XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.3
Stock-Based Compensation
 3 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plans
In June 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Omnibus Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“ESPP”). The 2021 Plan provides for the grant of restricted shares, restricted share units (“RSUs”), performance shares, performance share units (“PSUs”), deferred share units, share options and share appreciation rights. All employees, non-employee directors and selected third-party service providers of the Company and its subsidiaries and affiliates are eligible to receive grants under the 2021 Plan. Eligible employees may purchase the Company’s common stock under the ESPP.
Stock Awards
The Company has granted time-based and performance-based stock options, RSUs and PSUs, collectively referred to as “Stock Awards.” The Company accounts for stock-based compensation using the fair value method which requires the Company to measure stock-based compensation based on the grant-date fair value of the awards and recognize compensation expense over the requisite service or performance period. Awards that contain only service conditions, are generally earned over four years and expensed on a straight-line basis over that term. Compensation expense for awards that contain performance conditions is calculated using the graded vesting method and the portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions.
Stock Options
Stock options granted generally become exercisable ratably over a four-year period following the date of grant and expire ten years from the date of grant.
Stock option activity under the Company’s equity incentive plans during the three months ended September 30, 2025 was as follows (in thousands, except per share data):
Number of
Options		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (1)
Balance as of June 30, 20252,628$11.42 3.8$105,632 
Exercised(340)8.25 
Balance as of September 30, 20252,288$11.89 3.8$66,380 
Vested and exercisable as of September 30, 20252,288$11.89 3.8$66,380 
Vested and expected to vest as of September 30, 20252,288$11.89 3.8$66,380 
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.
There were no stock options granted during the three months ended September 30, 2025. The total intrinsic value of stock options exercised and the proceeds from option exercises during the three months ended September 30, 2025 were $11.8 million and $2.8 million, respectively.
PSUs and RSUs
During the three months ended September 30, 2025, the Company granted PSUs to certain of its employees with vesting terms based on meeting certain operating performance targets, including annual recurring revenue and profitability targets, and continued service conditions. The Company also granted RSUs to certain employees that vest based on continued service.
PSU activity during the three months ended September 30, 2025 was as follows (in thousands, except per share data):
Number of SharesWeighted-
Average
Grant Date
Fair Value
Balance as of June 30, 20252,010$37.98 
Granted88646.77 
Vested(228)31.49 
Forfeited(87)40.48 
Balance as of September 30, 20252,581$41.48 
RSU activity during the three months ended September 30, 2025 was as follows (in thousands, except per share data):
Number of SharesWeighted-
Average
Grant Date
Fair Value
Balance as of June 30, 20253,306$41.27 
Granted1,37542.49 
Vested(355)35.30 
Forfeited(138)40.30 
Balance as of September 30, 20254,188$42.20 
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):
Three Months Ended September 30,
20252024
Cost of revenues
Cost of SaaS$786 $664 
Cost of license177 189 
Cost of professional services1,425 1,379 
Research and development7,987 4,624 
Sales and marketing7,893 5,738 
General and administrative9,019 7,395 
Total stock-based compensation$27,287 $19,989 
As of September 30, 2025, there was approximately $221.9 million of unrecognized compensation cost related to unvested stock-based awards granted, which is expected to be recognized over the weighted-average period of approximately 2.6 years.
2021 Employee Stock Purchase Plan
Under the ESPP, eligible employees may purchase the Company’s common stock at a price equal to 85% of the lower of the fair market value of the Company’s common stock on the offering date or the applicable purchase date. The ESPP provides an offering period that begins on June 1 and December 1 of each year and each offering period consists of one six-month purchase period.
As of September 30, 2025, total unrecognized compensation cost related to the ESPP was $0.3 million, which will be amortized over a weighted-average vesting term of 0.2 years.