The Company maintained a 2014 Equity Incentive Plan (the “2014 Plan”) and continues to maintain a 2023 Equity Incentive Plan (the “2023 Plan”), which was amended and restated in December 2025 to increase the number of shares available for issuance by 444 shares and remove certain share recycling provisions for stock options and stock appreciation rights. The 2023 Plan serves as the successor to the 2014 Plan and permits the granting of restricted stock units ("RSUs"), performance stock units ("PSUs"), market stock units ("MSUs") and other equity incentives at the discretion of the compensation committee of the Company’s board of directors ("Committee"). No new awards have been nor will be issued under the 2014 Plan since the effective date of the 2023 Plan. Outstanding awards under the 2014 Plan continue to be subject to the terms and conditions of the 2014 Plan.

As of June 30, 2026, the Company had 3,241 shares allocated to the 2023 Plan, of which 1,515 shares were subject to outstanding awards. Generally, the Company issues previously unissued shares for the vesting of awards; however, shares previously subject to 2023 Plan grants or awards that are forfeited or net settled at exercise or release may be reissued to satisfy future issuances.

Stock-based compensation expense related to RSUs, PSUs, MSUs and the Employee Stock Purchase Plan (as described below) was included in the following line items in the accompanying Consolidated Statements of Operations and Comprehensive Income:


	Year Ended June 30,
	2024		2025		2026
Cost of revenues	$	18,927	$	17,945	$	15,907
Sales and marketing	35,536		35,305		31,634
Research and development	36,072		35,786		30,577
General and administrative	55,497		53,784		60,539
Total stock-based compensation expense	$	146,032	$	142,820	$	138,657

In addition, the Company capitalized $14,376, $12,996 and $11,817 of stock-based compensation expense in its capitalized internal-use software costs in the years ended June 30, 2024, 2025 and 2026, respectively.

There were no stock options granted during the years ended June 30, 2024, 2025 or 2026. The total intrinsic value of options exercised during the years ended June 30, 2024 and 2025 was $18,438 and $22,819, respectively. There were no stock options exercised or outstanding during the year ended June 30, 2026.

The Company grants RSUs under its equity incentive plans with terms determined at the discretion of the Committee. RSUs generally vest over four years following the grant date and have time-based vesting conditions. The following table represents restricted stock unit activity during the year ended June 30, 2026:


	Units	Weighted average grant date fair value
RSU balance at July 1, 2025	1,361	$	187.32
RSUs granted	864	$	168.19
RSUs vested	(741)	$	197.88
RSUs forfeited	(184)	$	175.56
RSU balance at June 30, 2026	1,300	$	170.25

The Company also grants PSUs under the 2023 Plan with terms determined at the discretion of the Committee. The actual number of PSUs that will be eligible to vest is based on the achievement of Recurring and other revenue targets over a one year period with vesting taking place annually over three years. Up to 200% of the target number of shares subject to each PSU are eligible to be earned. The following table represents performance stock unit activity during the year ended June 30, 2026:

The Company also grants MSUs under the 2023 Plan with terms determined at the discretion of the Committee. The actual number of MSUs that will be eligible to vest is based on the achievement of a relative total shareholder return (“TSR”) target as compared to the TSR realized by each of the companies comprising the Russell 3000 Index over approximately three years. The MSUs vest at the end of each TSR measurement period, and up to 200% of the target number of shares subject to each MSU are eligible to be earned. The following table represents market share unit activity during the year ended June 30, 2026:


	Units	Weighted average grant date fair value
MSU balance at July 1, 2025	167	$	311.38
MSUs granted	31	$	224.22
MSUs vested	(25)	$	391.16
MSUs forfeited	(47)	$	391.16
MSU balance at June 30, 2026	126	$	243.98


	Year Ended June 30,
	2024		2025		2026
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	44.5%		44.4%		37.7%
Expected term (years)	3.04		3.04		3.04
Risk‑free interest rate	4.58%		3.86%		3.70%

At June 30, 2026, there was $99,963 of total unrecognized compensation cost, net of estimated forfeitures, related to unvested RSUs, PSUs and MSUs. That cost is expected to be recognized over a weighted average period of 1.6 years.

The Company recognized excess income tax benefits on $9,374 of stock-based compensation arrangements for the year ended June 30, 2024. The Company recognized tax shortfalls on $2,598 and $69,333 of stock-based compensation arrangements for the years ended June 30, 2025 and 2026, respectively. The tax impacts for all years were recognized through Income tax expense.

Under the Company’s Employee Stock Purchase Plan (“ESPP”), the Company can grant stock purchase rights to all eligible employees during specific offering periods. Shares are purchased through employees’ payroll deductions, up to a maximum of 10% of employees’ compensation for each purchase period, at a purchase price equal to 85% of the lesser of

the fair market value of the Company’s common stock at the first trading day of the applicable offering period or the purchase date. The ESPP is considered compensatory and results in compensation expense.

The Company issued a total of 171 shares upon the completion of its six-month offering periods ending November 15, 2025 and May 15, 2026. The Company recorded compensation expense attributable to the ESPP of $6,378, $5,988 and $5,732 for the years ended June 30, 2024, 2025 and 2026, respectively, which is included in the summary of stock-based compensation expense above. The grant date fair values of the ESPP offering periods were estimated using the following assumptions:


	Year Ended June 30,
	2024		2025		2026
Valuation assumptions:
Expected dividend yield	0	%	0	%	0	%
Expected volatility	32.9 - 43.3%		31.3 - 33.4%		27.9 - 43.0%
Expected term (years)	0.5		0.5		0.5
Risk‑free interest rate	5.26 - 5.41%		4.30 - 5.41%		3.77 - 4.30%

The Company maintains a 401(k) plan with a matching provision that covers all eligible employees. The Company matches 50% of employees’ contributions up to 8% of their gross pay. Contributions were $17,377, $18,946 and $19,568 for the years ended June 30, 2024, 2025 and 2026, respectively.