0001564590-22-004359 | 10-Q | XBRL Viewer

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

$ (0.10)

$ 0.01

$ (0.05)

$ 0.29

Diluted

^[2]

$ (0.10)

$ 0.01

$ (0.05)

$ 0.28

54,384

53,055

54,189

52,774

Diluted

54,384

55,163

54,189

54,716

[1]	Cost of revenue and operating expenses include stock-based compensation expense as follows:
[2]	Diluted net loss per share for the three and six months ended December 31, 2021 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Cost of revenue [Member]
Stock-based compensation	$ 2,267	$ 2,544	$ 4,088	$ 4,745
Product development [Member]
Stock-based compensation	688	643	1,294	1,192
Sales and marketing [Member]
Stock-based compensation	727	765	1,459	1,312
General and administrative [Member]
Stock-based compensation	$ 1,891	$ 1,603	$ 3,638	$ 3,086

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (5,628)	$ 466	$ (2,535)	$ 15,147
Other comprehensive loss:
Foreign currency translation adjustment	0	(15)	0	(53)
Total other comprehensive loss	0	(15)	0	(53)
Comprehensive (loss) income	$ (5,628)	$ 451	$ (2,535)	$ 15,094

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

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

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Summary of Significant Accounting Policies

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2020	$ 255,944	$ 52	$ 304,650	$ (237)	$ (48,521)
Beginning Balance, Shares at Jun. 30, 2020		52,209,813
Issuance of common stock upon exercise of stock options	2,580	$ 0	2,580	0	0
Issuance of common stock upon exercise of stock options, Shares		485,025
Release of restricted stock, net of share settlement	0	$ 1	(1)	0	0
Release of restricted stock, net of share settlement, Shares		564,681
Stock-based compensation expense	10,368	$ 0	10,368	0	0
Withholding taxes related to release of restricted stock, net of share settlement	(4,580)	0	(4,580)	0	0
Net (loss) income	15,147	0	0	0	15,147
Other comprehensive income (loss)	(53)	0	0	(53)	0
Ending Balance at Dec. 31, 2020	279,406	$ 53	313,017	(290)	(33,374)
Ending Balance, Shares at Dec. 31, 2020		53,259,519
Beginning Balance at Sep. 30, 2020	273,288	$ 53	307,350	(275)	(33,840)
Beginning Balance, Shares at Sep. 30, 2020		52,773,842
Issuance of common stock upon exercise of stock options	1,802	$ 0	1,802	0	0
Issuance of common stock upon exercise of stock options, Shares		299,168
Release of restricted stock, net of share settlement	0	$ 0	0	0	0
Release of restricted stock, net of share settlement, Shares		186,509
Stock-based compensation expense	5,571	$ 0	5,571	0	0
Withholding taxes related to release of restricted stock, net of share settlement	(1,706)	0	(1,706)	0	0
Net (loss) income	466	0	0	0	466
Other comprehensive income (loss)	(15)	0	0	(15)	0
Ending Balance at Dec. 31, 2020	279,406	$ 53	313,017	(290)	(33,374)
Ending Balance, Shares at Dec. 31, 2020		53,259,519
Beginning Balance at Jun. 30, 2021	$ 295,148	$ 54	320,315	(255)	(24,966)
Beginning Balance, Shares at Jun. 30, 2021	53,786,363	53,786,363
Issuance of common stock upon exercise of stock options	$ 1,040	$ 0	1,040	0	0
Issuance of common stock upon exercise of stock options, Shares		245,649
Release of restricted stock, net of share settlement	0	$ 1	(1)	0	0
Release of restricted stock, net of share settlement, Shares		514,119
Stock-based compensation expense	10,493	$ 0	10,493	0	0
Withholding taxes related to release of restricted stock, net of share settlement	(5,501)	0	(5,501)	0	0
Net (loss) income	(2,535)	0	0	0	(2,535)
Other comprehensive income (loss)	0	0	0	0	0
Ending Balance at Dec. 31, 2021	$ 298,645	$ 55	326,346	(255)	(27,501)
Ending Balance, Shares at Dec. 31, 2021	54,546,131	54,546,131
Beginning Balance at Sep. 30, 2021	$ 299,695	$ 54	321,769	(255)	(21,873)
Beginning Balance, Shares at Sep. 30, 2021		54,208,614
Issuance of common stock upon exercise of stock options	645	$ 0	645	0	0
Issuance of common stock upon exercise of stock options, Shares		153,445
Release of restricted stock, net of share settlement	0	$ 1	(1)	0	0
Release of restricted stock, net of share settlement, Shares		184,072
Stock-based compensation expense	5,587	$ 0	5,587	0	0
Withholding taxes related to release of restricted stock, net of share settlement	(1,654)	0	(1,654)	0	0
Net (loss) income	(5,628)	0	0	0	(5,628)
Other comprehensive income (loss)	0	0	0	0	0
Ending Balance at Dec. 31, 2021	$ 298,645	$ 55	$ 326,346	$ (255)	$ (27,501)
Ending Balance, Shares at Dec. 31, 2021	54,546,131	54,546,131

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net (loss) income	$ (2,535)	$ 15,147
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	8,413	8,136
Provision for (benefit from) sales returns and doubtful accounts receivable	410	(107)
Stock-based compensation	10,479	10,335
Change in the fair value of contingent consideration	2,698	0
Non-cash lease expense	(480)	(364)
Deferred income taxes	(1,615)	3,506
Gain on divestitures of businesses, net	0	(16,615)
Other adjustments, net	233	380
Changes in assets and liabilities:
Accounts receivable	23,344	(3,159)
Prepaid expenses and other assets	1,158	6,082
Accounts payable	(6,911)	(997)
Accrued liabilities	(15,510)	712
Deferred revenue	3	81
Net cash provided by operating activities	19,687	23,137
Cash Flows from Investing Activities
Capital expenditures	(720)	(1,041)
Internal software development costs	(2,259)	(1,399)
Business acquisitions, net of cash acquired	(1,000)	(40,304)
Proceeds from divestitures of businesses, net of cash divested	0	21,460
Purchases of equity investment	0	(2,000)
Net cash used in investing activities	(3,979)	(23,284)
Cash Flows from Financing Activities
Proceeds from exercise of common stock options	1,044	2,958
Payment of withholding taxes related to release of restricted stock, net of share settlement	(5,501)	(4,580)
Post-closing payments and contingent consideration related to acquisitions	(6,520)	(3,020)
Net cash used in financing activities	(10,977)	(4,642)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(14)	(73)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,717	(4,862)
Cash, cash equivalents and restricted cash at beginning of period	110,333	107,523
Cash, cash equivalents and restricted cash at end of period	115,050	102,661
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	115,035	102,647
Restricted cash included in other assets, noncurrent	$ 15	$ 14
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets, noncurrent	Other assets, noncurrent
Total cash, cash equivalents and restricted cash	$ 115,050	$ 102,661
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	139	96
Supplemental Disclosure of Non-cash Investing and Financing Activities
Purchases of property and equipment included in accrued liabilities	1,361	480
Post-closing payments unpaid at acquisition date (see Note 7)	$ 1,856	$ 26,855

The Company

6 Months Ended

Dec. 31, 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 divested 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

6 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

2. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

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

Unaudited Interim Financial Information

The accompanying condensed consolidated financial statements and the notes to the condensed consolidated financial statements as of December 31, 2021 and for the three and six months ended December 31, 2021 and 2020 are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as filed with the SEC on August 26, 2021. The condensed consolidated balance sheet at June 30, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s condensed consolidated balance sheet at December 31, 2021, its condensed consolidated statements of stockholders’ equity, operations and comprehensive (loss) income for the three and six months ended December 31, 2021 and 2020 and condensed consolidated statements of cash flows for the six months ended December 31, 2021 and 2020. The results of operations for the three and six months ended December 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022, or any other future period.

Use of Estimates

The preparation of financial statements in conformity with 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 period. On an ongoing basis, management evaluates these estimates, judgments and assumptions, including those related to revenue recognition, stock-based compensation, goodwill, long-lived assets, contingencies, credit losses of accounts receivable, and income taxes. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. In addition, the Company may engage third-party valuation specialists to assist with the preparation of certain of its valuations. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.

In addition, 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.

Accounting Policies

The significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. There have been no material changes to our significant accounting policies as of and for the six months ended December 31, 2021.

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 allowance for credit losses on accounts receivable was $0.1 million as of both December 31, 2021 and June 30, 2021. The revenue reserve was $1.3 million and $0.9 million as of December 31, 2021 and June 30, 2021, respectively. The total allowance for credit losses and revenue reserve was $1.4 million and $1.0 million as of December 31, 2021 and June 30, 2021, respectively.

Concentrations of Credit Risk

The Company had one client that accounted for 13% and 14% of net revenue for the three and six months ended December 31, 2021, and 24% and 25% of net revenue for the three and six months ended December 31, 2020. That same client accounted for 10% of net accounts receivable as of June 30, 2021. One additional client accounted for 15% of net accounts receivable as of June 30, 2021. No other clients accounted for 10% or more of net revenue for the three and six months ended December 31, 2021 or 2020 or 10% or more of net accounts receivable as of December 31, 2021 or June 30, 2021.

Fair Value of Financial Instruments

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.

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 condensed consolidated balance sheets.

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

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 by eliminating certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and amends existing guidance to improve consistent application. The Company adopted the new standard as of July 1, 2021. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The new guidance is effective for the Company in the first quarter of fiscal year 2024 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

6 Months Ended

Dec. 31, 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):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Net revenue:
Financial Services	$	90,158	$	104,154	$	208,070	$	198,367
Home Services		33,820		29,190		73,806		62,563
Other Revenue		1,353		1,624		3,063		1,720
Divested Business ⁽¹⁾		—		—		—		11,587
Total net revenue	$	125,331	$	134,968	$	284,939	$	274,237

⁽¹⁾	Represents revenue recognized from the former education client vertical, which was divested in the first quarter of fiscal year 2021. See Note 6, Divestitures, for more information.

Contract Balances

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

	December 31,		June 30,
	2021		2021
Deferred revenue	$	36	$	33
Client deposits		915		870
Total	$	951	$	903

The Company’s contract liabilities result from payments received in advance of revenue recognition and advance consideration received from clients, which precede the Company’s satisfaction of the associated performance obligation. The changes in the liability balances during the six months ended December 31, 2021 related to advance consideration received from clients of $2.1 million, offset by revenue recognized of $2.0 million.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Net (Loss) Income per Share

Net (Loss) Income per Share

6 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

4. Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) 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 (loss) income per share:

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2021			2020		2021			2020
	(In thousands, except per share data)					(In thousands, except per share data)
Numerator:
Basic and Diluted:
Net (loss) income	$	(5,628	)	$	466	$	(2,535	)	$	15,147
Denominator:
Basic:
Weighted-average shares of common stock used in computing basic net (loss) income per share		54,384			53,055		54,189			52,774
Diluted:
Weighted-average shares of common stock used in computing basic net (loss) income per share		54,384			53,055		54,189			52,774
Weighted-average effect of dilutive securities:
Stock options		—			845		—			862
Restricted stock units		—			1,263		—			1,080
Weighted-average shares of common stock used in computing diluted net (loss) income per share		54,384			55,163		54,189			54,716
Net (loss) income per share:
Basic	$	(0.10	)	$	0.01	$	(0.05	)	$	0.29
Diluted ⁽¹⁾	$	(0.10	)	$	0.01	$	(0.05	)	$	0.28
Securities excluded from weighted-average shares used in computing diluted net (loss) income per share because the effect would have been anti-dilutive ⁽²⁾		851			6		3,703			96

⁽¹⁾	Diluted net loss per share for the three and six months ended December 31, 2021 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive.

⁽²⁾	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

6 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

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

	December 31, 2021								June 30, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,670	$	—	$	—	$	1,670	$	1,670	$	—	$	—	$	1,670
Total	$	1,670	$	—	$	—	$	1,670	$	1,670	$	—	$	—	$	1,670
Liabilities:
Post-closing payments related to acquisitions	$	—	$	30,912	$	—	$	30,912	$	—	$	34,954	$	—	$	34,954
Contingent consideration related to acquisitions		—		—		7,741		7,741		—		—		5,432		5,432
Total	$	—	$	30,912	$	7,741	$	38,653	$	—	$	34,954	$	5,432	$	40,386

Reported as:
Cash and cash equivalents							$	1,670							$	1,670
Other Liabilities:
Current							$	15,307							$	12,697
Noncurrent								23,346								27,689
Total							$	38,653							$	40,386

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 and are classified as Level 1 within the fair value hierarchy.

Post-Closing Payments Related to Acquisitions

The post-closing payments are future payments related to an immaterial acquisition completed in the second quarter of fiscal year 2022, and the acquisitions of Modernize, Inc. (“Modernize”), FC Ecosystem, LLC (“FCE”), Mayo Labs, LLC (“Mayo Labs”) and CloudControlMedia, LLC (“CCM”) completed in the past three fiscal years. 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 7, 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 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 condensed consolidated statements of operations. See Note 7, Acquisitions, for further details related to the acquisitions.

The Company reassesses the estimated fair value of the contingent consideration at the end of each reporting period based on the information available at the time. As of December 31, 2021, FCE's actual performance in revenue and margin targets exceeded the Company’s original estimates as of the acquisition date. As a result, in the second quarter of fiscal year 2022, the Company recorded an expense of $2.7 million within general and administrative expenses on the Company’s condensed consolidated statements of operations, due to the change in estimated fair value of the contingent consideration.

The following table represents the changes in the contingent consideration during the three and six months ended December 31, 2021 (in thousands):

	Three Months Ended			Six Months Ended
	December 31, 2021			December 31, 2021
Balance at the beginning of period	$	5,432		$	5,432
Changes in fair value during the period		2,698			2,698
Payments made during the period		(389	)		(389	)
Balance at the end of period	$	7,741		$	7,741

Divestitures

6 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Divestitures

6. Divestitures

As a result of the Company’s decision to narrow its focus to the best performing businesses and market opportunities, 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. Upon the divestiture of this business in the first quarter of fiscal year 2021, the Company recognized a gain of $16.6 million within other income, net on the Company’s condensed consolidated statements of operations.

Acquisitions

6 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions

7. Acquisitions

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 annual installment paid in the first quarter of fiscal year 2022. 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.

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 based on the achievement of revenue and margin targets 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

In the third quarter of fiscal year 2021, the Company 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.

In the second quarter of fiscal year 2022, the Company completed an immaterial acquisition within the home services client vertical. The Company paid $1.0 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 these acquisitions have been included in the Company’s results of operations since their respective acquisition dates, which were not considered material to the Company.

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 acquisition occurred as of the beginning of fiscal year 2020, nor is it necessarily indicative of the future results of operations of the combined company.

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(In thousands)				(In thousands)
Net revenue	$	134,968	$	136,079	$	277,271	$	281,412
Net income		792		2,804		16,570		5,410

The pro forma financial information for the three and six months ended December 31, 2020 includes the elimination of $326 thousand and $496 thousand of nonrecurring 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.

Goodwill and Intangible Assets, Net

6 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

8. Goodwill and Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill for the six months ended December 31, 2021 were as follows (in thousands):

	Goodwill
Balance as of June 30, 2021	$	117,833
Goodwill acquired ⁽¹⁾		1,756
Balance as of December 31, 2021	$	119,589

⁽¹⁾	Represents goodwill acquired associated with an immaterial acquisition completed in the second quarter of fiscal year 2022.

There were no impairments to goodwill during the six months ended December 31, 2021.

Intangible Assets, Net

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

	December 31, 2021							June 30, 2021
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	90,830	$	(48,069	)	$	42,761	$	90,830	$	(43,485	)	$	47,345
Content		43,056		(43,056	)		—		43,056		(42,790	)		266
Website/trade/domain names		25,102		(18,577	)		6,525		25,102		(18,303	)		6,799
Acquired technology and others		34,934		(29,896	)		5,038		33,834		(29,067	)		4,767
Total	$	193,922	$	(139,598	)	$	54,324	$	192,822	$	(133,645	)	$	59,177

Amortization of intangible assets was $2.9 million and $6.0 million for the three and six months ended December 31, 2021, and $2.9 million and $6.1 million for the three and six months ended December 31, 2020.

Future amortization expense for the Company’s intangible assets as of December 31, 2021 was as follows (in thousands):

Fiscal Year Ending June 30,	Amortization
2022 (remaining six months)	$	5,599
2023		10,865
2024		9,970
2025		7,805
2026		5,197
Thereafter		14,888
Total	$	54,324

Income Taxes

6 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company performed an assessment on the likelihood of realizing the benefits of its deferred tax assets. As of December 31, 2021, the Company has not recorded any significant valuation allowance adjustments based on the information and evidence available at the time. However, 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.

Additionally, in the event the Company experiences an ownership change within the meaning of Section 382 of the Internal Revenue Code (“IRC”), the Company’s ability to utilize net operating losses, tax credits and other tax attributes may be limited.

The Company’s provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. The Company recorded a benefit from income taxes of $2.2 million and $1.6 million for the three and six months ended December 31, 2021, and a benefit from income taxes of $1.0 million and a provision for income taxes of $3.7 million for the three and six months ended December 31, 2020. The change from an income tax provision to an income tax benefit was primarily due to the changes in the amount of pre-tax income or loss and the Company’s estimated annual effective tax rate.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitments And Contingencies Disclosure [Abstract]

Leases

6 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

10. 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 the three and six months ended December 31, 2021 and 2020 were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Operating lease expense	$	1,278	$	1,320	$	2,579	$	2,628
Short-term lease expense		157		201		326		454
Variable lease expense ⁽¹⁾		174		138		295		286
Total lease expense	$	1,609	$	1,659	$	3,200	$	3,368

⁽¹⁾	Variable lease expense for the three and six months ended December 31, 2021 and 2020 primarily included common area maintenance charges.

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

	Six Months Ended
	December 31,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	3,114		$	3,021

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	564		$	6,247

Weighted average remaining lease term - operating leases	2.3 years			3.1 years
Weighted average discount rate - operating leases		5.0	%		5.0	%

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 December 31, 2021 were as follows (in thousands):

Fiscal Year Ending June 30,	Amount
2022 (remaining six months)	$	3,111
2023		5,875
2024		3,818
2025		882
2026		73
Total minimum lease payments		13,759
Less imputed interest		(2,000	)
Present value of net minimum lease payments	$	11,759
Operating lease liabilities:
Current	$	5,384
Noncurrent		6,375
Total	$	11,759

Total future principal contractual obligations for operating lease commitments exceeded the undiscounted lease liability by $0.5 million as of December 31, 2021, primarily because the lease liability excluded short-term lease payments (due to the adoption of the short-term lease exemption).

Commitments and Contingencies

6 Months Ended

Dec. 31, 2021

Commitments and Contingencies

11. Commitments and Contingencies

Guarantor Arrangements

The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts under certain circumstances and subject to deductibles and exclusions. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is not material. Accordingly, the Company had no liabilities recorded for these agreements as of December 31, 2021 and June 30, 2021.

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 but may extend 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 December 31, 2021 and June 30, 2021.

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.

Stock Benefit Plans

6 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Benefit Plans

12. Stock Benefit Plans

Stock Incentive Plans

The Company may grant 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 performance cash awards, under its 2010 Equity Incentive Plan (the “2010 Incentive Plan”). The Company may grant NQSOs and RSUs to non-employee directors under the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”). Prior to fiscal year 2016, the Company granted RSUs with a service condition (“service-based RSUs”). In fiscal year 2016, the Company also began granting to employees RSUs with a market condition (“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 RSUs with a performance condition (“performance-based RSUs”) that vest variably subject to the achievement of certain revenue growth and adjusted EBITDA targets (“performance targets”). The Company evaluates the portion of the awards that are probable to vest quarterly until the performance targets are met. To date, the Company has issued ISOs, NQSOs, service-based RSUs, market-based RSUs and performance-based RSUs under its stock incentive plans. As of December 31, 2021, 23,125,612 shares were reserved and 13,406,405 shares were available for issuance under the 2010 Incentive Plan; 4,598,838 shares were reserved and 2,166,753 shares were available for issuance under the Directors’ Plan.

In the second quarter of fiscal year 2022, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), with the first offering period commencing on February 25, 2022. The Company has reserved 2,164,999 shares of common stock for future issuance under the 2021 ESPP. As of December 31, 2021, the Company has not issued any shares of common stock under the 2021 ESPP.

Stock-Based Compensation

The Company estimates the fair value of stock options at the date of grant using the Black-Scholes option-pricing model. Options are granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant.

The weighted-average Black-Scholes model assumptions for the three and six months ended December 31, 2021 and 2020 were as follows:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2021			2020			2021			2020
Expected term (in years)		3.5			3.5			4.5			4.4
Expected volatility		55	%		63	%		58	%		62	%
Expected dividend yield		—			—			—			—
Risk-free interest rate		0.7	%		0.2	%		0.8	%		0.3	%
Grant date fair value	$	6.38		$	7.66		$	8.56		$	5.88

The Company estimates the fair value of service-based RSUs and performance-based RSUs based on the closing price of the Company’s common stock on the grant date. As some of the components that comprise the performance targets have not been fully established, a grant date as defined by ASC 718 has not been determined. The Company will re-measure the compensation expense associated with the performance-based RSUs at each reporting date based on the closing price of the Company’s common stock at each reporting date until the grant date has been established. Compensation expense is amortized net of estimated forfeitures on a straight-line basis over the requisite service period of the stock-based compensation awards.

Segment Information

6 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

13. 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):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Net revenue:
United States	$	119,154	$	132,358	$	273,642	$	268,771
International		6,177		2,610		11,297		5,466
Total net revenue	$	125,331	$	134,968	$	284,939	$	274,237

	December 31,		June 30,
	2021		2021
Property and equipment, net:
United States	$	8,233	$	6,672
International		236		177
Total property and equipment, net	$	8,469	$	6,849

	December 31,		June 30,
	2021		2021
Other intangible assets, net:
United States	$	54,324	$	59,177
International		—		—
Total other intangible assets, net	$	54,324	$	59,177

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.

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Revenue From Contract With Customer [Abstract]

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated financial statements and the notes to the condensed consolidated financial statements as of December 31, 2021 and for the three and six months ended December 31, 2021 and 2020 are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as filed with the SEC on August 26, 2021. The condensed consolidated balance sheet at June 30, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s condensed consolidated balance sheet at December 31, 2021, its condensed consolidated statements of stockholders’ equity, operations and comprehensive (loss) income for the three and six months ended December 31, 2021 and 2020 and condensed consolidated statements of cash flows for the six months ended December 31, 2021 and 2020. The results of operations for the three and six months ended December 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022, or any other future period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 period. On an ongoing basis, management evaluates these estimates, judgments and assumptions, including those related to revenue recognition, stock-based compensation, goodwill, long-lived assets, contingencies, credit losses of accounts receivable, and income taxes. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. In addition, the Company may engage third-party valuation specialists to assist with the preparation of certain of its valuations. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. In addition, 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.
Accounting Policies	Accounting Policies The significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. There have been no material changes to our significant accounting policies as of and for the six months ended December 31, 2021.
Accounts Receivable and Allowances	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 allowance for credit losses on accounts receivable was $0.1 million as of both December 31, 2021 and June 30, 2021. The revenue reserve was $1.3 million and $0.9 million as of December 31, 2021 and June 30, 2021, respectively. The total allowance for credit losses and revenue reserve was $1.4 million and $1.0 million as of December 31, 2021 and June 30, 2021, respectively.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company had one client that accounted for 13% and 14% of net revenue for the three and six months ended December 31, 2021, and 24% and 25% of net revenue for the three and six months ended December 31, 2020. That same client accounted for 10% of net accounts receivable as of June 30, 2021. One additional client accounted for 15% of net accounts receivable as of June 30, 2021. No other clients accounted for 10% or more of net revenue for the three and six months ended December 31, 2021 or 2020 or 10% or more of net accounts receivable as of December 31, 2021 or June 30, 2021.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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.
Cash and Cash Equivalents	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 condensed consolidated balance sheets. 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 and are classified as Level 1 within the fair value hierarchy.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted 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 by eliminating certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and amends existing guidance to improve consistent application. The Company adopted the new standard as of July 1, 2021. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The new guidance is effective for the Company in the first quarter of fiscal year 2024 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.
Net (Loss) Income per Share	Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) 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.
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.

Revenue (Tables)

6 Months Ended

Dec. 31, 2021

Schedule of Disaggregation of Net Revenue

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

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Net revenue:
Financial Services	$	90,158	$	104,154	$	208,070	$	198,367
Home Services		33,820		29,190		73,806		62,563
Other Revenue		1,353		1,624		3,063		1,720
Divested Business ⁽¹⁾		—		—		—		11,587
Total net revenue	$	125,331	$	134,968	$	284,939	$	274,237

⁽¹⁾	Represents revenue recognized from the former education client vertical, which was divested in the first quarter of fiscal year 2021. See Note 6, 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):

	December 31,		June 30,
	2021		2021
Deferred revenue	$	36	$	33
Client deposits		915		870
Total	$	951	$	903

Net Income per Share (Tables)

6 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net (Loss) Income per Share

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

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2021			2020		2021			2020
	(In thousands, except per share data)					(In thousands, except per share data)
Numerator:
Basic and Diluted:
Net (loss) income	$	(5,628	)	$	466	$	(2,535	)	$	15,147
Denominator:
Basic:
Weighted-average shares of common stock used in computing basic net (loss) income per share		54,384			53,055		54,189			52,774
Diluted:
Weighted-average shares of common stock used in computing basic net (loss) income per share		54,384			53,055		54,189			52,774
Weighted-average effect of dilutive securities:
Stock options		—			845		—			862
Restricted stock units		—			1,263		—			1,080
Weighted-average shares of common stock used in computing diluted net (loss) income per share		54,384			55,163		54,189			54,716
Net (loss) income per share:
Basic	$	(0.10	)	$	0.01	$	(0.05	)	$	0.29
Diluted ⁽¹⁾	$	(0.10	)	$	0.01	$	(0.05	)	$	0.28
Securities excluded from weighted-average shares used in computing diluted net (loss) income per share because the effect would have been anti-dilutive ⁽²⁾		851			6		3,703			96

⁽¹⁾	Diluted net loss per share for the three and six months ended December 31, 2021 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive.

⁽²⁾	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)

6 Months Ended

Dec. 31, 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):

	December 31, 2021								June 30, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,670	$	—	$	—	$	1,670	$	1,670	$	—	$	—	$	1,670
Total	$	1,670	$	—	$	—	$	1,670	$	1,670	$	—	$	—	$	1,670
Liabilities:
Post-closing payments related to acquisitions	$	—	$	30,912	$	—	$	30,912	$	—	$	34,954	$	—	$	34,954
Contingent consideration related to acquisitions		—		—		7,741		7,741		—		—		5,432		5,432
Total	$	—	$	30,912	$	7,741	$	38,653	$	—	$	34,954	$	5,432	$	40,386

Reported as:
Cash and cash equivalents							$	1,670							$	1,670
Other Liabilities:
Current							$	15,307							$	12,697
Noncurrent								23,346								27,689
Total							$	38,653							$	40,386

Schedule of Change in Contingent Consideration

The following table represents the changes in the contingent consideration during the three and six months ended December 31, 2021 (in thousands):

	Three Months Ended			Six Months Ended
	December 31, 2021			December 31, 2021
Balance at the beginning of period	$	5,432		$	5,432
Changes in fair value during the period		2,698			2,698
Payments made during the period		(389	)		(389	)
Balance at the end of period	$	7,741		$	7,741

Acquisitions (Tables)

6 Months Ended

Dec. 31, 2021

Summary of Unaudited Pro Forma Financial Information Combined Results of Operations

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(In thousands)				(In thousands)
Net revenue	$	134,968	$	136,079	$	277,271	$	281,412
Net income		792		2,804		16,570		5,410

Modernize, Inc. [Member]

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 Final Allocation of Purchase Price to the Fair Values of Identifiable Assets Acquired and Liabilities Assumed

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⁾

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

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 [Member]

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

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended December 31, 2021 were as follows (in thousands):

	Goodwill
Balance as of June 30, 2021	$	117,833
Goodwill acquired ⁽¹⁾		1,756
Balance as of December 31, 2021	$	119,589

⁽¹⁾	Represents goodwill acquired associated with an immaterial acquisition completed in the second quarter of fiscal year 2022.

Intangible Assets

Intangible Assets, Net

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

	December 31, 2021							June 30, 2021
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer/publisher/advertiser relationships	$	90,830	$	(48,069	)	$	42,761	$	90,830	$	(43,485	)	$	47,345
Content		43,056		(43,056	)		—		43,056		(42,790	)		266
Website/trade/domain names		25,102		(18,577	)		6,525		25,102		(18,303	)		6,799
Acquired technology and others		34,934		(29,896	)		5,038		33,834		(29,067	)		4,767
Total	$	193,922	$	(139,598	)	$	54,324	$	192,822	$	(133,645	)	$	59,177

Amortization Expense

Future amortization expense for the Company’s intangible assets as of December 31, 2021 was as follows (in thousands):

Fiscal Year Ending June 30,	Amortization
2022 (remaining six months)	$	5,599
2023		10,865
2024		9,970
2025		7,805
2026		5,197
Thereafter		14,888
Total	$	54,324

Leases (Tables)

6 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense for the three and six months ended December 31, 2021 and 2020 were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Operating lease expense	$	1,278	$	1,320	$	2,579	$	2,628
Short-term lease expense		157		201		326		454
Variable lease expense ⁽¹⁾		174		138		295		286
Total lease expense	$	1,609	$	1,659	$	3,200	$	3,368

⁽¹⁾	Variable lease expense for the three and six months ended December 31, 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):

	Six Months Ended
	December 31,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	3,114		$	3,021

Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	564		$	6,247

Weighted average remaining lease term - operating leases	2.3 years			3.1 years
Weighted average discount rate - operating leases		5.0	%		5.0	%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2021 were as follows (in thousands):

Fiscal Year Ending June 30,	Amount
2022 (remaining six months)	$	3,111
2023		5,875
2024		3,818
2025		882
2026		73
Total minimum lease payments		13,759
Less imputed interest		(2,000	)
Present value of net minimum lease payments	$	11,759
Operating lease liabilities:
Current	$	5,384
Noncurrent		6,375
Total	$	11,759

Stock Benefit Plans (Tables)

6 Months Ended

Dec. 31, 2021

Stock options [Member]

Schedule of Weighted Average Assumptions

The weighted-average Black-Scholes model assumptions for the three and six months ended December 31, 2021 and 2020 were as follows:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2021			2020			2021			2020
Expected term (in years)		3.5			3.5			4.5			4.4
Expected volatility		55	%		63	%		58	%		62	%
Expected dividend yield		—			—			—			—
Risk-free interest rate		0.7	%		0.2	%		0.8	%		0.3	%
Grant date fair value	$	6.38		$	7.66		$	8.56		$	5.88

Segment Information (Tables)

6 Months Ended

Dec. 31, 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):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Net revenue:
United States	$	119,154	$	132,358	$	273,642	$	268,771
International		6,177		2,610		11,297		5,466
Total net revenue	$	125,331	$	134,968	$	284,939	$	274,237

	December 31,		June 30,
	2021		2021
Property and equipment, net:
United States	$	8,233	$	6,672
International		236		177
Total property and equipment, net	$	8,469	$	6,849

	December 31,		June 30,
	2021		2021
Other intangible assets, net:
United States	$	54,324	$	59,177
International		—		—
Total other intangible assets, net	$	54,324	$	59,177

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($) Client	Dec. 31, 2020 Client	Dec. 31, 2021 USD ($) Client	Dec. 31, 2020 Client	Jun. 30, 2021 USD ($) Client
Summary Of Significant Accounting Policies [Line Items]
Allowance for credit losses on accounts receivable \| $	$ 100		$ 100		$ 100
Revenue reserve \| $	1,300		1,300		900
Allowance for credit losses and revenue reserve \| $	$ 1,392		$ 1,392		$ 1,010
Change in accounting principle accounting standards update adoption date	Jul. 01, 2021		Jul. 01, 2021
Change in accounting principle accounting standards update immaterial effect [true false]	true		true
Accounting standards update description			ASU 2019-12
Customer Concentration Risk [Member] \| Net revenue [Member] \| One Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of clients accounted for more than 10% of net revenue	1	1	1	1
Concentration risk percentage accounted by major clients	13.00%	24.00%	14.00%	25.00%
Customer Concentration Risk [Member] \| Net revenue [Member] \| Other Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of other clients accounted for more than 10% of net revenue	0	0	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| One Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients					10.00%
Number of clients accounted for 10% or more than 10% of net accounts receivable					1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Additional Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage accounted by major clients					15.00%
Number of clients accounted for 10% or more than 10% of net accounts receivable					1
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Other Client [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of clients accounted for 10% or more than 10% of net accounts receivable			0		0

Revenue - Schedule of Disaggregation of Net Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Net revenue	$ 125,331	$ 134,968	$ 284,939	$ 274,237
Financial Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	90,158	104,154	208,070	198,367
Home Services [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	33,820	29,190	73,806	62,563
Other Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,353	1,624	3,063	1,720
Divested Businesses [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 0	$ 0	$ 0	$ 11,587

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.

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Revenue - Schedule of Contract Liabilities from Contracts with Clients (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Contract With Customer Asset And Liability [Abstract]
Deferred revenue	$ 36	$ 33
Client deposits	915	870
Total	$ 951	$ 903

Revenue - Additional Information (Detail) $ in Millions	6 Months Ended
Revenue - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Revenue recognized	$ 2.0
Change in amount of advance consideration received from customers	$ 2.1

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

3 Months Ended

6 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Basic and Diluted:

Net (loss) income

$ (5,628)

$ 466

$ (2,535)

$ 15,147

Basic:

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

54,384

53,055

54,189

52,774

Weighted-average effect of dilutive securities:

54,384

53,055

54,189

52,774

Weighted-average shares of common stock used in computing diluted net (loss) income per share

54,384

55,163

54,189

54,716

Net (loss) income per share:

Securities excluded from weighted-average shares used in computing diluted net (loss) income per share because the effect would have been anti-dilutive (2)

$ (0.10)

$ 0.01

$ (0.05)

$ 0.29

Diluted

^[1]

$ (0.10)

$ 0.01

$ (0.05)

$ 0.28

^[2]

851

3,703

Stock options [Member]

Weighted-average effect of dilutive securities:

Weighted-average effect of dilutive securities

845

862

Restricted stock units [Member]

Weighted-average effect of dilutive securities:

Weighted-average effect of dilutive securities

1,263

1,080

[1]	Diluted net loss per share for the three and six months ended December 31, 2021 does not reflect any potential common stock relating to stock options or restricted stock units due to net losses incurred. The assumed issuance of any additional shares would be anti-dilutive
[2]	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	Dec. 31, 2021	Jun. 30, 2021
Assets:
Total Assets	$ 1,670	$ 1,670
Liabilities:
Total Liabilities	38,653	40,386
Cash and cash equivalents	1,670	1,670
Other Liabilities:
Other Liabilities	38,653	40,386
Current [Member]
Other Liabilities:
Other Liabilities	15,307	12,697
Non Current [Member]
Other Liabilities:
Other Liabilities	23,346	27,689
Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	30,912	34,954
Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	7,741	5,432
Money market funds [Member]
Assets:
Total Assets	1,670	1,670
Level 1 [Member]
Assets:
Total Assets	1,670	1,670
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 1 [Member] \| Money market funds [Member]
Assets:
Total Assets	1,670	1,670
Level 2 [Member]
Assets:
Total Assets	0	0
Liabilities:
Total Liabilities	30,912	34,954
Level 2 [Member] \| Post-closing payments related to acquisitions [Member]
Liabilities:
Total Liabilities	30,912	34,954
Level 2 [Member] \| Contingent consideration related to acquisitions [Member]
Liabilities:
Total Liabilities	0	0
Level 2 [Member] \| Money market funds [Member]
Assets:
Total Assets	0	0
Level 3 [Member]
Assets:
Total Assets	0	0
Liabilities:
Total Liabilities	7,741	5,432
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	7,741	5,432
Level 3 [Member] \| Money market funds [Member]
Assets:
Total Assets	$ 0	$ 0

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0		$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0		0
Fair value, liabilities, level 1 to level 2 transfers, amount	0	0		0
Fair value, liabilities, level 2 to level 1 transfers, amount	0	0		0
Fair value liabilities level 3 to level 1 transfers, amount	0	0		0
Fair value assets level 3 to level 1 transfers, amount	0	0		$ 0
Expense due to change in estimated fair value of contingent consideration		$ 2,698,000	$ 0
General and Administrative Expenses [Member]
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Expense due to change in estimated fair value of contingent consideration	$ 2,700,000

Fair Value Measurements - Schedule of Change in Contingent Consideration (Detail) - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at the beginning of period	$ 5,432	$ 5,432
Changes in fair value during the period	2,698	2,698
Payments made during the period	(389)	(389)
Balance at the end of period	$ 7,741	$ 7,741

Divestitures - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Aug. 31, 2020	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Purchase price of asset sell	$ 20.0
Other Income, Net [Member]
Restructuring Cost And Reserve [Line Items]
Gain (loss) on disposition of operation		$ 16.6

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 01, 2021	Jul. 01, 2020	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021
Nonrecurring Acquisition Cost [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs			$ 326		$ 496
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Closing date of acquisition		Jul. 01, 2020
Cash paid upon closing		$ 43,944
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 annual installment paid in the first quarter of fiscal year 2022
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
Date of acquisition	Mar. 01, 2021
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 based on the achievement of revenue and margin targets and is calculated every February 28 for the preceding twelve months
Business combination contingent consideration payable period	2 years
Mayo Labs, LLC [Member]
Business Acquisition [Line Items]
Closing date of acquisition				Mar. 31, 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				Mar. 31, 2021
Home Services Client Vertical [Member]
Business Acquisition [Line Items]
Closing date of acquisition			Dec. 31, 2021
Cash paid upon closing			$ 1,000
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			Dec. 31, 2021

Acquisitions - Schedule of Consideration (Detail) - USD ($) $ in Thousands	Mar. 01, 2021	Jul. 01, 2020
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Cash paid upon closing		$ 43,944
Post-closing payments, net of imputed interest		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

Acquisitions - Schedule of Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 01, 2021	Jul. 01, 2020
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Post-closing payments, imputed interest		$ 2,724
FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Post-closing payments, imputed interest	$ 189

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

Dec. 31, 2021

Jun. 30, 2021

Jul. 01, 2020

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

Goodwill

$ 119,589

$ 117,833

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]

Cash and cash equivalents

^[1]

Accounts receivable, net

^[1]

Operating lease right-of-use assets

^[1]

Other intangible assets

^[1]

Other assets

^[1]

Total identifiable assets acquired

^[1]

Accrued liabilities

^[1]

Operating lease liabilities

^[1]

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	Mar. 01, 2021	Jul. 01, 2020	Dec. 31, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill			$ 119,589	$ 117,833
Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 33,700
FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 13,737
Goodwill	5,137
Customer/publisher/advertiser relationships [Member] \| Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 21,300
Estimated Useful Life		9 years
Customer/publisher/advertiser relationships [Member] \| FC Ecosystem, LLC [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$ 8,600
Estimated Useful Life	7 years
Content [Member] \| Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 800
Estimated Useful Life		1 year 6 months
Website/trade/domain names [Member] \| Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 5,300
Estimated Useful Life		15 years
Acquired technology and others [Member] \| Modernize, Inc. [Member]
Business Acquisition [Line Items]
Estimated Fair Value		$ 6,300
Estimated Useful Life		4 years

Acquisitions - Summary of Unaudited Pro Forma Financial Information Combined Results of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Net revenue	$ 134,968	$ 136,079	$ 277,271	$ 281,412
Net income	$ 792	$ 2,804	$ 16,570	$ 5,410

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

6 Months Ended

Dec. 31, 2021

USD ($)

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill, Beginning

$ 117,833

Goodwill acquired (1)

1,756

^[1]

Goodwill, Ending

$ 119,589

[1]	Represents goodwill acquired associated with an immaterial acquisition completed in the second quarter of fiscal year 2022.

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment loss			$ 0
Amortization of intangible assets	$ 2,900,000	$ 2,900,000	$ 6,000,000.0	$ 6,100,000

Goodwill and Intangible Assets, Net - Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 193,922	$ 192,822
Accumulated Amortization	(139,598)	(133,645)
Net Carrying Amount	54,324	59,177
Customer/publisher/advertiser relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	90,830	90,830
Accumulated Amortization	(48,069)	(43,485)
Net Carrying Amount	42,761	47,345
Content [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,056	43,056
Accumulated Amortization	(43,056)	(42,790)
Net Carrying Amount	0	266
Website/trade/domain names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,102	25,102
Accumulated Amortization	(18,577)	(18,303)
Net Carrying Amount	6,525	6,799
Acquired technology and others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	34,934	33,834
Accumulated Amortization	(29,896)	(29,067)
Net Carrying Amount	$ 5,038	$ 4,767

Goodwill and Intangible Assets, Net - Amortization Expense (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022 (remaining six months)	$ 5,599
2023	10,865
2024	9,970
2025	7,805
2026	5,197
Thereafter	14,888
Net Carrying Amount	$ 54,324	$ 59,177

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision For (Benefit From) Income Taxes	$ (2,190)	$ (958)	$ (1,614)	$ 3,656

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Lease Cost [Abstract]
Lessee, operating lease, renewal term	5 years
Future principal contractual obligations for operating lease commitments undiscounted lease liability excess amount	$ 0.5

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

3 Months Ended

6 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Lease Cost [Abstract]

Operating lease expense

$ 1,278

$ 1,320

$ 2,579

$ 2,628

Short-term lease expense

157

201

326

454

Variable lease expense

^[1]

174

138

295

286

Total lease expense

$ 1,609

$ 1,659

$ 3,200

$ 3,368

[1]	Variable lease expense for the three and six months ended December 31, 2021 and 2020 primarily included common area maintenance charges.

Leases - Supplemental Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 3,114	$ 3,021
Lease liabilities arising from obtaining right-of-use assets
Operating leases	$ 564	$ 6,247
Weighted average remaining lease term - operating leases	2 years 3 months 18 days	3 years 1 month 6 days
Weighted average discount rate - operating leases	5.00%	5.00%

Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Lease Cost [Abstract]
2022 (remaining six months)	$ 3,111
2023	5,875
2024	3,818
2025	882
2026	73
Total minimum lease payments	13,759
Less imputed interest	(2,000)
Present value of net minimum lease payments	11,759
Operating lease liabilities:
Current	$ 5,384
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Noncurrent	$ 6,375	$ 8,545

Commitments and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Estimated fair value of indemnification agreements	$ 0	$ 0
Estimated fair value of indemnity provisions	0	$ 0
Letter of credit agreement with a financial institution that is used as collateral for the Company's corporate headquarters' operating lease	$ 500,000
Letter of credit automatically renews annually without amendment on the annual expiration date	30 days

Stock Benefit Plans - Additional Information (Detail)	3 Months Ended
Stock Benefit Plans - Additional Information (Detail)	Dec. 31, 2021 shares
2010 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	23,125,612
Shares available for issuance	13,406,405
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	2,166,753
2021 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	2,164,999
Number of shares issued	0

Stock Benefit Plans - Schedule of Weighted Average Assumptions (Detail) - Stock options [Member] - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 6 months	3 years 6 months	4 years 6 months	4 years 4 months 24 days
Expected volatility	55.00%	63.00%	58.00%	62.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	0.70%	0.20%	0.80%	0.30%
Grant date fair value	$ 6.38	$ 7.66	$ 8.56	$ 5.88

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 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	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Net revenue:
Total net revenue	$ 125,331	$ 134,968	$ 284,939	$ 274,237
Property and equipment, net:
Total property and equipment, net	8,469		8,469		$ 6,849
Other intangible assets, net:
Total other intangible assets, net	54,324		54,324		59,177
United States [Member]
Net revenue:
Total net revenue	119,154	132,358	273,642	268,771
Property and equipment, net:
Total property and equipment, net	8,233		8,233		6,672
Other intangible assets, net:
Total other intangible assets, net	54,324		54,324		59,177
International [Member]
Net revenue:
Total net revenue	6,177	$ 2,610	11,297	$ 5,466
Property and equipment, net:
Total property and equipment, net	236		236		177
Other intangible assets, net:
Total other intangible assets, net	$ 0		$ 0		$ 0