Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Stock Option Activities

A summary of stock option activity as of June 30, 2023, and changes during the year ended June 30, 2023, 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, 2022	3,858	$	18.28	6.97	$	361,053
Exercised	(1,063)	$	13.06
Forfeited	(207)	$	29.06
Outstanding at June 30, 2023	2,588	$	19.56	5.90	$	258,093
Vested and expected to vest at June 30, 2023 (1)	2,560	$	19.32	5.89	$	255,787
Vested and exercisable at June 30, 2023	2,367	$	15.62	5.79	$	242,525

(1) 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, and 2021 was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

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

Summary of RSU Activity

A summary of RSU activity as of June 30, 2023, and changes during the year ended June 30, 2023, is presented below.

	Number of shares (1) (in thousands)	Weighted average grant date fair value
Nonvested at June 30, 2022	3,279	$	178.85
Granted	3,322	$	120.25
Vested	(1,640)	$	164.38
Forfeited	(777)	$	165.37
Nonvested at June 30, 2023	4,184	$	140.50

(1) Includes RSU, market-based RSUs and performance-based RSUs.

Schedule of Fair Value of ESPP Offerings

The fair value of ESPP offerings during the years ended June 30, 2023, 2022, and 2021 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions:

	Year ended June 30,
	2023		2022		2021
Expected term (in years)	0.4 to 1.0		0.4 to 1.0		0.5 to 1.00
Expected volatility	81.8% to 82.5%		76.0% to 77.3%		81.0% to 88.4%
Risk-free interest rate	3.39% to 4.89%		0.06% to 0.88%		0.05% to 0.13%
Expected dividend yield	0	%	0	%	0	%

Summary of Stock Based Compensation Cost

Stock-based compensation cost by award type (in thousands):

	Year ended June 30,
	2023		2022		2021
Stock options	$	37,882	$	55,667	$	45,035
RSUs(1)	251,456		134,222		23,225
Performance-based awards	17,914		—		—
Market-based RSUs	4,308		2,755		—
Employee stock purchase plan	11,280		8,918		4,191
Total stock-based compensation cost	$	322,840	$	201,562	$	72,451

Stock-based compensation cost from stock options, RSUs and purchase rights issued under the 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,
	2023		2022		2021
Revenue - subscription and transaction fees	$	188	$	—	$	—
Cost of revenue - service costs	9,111		5,144		2,938
Research and development	93,364		54,907		16,091
Sales and marketing(1)	130,421		60,237		8,547
General and administrative	80,619		76,869		44,411
Total amount charged to loss from operations	313,703		197,157		71,987
Property and equipment (capitalized internal-use software)	9,137		4,405		464
Total stock-based compensation cost	$	322,840	$	201,562	$	72,451

(1) In October 2022, the Company entered into separation and advisory agreements with its former Chief Revenue Officer (the CRO, and such agreements, the CRO Agreements). Pursuant to the CRO Agreements, the former CRO will serve the Company

as an advisor through September 2024. Upon execution of the CRO Agreements, the Company recognized $52.2 million of stock-based compensation expense related to the former CRO's outstanding RSU awards.