Stockholders' Equity

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Based Compensation

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

	Three Months Ended September 30,				Unrecognized compensation		Weighted-average recognition period (in years)
	2024		2023
Restricted stock units (RSUs)	$	50,895	$	54,864	$	587,367	3.1
Stock options	1,238		3,707		2,143		0.8
Performance-based awards	2,795		5,063		24,005		2.5
Employee stock purchase plan	1,407		2,766		2,096		0.4
Market-based RSUs	1,005		1,070		18,530		2.2
Total stock-based compensation	$	57,340	$	67,470	$	634,141

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,
	2024		2023
Revenue - subscription and transaction fees	$	527	$	370
Cost of revenue - service costs	2,145		2,547
Research and development	23,635		27,365
Sales and marketing	10,795		13,885
General and administrative	17,555		20,980
Total amount charged to operating loss	54,657		65,147
Property and equipment (capitalized internal-use software)	2,683		2,323
Total stock-based compensation	$	57,340	$	67,470

Share Repurchase Program

In August 2024, the Company's Board of Directors approved a new share repurchase program, pursuant to which the Company announced its intention to purchase up to $300 million of its outstanding shares of common stock (the August 2024 Share Repurchase Program). Under the August 2024 Share Repurchase Program, the Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The August 2024 Share Repurchase Program has no mandated end date, may be suspended, discontinued or modified at any time, and does not obligate the Company to acquire any amount of common stock.

During the three months ended September 30, 2024, the Company repurchased and subsequently retired 3,711,246 shares for $201.7 million under the August 2024 Share Repurchase Program, including the immaterial amount of accrued excise tax. The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and an increase to accumulated deficit on the Company's condensed consolidated balance sheets. As of September 30, 2024, approximately $100.0 million remained available for future share repurchases under the August 2024 Share Repurchase Program.