Stockholders' Equity

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Based Compensation

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

	Three Months Ended September 30,
	2023		2022
RSUs	$	54,864	$	55,670
Stock options	3,707		11,793
Performance-based awards	5,063		3,291
Employee stock purchase plan	2,766		2,821
Market-based RSUs	1,070		1,254
Total stock-based compensation	$	67,470	$	74,828

Stock-based compensation was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands):

	Three Months Ended September 30,
	2023		2022
Revenue - subscription and transaction fees	$	370	$	—
Cost of revenue	2,547		2,001
Research and development	27,365		20,851
Sales and marketing	13,885		29,258
General and administrative	20,980		20,510
Total amount charged to loss from operations	65,147		72,620
Property and equipment (capitalized internal-use software)	2,323		2,209
Total stock-based compensation	$	67,470	$	74,828

Unamortized stock-based compensation by award type:

	Unrecognized compensation (in thousands)		Weighted-average recognition period (in years)
RSUs	$	622,831	3.2
Performance-based awards	24,240		3.3
Market-based RSUs	11,114		1.4
Stock options	11,069		1.2
Employee stock purchase plan	3,446		0.6
Total unamortized stock-based compensation	$	672,700

Share Repurchase Program

In January 2023, the Board of Directors authorized the repurchase of up to $300 million of the Company's outstanding shares of common stock (the Share Repurchase Program). The Company may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans, intended to qualify under Rule 10b5-1 under Securities Exchange Act of 1934, as amended. The timing and total amount of share repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing

stock prices, and other considerations. The Share Repurchase Program has a term of 12 months, may be suspended or discontinued at any time, and does not obligate the Company to acquire any amount of common stock.

During the three months ended September 30, 2023, the Company repurchased and subsequently retired 159,979 shares for $16.1 million under the Share Repurchase Program. The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and and increase to accumulated deficit on the Company's condensed consolidated balance sheets. As of September 30, 2023, $196.3 million remained available for future share repurchases under the Share Repurchase Program.