Share-based Compensation (Tables)

6 Months Ended

Dec. 31, 2017

Share Based Compensation [Abstract]

Shares Reserved for Issuance

The Company had reserved for issuance for the periods noted (in thousands):

	December 31, 2017		June 30, 2017
2014 Employee Stock Purchase Plan		6,517		7,785
Employee stock options and awards outstanding		10,900		9,726
2013 Equity Incentive Plan shares available for grant		12,242		7,629
Total shares reserved for issuance		29,659		25,140

Schedule of Recognized Share-based Compensation Expense

Share-based compensation expense recognized in the condensed consolidated financial statements by line item caption is as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016
Cost of product revenue	$	134	$	122	$	226	$	190
Cost of service revenue		296		186		429		418
Research and development		1,829		906		2,880		1,968
Sales and marketing		2,699		1,180		4,342		2,321
General and administrative		2,067		987		3,951		1,959
Total share-based compensation expense	$	7,025	$	3,381	$	11,828	$	6,856

Summary of Stock Award Activity

The following table summarizes stock award activity for the six months ended December 31, 2017 (in thousands, except grant date fair value):

	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Market Value
Non-vested stock awards outstanding at June 30, 2017		6,664		$	4.66	$	61,440
Granted		3,726			11.13
Vested		(1,871	)		3.78
Cancelled		(160	)		5.17
Non-vested stock awards outstanding at December 31, 2017		8,359		$	7.73	$	104,653

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended December 31, 2017(in thousands, except per share and contractual term):

	Number of Shares			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at June 30, 2017		3,062		$	4.06		4.19	$	15,868
Exercised		(517	)		4.42
Cancelled		(4	)		4.31
Options outstanding at December 31, 2017		2,541		$	3.99		3.28	$	21,687
Vested and expected to vest at December 31, 2017		2,541		$	3.99		3.28	$	21,687
Exercisable at December 31, 2017		2,126		$	4.24		3.08	$	17,599

Schedule of Fair Value Assumptions for Stock Options and Employee Stock Purchase Plan Awards

The fair value of each share purchase option under the Company’s Employee Stock Purchase Plan (“ESPP”) is estimated on the date of grant using the Black-Scholes-Merton option valuation model with the weighted average assumptions noted in the following table.  The expected term of the ESPP represents the term of the offering period of each option.  The risk-free rate is based upon the estimated life and on the U.S. Treasury yield curve in effect at the time of grant.  Expected volatility is based on the historical volatility on the Company’s stock.

There were no shares granted under the ESPP during the three months ended December 31, 2017 or 2016. The weighted-average fair value of shares granted under the Company’s 2014 ESPP during the six months ended December 31, 2017 and 2016, was $2.41 and $1.00, respectively.  There were 1,267,930 and 1,103,599 shares issued under the Company’s 2014 ESPP during the six months ended December 31, 2017 and 2016, respectively.

	Employee Stock Purchase Plan
	Six Month Ended
	December 31, 2017			December 31, 2016
Expected life	0.50 years			0.50 years
Risk-free interest rate		1.15	%		0.40	%
Volatility		42	%		40	%
Dividend yield		—	%		—	%