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Stockholders' Equity
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Equity Incentive Plans
On November 26, 2019, the Company’s board of directors approved the 2019 Equity Incentive Plan (2019 Plan), which became effective on December 10, 2019. The 2019 Plan authorizes the award of stock options, RSUs, restricted stock awards, stock appreciation rights, performance-based awards, market-based awards, cash awards, and stock bonus awards, as determined by the Company’s board of directors.
The Company initially reserved 7,100,000 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under previous equity incentive plans, for issuance pursuant to awards granted under the 2019 Plan. The number of shares reserved for issuance under the 2019 Plan increases automatically on July 1 of each of 2020 through 2029 by the number of shares equal to the lesser of 5% of the total number of outstanding shares of the Company’s common stock as of the immediately preceding June 30, or a number as may be determined by the Company’s board of directors.
The total number of shares of common stock available for future grants under the Equity Incentive Plans was 17,870,737 shares as of June 30, 2025.
Restricted Stock Units
The following table summarizes RSU activity for the year ended June 30, 2025.
Number of
shares (1)
(in thousands)
Weighted
average
grant date
fair value
Nonvested at June 30, 2024
4,600 $108.24 
Granted6,871 53.03 
Vested(2,361)95.17 
Forfeited(1,224)84.78 
Nonvested at June 30, 2025
7,886 $67.67 
(1) Includes RSU, market-based RSUs and performance-based RSUs.
The fair value of the RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The weighted-average grant date fair value of RSUs granted during the years ended June 30, 2025, 2024, and 2023 was $53.03, $90.90, and $120.25 per share, respectively. The RSUs vest over the requisite service period, which ranges between 1 year and 4 years from the date of grant, subject to the continued employment of the employees and services of the non-employee directors. The total fair value of RSUs that vested during the years ended June 30, 2025, 2024, and 2023 was approximately $145.7 million, $145.1 million, and $197.3 million, respectively.
Performance-based RSUs
During the year ended June 30, 2025 the Company granted 292,403 RSUs to certain executive employees that vest based upon the achievement of designated financial metrics and continued employment with the Company over a period of three years. The fair value of the performance-based RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The weighted-average grant date fair value of these performance-based RSUs was $51.23 per unit. The Company recognizes expense for performance-based RSUs over the requisite service period. For any change in the estimate of the number of performance-based RSUs that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made. The number of shares that ultimately vest vary with the achievement of the specified performance criteria.
Stock Based Compensation
Stock-based compensation by award type (in thousands):
Year ended
June 30,
Unrecognized compensation
(in thousands)
Weighted-average recognition period (in years)
202520242023
Restricted stock units (RSUs)
$228,374 $217,696 $251,456 $451,785 2.9
Stock options2,964 10,719 37,882 476 0.2
Performance-based awards12,911 13,351 17,914 15,240 2.5
Employee stock purchase plan6,063 9,129 11,280 5,620 0.9
Market-based RSUs6,101 5,912 4,308 13,001 0.9
Total stock-based compensation
$256,413 $256,807 $322,840 $486,122 
Stock-based compensation was included in the following line items in the accompanying consolidated statements of operations and consolidated balance sheets (in thousands):
Year ended
June 30,
202520242023
Revenue - subscription and transaction fees$2,329 $1,831 $188 
Cost of revenue - service costs9,627 9,309 9,111 
Research and development107,603 103,382 93,364 
Sales and marketing39,992 49,070 130,421 
General and administrative82,981 81,209 80,619 
Restructuring— 3,574 — 
Total amount charged to operating loss242,532 248,375 313,703 
Property and equipment (capitalized internal-use software)13,881 8,432 9,137 
Total stock-based compensation$256,413 $256,807 $322,840 
Share Repurchase Program
In January 2023, the Company's board of directors authorized the repurchase of up to $300.0 million of the Company's outstanding shares of common stock (the January 2023 Share Repurchase Program). During the years ended June 30, 2024 and 2023, the Company repurchased and subsequently retired 2,882,634 shares for $211.9 million and 1,077,445 shares for $87.6 million under the January 2023 Share Repurchase Program, respectively. The Company completed the repurchase of shares with an aggregate value equal to the full authorized amount under the January 2023 Share Repurchase Program by December 31, 2023.
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 $300.0 million of its outstanding shares of common stock (the August 2024 Share Repurchase Program). The Company repurchased and subsequently retired 4,487,417 shares for $236.4 million under the August 2024 Share Repurchase Program, including the immaterial amount of accrued excise tax, during the year ended June 30, 2025. As of June 30, 2025, approximately $65.0 million remained available for future share repurchases under the August 2024 Share Repurchase Program. In July 2025, the Company repurchased $65.0 million of its common stock under this program and completed the repurchase of shares under the August 2024 Share Repurchase Program.
In addition, in December 2024, the Company's board of directors approved the repurchase of up to an additional $200.0 million of its outstanding shares of common stock in connection with the issuance of the 2030 Notes. The Company repurchased 2,260,397 shares of its common stock for $201.2 million, which included an immaterial amount of accrued excise tax, in privately negotiated transactions concurrently with the pricing of, and using proceeds from, the issuance of the 2030 Notes.
In August 2025, the Company's board of directors authorized an additional 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 2025 Share Repurchase Program). The Company may repurchase such 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 2025 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.
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 accompanying consolidated balance sheets.