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Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2021

A summary of stock option activity as of June 30, 2021, and changes during the year ended June 30, 2021, is presented below:

	Number of shares (in thousands)			Weighted average exercise price per share		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (in thousands)
Outstanding at June 30, 2020		9,019		$	10.53	8.26	$	718,563
Granted⁽¹⁾		1,289		$	18.24
Exercised		(3,359	)	$	8.03
Forfeited		(397	)	$	10.90
Outstanding at June 30, 2021		6,552		$	13.31	7.87	$	1,113,025
Vested and expected to vest at June 30, 2021 ⁽²⁾		6,070		$	13.20	7.85	$	1,031,708
Vested and exercisable at June 30, 2021		2,608		$	11.23	7.53	$	448,497

⁽¹⁾

^{Includes 1,256,328 shares of outstanding stock options that were assumed upon the acquisition of Divvy. The weighted average exercise price of options assumed was $16.22 per share and the weighted average grant date fair value on the date of assumption was $133.62 per share.}

⁽²⁾

^{The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding options.}

Summary of Fair Value of Options Granted Black-Scholes Option-Pricing Model Assumptions

The fair value of options granted during the years ended June 30, 2021, 2020 and 2019 was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	Year ended June 30,
	2021	2020	2019
Expected term (in years)	4.00 to 6.25	6.25	6.25
Expected volatility	35.0% to 85.1%	50.0% to 100.6%	46.0% to 51.0%
Risk-free interest rate	0.38% to 1.03%	0.35% to 1.88%	2.19% to 2.89%
Expected dividend yield	0%	0%	0%

Summary of RSU Activity

A summary of RSU activity during the year ended June 30, 2020 is presented below:

	Number of shares (in thousands)			Weighted average grant date fair value
Nonvested at June 30, 2020		1,141		$	66.16
Granted		425		$	134.29
Vested		(297	)	$	66.34
Forfeited		(93	)	$	72.89
Nonvested at June 30, 2021		1,176		$	90.20

Schedule of Fair Value of ESPP Offerings

The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the years ended June 30, 2021 and 2020:

	Year ended June 30,
	2021			2020
Expected term (in years)	0.50 to 1.00			0.5 to 1.17
Expected volatility	81.0% to 88.4%				50.0	%
Risk-free interest rate	0.05% to 0.13%			1.47% to 1.56%
Expected dividend yield		0	%		0	%

Summary of Stock Based Compensation Cost from Stock Options, RSUs and ESPP

Stock-based compensation cost from stock options, RSUs and ESPP was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands):

	Year ended June 30,
	2021		2020		2019
Cost of revenue	$	2,938	$	1,257	$	331
Research and development		16,091		5,495		1,128
Sales and marketing		8,547		2,777		922
General and administrative		44,411		8,535		1,701
Property and equipment (capitalized internal-use software)		464		—		—
Total	$	72,451	$	18,064	$	4,082