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Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2022

A summary of stock option activity as of June 30, 2022, and changes during the year ended June 30, 2022, 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, 2021	6,552	$	13.31	7.87	$	1,113,025
Granted (1)	280	$	83.40
Exercised	(2,747)	$	12.39
Forfeited	(227)	$	26.66
Outstanding at June 30, 2022	3,858	$	18.28	6.97	$	361,053
Vested and expected to vest at June 30, 2022 (2)	3,624	$	18.22	6.94	$	339,548
Vested and exercisable at June 30, 2022	2,189	$	12.59	6.63	$	213,987


			(1)			Includes approximately 184,000 shares of outstanding stock options that were assumed upon the acquisition of Invoice2go. The weighted average exercise price of options assumed was $25.60 per share and the weighted average grant date fair value on the date of assumption was approximately $248.43 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, 2022, 2021 and 2020 was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Year ended June 30,
	2022		2021		2020
Expected term (in years)	2.00 to 7.05		4.00 to 6.25		6.25
Expected volatility	30.0% to 81.2%		35.0% to 85.1%		50.0% to 100.6%
Risk-free interest rate	0.20% to 2.88%		0.38% to 1.03%		0.35% to 1.88%
Expected dividend yield	0	%	0	%	0	%

Summary of RSU Activity

A summary of RSU activity as of June 30, 2022, and changes during the year ended June 30, 2022, is presented below.


	Number of shares (in thousands)	Weighted average grant date fair value
Nonvested at June 30, 2021	1,176	$	90.20
Granted	2,929	$	202.79
Vested	(535)	$	122.82
Forfeited	(291)	$	164.74
Nonvested at June 30, 2022	3,279	$	178.85

Schedule of Fair Value of ESPP Offerings

The fair value of ESPP offerings during the years ended June 30, 2022, 2021 and 2020 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions:


	Year ended June 30,
	2022		2021		2020
Expected term (in years)	0.4 to 1.0		0.5 to 1.0		0.5 to 1.17
Expected volatility	76.0% to 77.3%		81.0% to 88.4%		50.0%
Risk-free interest rate	0.06% to 0.88%		0.05% to 0.13%		1.47% to 1.56%
Expected dividend yield	0	%	0	%	0	%

Summary of Stock Based Compensation Cost

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,
	2022		2021		2020
Cost of revenue - service costs	$	5,144	$	2,938	$	1,257
Research and development	54,907		16,091		5,495
Sales and marketing	60,237		8,547		2,777
General and administrative	76,869		44,411		8,535
Total amount charged to expense	197,157		71,987		18,064
Property and equipment (capitalized internal-use software)	4,405		464		—
Total stock-based compensation cost	$	201,562	$	72,451	$	18,064