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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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