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Share-Based Compensation
 9 Months Ended
Mar. 29, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-Based Compensation Plans
2025 Inducement Equity Plan
Effective January 27, 2025, we adopted the 2025 Inducement Equity Plan, or the 2025 Inducement Plan, and 1,700,000 shares of our common stock are reserved for issuance under the 2025 Inducement Plan, subject to adjustment for stock dividends, stock splits, recapitalization or other changes in the capital structure of our company. The 2025 Inducement Plan is 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 shareholder approval requirement for the issuance of securities with regards to grants to a person not previously an employee or director of the Company or its subsidiaries. An individual is eligible to receive an award under the 2025 Inducement 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 2025 Inducement Plan is a material inducement for him or her to accept employment with our Company.
2019 Equity and Incentive Compensation Plan
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 7,588,000 as of October 29, 2024. 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.
2019 Inducement Equity Plan
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
Share-based compensation recognized in our condensed consolidated statements of operations was as follows (in millions):
Three Months EndedNine Months Ended
MarchMarch
2025202420252024
Cost of revenue$0.3 $1.0 $(2.1)$3.2 
Research and development18.5 15.0 48.6 45.7 
Selling, general, and administrative1.1 13.9 35.2 43.4 
Total$19.9 $29.9 $81.7 $92.3 
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.
Share-Based Compensation Plan Activity
Restricted Stock Units
RSUs granted generally vest ratably over three to four years from the vesting commencement date. RSU activity was as follows:
RSU
Awards
Outstanding 		Aggregate
Intrinsic
Value
(in millions)
Balance as of June 20241,620,006
Granted2,378,558
Vested(738,663)
Forfeited(333,819)
Balance as of March 20252,926,082$184.5 
The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2025, of $63.06.
The unrecognized share-based compensation cost of our outstanding RSUs was approximately $204.4 million as of March 2025, which will be recognized over a weighted average period of approximately 1.98 years.
Market Stock Units
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.
MSU activity was as follows:
MSU
Awards
Outstanding		Aggregate
Intrinsic
Value
(in millions)
Balance as of June 2024200,513
Granted120,765
Delivered(55,603)
Forfeited(143,689)
Balance as of March 2025121,986$7.7 
The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2025, of $63.06.
We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three-year performance and service period on a ratable basis by tranche. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $9.8 million as of March 2025, which will be recognized over a weighted average period of approximately 1.14 years.
Performance Stock Units
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:
 PSU
Awards
Outstanding		Aggregate
Intrinsic
Value
(in millions)
Balance as of June 2024265,362
Granted205,025
Delivered(16,843)
Forfeited(228,128)
Balance as of March 2025225,416$14.2 
The aggregate intrinsic value was determined using the closing price of our common stock on March 29, 2025, of $63.06.
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 $13.6 million as of March 2025, which will be recognized over a weighted average period of approximately 0.99 years.
Employee Stock Purchase Plan
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 2025, were as follows (in millions, except for shares purchased and weighted average price):
Shares purchased237,508
Weighted average purchase price$58.5 
Cash received$13.9 
Aggregate intrinsic value$2.5