v3.25.4

Employee Benefit Plans | 6 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Employee Benefit Plans | 10. Employee Benefit Plans Shares Reserved for Issuance The Company had the following reserved shares of common stock for future issuance as of the dates noted (in thousands):
|  | December 31, 2025 |  |  | June 30, 2025 |
2013 Equity Incentive Plan shares available for grant |  |  | 13,153 |  |  |  | 10,935 |
Employee stock options and awards outstanding |  |  | 8,509 |  |  |  | 7,566 |
2014 Employee Stock Purchase Plan |  |  | 5,418 |  |  |  | 5,952 |
Total shares reserved for issuance |  |  | 27,080 |  |  |  | 24,453 |
Share-based Compensation Expense Share-based compensation expense recognized in the condensed consolidated financial statements by line-item caption is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2025 |  |  | December 31, 2024 |  |  | December 31, 2025 |  |  | December 31, 2024 |
Cost of product revenues |  | $ | 796 |  |  | $ | 680 |  |  | $ | 1,548 |  |  | $ | 1,298 |
Cost of subscription and support revenues |  |  | 759 |  |  |  | 798 |  |  |  | 1,486 |  |  |  | 1,487 |
Research and development |  |  | 4,639 |  |  |  | 4,467 |  |  |  | 9,086 |  |  |  | 8,680 |
Sales and marketing |  |  | 8,009 |  |  |  | 7,596 |  |  |  | 15,522 |  |  |  | 14,478 |
General and administrative |  |  | 8,696 |  |  |  | 7,911 |  |  |  | 17,037 |  |  |  | 15,276 |
Total share-based compensation expense |  | $ | 22,899 |  |  | $ | 21,452 |  |  | $ | 44,679 |  |  | $ | 41,219 |
Stock Options The following table summarizes stock option activity for the six months ended December 31, 2025 (in thousands, except per share amount and contractual term):
|  | Number of Shares |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Options outstanding at June 30, 2025 |  |  | 496 |  |  | $ | 6.70 |  |  |  | 1.16 |  |  | $ | 5,580 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (121 | ) |  |  | — |  |  |  |  |  |  |
Canceled |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options outstanding at December 31, 2025 |  |  | 375 |  |  | $ | 6.70 |  |  |  | 0.66 |  |  | $ | 3,727 |
Vested and expected to vest at December 31, 2025 |  |  | 375 |  |  | $ | 6.70 |  |  |  | 0.66 |  |  | $ | 3,727 |
Exercisable at December 31, 2025 |  |  | 375 |  |  | $ | 6.70 |  |  |  | 0.66 |  |  | $ | 3,727 |
There were no stock options granted during the three and six months ended December 31, 2025 and 2024. Stock Awards Stock awards may be granted under the 2013 Plan on terms approved by the Compensation Committee of the Board. Stock awards generally provide for the issuance of restricted stock units (“RSUs”) including performance-condition or market-condition RSUs which vest over a fixed period of time or based upon the satisfaction of certain performance criteria or market conditions. The Company recognizes compensation expense on the stock awards over the vesting period based on the awards’ fair value as of the date of grant. The Company does not estimate forfeitures, but accounts for them as incurred. The following table summarizes stock award activity for the six months ended December 31, 2025 (in thousands, except grant date fair value):
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |  |  | Aggregate Fair Value |
Non-vested stock awards outstanding at June 30, 2025 |  |  | 7,070 |  |  | $ | 19.53 |  |  |  |
Granted |  |  | 4,351 |  |  |  | 20.87 |  |  |  |
Released |  |  | (3,185 | ) |  |  | 18.86 |  |  |  |
Canceled |  |  | (102 | ) |  |  | 19.84 |  |  |  |
Non-vested stock awards outstanding at December 31, 2025 |  |  | 8,134 |  |  | $ | 20.57 |  |  |  |
Stock awards expected to vest at December 31, 2025 |  |  | 8,134 |  |  | $ | 20.57 |  |  | $ | 167,311 |
The RSUs granted under the 2013 Plan vest over a period of time, generally one to three years, and are subject to participant's continued service to the Company. During the six months ended December 31, 2025, the Company granted 0.8 million stock awards with vesting based on market conditions (“MSU”) to certain of the Company’s employees. The MSUs vest based on the Company’s total shareholder return (“TSR”) relative to the TSR of the Russell 2000 Index (“Index”). The MSU award represents the right to receive a target number of shares of common stock of up to 150% of the original grant. The MSUs vest based on the Company’s TSR relative to the TSR of the Index over performance periods of three years from the grant date, subject to the grantees’ continued service through the certification of performance. The grant date fair value of each MSU was determined using the Monte Carlo simulation model. The weighted-average grant-date fair value of the TSR MSUs granted during the six months ended December 31, 2025 and 2024 was $22.23 per share and $17.22 per share, respectively. The following assumptions used to determine the grant-date fair values of the MSU during the following periods:
|  | Equity Incentive Plan |  |
|  | Six Months Ended |  |
|  | December 31, 2025 |  |  | December 31, 2024 |  |
Expected term |  | 3.0 years |  |  | 3.0 years |  |
Risk-free interest rate |  |  | 3.70 | % |  |  | 3.86 | % |
Volatility |  |  | 45 | % |  |  | 48 | % |
Dividend yield |  |  | — | % |  |  | — | % |
As of December 31, 2025, there was $119.8 million in unrecognized compensation cost related to non-vested stock awards, including performance and market condition awards. This cost is expected to be recognized over a weighted average period of 1.80 years. Employee Stock Purchase Plan There were approximately 0.5 million shares issued under the ESPP during each of the six months ended December 31, 2025 and 2024, respectively. The following assumptions were used to determine the grant-date fair values of the ESPP shares during the following periods:
|  | Employee Stock Purchase Plan |  |
|  | Six Months Ended |  |
|  | December 31, 2025 |  |  | December 31, 2024 |  |
Expected term |  | 0.5 years |  |  | 0.5 years |  |
Risk-free interest rate |  |  | 4.12 | % |  |  | 5.04 | % |
Volatility |  |  | 50 | % |  |  | 36 | % |
Dividend yield |  |  | — | % |  |  | — | % |
The weighted-average grant-date fair value of shares under the ESPP during the six months ended December 31, 2025 and 2024 was $5.83 a nd $3.74 per share, respectively.

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