Revenue

9 Months Ended

Mar. 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				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Net revenue:
Financial Services	$	116,284	$	98,789	$	314,651	$	277,804
Home Services		35,037		11,544		97,600		35,570
Other Revenue		1,731		—		3,451		—
Divested Businesses(1)		—		18,330		11,587		60,004
Total net revenue	$	153,052	$	128,663	$	427,289	$	373,378

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

Contract Balances

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

	March 31,		June 30,
	2021		2020
Deferred revenue	$	87	$	73
Client deposits		1,132		700
Total	$	1,219	$	773

The Company’s contract liabilities result from payments received in advance of revenue recognition and advance consideration received from clients, which precede the Company’s satisfaction of the associated performance obligation. The increase in the liability balances during the nine months ended March 31, 2021 related to advance consideration received from clients of $6.9 million, offset by revenue recognized of $6.4 million.