments, payable in equal annual installments over a two year period, with the first installment payable twelve months following the date of closing. The results of the acquired assets have been included in the Company’s results of operations since the acquisition date, which were not considered material to the Company.

Unaudited Pro Forma Financial Information

The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and the acquired businesses as though these acquisitions had been occurred as of the beginning of fiscal year 2020. The unaudited pro forma financial information is presented for illustrative purposes only and does not necessarily reflect what the combined company’s results of operations would have been had the acquisitions occurred as of the beginning of fiscal year 2020, nor is it necessarily indicative of the future results of operations of the combined company.

	Fiscal Year Ended June 30,
	2021		2020
	(In thousands)
Net revenue	$	578,487	$	561,428
Net income		24,253		23,184

The pro forma financial information for fiscal year 2021 includes the elimination of $698 thousand acquisition costs incurred by the Company that are directly related to the acquisitions, and these costs have been reflected in the fiscal year 2020 financial information.

Fiscal Year 2020

There was no significant business acquisition completed in fiscal year 2020.

Fiscal Year 2019

AmOne Corp.

On October 1, 2018, the Company completed the purchase of AmOne, an online performance marketing company in the financial services client vertical, to broaden its publisher and customer relationships. In exchange for all outstanding shares of AmOne, the Company paid $23.0 million in cash upon closing (including $2.7 million cash for net assets acquired subject to post-closing adjustments) and will make $8.0 million in post-closing payments, payable in equal semi-annual installments over a two year period, with the first installment paid six months following the date of closing. The outstanding balance owed with respect to the post-closing payments was paid in full as of the second quarter of fiscal year 2021.

CloudControlMedia, LLC

On April 15, 2019, the Company completed the purchase of CCM, a marketing services company in the education client vertical, to broaden its customer relationships. In exchange for all the outstanding shares of CCM, the Company paid $8.3 million in cash upon closing (including $0.8 million cash for net assets acquired subject to post-closing adjustments) and will make a series of future payments following the acquisition date. The $7.5 million post-closing payments are payable in cash in equal semi-annual installments over a four year period, with the first installment paid six months following the date of closing. The contingent consideration is payable for five years following the date of closing and is calculated every June 30 and December 31 for the preceding six months.

MyBankTracker.com, LLC

On May 14, 2019, the Company completed the purchase of MBT, a leading personal finance website to broaden its customer relationships. In exchange for all the outstanding shares of MBT, the Company paid $4.5 million in cash upon closing (including $1.5 million cash for net assets acquired) and will make a series of future payments following the acquisition date. The $4.0 million post-closing payments are payable in cash in equal semi-annual installments over a two year period, with the first installment paid twelve months following the date of closing. The outstanding balance owed with respect to the post-closing payments was paid in full as of the fourth quarter of fiscal year 2021. The contingent consideration is calculated semi-annually for the preceding six months beginning on December 31, 2019 and ending on June 30, 2023. In the third quarter of fiscal year 2020, the Company reached an agreement with the seller and paid off the outstanding balance owed with respect to the contingent consideration.

The following table summarizes the total consideration for each acquisition as of the acquisition dates (in thousands):

	AmOne		CCM			MBT
Cash	$	23,032	$	8,281		$	4,511
Post-closing adjustments for net assets acquired		138		(72	)		—
Post-closing payments, net of imputed interest ⁽¹⁾		7,514		6,671			3,708
Contingent consideration		—		3,553			1,505
Total	$	30,684	$	18,433		$	9,724

⁽¹⁾	The post-closing payment is net of imputed interest of $486 thousand for AmOne, $829 thousand for CCM and $292 thousand for MBT.

Divestitures

12 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Divestitures

7. Divestitures

As a result of the Company’s decision to narrow its focus to the best performing businesses and market opportunities, the Company completed a series of business divestitures in fiscal years 2021 and 2020.

Fiscal year 2021

Education Client Vertical

On August 31, 2020, the Company entered into an agreement with a third party to sell its education client vertical for total cash consideration of $20.0 million. The Company recognized a gain of $16.6 million within other income, net on the Company’s consolidated statements of operations upon the divestiture of this business in the first quarter of fiscal year 2021.

Fiscal year 2020

Business-to-Business Technology Client Vertical

On February 14, 2020, as a result of the Company’s decision to narrow its focus to its best performing businesses and market opportunities, the Company entered into an agreement with a third party to sell its B2B client vertical for a purchase price of $12.9 million. The purchase price consisted of $10.0 million in upfront cash consideration and $2.9 million in a secured promissory note, receivable in equal monthly installments over a 12-month period. The Company recognized a gain of $12.0 million within other income, net on the Company’s consolidated statements of operations upon the divestiture of this business in the third quarter of fiscal year 2020.

Mortgage Business

On April 30, 2020, the Company entered into an agreement with a third party to sell its mortgage business for total cash consideration of $3.3 million. The Company recognized a gain of $2.8 million within other income, net on the Company’s consolidated statements of operations upon the divestiture of this business in the fourth quarter of fiscal year 2020.

Other

In the third quarter of fiscal year 2020, the Company also completed the divestitures of its wholly owned subsidiaries, QuinStreet Brasil Online Marketing e Midia Ltda (“QSB”), and VEMM, LLC (“VEMM”) along with its interests in Euro-Demand Do Brasil Serviços de Geração de Leads Ltda (“EDB”), for combined cash proceeds of $1.1 million; provided, however, the Company retained a minority equity interest in VEMM. The aggregate impact from these divestitures was not considered material to the Company.

Balance Sheet Components

12 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Components

8. Balance Sheet Components

Accounts Receivable, Net

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

	June 30,
	2021			2020
Accounts receivable, gross	$	88,938		$	74,649
Less: Allowance for credit losses and revenue reserves		(1,010	)		(10,177	)
Accounts receivable, net	$	87,928		$	64,472

Prepaid Expenses and Other Assets

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

	June 30,
	2021		2020
Prepaid expenses	$	3,843	$	9,001
Income tax receivable		3,541		3,798
Other assets		546		792
Total	$	7,930	$	13,591

In fiscal year 2016, the Company entered into a 10-year partnership agreement with a large online customer acquisition marketing company focused on the U.S. insurance industry to be its exclusive click monetization partner for the majority of its insurance categories. The agreement included a one-time upfront cash payment of $10.0 million, which was being amortized on a straight-line basis over the life of the contract. As of June 30, 2020, the Company had recorded the unamortized remainder of the upfront cash payment of $5.3 million within prepaid expenses and other assets on the consolidated balance sheet. As of July 1, 2020, the contract was terminated and the unamortized remainder of the upfront cash payment was subsequently refunded. Amortization expense was $1.0 million and $1.0 million for fiscal years 2020 and 2019.

Property and Equipment, Net

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

	June 30,
	2021			2020
Computer equipment	$	12,997		$	12,763
Software		11,901			11,751
Furniture and fixtures		3,163			3,060
Leasehold improvements		3,016			2,842
Internal software development costs		39,279			36,993
Total property plant and equipment, gross		70,356			67,409
Less: Accumulated depreciation and amortization		(63,507	)		(61,752	)
Total property plant and equipment, net	$	6,849		$	5,657

Depreciation expense was $1.8 million, $1.3 million and $1.1 million for fiscal years 2021, 2020 and 2019. Amortization expense related to internal software development costs was $2.6 million, $2.4 million and $2.3 million for fiscal years 2021, 2020 and 2019.

Accrued liabilities

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

	June 30,
	2021		2020
Accrued media costs	$	41,226	$	31,948
Accrued professional service and other business expenses		10,550		8,066
Accrued compensation and related expenses		5,874		2,257
Total	$	57,650	$	42,271

Intangible Assets, Net and Goodwill

12 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

9. Intangible Assets, Net and Goodwill

Intangible Assets, Net

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

	June 30, 2021							June 30, 2020
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	90,830	$	(43,485	)	$	47,345	$	61,324	$	(36,213	)	$	25,111
Content		43,056		(42,790	)		266		55,430		(55,430	)		—
Website/trade/domain names		25,102		(18,303	)		6,799		23,059		(20,717	)		2,342
Acquired technology and others		33,834		(29,067	)		4,767		27,941		(27,220	)		721
Total	$	192,822	$	(133,645	)	$	59,177	$	167,754	$	(139,580	)	$	28,174

Amortization of intangible assets was $11.9 million, $7.8 million and $5.6 million for fiscal years 2021, 2020 and 2019.

Future amortization expense for the Company’s intangible assets as of June 30, 2021 was as follows (in thousands):

Fiscal Year Ending June 30,	Amortization
2022	$	11,364
2023		10,501
2024		9,605
2025		7,622
2026		5,197
Thereafter		14,888
Total	$	59,177

Goodwill

The changes in the carrying amount of goodwill for fiscal years 2021 and 2020 were as follows (in thousands):

	Goodwill
Balance at June 30, 2019	$	82,544
Goodwill acquired ⁽¹⁾		1,100
Goodwill disposed ⁽²⁾		(2,967	)
Balance at June 30, 2020		80,677
Goodwill acquired ⁽¹⁾		40,368
Goodwill disposed ⁽²⁾		(3,212	)
Balance at June 30, 2021	$	117,833

⁽¹⁾ Represents goodwill acquired associated with an insignificant business acquisition completed in fiscal year 2020 and the business acquisitions of Modernize, FCE and Mayo Labs completed in fiscal year 2021. See Note 6, Acquisitions, for more information.

⁽²⁾ Represents goodwill disposed associated with the business divestitures completed in fiscal years 2020 and 2021. See Note 7, Divestitures, for more information.

Income Taxes

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

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

	Fiscal Year Ended June 30,
	2021			2020		2019
US	$	29,433		$	17,824	$	10,316
Foreign		(104	)		862		403
Total	$	29,329		$	18,686	$	10,719

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

	Fiscal Year Ended June 30,
	2021			2020			2019
Current:
Federal	$	(3	)	$	—		$	—
State		252			(3,110	)		193
Foreign		187			218			255
Total current provision for (benefit from) income taxes		436			(2,892	)		448
Deferred:
Federal		4,732			2,504			(45,201	)
State		606			972			(7,008	)
Foreign		—			—			—
Total deferred provision for (benefit from) income taxes		5,338			3,476			(52,209	)
Total provision for (benefit from) income taxes	$	5,774		$	584		$	(51,761	)

The reconciliation between the statutory federal income tax and the Company’s effective tax rates as a percentage of income before income taxes was as follows:

	Fiscal Year Ended June 30,
	2021			2020			2019
Federal tax rate		21.0	%		21.0	%		21.0	%
States taxes, net of federal benefit		0.7			(11.4	)		(69.3	)
Foreign rate differential		0.2			2.1			0.3
Stock-based compensation expense		(9.4	)		(8.7	)		(48.9	)
Change in valuation allowance		2.3			(2.4	)		(397.8	)
Research and development credits		(3.8	)		(4.1	)		(8.5	)
Disqualified compensation expense		7.6			5.3			16.5
Uncertain tax position		1.2			1.8			2.8
Business divestitures		—			(1.3	)		—
Other		(0.1	)		0.8			1.0
Effective income tax rate		19.7	%		3.1	%		(482.9	)%

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

	June 30,
	2021			2020
Noncurrent deferred tax assets:
Reserves and accruals	$	1,608		$	3,973
Stock-based compensation expense		3,841			3,441
Intangible assets		4,444			8,620
Net operating loss		30,440			30,953
Fixed assets		135			59
Tax credits		10,279			8,852
Operating lease liabilities		3,108			884
Other		38			237
Total noncurrent deferred tax assets		53,893			57,019
Valuation allowance - long-term		(8,193	)		(7,523	)
Noncurrent deferred tax assets, net		45,700			49,496

Noncurrent deferred tax liabilities:
Operating lease right-of-use assets		(2,364	)		(823	)
Noncurrent deferred tax liabilities		(2,364	)		(823	)

Total deferred tax assets, net	$	43,336		$	48,673

The Company recorded a valuation allowance against the majority of the Company’s deferred tax assets at the end of fiscal year 2014. In the second quarter of fiscal year 2019, due to the preponderance of positive evidence, including the Company’s cumulative profit before taxes and future forecasts of continued profitability in the United States, the Company determined that sufficient positive evidence existed to conclude that substantially all of its valuation allowance was no longer needed. Accordingly, the Company released the valuation allowance for the majority of its federal and state deferred tax assets. The Company continues to maintain a valuation allowance related to its deferred tax assets for its foreign entity and California research and development tax credits. If there are unfavorable changes to actual operating results or to projections of future income, the Company may determine that it is more likely than not that such deferred tax assets may not be realizable.

As of June 30, 2021 and 2020, the Company had a federal operating loss carryforward of approximately $117.7 million and $120.8 million. As of June 30, 2021 and 2020, the Company’s state operating loss carryforward was approximately $70.4 million and $72.6 million. With the exception of $32.2 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, 2037. The operating loss carryforward in the India jurisdiction was approximately $5.8 million which will begin to expire on June 30, 2022. The Company has federal and California research and development tax credit carry-forwards of approximately $6.2 million and $9.3 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 carry-forwards 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,
	2021			2020			2019
Balance at the beginning of the year	$	4,236		$	3,727		$	3,256
Gross increases - current period tax positions		535			406			467
Gross increases - prior period tax positions		—			106			10
Gross decreases - prior period tax positions		(7	)		—			—
Reductions as a result of lapsed statute of limitations		(8	)		(3	)		(6	)
Balance at the end of the year	$	4,756		$	4,236		$	3,727

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, 2021, the Company has accrued $1.3 million for interest and penalties related to the unrecognized tax benefits. The balance of interest and penalties is recorded as a noncurrent liability in the Company’s consolidated balance sheet.

As of June 30, 2021, unrecognized tax benefits of $2.6 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, 2021, the tax years 2014 through 2019 remain open in the U.S., the tax years 2013 through 2019 remain open in the various state jurisdictions, and the tax years 2015 through 2019 remain open in various foreign jurisdictions. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from our open examinations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Leases

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

11. Leases

The Company has operating leases primarily for its office facilities. The leases expire at various dates through fiscal year 2026, 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 for fiscal years 2021 and 2020 were as follows (in thousands):

	Fiscal Year Ended June 30,
	2021		2020
Operating lease expense	$	5,247	$	3,940
Short-term lease expense		785		1,119
Variable lease expense ⁽¹⁾		571		580
Total lease expense	$	6,603	$	5,639

⁽¹⁾	Variable lease expense for fiscal years 2021 and 2020 primarily included common area maintenance charges.

Rent expense for fiscal year 2019 was $3.9 million, which was recognized using the straight-line method over the term of a lease in accordance with the previous lease accounting standard.

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

	Fiscal Year Ended June 30,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	6,066		$	3,675

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	6,981		$	423

Weighted average remaining lease term - operating leases	2.7 years			3.2 years
Weighted average discount rate - operating leases		5.0	%		4.6	%

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 judgement. 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, 2021 were as follows (in thousands):

Fiscal Year Ending June 30,	Amount
2022	$	6,189
2023		5,762
2024		3,663
2025		721
2026		32
Total minimum lease payments	$	16,367
Less imputed interest		(2,218	)
Present value of net minimum lease payments	$	14,149
Operating lease liabilities:
Current		5,604
Noncurrent		8,545
Total	$	14,149

Total future principal contractual obligations for operating lease commitments exceeded the undiscounted lease liability by $0.3 million as of June 30, 2021, primarily because the lease liability excluded short-term lease payments (due to the adoption of the short-term lease exemption).

Commitments and Contingencies

12 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. 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, 2021 and June 30, 2020.

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, 2021 and June 30, 2020.

Letters of Credit

The Company has a $0.5 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 cancelled by the financial institution within 30 days of the annual expiration date.

Stockholders' Equity

12 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

Stock Repurchases

In July 2017, the Board of Directors authorized a stock repurchase program to repurchase up to 905,000 outstanding shares of its common stock. In October 2017, the Board of Directors increased the number of outstanding shares that may be repurchased to 966,000 shares. No repurchases were made under this program during fiscal years 2021, 2020 and 2019. As of June 30, 2021, the number of shares that remains available for repurchase is 903,636 shares.

Stock Benefit Plans

12 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Benefit Plans

14. Stock Benefit Plans

Stock-Based Compensation

In fiscal years 2021, 2020 and 2019, the Company recorded stock-based compensation expense of $19.6 million, $16.7 million and $14.1 million. In fiscal years 2021, 2020 and 2019, the Company recognized tax benefits related to stock-based compensation of $2.6 million, $1.6 million and $5.2 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. Awards granted after January 2008 but before the adoption of the 2010 Incentive Plan continue to be governed by the terms of the 2008 Equity Incentive Plan. All outstanding stock awards granted before January 2008 continue to be governed by the terms of the Company’s amended and restated 1999 Equity Incentive Plan.

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.

Prior to fiscal year 2016, the Company granted service-based RSUs. In fiscal year 2016, the Company also began granting market-based RSUs that requires the Company’s stock price achieve a specified price above the grant date stock price before it can be eligible for service vesting conditions. In fiscal year 2019, the Company began granting to employees performance-based RSUs that 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. To date, the Company has issued 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.

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, 2021, 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 14,450,060 shares available for issuance under the 2010 Incentive Plan as of June 30, 2021.

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. Prior to fiscal year 2015, initial service-based RSU grants vested quarterly over a period of four years and annual service-based RSU grants vested quarterly over a period of one year. Beginning in fiscal year 2015, 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, 2021. 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 2,308,424 shares available for issuance under the Directors’ Plan as of June 30, 2021.

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 in fiscal years 2021, 2020 and 2019 were as follows:

	Fiscal Year Ended June 30,
	2021			2020			2019
Expected term (in years)		4.5			4.3			4.4
Expected volatility		61	%		58	%		56	%
Expected dividend yield		—			—			—
Risk-free interest rate		0.6	%		1.4	%		2.5	%
Grant date fair value	$	7.85		$	5.30		$	6.86

Stock Option Award Activity

The following table summarizes the stock option award activity under the plans in fiscal years 2021 and 2020:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		2,411,722		$	5.44		3.64	$	25,123
Granted		39,010			11.42
Exercised		(777,854	)		5.76
Forfeited		(68,750	)		9.17
Expired		(7,275	)		10.01
Outstanding at June 30, 2020		1,596,853		$	5.25		3.18	$	8,892
Granted		106,186			16.28
Exercised		(758,447	)		5.64
Forfeited		(17,051	)		9.28
Expired		(9,448	)		8.89
Outstanding at June 30, 2021		918,093		$	6.10		2.89	$	11,578
Vested and expected-to-vest at June 30, 2021 ⁽¹⁾		906,563		$	5.97		2.85	$	11,538
Vested and exercisable at June 30, 2021		782,661		$	4.70		2.43	$	10,874

⁽¹⁾	The expected-to-vest options are the result of applying the pre-vesting forfeiture assumption to total outstanding options.

The following table summarizes outstanding and exercisable stock options by range of exercise price as of June 30, 2021:

	Options Outstanding						Options Exercisable
Range or Exercise Prices	Number of Shares		Weighted Average Remaining Contractual Term		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$3.40 - $3.40		50,000		2.59	$	3.40		50,000	$	3.40
$3.59 - $3.59		159,727		2.42	$	3.59		159,727	$	3.59
$3.63 - $3.63		182,736		2.08	$	3.63		182,736	$	3.63
$4.01 - $4.01		166,090		3.06	$	4.01		153,455	$	4.01
$4.44 - $5.65		113,907		1.65	$	5.07		113,907	$	5.07
$5.80 - $9.29		98,843		2.05	$	6.87		83,217	$	6.44
$10.75 - $17.16		92,438		5.39	$	12.36		34,317	$	12.68
$18.35 - $18.35		3,004		4.25	$	18.35		1,871	$	18.35
$20.73 - $20.73		50,000		6.83	$	20.73		2,083	$	20.73
$24.46 - $24.46		1,348		6.61	$	24.46		1,348	$	24.46
$3.40 - $24.46		918,093		2.89	$	6.10		782,661	$	4.70

The following table summarizes the total intrinsic value, the cash received and the actual tax benefit of all options exercised in fiscal years 2021, 2020 and 2019 (in thousands):

	Fiscal Year Ended June 30,
	2021		2020		2019
Intrinsic value	$	9,408	$	6,145	$	9,749
Cash received		4,279		4,480		7,702
Tax benefit		1,569		894		1,399

As of June 30, 2021, there was $0.8 million of total unrecognized compensation expense related to unvested stock options which are expected to be recognized over a weighted-average period of 2.6 years.

Service-Based Restricted Stock Unit Activity

The following table summarizes the service-based RSU activity under the plans in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		2,002,006		$	9.06		1.10	$	31,732
Granted		959,740			15.57
Vested		(1,018,624	)		8.66
Forfeited		(146,366	)		12.86
Outstanding at June 30, 2020		1,796,756		$	12.37		1.11	$	18,794
Granted		1,026,425			13.28
Vested		(872,952	)		11.83
Forfeited		(118,211	)		14.14
Outstanding at June 30, 2021		1,832,018		$	12.97		1.26	$	34,039

As of June 30, 2021, there was $17.6 million of total unrecognized compensation expense related to service-based RSUs.

Market-Based Restricted Stock Unit Activity

The following table summarizes the market-based RSU activity under the 2010 Incentive Plan in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		196,098		$	5.00		0.68	$	3,108
Granted		—			—
Vested		(107,743	)		4.48
Forfeited		(15,387	)		7.36
Outstanding at June 30, 2020		72,968		$	5.61		0.52	$	763
Granted		—			—
Vested		(20,507	)		4.60
Forfeited		(2,999	)		8.90
Outstanding at June 30, 2021		49,462		$	8.43		0.37	$	919

As of June 30, 2021, the total unrecognized compensation expense related to market-based RSUs was immaterial.

Performance-Based Restricted Stock Unit Activity

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		716,612		$	15.85		1.36	$	11,358
Granted		752,671			10.46
Vested		(290,929	)		16.25
Forfeited		(80,712	)		13.89
Outstanding at June 30, 2020		1,097,642		$	12.37		1.30	$	11,481
Granted		704,485			18.58
Vested		(418,464	)		13.37
Forfeited		(125,325	)		13.89
Outstanding at June 30, 2021		1,258,338		$	16.10		1.19	$	23,380

As of June 30, 2021, there was $7.3 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.

Segment Information

12 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

15. 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 set forth net revenue and long-lived assets by geographic area (in thousands):

	Fiscal Year Ended June 30,
	2021		2020		2019
Net revenue:
United States	$	566,589	$	475,208	$	445,957
International		11,898		15,131		9,197
Total net revenue	$	578,487	$	490,339	$	455,154

	June 30,
	2021		2020
Property and equipment, net:
United States	$	6,672	$	5,477
International		177		180
Total property and equipment, net	$	6,849	$	5,657

	June 30,
	2021		2020
Other intangible assets, net:
United States	$	59,177	$	28,174
International		—		—
Total other intangible assets, net	$	59,177	$	28,174

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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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
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2021

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 2019 ⁽²⁾	$	1,625	$	9,342		$	(669	)	$	10,298
Fiscal year 2020	$	10,298	$	630		$	(751	)	$	10,177
Fiscal year 2021	$	10,177	$	393		$	(9,560	)	$	1,010

Deferred tax asset valuation allowance
Fiscal year 2019	$	57,197	$	571		$	(49,422	)	$	8,346
Fiscal year 2020	$	8,346	$	(784	)	$	(39	)	$	7,523
Fiscal year 2021	$	7,523	$	387		$	283		$	8,193

⁽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.

⁽²⁾	In fiscal year 2019, the Company adopted ASC 606 which requires allowance for sales returns to be classified as a liability. Accordingly, the balance as of July 1, 2018 excludes an allowance for sales returns of $0.2 million.

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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2021

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.

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,
	2021			2020			2019
Balance, beginning of period	$	9,287		$	9,529		$	727
Provision for credit losses		36			214			9,001
Write-offs charged against the allowance ⁽¹⁾		(9,087	)		(456	)		(199	)
Recoveries collected		(116	)		—			—
Balance, end of period	$	120		$	9,287		$	9,529

⁽¹⁾

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

Business Combinations

Goodwill

Long-Lived Assets

Investments in Equity Securities

Income Taxes

Foreign Currency Translation

Comprehensive Income

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 2021, 2020 or 2019.

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

Accounting Pronouncements Not Yet Adopted

adoption permitted. The Company is currently assessing the impact the new guidance will have on the consolidated financial statements.

Net Income per Share

Segment Information

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2021

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,
	2021			2020			2019
Balance, beginning of period	$	9,287		$	9,529		$	727
Provision for credit losses		36			214			9,001
Write-offs charged against the allowance ⁽¹⁾		(9,087	)		(456	)		(199	)
Recoveries collected		(116	)		—			—
Balance, end of period	$	120		$	9,287		$	9,529

⁽¹⁾

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, 2021

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,
	2021		2020		2019
Net revenue:
Financial Services	$	426,819	$	366,289	$	308,608
Home Services		134,538		49,931		40,273
Other Revenue		5,543		—		—
Divested Businesses⁽¹⁾		11,587		74,119		106,273
Total net revenue	$	578,487	$	490,339	$	455,154

⁽¹⁾	Represents revenue recognized from the businesses divested in fiscal years 2021 and 2020. See Note 7, Divestitures, for more information.

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,
	2021		2020
Deferred revenue	$	33	$	73
Client deposits		870		700
Total	$	903	$	773

Net Income per Share (Tables)

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Income per Share

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

	Fiscal Year Ended June 30,
	2021		2020		2019
	(In thousands, except per share data)
Numerator:
Basic and Diluted:
Net income	$	23,555	$	18,102	$	62,480
Denominator:
Basic:
Weighted-average shares of common stock used in computing basic net income per share		53,166		51,529		49,581
Diluted:
Weighted average shares of common stock used in computing basic net income per share		53,166		51,529		49,581
Weighted average effect of dilutive securities:
Stock options		778		1,054		1,724
Restricted stock units		1,185		804		1,449
Weighted average shares of common stock used in computing diluted net income per share		55,129		53,387		52,754
Net income per share:
Basic	$	0.44	$	0.35	$	1.26
Diluted	$	0.43	$	0.34	$	1.18
Securities excluded from weighted-average shares used in computing diluted net income per share because the effect would have been anti-dilutive: ⁽¹⁾		84		1,104		118

⁽¹⁾	These weighted shares relate to anti-dilutive stock options and restricted stock units as calculated using the treasury stock method and could be dilutive in the future.

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2021

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, 2021								June 30, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,670	$	—	$	—	$	1,670	$	1,668	$	—	$	—	$	1,668
Total	$	1,670	$	—	$	—	$	1,670	$	1,668	$	—	$	—	$	1,668
Liabilities:
Post-closing payments related to acquisitions	$	—	$	34,954	$	—	$	34,954	$	—	$	9,045	$	—	$	9,045
Contingent consideration related to acquisitions		—		—		5,432		5,432		—		—		3,170		3,170
Total	$	—	$	34,954	$	5,432	$	40,386	$	—	$	9,045	$	3,170	$	12,215

Reported as:
Cash and cash equivalents							$	1,670							$	1,668
Other Liabilities:
Current							$	12,697							$	6,734
Noncurrent								27,689								5,481
Total							$	40,386							$	12,215

Schedule of Change in Contingent Consideration

The following table represents the change in the contingent consideration (in thousands):

	Level 3
Balance as of June 30, 2019	$	5,058
Change in fair value during the period		—
Payments made during the period		(1,888	)
Balance as of June 30, 2020		3,170
Additions related to the acquisition of FCE (initial measurement)		2,926
Change in fair value during the period		—
Payments made during the period		(664	)
Balance as of June 30, 2021	$	5,432

Acquisitions (Tables)

12 Months Ended

Jun. 30, 2021

Business Acquisition [Line Items]

Schedule of Consideration

The following table summarizes the total consideration for each acquisition as of the acquisition dates (in thousands):

	AmOne		CCM			MBT
Cash	$	23,032	$	8,281		$	4,511
Post-closing adjustments for net assets acquired		138		(72	)		—
Post-closing payments, net of imputed interest ⁽¹⁾		7,514		6,671			3,708
Contingent consideration		—		3,553			1,505
Total	$	30,684	$	18,433		$	9,724

⁽¹⁾	The post-closing payment is net of imputed interest of $486 thousand for AmOne, $829 thousand for CCM and $292 thousand for MBT.

Summary of Unaudited Pro Forma Financial Information Combined Results of Operations

Unaudited Pro Forma Financial Information

	Fiscal Year Ended June 30,
	2021		2020
	(In thousands)
Net revenue	$	578,487	$	561,428
Net income		24,253		23,184

Modernize, Inc. [Member]

Business Acquisition [Line Items]

Schedule of Consideration

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

	Estimated Fair Value
Cash	$	43,944
Post-closing payments, net of imputed interest of $2,724		24,776
Section 338 election payment to Modernize		1,703
Total	$	70,423

Summary of Preliminary Allocation of Purchase Price to Fair Values of Identifiable Assets Acquired and Liabilities Assumed

	Estimated Fair Value
	Preliminary as of July 1, 2020		Year to Date Adjustments ⁽¹⁾			Final as of June 30, 2021
Cash and cash equivalents	$	3,638	$	—		$	3,638
Accounts receivable, net		4,999		—			4,999
Operating lease right-of-use assets		4,702		—			4,702
Other intangible assets		33,700		—			33,700
Other assets		1,386		—			1,386
Total identifiable assets acquired		48,425		—			48,425

Accrued liabilities		4,909		—			4,909
Operating lease liabilities		4,896		—			4,896
Deferred tax liabilities		7,886		(7,886	)		—
Other liabilities		465		(240	)		225
Total identifiable liabilities assumed		18,156		(8,126	)		10,030

Net identifiable assets acquired		30,269		8,126			38,395
Goodwill		38,451		(6,423	)		32,028
Net assets acquired	$	68,720	$	1,703		$	70,423

⁽¹⁾

FC Ecosystem, LLC [Member]

Business Acquisition [Line Items]

Schedule of Consideration

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

	Estimated Fair Value
Cash	$	7,000
Post-closing payments, net of imputed interest of $189		3,811
Contingent consideration		2,926
Total	$	13,737

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

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

	Estimated Fair Value		Estimated Useful Life
Customer/publisher/advertiser relationships	$	8,600	7 years
Goodwill		5,137	Indefinite
Total	$	13,737

Balance Sheet Components (Tables)

12 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Accounts Receivable, Net

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

	June 30,
	2021			2020
Accounts receivable, gross	$	88,938		$	74,649
Less: Allowance for credit losses and revenue reserves		(1,010	)		(10,177	)
Accounts receivable, net	$	87,928		$	64,472

Schedule of Prepaid Expenses and Other Assets

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

	June 30,
	2021		2020
Prepaid expenses	$	3,843	$	9,001
Income tax receivable		3,541		3,798
Other assets		546		792
Total	$	7,930	$	13,591

Property and Equipment, Net

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

	June 30,
	2021			2020
Computer equipment	$	12,997		$	12,763
Software		11,901			11,751
Furniture and fixtures		3,163			3,060
Leasehold improvements		3,016			2,842
Internal software development costs		39,279			36,993
Total property plant and equipment, gross		70,356			67,409
Less: Accumulated depreciation and amortization		(63,507	)		(61,752	)
Total property plant and equipment, net	$	6,849		$	5,657

Accrued Liabilities

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

	June 30,
	2021		2020
Accrued media costs	$	41,226	$	31,948
Accrued professional service and other business expenses		10,550		8,066
Accrued compensation and related expenses		5,874		2,257
Total	$	57,650	$	42,271

Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets, Net

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

	June 30, 2021							June 30, 2020
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	90,830	$	(43,485	)	$	47,345	$	61,324	$	(36,213	)	$	25,111
Content		43,056		(42,790	)		266		55,430		(55,430	)		—
Website/trade/domain names		25,102		(18,303	)		6,799		23,059		(20,717	)		2,342
Acquired technology and others		33,834		(29,067	)		4,767		27,941		(27,220	)		721
Total	$	192,822	$	(133,645	)	$	59,177	$	167,754	$	(139,580	)	$	28,174

Amortization Expense

Future amortization expense for the Company’s intangible assets as of June 30, 2021 was as follows (in thousands):

Fiscal Year Ending June 30,	Amortization
2022	$	11,364
2023		10,501
2024		9,605
2025		7,622
2026		5,197
Thereafter		14,888
Total	$	59,177

Changes in Carrying Amount of Goodwill

Goodwill

The changes in the carrying amount of goodwill for fiscal years 2021 and 2020 were as follows (in thousands):

	Goodwill
Balance at June 30, 2019	$	82,544
Goodwill acquired ⁽¹⁾		1,100
Goodwill disposed ⁽²⁾		(2,967	)
Balance at June 30, 2020		80,677
Goodwill acquired ⁽¹⁾		40,368
Goodwill disposed ⁽²⁾		(3,212	)
Balance at June 30, 2021	$	117,833

⁽²⁾ Represents goodwill disposed associated with the business divestitures completed in fiscal years 2020 and 2021. See Note 7, Divestitures, for more information.

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

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

	Fiscal Year Ended June 30,
	2021			2020		2019
US	$	29,433		$	17,824	$	10,316
Foreign		(104	)		862		403
Total	$	29,329		$	18,686	$	10,719

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,
	2021			2020			2019
Current:
Federal	$	(3	)	$	—		$	—
State		252			(3,110	)		193
Foreign		187			218			255
Total current provision for (benefit from) income taxes		436			(2,892	)		448
Deferred:
Federal		4,732			2,504			(45,201	)
State		606			972			(7,008	)
Foreign		—			—			—
Total deferred provision for (benefit from) income taxes		5,338			3,476			(52,209	)
Total provision for (benefit from) income taxes	$	5,774		$	584		$	(51,761	)

Reconciliation Between Statutory Federal Income Tax and Company's Effective Tax Rates as Percentage of Income (Loss) Before Income Taxes

The reconciliation between the statutory federal income tax and the Company’s effective tax rates as a percentage of income before income taxes was as follows:

	Fiscal Year Ended June 30,
	2021			2020			2019
Federal tax rate		21.0	%		21.0	%		21.0	%
States taxes, net of federal benefit		0.7			(11.4	)		(69.3	)
Foreign rate differential		0.2			2.1			0.3
Stock-based compensation expense		(9.4	)		(8.7	)		(48.9	)
Change in valuation allowance		2.3			(2.4	)		(397.8	)
Research and development credits		(3.8	)		(4.1	)		(8.5	)
Disqualified compensation expense		7.6			5.3			16.5
Uncertain tax position		1.2			1.8			2.8
Business divestitures		—			(1.3	)		—
Other		(0.1	)		0.8			1.0
Effective income tax rate		19.7	%		3.1	%		(482.9	)%

Components of Long-Term Deferred Tax Assets and Liabilities, Net

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

	June 30,
	2021			2020
Noncurrent deferred tax assets:
Reserves and accruals	$	1,608		$	3,973
Stock-based compensation expense		3,841			3,441
Intangible assets		4,444			8,620
Net operating loss		30,440			30,953
Fixed assets		135			59
Tax credits		10,279			8,852
Operating lease liabilities		3,108			884
Other		38			237
Total noncurrent deferred tax assets		53,893			57,019
Valuation allowance - long-term		(8,193	)		(7,523	)
Noncurrent deferred tax assets, net		45,700			49,496

Noncurrent deferred tax liabilities:
Operating lease right-of-use assets		(2,364	)		(823	)
Noncurrent deferred tax liabilities		(2,364	)		(823	)

Total deferred tax assets, net	$	43,336		$	48,673

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,
	2021			2020			2019
Balance at the beginning of the year	$	4,236		$	3,727		$	3,256
Gross increases - current period tax positions		535			406			467
Gross increases - prior period tax positions		—			106			10
Gross decreases - prior period tax positions		(7	)		—			—
Reductions as a result of lapsed statute of limitations		(8	)		(3	)		(6	)
Balance at the end of the year	$	4,756		$	4,236		$	3,727

Leases (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense for fiscal years 2021 and 2020 were as follows (in thousands):

	Fiscal Year Ended June 30,
	2021		2020
Operating lease expense	$	5,247	$	3,940
Short-term lease expense		785		1,119
Variable lease expense ⁽¹⁾		571		580
Total lease expense	$	6,603	$	5,639

⁽¹⁾	Variable lease expense for fiscal years 2021 and 2020 primarily included 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,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	6,066		$	3,675

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	6,981		$	423

Weighted average remaining lease term - operating leases	2.7 years			3.2 years
Weighted average discount rate - operating leases		5.0	%		4.6	%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2021 were as follows (in thousands):

Fiscal Year Ending June 30,	Amount
2022	$	6,189
2023		5,762
2024		3,663
2025		721
2026		32
Total minimum lease payments	$	16,367
Less imputed interest		(2,218	)
Present value of net minimum lease payments	$	14,149
Operating lease liabilities:
Current		5,604
Noncurrent		8,545
Total	$	14,149

Stock Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2021

Stock options [Member]

Schedule of Weighted Average Assumptions

The weighted-average Black-Scholes model assumptions and the weighted-average grant date fair value of stock options in fiscal years 2021, 2020 and 2019 were as follows:

	Fiscal Year Ended June 30,
	2021			2020			2019
Expected term (in years)		4.5			4.3			4.4
Expected volatility		61	%		58	%		56	%
Expected dividend yield		—			—			—
Risk-free interest rate		0.6	%		1.4	%		2.5	%
Grant date fair value	$	7.85		$	5.30		$	6.86

Stock Option Award Activity

The following table summarizes the stock option award activity under the plans in fiscal years 2021 and 2020:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		2,411,722		$	5.44		3.64	$	25,123
Granted		39,010			11.42
Exercised		(777,854	)		5.76
Forfeited		(68,750	)		9.17
Expired		(7,275	)		10.01
Outstanding at June 30, 2020		1,596,853		$	5.25		3.18	$	8,892
Granted		106,186			16.28
Exercised		(758,447	)		5.64
Forfeited		(17,051	)		9.28
Expired		(9,448	)		8.89
Outstanding at June 30, 2021		918,093		$	6.10		2.89	$	11,578
Vested and expected-to-vest at June 30, 2021 ⁽¹⁾		906,563		$	5.97		2.85	$	11,538
Vested and exercisable at June 30, 2021		782,661		$	4.70		2.43	$	10,874

⁽¹⁾	The expected-to-vest options are the result of applying the pre-vesting forfeiture assumption to total outstanding options.

Schedule of Share Based Compensation Options Outstanding and Exercisable By Range of Exercise Price

The following table summarizes outstanding and exercisable stock options by range of exercise price as of June 30, 2021:

	Options Outstanding						Options Exercisable
Range or Exercise Prices	Number of Shares		Weighted Average Remaining Contractual Term		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$3.40 - $3.40		50,000		2.59	$	3.40		50,000	$	3.40
$3.59 - $3.59		159,727		2.42	$	3.59		159,727	$	3.59
$3.63 - $3.63		182,736		2.08	$	3.63		182,736	$	3.63
$4.01 - $4.01		166,090		3.06	$	4.01		153,455	$	4.01
$4.44 - $5.65		113,907		1.65	$	5.07		113,907	$	5.07
$5.80 - $9.29		98,843		2.05	$	6.87		83,217	$	6.44
$10.75 - $17.16		92,438		5.39	$	12.36		34,317	$	12.68
$18.35 - $18.35		3,004		4.25	$	18.35		1,871	$	18.35
$20.73 - $20.73		50,000		6.83	$	20.73		2,083	$	20.73
$24.46 - $24.46		1,348		6.61	$	24.46		1,348	$	24.46
$3.40 - $24.46		918,093		2.89	$	6.10		782,661	$	4.70

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 all options exercised in fiscal years 2021, 2020 and 2019 (in thousands):

	Fiscal Year Ended June 30,
	2021		2020		2019
Intrinsic value	$	9,408	$	6,145	$	9,749
Cash received		4,279		4,480		7,702
Tax benefit		1,569		894		1,399

Service-based RSU [Member]

Schedule of RSU Activity

The following table summarizes the service-based RSU activity under the plans in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		2,002,006		$	9.06		1.10	$	31,732
Granted		959,740			15.57
Vested		(1,018,624	)		8.66
Forfeited		(146,366	)		12.86
Outstanding at June 30, 2020		1,796,756		$	12.37		1.11	$	18,794
Granted		1,026,425			13.28
Vested		(872,952	)		11.83
Forfeited		(118,211	)		14.14
Outstanding at June 30, 2021		1,832,018		$	12.97		1.26	$	34,039

Market-based RSUs [Member]

Schedule of RSU Activity

The following table summarizes the market-based RSU activity under the 2010 Incentive Plan in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		196,098		$	5.00		0.68	$	3,108
Granted		—			—
Vested		(107,743	)		4.48
Forfeited		(15,387	)		7.36
Outstanding at June 30, 2020		72,968		$	5.61		0.52	$	763
Granted		—			—
Vested		(20,507	)		4.60
Forfeited		(2,999	)		8.90
Outstanding at June 30, 2021		49,462		$	8.43		0.37	$	919

Performance-based RSU [Member]

Schedule of RSU Activity

The following table summarizes the performance-based RSU activity under the 2010 Incentive Plan in fiscal years 2021 and 2020:

	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2019		716,612		$	15.85		1.36	$	11,358
Granted		752,671			10.46
Vested		(290,929	)		16.25
Forfeited		(80,712	)		13.89
Outstanding at June 30, 2020		1,097,642		$	12.37		1.30	$	11,481
Granted		704,485			18.58
Vested		(418,464	)		13.37
Forfeited		(125,325	)		13.89
Outstanding at June 30, 2021		1,258,338		$	16.10		1.19	$	23,380

Segment Information (Tables)

12 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Net Revenue and Long-Lived Assets by Geographic Area

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

	Fiscal Year Ended June 30,
	2021		2020		2019
Net revenue:
United States	$	566,589	$	475,208	$	445,957
International		11,898		15,131		9,197
Total net revenue	$	578,487	$	490,339	$	455,154

	June 30,
	2021		2020
Property and equipment, net:
United States	$	6,672	$	5,477
International		177		180
Total property and equipment, net	$	6,849	$	5,657

	June 30,
	2021		2020
Other intangible assets, net:
United States	$	59,177	$	28,174
International		—		—
Total other intangible assets, net	$	59,177	$	28,174

Summary of Significant Accounting Policies - Additional Information (Detail)			12 Months Ended
	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Client Segment	Jun. 30, 2020 USD ($) Client Segment	Jun. 30, 2019 USD ($) Client
Summary Of Significant Accounting Policies [Line Items]
Maximum period for classifying as cash and cash equivalents			3 months
Revenue Reserve			$ 900,000	$ 900,000
Financing Receivable Allowance For Credit Losses Ans Revenue Reserve			$ 1,000,000.0	$ 10,200,000
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	1
Impairment charges recorded	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0
Weighted-average useful life of intangible assets			6 years 10 months 24 days
Maximum
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			$ 2,300,000	$ 1,100,000	$ 2,300,000
Customer Concentration Risk [Member] \| Net revenue [Member] \| Progressive Corporation [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			23.00%	21.00%	22.00%
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]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients			10.00%	10.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Progressive Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients			10.00%	17.00%
Number of clients that accounted for 10% or more of net accounts receivable \| Client			1	1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Allstate Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients			15.00%
Number of additional clients that accounted for 10% or more of net accounts receivable \| Client			1

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Accounting Policies [Abstract]

Balance, beginning of period

$ 9,287

$ 9,529

$ 727

Provision for credit losses

214

9,001

Write-offs charged against the allowance

^[1]

(9,087)

(456)

(199)

Recoveries collected

(116)

Balance, end of period

$ 120

$ 9,287

$ 9,529

[1]

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Parenthetical) (Detail)	Mar. 31, 2019 USD ($)
Accounting Policies [Abstract]
Allowance for bad debt expense	$ 8,700

Summary of Significant Accounting Policies - Estimated Useful Lives of the Assets (Detail)	12 Months Ended
	Jun. 30, 2021
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
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 improvement	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

Revenue - Schedule of Disaggregation of Net Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Net revenue	$ 578,487	$ 490,339	$ 455,154
Financial Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	426,819	366,289	308,608
Home Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	134,538	49,931	40,273
Other Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	5,543	0	0
Divested Businesses [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 11,587	$ 74,119	$ 106,273

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Schedule of Contract Liabilities from Contracts with Clients (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Contract With Customer Asset And Liability [Abstract]
Deferred revenue	$ 33	$ 73
Client deposits	870	700
Total	$ 903	$ 773

Revenue - Additional Information (Detail) $ in Millions	12 Months Ended
Revenue - Additional Information (Detail) $ in Millions	Jun. 30, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Revenue recognized	$ 8.5
Change in amount of advance consideration received from customers	$ 8.6

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

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Basic and Diluted:

Net income

$ 23,555

$ 18,102

$ 62,480

Basic:

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

53,166

51,529

49,581

Diluted:

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

53,166

51,529

49,581

Weighted average effect of dilutive securities:

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

55,129

53,387

52,754

Net income per share:

Basic

$ 0.44

$ 0.35

$ 1.26

Diluted

$ 0.43

$ 0.34

$ 1.18

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

^[1]

1,104

118

Stock options [Member]

Weighted average effect of dilutive securities:

Weighted average effect of dilutive securities

778

1,054

1,724

Restricted stock units [Member]

Weighted average effect of dilutive securities:

Weighted average effect of dilutive securities

1,185

804

1,449

[1]	These weighted shares relate to anti-dilutive stock options and restricted stock units as calculated using the treasury stock method and could be dilutive in the future.

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, 2021	Jun. 30, 2020
Assets:
Total Assets	$ 1,670	$ 1,668
Liabilities:
Total Liabilities	40,386	12,215
Cash and cash equivalents	1,670	1,668
Other Liabilities:
Other Liabilities	40,386	12,215
Current [Member]
Other Liabilities:
Other Liabilities	12,697	6,734
Non Current [Member]
Other Liabilities:
Other Liabilities	27,689	5,481
Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	34,954	9,045
Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	5,432	3,170
Level 1 [Member]
Assets:
Total Assets	1,670	1,668
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 2 [Member]
Assets:
Total Assets	0	0
Liabilities:
Total Liabilities	34,954	9,045
Level 2 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	34,954	9,045
Level 2 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 3 [Member]
Assets:
Total Assets	0	0
Liabilities:
Total Liabilities	5,432	3,170
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	5,432	3,170
Money market funds [Member]
Assets:
Total Assets	1,670	1,668
Money market funds [Member] \| Level 1 [Member]
Assets:
Total Assets	1,670	1,668
Money market funds [Member] \| Level 2 [Member]
Assets:
Total Assets	0	0
Money market funds [Member] \| Level 3 [Member]
Assets:
Total Assets	$ 0	$ 0

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
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 transfers, amount	$ 0	$ 0

Fair Value Measurements - Schedule of Change in Contingent Consideration (Detail) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 3,170	$ 5,058
Additions related to the acquisition of FCE (initial measurement)	2,926
Change in fair value during the period	0	0
Payments made during the period	(664)	(1,888)
Ending balance	$ 5,432	$ 3,170

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands							12 Months Ended
	Mar. 01, 2021	Feb. 17, 2021	Jul. 01, 2020	May 14, 2019	Apr. 15, 2019	Oct. 01, 2018	Jun. 30, 2021
Nonrecurring Acquisition Cost [Member]
Business Acquisition [Line Items]
Acquisition costs							$ 698
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Closing date of acquisition			Jul. 01, 2020
Cash paid upon closing			$ 43,900
Cash paid for net assets acquired			3,900
Business Combination, post-closing payments			$ 27,500
Business combination, deferred consideration payment period			5 years
Business combination, deferred consideration payment description			post-closing payments, payable in equal annual installments over a five year period, with the first installment payable twelve months following the date of closing
Date of acquisition			Jul. 01, 2020
FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Closing date of acquisition	Mar. 01, 2021
Cash paid upon closing	$ 7,000
Business Combination, post-closing payments	$ 4,000
Business combination, deferred consideration payment period	2 years
Business combination, deferred consideration payment description	post-closing
Business combination, additional contingent consideration payable	$ 9,000
Business combination, contingent consideration payment description	The purchase consideration also includes contingent consideration of up to an additional $9.0 million, which is payable for two years following the date of closing and is calculated every February 28 for the preceding twelve months
Business combination contingent consideration payable period	2 years
Date of acquisition	Mar. 01, 2021
Mayo Labs, LLC [Member]
Business Acquisition [Line Items]
Closing date of acquisition		Feb. 17, 2021
Cash paid upon closing		$ 2,000
Business Combination, post-closing payments		$ 2,000
Business combination, deferred consideration payment period		2 years
Business combination, deferred consideration payment description		post-closing payments, payable in equal annual installments over a two year period,
Date of acquisition		Feb. 17, 2021
AmOne Corp [Member]
Business Acquisition [Line Items]
Closing date of acquisition						Oct. 01, 2018
Cash paid upon closing						$ 23,032
Cash paid for net assets acquired						2,700
Business Combination, post-closing payments						$ 8,000
Business combination, deferred consideration payment period						2 years
Business combination, deferred consideration payment description						post-closing payments, payable in equal semi-annual installments over a two year period, with the first installment paid six months following the date of closing
Date of acquisition						Oct. 01, 2018
CloudControlMedia, LLC [Member]
Business Acquisition [Line Items]
Closing date of acquisition					Apr. 15, 2019
Cash paid upon closing					$ 8,281
Cash paid for net assets acquired					800
Business Combination, post-closing payments					$ 7,500
Business combination, deferred consideration payment period					4 years
Business combination, deferred consideration payment description					The $7.5 million post-closing payments are payable in cash in equal semi-annual installments over a four year period, with the first installment paid six months following the date of closing.
Business combination, contingent consideration payment description					The contingent consideration is payable for five years following the date of closing and is calculated every June 30 and December 31 for the preceding six months.
Business combination contingent consideration payable period					5 years
Date of acquisition					Apr. 15, 2019
MyBankTracker.com, LLC [Member]
Business Acquisition [Line Items]
Closing date of acquisition				May 14, 2019
Cash paid upon closing				$ 4,511
Cash paid for net assets acquired				1,500
Business Combination, post-closing payments				$ 4,000
Business combination, deferred consideration payment period				2 years
Business combination, deferred consideration payment description				The $4.0 million post-closing payments are payable in cash in equal semi-annual installments over a two year period, with the first installment paid twelve months following the date of closing. The outstanding balance owed with respect to the post-closing payments was paid in full as of the fourth quarter of fiscal year 2021.
Business combination, contingent consideration payment description				The contingent consideration is calculated semi-annually for the preceding six months beginning on December 31, 2019 and ending on June 30, 2023. In the third quarter of fiscal year 2020, the Company reached an agreement with the seller and paid off the outstanding balance owed with respect to the contingent consideration.
Date of acquisition				May 14, 2019

Acquisitions - Schedule of Consideration (Detail) - USD ($)
$ in Thousands

Mar. 01, 2021

Jul. 01, 2020

May 14, 2019

Apr. 15, 2019

Oct. 01, 2018

Modernize Inc

Business Acquisition [Line Items]

Cash paid upon closing

$ 43,944

Post-closing payments, net of imputed interest

^[1]

24,776

Section 338 election payment to Modernize

1,703

Total

$ 70,423

FC Ecosystem, LLC [Member]

Business Acquisition [Line Items]

Cash paid upon closing

$ 7,000

Post-closing payments, net of imputed interest

3,811

Contingent consideration

2,926

Total

$ 13,737

AmOne Corp [Member]

Business Acquisition [Line Items]

Cash paid upon closing

$ 23,032

Post-closing adjustments for net assets acquired

138

Post-closing payments, net of imputed interest

^[1]

7,514

Contingent consideration

Total

$ 30,684

CloudControlMedia, LLC [Member]

Business Acquisition [Line Items]

Cash paid upon closing

$ 8,281

Post-closing adjustments for net assets acquired

(72)

Post-closing payments, net of imputed interest

^[1]

6,671

Contingent consideration

3,553

Total

$ 18,433

MyBankTracker.com, LLC [Member]

Business Acquisition [Line Items]

Cash paid upon closing

$ 4,511

Post-closing adjustments for net assets acquired

Post-closing payments, net of imputed interest

^[1]

3,708

Contingent consideration

1,505

Total

$ 9,724

[1]	The post-closing payment is net of imputed interest of $486 thousand for AmOne, $829 thousand for CCM and $292 thousand for MBT.

Acquisitions - Schedule of Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 01, 2021	Jul. 01, 2020	May 14, 2019	Apr. 15, 2019	Oct. 01, 2018
Business Acquisition [Line Items]
Deferred Consideration Imputed Interest		$ 2,724
FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Deferred Consideration Imputed Interest	$ 189
AmOne Corp [Member]
Business Acquisition [Line Items]
Post-closing payments net of imputed interest					$ 486
CloudControlMedia, LLC [Member]
Business Acquisition [Line Items]
Post-closing payments net of imputed interest				$ 829
MyBankTracker.com, LLC [Member]
Business Acquisition [Line Items]
Post-closing payments net of imputed interest			$ 292

Acquisitions - Summary of Final Allocation of Purchase Price to the Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands

Jun. 30, 2021

Jul. 01, 2020

Jun. 30, 2020

Jun. 30, 2019

Business Acquisition [Line Items]

Goodwill

$ 117,833

$ 80,677

$ 82,544

Modernize, Inc. [Member] | Preliminary [Member]

Business Acquisition [Line Items]

Cash and cash equivalents

3,638

$ 3,638

Accounts receivable, net

4,999

Operating lease right-of-use assets

4,702

Other intangible assets

33,700

Other assets

1,386

Total identifiable assets acquired

48,425

Accrued liabilities

4,909

Operating lease liabilities

4,896

Deferred tax liabilities

7,886

Other liabilities

225

465

Total identifiable liabilities assumed

10,030

18,156

Net identifiable assets acquired

38,395

30,269

Goodwill

32,028

38,451

Net assets acquired

70,423

$ 68,720

Modernize, Inc. [Member] | Year To Date Adjustments [Member]

Business Acquisition [Line Items]

Deferred tax liabilities

^[1]

(7,886)

Other liabilities

^[1]

(240)

Total identifiable liabilities assumed

^[1]

(8,126)

Net identifiable assets acquired

^[1]

8,126

Goodwill

^[1]

(6,423)

Net assets acquired

^[1]

$ 1,703

[1]

Acquisitions - Summary of Final Allocation of Purchase Price to the Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Modernize, Inc. [Member] $ in Millions	12 Months Ended
	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Net deferred tax liabilities	$ 7.9
Internal Revenue Service (IRS)
Business Acquisition [Line Items]
Incremental of total consideration due to tax election	1.7
Increase in total consideration	$ 1.7

Acquisitions - Summary of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Detail) - USD ($) $ in Thousands			12 Months Ended
	Mar. 01, 2021	Jul. 01, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Weighted-average useful life of intangible assets			6 years 10 months 24 days
Goodwill			$ 117,833	$ 80,677	$ 82,544
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 33,700
Modernize, Inc. [Member] \| Customer/publisher/advertiser relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 21,300
Weighted-average useful life of intangible assets		9 years
Modernize, Inc. [Member] \| Content [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 800
Weighted-average useful life of intangible assets		1 year 6 months
Modernize, Inc. [Member] \| Website/trade/domain names [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 5,300
Weighted-average useful life of intangible assets		15 years
Modernize, Inc. [Member] \| Acquired technology and others [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 6,300
Weighted-average useful life of intangible assets		4 years
FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 13,737
Goodwill	5,137
FC Ecosystem, LLC [Member] \| Customer/publisher/advertiser relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 8,600
Weighted-average useful life of intangible assets	7 years

Acquisitions - Summary of Unaudited Pro Forma Financial Information Combined Results of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Combinations [Abstract]
Net revenue	$ 578,487	$ 561,428
Net income	$ 24,253	$ 23,184

Divestitures - Additional Information (Detail) - USD ($) $ in Millions				3 Months Ended
	Aug. 31, 2020	Apr. 30, 2020	Feb. 14, 2020	Sep. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Purchase price of asset sell	$ 20.0	$ 3.3
Purchase price of agreement			$ 12.9
Proceeds from sale of business			10.0
QuinStreet Brasil Online Marketing e Midia Ltda ("QSB") and VEMM, LLC ("VEMM") \| Euro-Demand Do Brasil Servios de Gerao de Leads Ltda (EDB)
Restructuring Cost And Reserve [Line Items]
Proceeds from sale of business							$ 1.1
Secured Promissory Note
Restructuring Cost And Reserve [Line Items]
Secured promissory note, receivable			$ 2.9
Other Operating Income (Expense)
Restructuring Cost And Reserve [Line Items]
Gain (loss) on disposition of operation					$ 12.0	$ 2.8
Other Operating Income (Expense) \| Forecast [Member]
Restructuring Cost And Reserve [Line Items]
Gain (loss) on disposition of operation				$ 16.6

Balance Sheet Components - Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Accounts Receivable Net Current [Abstract]
Accounts receivable, gross	$ 88,938	$ 74,649
Less: Allowance for credit losses and revenue reserves	(1,010)	(10,177)
Accounts receivable, net	$ 87,928	$ 64,472

Balance Sheet Components - Schedule of Prepaid Expenses and Other Assets Current (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 3,843	$ 9,001
Income tax receivable	3,541	3,798
Other assets	546	792
Total	$ 7,930	$ 13,591

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2016
Balance Sheet Components [Line Items]
Depreciation expense	$ 1.8	$ 1.3	$ 1.1
Amortization expense related to internal software development costs	$ 2.6	2.4	2.3
Partnership Agreement [Member]
Balance Sheet Components [Line Items]
Partnership agreement				10 years
Upfront cash payment				$ 10.0
Prepaid expenses and other assets		5.3
Amortization expense		$ 1.0	$ 1.0

Balance Sheet Components - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	$ 70,356	$ 67,409
Less: Accumulated depreciation and amortization	(63,507)	(61,752)
Total property plant and equipment, net	6,849	5,657
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	12,997	12,763
Software [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	11,901	11,751
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	3,163	3,060
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	3,016	2,842
Internal software development costs [Member]
Property, Plant and Equipment [Line Items]
Total property plant and equipment, gross	$ 39,279	$ 36,993

Balance Sheet Components - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued media costs	$ 41,226	$ 31,948
Accrued professional service and other business expenses	10,550	8,066
Accrued compensation and related expenses	5,874	2,257
Total	$ 57,650	$ 42,271

Intangible Assets, Net and Goodwill - Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 192,822	$ 167,754
Accumulated Amortization	(133,645)	(139,580)
Net Carrying Amount	59,177	28,174
Customer/publisher/advertiser relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	90,830	61,324
Accumulated Amortization	(43,485)	(36,213)
Net Carrying Amount	47,345	25,111
Content [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,056	55,430
Accumulated Amortization	(42,790)	(55,430)
Net Carrying Amount	266	0
Website/trade/domain names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,102	23,059
Accumulated Amortization	(18,303)	(20,717)
Net Carrying Amount	6,799	2,342
Acquired technology and others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,834	27,941
Accumulated Amortization	(29,067)	(27,220)
Net Carrying Amount	$ 4,767	$ 721

Intangible Assets, Net and Goodwill - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 11.9	$ 7.8	$ 5.6

Intangible Assets, Net and Goodwill - Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022	$ 11,364
2023	10,501
2024	9,605
2025	7,622
2026	5,197
Thereafter	14,888
Net Carrying Amount	$ 59,177	$ 28,174

Intangible Assets, Net and Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill, Beginning

$ 80,677

$ 82,544

Goodwill acquired (1)

^[1]

40,368

1,100

Goodwill disposed (2)

^[2]

(3,212)

(2,967)

Goodwill, Ending

$ 117,833

$ 80,677

[1]	Represents goodwill acquired associated with an insignificant business acquisition completed in fiscal year 2020 and the business acquisitions of Modernize, FCE and Mayo Labs completed in fiscal year 2021. See Note 6, Acquisitions, for more information.
[2]	Represents goodwill disposed associated with the business divestitures completed in fiscal years 2020 and 2021. See Note 7, Divestitures, for more information

Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
US	$ 29,433	$ 17,824	$ 10,316
Foreign	(104)	862	403
Income (loss) before income taxes	$ 29,329	$ 18,686	$ 10,719

Income Taxes - Components of the Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal	$ (3)	$ 0	$ 0
State	252	(3,110)	193
Foreign	187	218	255
Total current provision for (benefit from) income taxes	436	(2,892)	448
Deferred:
Federal	4,732	2,504	(45,201)
State	606	972	(7,008)
Foreign	0	0	0
Total deferred provision for (benefit from) income taxes	5,338	3,476	(52,209)
Total provision for (benefit from) income taxes	$ 5,774	$ 584	$ (51,761)

Income Taxes - Reconciliation Between Statutory Federal Income Tax and Company's Effective Tax Rates as Percentage of Income (Loss) Before Income Taxes (Detail)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Federal tax rate	21.00%	21.00%	21.00%
States taxes, net of federal benefit	0.70%	(11.40%)	(69.30%)
Foreign rate differential	0.20%	2.10%	0.30%
Stock-based compensation expense	(9.40%)	(8.70%)	(48.90%)
Change in valuation allowance	2.30%	(2.40%)	(397.80%)
Research and development credits	(3.80%)	(4.10%)	(8.50%)
Disqualified compensation expense	7.60%	5.30%	16.50%
Uncertain tax position	1.20%	1.80%	2.80%
Business divestitures	0.00%	(1.30%)	0.00%
Other	(0.10%)	0.80%	1.00%
Effective income tax rate	19.70%	3.10%	(482.90%)

Income Taxes - Components of Long-Term Deferred Tax Assets and Liabilities, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Noncurrent deferred tax assets:
Reserves and accruals	$ 1,608	$ 3,973
Stock-based compensation expense	3,841	3,441
Intangible assets	4,444	8,620
Net operating loss	30,440	30,953
Fixed assets	135	59
Tax credits	10,279	8,852
Operating lease liabilities	3,108	884
Other	38	237
Total noncurrent deferred tax assets	53,893	57,019
Valuation allowance - long-term	(8,193)	(7,523)
Noncurrent deferred tax assets, net	45,700	49,496
Noncurrent deferred tax liabilities:
Operating lease right-of-use assets	(2,364)	(823)
Noncurrent deferred tax liabilities	(2,364)	(823)
Total deferred tax assets, net	$ 43,336	$ 48,673

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Contingency [Line Items]
Operating loss carry-forwards	$ 30,440	$ 30,953
Interest and penalties related to the unrecognized tax benefits	1,300
Unrecognized tax benefits that if recognized would affect the effective tax rate	2,600
Federal [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards	117,700	120,800
Operating loss carry-forwards indefinite	$ 32,200
Operating loss carry-forwards, expire date	Jun. 30, 2035
Research and development carry-forwards	$ 6,200
Tax credit carry-forwards, expire date	Jun. 30, 2034
Federal [Member] \| Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2014
Federal [Member] \| Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2019
State [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards	$ 70,400	$ 72,600
Operating loss carry-forwards, expire date	Jun. 30, 2037
State [Member] \| Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2013
State [Member] \| Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2019
International [Member] \| Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2015
International [Member] \| Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2019
India [Member] \| International [Member]
Income Tax Contingency [Line Items]
Operating loss carry-forwards	$ 5,800
Operating loss carry-forwards, expire date	Jun. 30, 2022
California [Member] \| State [Member]
Income Tax Contingency [Line Items]
Research and development carry-forwards	$ 9,300

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 4,236	$ 3,727	$ 3,256
Gross increases - current period tax positions	535	406	467
Gross increases - prior period tax positions	0	106	10
Gross decreases - prior period tax positions	(7)	0	0
Reductions as a result of lapsed statute of limitations	(8)	(3)	(6)
Unrecognized Tax Benefits, Ending Balance	$ 4,756	$ 4,236	$ 3,727

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2021
Lease Cost [Abstract]
Lessee, operating lease, renewal term		5 years
Rent expense	$ 3.9
Future principal contractual obligations for operating lease commitments undiscounted lease liability excess amount		$ 0.3

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

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Lease Cost [Abstract]

Operating lease expense

$ 5,247

$ 3,940

Short-term lease expense

785

1,119

Variable lease expense

^[1]

571

580

Total lease expense

$ 6,603

$ 5,639

[1]	Variable lease expense for fiscal years 2021 and 2020 primarily included common area maintenance charges.

Leases - Supplemental Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 6,066	$ 3,675
Lease liabilities arising from obtaining right-of-use assets
Operating leases	$ 6,981	$ 423
Weighted average remaining lease term - operating leases	2 years 8 months 12 days	3 years 2 months 12 days
Weighted average discount rate - operating leases	5.00%	4.60%

Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Lease Cost [Abstract]
2022	$ 6,189
2023	5,762
2024	3,663
2025	721
2026	32
Total minimum lease payments	16,367
Less imputed interest	(2,218)
Present value of net minimum lease payments	14,149
Operating lease liabilities:
Current	$ 5,604
Operating Lease Liability Current Statement Of Financial Position [Extensible List]	Current [Member]
Noncurrent	$ 8,545	$ 8,692
Total	$ 14,149

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
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 fidelity bonds placed with an insurance company	$ 500,000
Letters of credit automatically renew annually without amendment on the annual expiration date	30 days

Stockholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Oct. 31, 2017	Jul. 31, 2017
Maximum
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of outstanding shares authorized to repurchase				966,000	905,000
July 2017 Stock Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares repurchased	0	0	0
Stock repurchase program, remaining available for repurchase	903,636

Stock Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2009	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 19,633	$ 16,717	$ 14,128
Tax benefits realized		2,600	$ 1,600	$ 5,200
Total unrecognized compensation expense related to stock options		$ 800
Unvested stock options weighted average period (in years)		2 years 7 months 6 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		14,450,060
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		2,308,424
Number of common stock shares increased in reserve for annual basis		200,000
Stock options [Member] \| 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%
Stock options [Member] \| Directors' Plan [Member] \| Annual Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year	1 year
Stock options [Member] \| 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				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				4 years
Service-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense		$ 17,600
Performance-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense		$ 7,300

Stock Benefit Plans - Schedule of Weighted Average Assumptions (Detail) - Stock options [Member] - $ / shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years 6 months	4 years 3 months 18 days	4 years 4 months 24 days
Expected volatility	61.00%	58.00%	56.00%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	0.60%	1.40%	2.50%
Grant date fair value	$ 7.85	$ 5.30	$ 6.86

Stock Benefit Plans - Schedule of Stock Option Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Shares	1,596,853	2,411,722
Granted, Shares	106,186	39,010
Exercised, Shares	(758,447)	(777,854)
Forfeited, Shares	(17,051)	(68,750)
Expired, Shares	(9,448)	(7,275)
Ending balance, Shares	918,093	1,596,853	2,411,722
Vested and expected-to-vest at June 30, 2021, Shares	906,563
Vested and exercisable at June 30, 2021, Shares	782,661
Beginning balance, Weighted Average Exercise Price	$ 5.25	$ 5.44
Granted, Weighted Average Exercise Price	16.28	11.42
Exercised, Weighted Average Exercise Price	5.64	5.76
Forfeited, Weighted Average Exercise Price	9.28	9.17
Expired, Weighted Average Exercise Price	8.89	10.01
Ending balance, Weighted Average Exercise Price	6.10	$ 5.25	$ 5.44
Vested and expected-to-vest at June 30, 2021, Weighted Average Exercise Price	5.97
Vested and exercisable at June 30, 2021, Weighted Average Exercise Price	$ 4.70
Weighted Average Remaining Contractual Life (In years)	2 years 10 months 20 days	3 years 2 months 4 days	3 years 7 months 20 days
Vested and expected-to-vest at June 30, 2021, Weighted Average Remaining Contractual Life (In years)	2 years 10 months 6 days
Vested and exercisable at June 30, 2021, Weighted Average Remaining Contractual Life (In years)	2 years 5 months 4 days
Aggregate Intrinsic Value	$ 11,578	$ 8,892	$ 25,123
Vested and expected-to-vest at June 30, 2021, Aggregate Intrinsic Value	11,538
Vested and exercisable at June 30, 2021, Aggregate Intrinsic Value	$ 10,874

Stock Benefit Plans - Schedule of Share Based Compensation Options Outstanding and Exercisable By Price Range (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares	918,093	1,596,853	2,411,722
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 10 months 20 days	3 years 2 months 4 days	3 years 7 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 6.10	$ 5.25	$ 5.44
$3.40 - $3.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	3.40
Weighted Average Exercise Price, Upper	$ 3.40
Options Outstanding, Number of Shares	50,000
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 7 months 2 days
Options Outstanding, Weighted Average Exercise Price	$ 3.40
Options Exercisable, Number of Shares	50,000
Options Exercisable, Weighted Average Exercise Price	$ 3.40
$3.59 - $3.59 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	3.59
Weighted Average Exercise Price, Upper	$ 3.59
Options Outstanding, Number of Shares	159,727
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 5 months 1 day
Options Outstanding, Weighted Average Exercise Price	$ 3.59
Options Exercisable, Number of Shares	159,727
Options Exercisable, Weighted Average Exercise Price	$ 3.59
$3.63 - $3.63 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	3.63
Weighted Average Exercise Price, Upper	$ 3.63
Options Outstanding, Number of Shares	182,736
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 29 days
Options Outstanding, Weighted Average Exercise Price	$ 3.63
Options Exercisable, Number of Shares	182,736
Options Exercisable, Weighted Average Exercise Price	$ 3.63
$4.01 - $4.01 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	4.01
Weighted Average Exercise Price, Upper	$ 4.01
Options Outstanding, Number of Shares	166,090
Options Outstanding, Weighted Average Remaining Contractual Term	3 years 21 days
Options Outstanding, Weighted Average Exercise Price	$ 4.01
Options Exercisable, Number of Shares	153,455
Options Exercisable, Weighted Average Exercise Price	$ 4.01
$4.44 - $5.65 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	4.44
Weighted Average Exercise Price, Upper	$ 5.65
Options Outstanding, Number of Shares	113,907
Options Outstanding, Weighted Average Remaining Contractual Term	1 year 7 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 5.07
Options Exercisable, Number of Shares	113,907
Options Exercisable, Weighted Average Exercise Price	$ 5.07
$5.8 - $9.29 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	5.8
Weighted Average Exercise Price, Upper	$ 9.29
Options Outstanding, Number of Shares	98,843
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 18 days
Options Outstanding, Weighted Average Exercise Price	$ 6.87
Options Exercisable, Number of Shares	83,217
Options Exercisable, Weighted Average Exercise Price	$ 6.44
$10.75 - $17.16 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	10.75
Weighted Average Exercise Price, Upper	$ 17.16
Options Outstanding, Number of Shares	92,438
Options Outstanding, Weighted Average Remaining Contractual Term	5 years 4 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 12.36
Options Exercisable, Number of Shares	34,317
Options Exercisable, Weighted Average Exercise Price	$ 12.68
$18.35 - $18.35 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	18.35
Weighted Average Exercise Price, Upper	$ 18.35
Options Outstanding, Number of Shares	3,004
Options Outstanding, Weighted Average Remaining Contractual Term	4 years 3 months
Options Outstanding, Weighted Average Exercise Price	$ 18.35
Options Exercisable, Number of Shares	1,871
Options Exercisable, Weighted Average Exercise Price	$ 18.35
$20.73 - $20.73 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	20.73
Weighted Average Exercise Price, Upper	$ 20.73
Options Outstanding, Number of Shares	50,000
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 9 months 29 days
Options Outstanding, Weighted Average Exercise Price	$ 20.73
Options Exercisable, Number of Shares	2,083
Options Exercisable, Weighted Average Exercise Price	$ 20.73
$24.46 - $24.46 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	24.46
Weighted Average Exercise Price, Upper	$ 24.46
Options Outstanding, Number of Shares	1,348
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 7 months 9 days
Options Outstanding, Weighted Average Exercise Price	$ 24.46
Options Exercisable, Number of Shares	1,348
Options Exercisable, Weighted Average Exercise Price	$ 24.46
$3.40 - $24.46 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted Average Exercise Price, Lower	3.40
Weighted Average Exercise Price, Upper	$ 24.46
Options Outstanding, Number of Shares	918,093
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 10 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 6.10
Options Exercisable, Number of Shares	782,661
Options Exercisable, Weighted Average Exercise Price	$ 4.70

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, 2021	Jun. 30, 2020	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value	$ 9,408	$ 6,145	$ 9,749
Cash received	4,279	4,480	7,702
Tax benefit	$ 1,569	$ 894	$ 1,399

Stock Benefit Plans - Schedule of RSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Service-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	1,796,756	2,002,006
Granted, Shares	1,026,425	959,740
Vested, Shares	(872,952)	(1,018,624)
Forfeited, Shares	(118,211)	(146,366)
Ending balance, Shares	1,832,018	1,796,756	2,002,006
Beginning balance, Weighted Average Grant Date Fair Value	$ 12.37	$ 9.06
Granted, Weighted Average Grant Date Fair Value	13.28	15.57
Vested, Weighted Average Grant Date Fair Value	11.83	8.66
Forfeited, Weighted Average Grant Date Fair Value	14.14	12.86
Ending balance, Weighted Average Grant Date Fair Value	$ 12.97	$ 12.37	$ 9.06
Weighted Average Remaining Contractual Life (In years)	1 year 3 months 3 days	1 year 1 month 9 days	1 year 1 month 6 days
Aggregate Intrinsic Value, Outstanding	$ 34,039	$ 18,794	$ 31,732
Market-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	72,968	196,098
Granted, Shares	0	0
Vested, Shares	(20,507)	(107,743)
Forfeited, Shares	(2,999)	(15,387)
Ending balance, Shares	49,462	72,968	196,098
Beginning balance, Weighted Average Grant Date Fair Value	$ 5.61	$ 5.00
Granted, Weighted Average Grant Date Fair Value	0	0
Vested, Weighted Average Grant Date Fair Value	4.60	4.48
Forfeited, Weighted Average Grant Date Fair Value	8.90	7.36
Ending balance, Weighted Average Grant Date Fair Value	$ 8.43	$ 5.61	$ 5.00
Weighted Average Remaining Contractual Life (In years)	4 months 13 days	6 months 7 days		8 months 4 days
Aggregate Intrinsic Value, Outstanding	$ 919	$ 763	$ 3,108
Performance-based RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	1,097,642	716,612
Granted, Shares	704,485	752,671
Vested, Shares	(418,464)	(290,929)
Forfeited, Shares	(125,325)	(80,712)
Ending balance, Shares	1,258,338	1,097,642	716,612
Beginning balance, Weighted Average Grant Date Fair Value	$ 12.37	$ 15.85
Granted, Weighted Average Grant Date Fair Value	18.58	10.46
Vested, Weighted Average Grant Date Fair Value	13.37	16.25
Forfeited, Weighted Average Grant Date Fair Value	13.89	13.89
Ending balance, Weighted Average Grant Date Fair Value	$ 16.10	$ 12.37	$ 15.85
Weighted Average Remaining Contractual Life (In years)	1 year 2 months 8 days	1 year 3 months 18 days		1 year 4 months 9 days
Aggregate Intrinsic Value, Outstanding	$ 23,380	$ 11,481	$ 11,358

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Net Revenue and Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Net revenue:
Total net revenue	$ 578,487	$ 490,339	$ 455,154
Property and equipment, net:
Total property and equipment, net	6,849	5,657
Other intangible assets, net:
Total other intangible assets, net	59,177	28,174
United States [Member]
Net revenue:
Total net revenue	566,589	475,208	445,957
Property and equipment, net:
Total property and equipment, net	6,672	5,477
Other intangible assets, net:
Total other intangible assets, net	59,177	28,174
International [Member]
Net revenue:
Total net revenue	11,898	15,131	$ 9,197
Property and equipment, net:
Total property and equipment, net	177	180
Other intangible assets, net:
Total other intangible assets, net	$ 0	$ 0

- Definition

+ References

+ Details

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

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2019

Allowance for doubtful accounts excluding sales returns [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at the beginning of the year

^[1]

$ 10,298

$ 1,625

Charged to expenses/against revenue

^[1],[2]

9,342

Write-offs net of recoveries

^[1]

(669)

Balance at the end of the year

^[1]

10,298

Allowance for doubtful accounts [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at the beginning of the year

$ 10,177

10,298

Charged to expenses/against revenue

^[2]

393

630

Write-offs net of recoveries

(9,560)

(751)

Balance at the end of the year

1,010

10,177

10,298

Deferred tax asset valuation allowance [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at the beginning of the year

7,523

8,346

57,197

Charged to expenses/against revenue

^[2]

387

(784)

571

Write-offs net of recoveries

283

(39)

(49,422)

Balance at the end of the year

$ 8,193

$ 7,523

$ 8,346

[1]	In fiscal year 2019, the Company adopted ASC 606 which requires allowance for sales returns to be classified as a liability. Accordingly, the balance as of July 1, 2018 excludes an allowance for sales returns of $0.2 million.
[2]	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.

Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) $ in Millions	Jul. 01, 2018 USD ($)
ASC 606 [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for sales returns	$ 0.2