v3.26.1
Stockholders' Equity
 12 Months Ended
Jun. 30, 2026
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 2019 Plan was 22,761,620 shares as of June 30, 2026.
Restricted Stock Units
The following table summarizes RSU activity for the year ended June 30, 2026.
Number of
shares (1)
(in thousands)
Weighted
average
grant date
fair value
Nonvested at June 30, 2025
7,886 $67.67 
Granted3,276 46.72 
Vested(3,424)71.47 
Forfeited(1,760)64.14 
Nonvested at June 30, 2026
5,978 $55.22 
(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, 2026, 2025, and 2024 was $46.72, $53.03, and $90.90 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, 2026, 2025, and 2024 was approximately $152.0 million, $145.7 million, and $145.1 million, respectively.
Performance-based RSUs
During the year ended June 30, 2026 the Company granted 198,512 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 $52.23 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)
202620252024
Restricted stock units (RSUs)
$226,383 $228,374 $217,696 $216,756 2.0
Performance-based awards14,665 12,911 13,351 10,726 1.7
Employee stock purchase plan5,974 6,063 9,129 3,558 0.9
Market-based RSUs4,934 6,101 5,912 9,690 1.7
Stock options476 2,964 10,719 —0.0
Total stock-based compensation
$252,432 $256,413 $256,807 $240,730 
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,
202620252024
Revenue - subscription and transaction fees$2,449 $2,329 $1,831 
Cost of revenue - service costs8,554 9,627 9,309 
Research and development92,456 107,603 103,382 
Sales and marketing32,752 39,992 49,070 
General and administrative78,082 82,981 81,209 
Restructuring15,485 — 3,574 
Total amount charged to operating loss229,778 242,532 248,375 
Property and equipment (capitalized internal-use software)22,654 13,881 8,432 
Total stock-based compensation$252,432 $256,413 $256,807 
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). 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 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). In July 2025, the Company completed the repurchase of shares under the August 2024 Share Repurchase Program.
In August 2025, the Company's board of directors authorized the repurchase of up to $300.0 million in shares of its outstanding common stock (the August 2025 Share Repurchase Program).
In May 2026, the Company announced that the Company's board of directors authorized the repurchase of up to $1.0 billion in shares of its outstanding common stock, which authorization includes unused amounts under the August 2025 Share Repurchase Program (the 2026 Share Repurchase Authorization). Pursuant to this authorization, 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 intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. 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. This authorization has a term of 24 months, may be suspended, discontinued or modified at any time, and does not obligate the Company to acquire any amount of common stock.
The table below sets forth information regarding repurchases made pursuant to the Company's share repurchase programs as of June 30, 2026 (in thousands, except per share data):
PeriodShares repurchased
Total amount repurchased(1)
Average price paid per share(1)
Available for future share repurchases
Fiscal 2024
January 2023 Share Repurchase Program
2,883 $211,885 $73.49 — 
Total2,883 $211,885 
Fiscal 2025
August 2024 Share Repurchase Program
4,487 $236,725 $52.76 — 
Total4,487 $236,725 
Fiscal 2026
August 2024 Share Repurchase Program
1,392 $65,454 $47.02 — 
August 2025 Share Repurchase Program
3,862 201,340 $52.13 — 
2026 Share Repurchase Authorization8,434 300,473 $35.63 $702,170 
Total13,688 $567,267 
(1) Amounts include an immaterial amount of accrued excise tax.
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 $201.4 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.
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.