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Stock-Based Compensation (Tables)
 9 Months Ended
Mar. 31, 2023
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, 2023:
Number of
Shares
Available for grant at July 1, 202212,393 
RSUs granted(766)
MSUs granted(82)
Shares withheld in settlement of taxes and/or exercise price358 
Forfeitures140 
Shares removed(68)
Available for grant at March 31, 202311,975 
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,
2022202320222023
Cost of revenues$2,936 $4,187 $8,860 $13,460 
Sales and marketing5,119 8,789 15,994 29,143 
Research and development4,855 8,665 13,963 28,759 
General and administrative11,485 10,997 31,380 44,640 
Total stock-based compensation expense$24,395 $32,638 $70,197 $116,002 
Schedule of stock option activity The table below presents stock option activity during the nine months ended March 31, 2023:
Outstanding Options
Number of sharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value
Option balance at July 1, 2022548 $18.34 1.6$85,515 
Options exercised(253)$12.39 
Option balance at March 31, 2023295 $23.45 1.4$51,664 
Options vested and exercisable at March 31, 2023295 $23.45 1.4$51,664 
Schedule of restricted stock unit activity
The following table represents restricted stock unit activity during the nine months ended March 31, 2023:
UnitsWeighted average grant date fair value
RSU balance at July 1, 20221,327 $168.44 
RSUs granted766 $257.88 
RSUs vested(664)$157.22 
RSUs forfeited(130)$162.78 
RSU balance at March 31, 20231,299 $226.13 
Schedule of market share unit activity
The following table represents market share unit activity during the nine months ended March 31, 2023:
UnitsWeighted average grant date fair value
MSU balance at July 1, 2022101$263.83
MSUs granted82$387.67
MSUs forfeited(10)$313.81
MSU balance at March 31, 2023173$317.94
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,
20222023
Valuation assumptions:
Expected dividend yield—%—%
Expected volatility
47.4 - 47.5%
51.0 - 52.7%
Expected term (years)
2.92 - 3.04
2.75 - 3.04
Risk‑free interest rate
0.43 - 0.47%
3.11 - 4.01%