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Benefit Plans | 6 Months Ended
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Dec. 31, 2019
Benefit Plans |
Benefit Plans | ​ (9) Benefit Plans ​ (a) Equity Incentive Plan ​ The Company maintains a 2008 Equity Incentive Plan (the “2008 Plan”) and a 2014 Equity Incentive Plan (the “2014 Plan”) pursuant to which the Company has reserved shares of its common stock for issuance to its employees, directors and non-employee third parties. The 2014 Plan serves as the successor to the 2008 Plan and permits the granting of options to purchase common stock and other equity incentives at the discretion of the compensation committee of the Company’s board of directors. No new awards have been or will be issued under the 2008 Plan since the effective date of the 2014 Plan. Outstanding awards under the 2008 Plan continue to be subject to the terms and conditions of the 2008 Plan. The number of shares of common stock reserved for issuance under the 2014 Plan may increase each calendar year, continuing through and including January 1, 2024. The number of shares added each year may be equal to the lesser of (a) four and five tenths percent (4.5%) of the number of shares of common stock of the Company issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the Company’s board of directors. ​ As of December 31, 2019, the Company had 12,643 shares allocated to the plans, of which 3,185 shares were subject to outstanding options or awards. Generally, the Company issues previously unissued shares for the exercise of stock options or vesting of awards; however, shares previously subject to 2014 Plan grants or awards that are forfeited or net settled at exercise or release may be reissued to satisfy future issuances. ​ The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the six months ended December 31, 2019: ​
​ | ​ | ​ | ​
​ |  | Number of Shares |
Available for grant at July 1, 2019 | ​ | 9,759 | ​
RSUs granted | ​ | (638) | ​
Shares withheld in settlement of taxes and/or exercise price | ​ | 258 | ​
Forfeitures | ​ | 80 | ​
Shares removed | ​ | (1) | ​
Available for grant at December 31, 2019 | ​ | 9,458 | ​
​ Shares removed represents forfeitures of shares and shares withheld in settlement of taxes and/or payment of exercise price related to grants made under the 2008 Plan. As noted above, no new awards will be issued under the 2008 Plan. ​ Stock-based compensation expense related to stock options, restricted stock units (“RSUs”), and the Employee Stock Purchase Plan (as described below) is included in the following line items in the accompanying unaudited consolidated statements of operations and comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | Six Months Ended December 31, | ​
​ |  | 2018 |  | 2019 |  | 2018 |  | 2019 |
Cost of revenues | ​ | $ | 1,304 | ​ | $ | 1,446 | ​ | $ | 2,542 | ​ | $ | 2,695 | ​
Sales and marketing | ​ |  | 2,000 | ​ |  | 3,379 | ​ |  | 3,697 | ​ |  | 7,347 | ​
Research and development | ​ |  | 1,460 | ​ |  | 1,768 | ​ |  | 2,738 | ​ |  | 3,046 | ​
General and administrative | ​ |  | 5,335 | ​ |  | 6,177 | ​ |  | 10,547 | ​ |  | 11,744 | ​
Total stock-based compensation expense | ​ | $ | 10,099 | ​ | $ | 12,770 | ​ | $ | 19,524 | ​ | $ | 24,832 | ​
​ In addition, the Company capitalized $696 and $652 of stock-based compensation expense in its capitalized internal-use software costs in the three months ended December 31, 2018 or 2019, respectively, and $1,321 and $1,308 in the six months ended December 31, 2018 and 2019, respectively. ​ Under the 2008 and 2014 Plans, the exercise price of each option cannot be less than the fair value of a share of common stock on the grant date. The options vested ratably over a three or four year period and expire 10 years from the grant date. Stock-based compensation expense for the fair value of the options at their grant date is recognized ratably over the vesting schedule for each separately vesting portion of the award. ​ There were no stock options granted during the six months ended December 31, 2018 or 2019. The table below presents stock option activity during the six months ended December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding Options |
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​ |
​ | ​ | ​ | ​ | Weighted | ​ | average | ​ | ​ | ​ |
​ | ​ | ​ | ​ | average | ​ | remaining | ​ | Aggregate |
​ | ​ | Number of | ​ | exercise | ​ | contractual | ​ | intrinsic |
​ | ​ | shares | ​ | price | ​ | term (years) | ​ | value |
Balance at July 1, 2019 |  | 1,525 | ​ | $ | 12.24 |  | 3.95 | ​ | $ | 124,373 | ​
Options exercised | ​ | (23) | ​ | $ | 17.35 | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2019 |  | 1,502 | ​ | $ | 12.17 | ​ | 3.43 | ​ | $ | 163,219 | ​
Options vested and exercisable at December 31, 2019 |  | 1,502 | ​ | $ | 12.17 | ​ | 3.43 | ​ | $ | 163,219 | ​
​ The total intrinsic value of options exercised was $1,501 and $1,409 during the three months ended December 31, 2018 and 2019, respectively, and $13,704 and $2,080 during the six months ended December 31, 2018 and 2019, respectively. As of December 31, 2019, the Company had recognized all stock-based compensation cost related to outstanding stock options and all outstanding options had vested. ​ The Company may also grant RSUs under the 2014 Plan with terms determined at the discretion of the compensation committee of the Company’s board of directors. RSUs generally vest over four years following the grant date. Certain RSU awards have time-based vesting conditions while other RSUs vest based on the achievement of certain revenue growth and Adjusted EBITDA margin targets in future fiscal years. ​ ​ The following table represents restricted stock unit activity during the six months ended December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Units |  | Weighted average grant date fair value |
RSU balance at July 1, 2019 | ​ | 1,813 | ​ | $ | 53.78 | ​
RSUs granted | ​ | 638 | ​ | $ | 99.48 | ​
RSUs vested | ​ | (688) | ​ | $ | 49.43 | ​
RSUs forfeited | ​ | (80) | ​ | $ | 57.65 | ​
RSU balance at December 31, 2019 | ​ | 1,683 | ​ | $ | 73.21 | ​
RSUs expected to vest at December 31, 2019 | ​ | 1,553 | ​ | $ | 72.66 | ​
​ At December 31, 2019, there was $67,519 of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock units granted. That cost is expected to be recognized over a weighted average period of 2.03 years. ​ (b) Employee Stock Purchase Plan ​ Under the Company’s Employee Stock Purchase Plan (“ESPP”), the Company can grant stock purchase rights to all eligible employees during specific offering periods not to exceed twenty-seven months. Each offering period will begin on the trading day closest to May 16 and November 16 of each year. Shares are purchased through employees’ payroll deductions, up to a maximum of 10% of employees’ compensation for each purchase period, at a purchase price equal to 85% of the lesser of the fair market value of the Company’s common stock at the first trading day of the applicable offering period or the purchase date. Participants may purchase up to $25 worth of common stock or 2 shares of common stock in any one year. The ESPP is considered compensatory and results in compensation expense. ​ As of December 31, 2019, a total of 950 shares of common stock were reserved for future issuances under the ESPP. The number of shares of common stock reserved for issuance under the ESPP may increase each calendar year, continuing through and including January 1, 2024. The number of shares added each year may be equal to the lesser of (a) 400, (b) seventy-five one hundredths percent (0.75%) of the number of shares of common stock of the Company issued and outstanding on the immediately preceding December 31, or (c) an amount determined by the Company’s board of directors. ​ The Company issued 45 shares upon the completion of its six-month offering period ending November 15, 2019. The Company recorded compensation expense attributable to the ESPP of $446 and $715 for the three months ended December 31, 2018 and 2019, respectively, and $885 and $1,377 for the six months ended December 31, 2018 and 2019, respectively, which is included in the summary of stock-based compensation expense above. The grant date fair value of the ESPP offering periods was estimated using the following weighted average assumptions: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended | ​ | ​
​ | ​ | December 31, | ​ | ​
​ |  | 2018 | ​ | ​ | 2019 | ​ |
Valuation assumptions: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected dividend yield | ​ | 0 | % | ​ | 0 | % | ​
Expected volatility | ​ | 33.5 - 38.3 | % | ​ | 38.6 - 43.3 | % | ​
Expected term (years) | ​ | 0.5 | ​ | ​ | 0.5 | ​ | ​
Risk‑free interest rate | ​ | 2.10 - 2.48 | % | ​ | 1.58 - 2.44 | % | ​
​ (c) 401(k) Plan ​ The Company maintains a 401(k) plan with a matching provision that covers all eligible employees. The Company matches 50% of employees’ contributions up to 8% of their gross pay. Contributions were $1,140 and $1,768 for the three months ended December 31, 2018 and 2019, respectively, and $2,534 and $3,771 for the six months ended December 31, 2018 and 2019, respectively. ​

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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