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Stock-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2022

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 nine months ended March 31, 2022:

			Number of Shares
Available for grant at July 1, 2021			10,312
January 1, 2022 Evergreen provision increase			2,400
RSUs granted			(614)
MSUs granted			(47)
Shares withheld in settlement of taxes and/or exercise price			280
Forfeitures			120
Shares removed			(59)
Available for grant at March 31, 2022			12,392

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 March 31,												Nine Months Ended March 31,
			2021						2022						2021						2022
Cost of revenues			$	1,972					$	2,936					$	5,773					$	8,860
Sales and marketing			3,938						5,119						11,783						15,994
Research and development			2,602						4,855						7,570						13,963
General and administrative			7,499						11,485						21,821						31,380
Total stock-based compensation expense			$	16,011					$	24,395					$	46,947					$	70,197

Schedule of stock option activity

The table below presents stock option activity during the nine months ended March 31, 2022:

			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			(204)						$	9.69
Balance at March 31, 2022			561						$	18.37					1.8						$	105,094
Options vested and exercisable at March 31, 2022			561						$	18.37					1.8						$	105,094

Schedule of restricted stock unit activity

The following table represents restricted stock unit activity during the nine months ended March 31, 2022:

			Units						Weighted average grant date fair value
RSU balance at July 1, 2021			1,388						$	100.33
RSUs granted			614						$	247.98
RSUs vested			(549)						$	84.83
RSUs forfeited			(115)						$	160.61
RSU balance at March 31, 2022			1,338						$	169.40

Schedule of market share unit activity

The following table represents market share unit activity during the nine months ended March 31, 2022:

			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 March 31, 2022			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:

			Nine Months Ended March 31,
			2021						2022
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 the number and weighted-average grant date fair value for market share units that were outstanding at the beginning and end of the year, and the number of market share units that were granted, vested, or forfeited during the year.

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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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