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EQUITY, LONG-TERM INCENTIVE COMPENSATION PLANS AND NON-CONTROLLING INTEREST (Tables)

9 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Combined Activity Under Equity Incentive Plans

The following table summarizes the combined activity under our equity incentive plans:

(In thousands)			Available  For Grant(1)
Balance as of June 30, 2023			7,761
Plan shares increased			3,250
Restricted stock units granted(2)			(423)
Restricted stock units canceled			56
Balance as of March 31, 2024			10,644

__________________ 

(1)The number of restricted stock units (“RSU”) reflects the application of the award multiplier of 2.0x to calculate the impact of the award on the shares reserved under the 2023 Plan.

(2)Includes RSUs granted to senior management during the nine months ended March 31, 2024 with performance-based vesting criteria (in addition to service-based vesting criteria for any of such RSUs that are deemed to have been earned) (“performance-based RSU”). This line item includes all such performance-based RSUs granted during the nine months ended March 31, 2024 reported at the maximum possible number of shares that may ultimately be issuable if all applicable performance-based criteria are achieved at their maximum levels and all applicable service-based criteria are fully satisfied (0.2 million shares for the nine months ended March 31, 2024 reflects the application of the multiplier described above).

Schedule of Stock-based Compensation Expense

The following table shows stock-based compensation expense for the indicated periods: 

			Three Months Ended March 31,												Nine Months Ended March 31,
(In thousands)			2024						2023						2024						2023
Stock-based compensation expense by:
Costs of revenues			$	9,803					$	8,596					$	25,554					$	20,189
R&D			16,430						13,289						42,211						30,437
SG&A			30,449						26,245						86,309						70,891
Total stock-based compensation expense			$	56,682					$	48,130					$	154,074					$	121,517

Schedule of Restricted Stock Activity

The following table shows the activity and weighted-average grant date fair values for RSUs during the nine months ended March 31, 2024:

			Shares(1) (In thousands)						Weighted-Average Grant Date Fair Value
Outstanding RSUs as of June 30, 2023(2)			1,715						$	312.40
Granted(3)			211						$	502.25
Vested and released			(416)						$	195.63
Forfeited			(28)						$	354.76
Outstanding RSUs as of March 31, 2024(2)			1,482						$	370.80

__________________ 

(1)Share numbers reflect actual shares subject to awarded RSUs.

(2)Includes performance-based RSUs.

(3)This line item includes performance-based RSUs granted during the nine months ended March 31, 2024 reported at the maximum possible number of shares that may ultimately be issuable if all applicable performance-based criteria are achieved at their maximum levels and all applicable service-based criteria are fully satisfied (0.1 million shares for the nine months ended March 31, 2024).

Schedule of Grant Date Fair Value, Weighted Average Grant Date Fair Value, and Tax Benefits for Restricted Stock Units

The following table shows the weighted-average grant date fair value per unit for the RSUs granted, aggregate grant date fair value of RSUs vested and tax benefits realized by us in connection with vested and released RSUs for the indicated periods:

			Three Months Ended March 31,												Nine Months Ended March 31,
(In thousands, except for weighted-average grant date fair value)			2024						2023						2024						2023
Weighted-average grant date fair value per unit			$	601.62					$	409.77					$	502.25					$	390.53
Grant date fair value of vested RSUs			$	7,247					$	9,217					$	81,300					$	67,152
Tax benefits realized by us in connection with vested and released RSUs			$	4,528					$	4,517					$	23,251					$	17,368

Schedule of Employee Stock Purchase Rights Valuation

The fair value of each purchase right under the ESPP was estimated on the date of grant using the Black-Scholes model and the straight-line attribution approach with the following weighted-average assumptions: 

			Three Months Ended March 31,												Nine Months Ended March 31,
			2024						2023						2024						2023
Stock purchase plan:
Expected stock price volatility			31.6		%				43.8		%				32.2		%				42.7		%
Risk-free interest rate			5.5		%				3.9		%				5.3		%				2.5		%
Dividend yield			1.0		%				1.4		%				1.1		%				1.6		%
Expected life (in years)			0.5						0.5						0.5						0.5

Schedule of Tax Benefits Realized and Weighted-average fair value for the ESPP

The following table shows total cash received from employees for the issuance of shares under the ESPP, the number of shares purchased by employees through the ESPP, the tax benefits realized by us in connection with the disqualifying dispositions of shares purchased under the ESPP and the weighted-average fair value per share for the indicated periods:

(In thousands, except for weighted-average fair value per share)			Three Months Ended March 31,												Nine Months Ended March 31,
			2024						2023						2024						2023
Total cash received from employees for the issuance of shares under the ESPP			$	—					$	—					$	48,433					$	33,793
Number of shares purchased by employees through the ESPP			—						—						118						134
Tax benefits realized by us in connection with the disqualifying dispositions of shares purchased under the ESPP			$	711					$	616					$	2,407					$	1,540
Weighted-average fair value per share based on Black-Scholes model			$	131.15					$	97.32					$	125.17					$	89.81

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