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Stock-Based Compensation (Tables) | 6 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of changes in the number of shares available for grant under equity incentive plans | 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, 2021:
| Number of Shares
Available for grant at July 1, 2021 | 10,312 |
RSUs granted | (577) |
MSUs granted | (48) |
Shares withheld in settlement of taxes and/or exercise price | 273 |
Forfeitures | 82 |
Shares removed | (59) |
Available for grant at December 31, 2021 | 9,983 |
Schedule of stock-based compensation expense related to restricted stock units, market share units and the Employee Stock Purchase Plan | Stock-based compensation expense related to restricted stock units (“RSUs”), market share units (“MSUs”) and the Employee Stock Purchase Plan 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,
| 2020 |  | 2021 |  | 2020 |  | 2021
Cost of revenues | $ | 1,969 |  |  | $ | 3,317 |  |  | $ | 3,801 |  |  | $ | 5,924 |
Sales and marketing | 3,965 |  |  | 5,716 |  |  | 7,845 |  |  | 10,875 |
Research and development | 2,738 |  |  | 5,406 |  |  | 4,968 |  |  | 9,108 |
General and administrative | 7,987 |  |  | 11,804 |  |  | 14,322 |  |  | 19,895 |
Total stock-based compensation expense | $ | 16,659 |  |  | $ | 26,243 |  |  | $ | 30,936 |  |  | $ | 45,802 |
Schedule of stock option activity | The table below presents stock option activity during the six months ended December 31, 2021:
| Outstanding Options
| Number of shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Balance at July 1, 2021 | 765 |  |  | $ | 16.06 |  |  | 2.4 |  | $ | 133,550 |
Options exercised | (195) |  |  | $ | 9.34 |  |  |  |  |
Balance at December 31, 2021 | 570 |  |  | $ | 18.35 |  |  | 2.1 |  | $ | 124,198 |
Options vested and exercisable at December 31, 2021 | 570 |  |  | $ | 18.35 |  |  | 2.1 |  | $ | 124,198 |
Schedule of restricted stock unit activity | The following table represents restricted stock unit activity during the six months ended December 31, 2021:
| Units |  | Weighted average grant date fair value
RSU balance at July 1, 2021 | 1,388 |  |  | $ | 100.33 |
RSUs granted | 577 |  |  | $ | 253.08 |
RSUs vested | (536) |  |  | $ | 84.52 |
RSUs forfeited | (77) |  |  | $ | 151.56 |
RSU balance at December 31, 2021 | 1,352 |  |  | $ | 169.28 |
Schedule of market share unit activity | The following table represents market share unit activity during the six months ended December 31, 2021:
| Units |  | Weighted average grant date fair value
MSU balance at July 1, 2021 | 58 |  | $ | 178.04
MSUs granted | 48 |  | $ | 361.02
MSUs forfeited | (5) |  |  | $ | 178.04
MSU balance at December 31, 2021 | 101 |  | $ | 263.83
Summary of the assumptions used for estimating the grant date fair value of MSUs | The Company estimated the grant date fair value of the MSUs using a Monte Carlo simulation model that included the following assumptions:
| Six Months Ended December 31, |
| 2020 |  | 2021 |
Valuation assumptions: |  |  |  |
Expected dividend yield | —% |  | —% |
Expected volatility | 52.0 | % |  | 47.4 - 47.5% |
Expected term (years) | 3.04 |  | 2.92 - 3.04 |
Risk‑free interest rate | 0.18% |  | 0.43 - 0.47% |

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