On October 29, 2019, our stockholders approved: (i) our 2019 Equity and Incentive Compensation Plan, or the 2019 Incentive Plan, to replace our Amended and Restated 2010 Incentive Compensation Plan, or the 2010 Incentive Plan, and (ii) our 2019 Employee Stock Purchase Plan, or the 2019 ESPP, to replace our Amended and Restated 2010 Employee Stock Purchase Plan. Awards outstanding at October 29, 2019 under our prior share-based compensation plans were not impacted by the approval of the 2019 Incentive Plan and continue to remain outstanding and vest by their terms under the applicable share-based compensation plan. Shares underlying certain share-based awards forfeited under the 2010 Incentive Plan subsequent to the approval of the 2019 Incentive Plan automatically transfer to and become available for award issuance from the 2019 Incentive Plan.

The 2019 Incentive Plan authorizes our Board of Directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, RSUs, cash incentive awards, performance shares, PSUs, and other stock-based awards. The 2019 Incentive Plan has been amended and restated, and the cumulative number of shares approved by stockholders is 6,188,000 as of October 24, 2023. The 2019 ESPP authorizes the Company to provide eligible employees with an opportunity to acquire an equity interest in the Company through the purchase of stock at a discount, with an initial authorization of 1,500,000 shares.

Effective August 19, 2019, we adopted the 2019 Inducement Equity Plan, and 650,000 shares of our common stock were reserved for issuance under the 2019 Inducement Equity Plan, subject to adjustment for stock dividends, stock splits, or other changes in our common stock or capital structure. The 2019 Inducement Equity Plan was intended to comply with Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, which provide an exception to the Nasdaq Stock Market Listing Rules on the shareholder approval requirement for the issuance of securities with regards to grants to employees of the Company or its subsidiaries as an inducement material to such individuals entering into employment with the Company or its subsidiaries. An individual was eligible to receive an award under the 2019 Inducement Equity Plan only if he or she was not previously an employee or director of our Company (or is returning to work after a bona-fide period of non-employment), and an award under the 2019 Inducement Equity Plan is a material inducement for him or her to accept employment with our Company. No new awards may be granted under the 2019 Inducement Equity Plan.

Share-based compensation recognized in our condensed consolidated statements of operations were as follows (in millions):


	Three Months Ended				Nine Months Ended
	March				March
	2024		2023		2024		2023
Cost of revenue	$	1.0	$	0.9	$	3.2	$	3.0
Research and development		15.0		12.1		45.7		39.5
Selling, general, and administrative		13.9		16.8		43.4		49.9
Total	$	29.9	$	29.8	$	92.3	$	92.4

Included in the preceding table is share-based compensation for our cash-settled phantom stock units, which we granted in October 2019. The final vesting of the phantom stock units occurred in October 2022, and no phantom stock units remain outstanding under this plan. As a result, for the three months ended March 2023, there was no share-based compensation for our cash-settled phantom stock units. For the nine months ended March 2023, share-based compensation for our cash-settled phantom stock units was $0.7 million.

Historically, we have issued new shares in connection with our equity-settled share-based compensation plans, however, treasury shares are also available for issuance. Any additional shares repurchased under our common stock repurchase program will be available for issuance under our share-based compensation plans.

Stock option activity was as follows:


	Stock			Weighted
	Option			Average
	Awards			Exercise
	Outstanding			Price
Balance as of June 2023		3,083		$	52.53
Exercised		(3,083	)	$	52.53
Expired		—
Balance as of March 2024		—

RSUs granted generally vest ratably over three to four years from the vesting commencement date. RSU activity was as follows:


				Aggregate
	RSU			Intrinsic
	Awards			Value
	Outstanding			(in millions)
Balance as of June 2023		1,304,926
Granted		1,321,280
Vested		(707,673	)
Forfeited		(175,473	)
Balance as of March 2024		1,743,060		$	170.1

The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2024, of $97.56.

The unrecognized share-based compensation cost of our outstanding RSUs was approximately $152.1 million as of March 2024, which will be recognized over a weighted average period of approximately 2.16 years.

An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement.


				Aggregate
	MSU			Intrinsic
	Awards			Value
	Outstanding			(in millions)
Balance as of June 2023		227,321
Granted		312,506
Delivered		(223,984	)
Forfeited		(92,475	)
Balance as of March 2024		223,368		$	21.8

The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2024, of $97.56.

We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three- or four-year performance and service period on a ratable basis by tranche. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $28.5 million as of March 2024, which will be recognized over a weighted average period of approximately 1.2 years.

A PSU is a promise to deliver shares of our common stock at a future date based on the achievement of performance-based requirements in accordance with the terms of the PSU grant agreement.

PSU activity was as follows:


				Aggregate
	PSU			Intrinsic
	Awards			Value
	Outstanding			(in millions)
Balance as of June 2023		253,359
Granted		302,895
Delivered		(131,461	)
Forfeited		(122,597	)
Balance as of March 2024		302,196		$	29.5

The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2024, of $97.56.

We value PSUs using the aggregate intrinsic value on the date of grant adjusted for estimated performance achievement during the performance period and amortize the compensation expense over the three-year service period on a ratable basis. The amount of stock-based compensation expense recognized in any period related to PSUs can vary based on the achievement or anticipated achievement of the performance conditions. If the performance conditions are not met, or not expected to be met, no compensation cost would be recognized on the underlying PSUs, and any previously recognized compensation expense related to those PSUs would be reversed. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $1.5 million as of March 2024, which will be recognized over a weighted average period of approximately 1.0 years.

Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the nine months ended March 2024, were as follows (in millions, except for shares purchased and weighted average price):


Shares purchased		211,425
Weighted average purchase price	$	74.2
Cash received	$	15.7
Aggregate intrinsic value	$	4.1