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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2022
Share Based Compensation [Abstract]  
Shares Reserved for Issuance

The following are shares reserved for issuance (in thousands):

 

 

 

June 30,

2022

 

 

June 30,

2021

 

2013 Equity Incentive Plan shares available for grant

 

 

11,430

 

 

 

6,753

 

Employee stock options and awards outstanding

 

 

7,616

 

 

 

10,359

 

2014 Employee Stock Purchase Plan

 

 

9,961

 

 

 

4,414

 

Total shares reserved for issuance

 

 

29,007

 

 

 

21,526

 

Summary of Stock Option Activity

The following table summarizes stock option activity under all plans (shares and intrinsic value in thousands):

 

 

 

Number of Shares

 

 

Weighted-Average Exercise Price Per Share

 

 

Weighted-Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value

 

Options outstanding at June 30, 2021

 

 

1,645

 

 

$

5.44

 

 

 

3.62

 

 

$

9,404

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(458

)

 

 

2.54

 

 

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at June 30, 2022

 

 

1,187

 

 

$

6.56

 

 

 

3.70

 

 

$

2,801

 

Vested and expected to vest at June 30, 2022

 

 

1,187

 

 

$

6.56

 

 

 

3.70

 

 

$

2,801

 

Exercisable at June 30, 2022

 

 

988

 

 

$

6.53

 

 

 

3.60

 

 

$

2,359

 

Summary of Stock Award Activity

The following table summarizes stock award activity (shares and market value in thousands):

 

 

Number of Shares

 

 

Weighted- Average Grant Date Fair Value

 

 

Aggregate Fair Value

 

Non-vested stock awards outstanding at June 30, 2021

 

 

8,714

 

 

$

5.51

 

 

 

 

 

Granted

 

 

4,448

 

 

 

11.39

 

 

 

 

 

Released

 

 

(6,235

)

 

 

5.38

 

 

 

 

 

Cancelled

 

 

(498

)

 

 

7.22

 

 

 

 

 

Non-vested stock awards outstanding at June 30, 2022

 

 

6,429

 

 

$

9.57

 

 

$

57,347

 

Stock awards expected to vest at June 30, 2022

 

 

6,429

 

 

$

9.57

 

 

$

57,347

 

Schedule of Awards Performance Thresholds and Shares Expected to Vest (TSR PSUs) The MSU award represents the right to receive a target number of shares of common stock up to 150% of the original grant. The MSUs vest based on the Company’s TSR relative to the TSR of the Index over performance periods from August 15, 2020 through August 15, 2023, subject to the grantees’ continued service through the certification of performance.

Level

Relative TSR

Shares Vested

 

Below Threshold

TSR is less than the Index by more than 37.5 percentage points

0%

 

Threshold

TSR is less than the Index by 37.5 percentage points

25%

 

Target

TSR equals the Index

100%

 

Maximum

TSR is greater than the Index by 25 percentage points or more

150%

 

 

 

Summary of Stock Awards with Market or Performance Based Conditions Granted

The following table summarizes stock awards with market or performance-based conditions granted and the number of awards that have satisfied the relevant market or performance criteria in each period (in thousands):

 

 

Fiscal year 2022

 

 

Fiscal year 2021

 

 

Fiscal year 2020

 

Performance awards granted

 

 

727

 

 

 

475

 

 

 

 

Performance awards earned

 

 

158

 

 

 

 

 

 

56

 

Schedule of Recognized Share-based Compensation Expense

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

 

Year Ended

 

 

June 30,

2022

 

 

June 30,

2021

 

 

June 30,

2020

 

Cost of product revenues

$

1,186

 

 

$

1,209

 

 

$

1,240

 

Cost of service and subscription revenues

 

1,421

 

 

 

1,662

 

 

 

1,620

 

Research and development

 

9,995

 

 

 

9,969

 

 

 

10,324

 

Sales and marketing

 

15,000

 

 

 

12,505

 

 

 

11,914

 

General and administrative

 

15,760

 

 

 

13,706

 

 

 

12,265

 

Total share-based compensation expense

$

43,362

 

 

$

39,051

 

 

$

37,842

 

Schedule of Fair Value Assumptions for Employee Stock Purchase Plan

The weighted-average estimated per share fair value of shares under the 2014 ESPP in fiscal years 2022, 2021 and 2020, was $3.32, $2.47 and $1.90, respectively.

 

Employee Stock Purchase Plan

 

 

 

Year Ended

 

 

 

June 30,

2022

 

 

June 30,

2021

 

 

June 30,

2020

 

 

Expected life

0.5 years

 

 

0.5 years

 

 

0.5 years

 

 

Risk-free interest rate

 

0.33

%

 

 

0.09

%

 

 

1.71

%

 

Volatility

 

49

%

 

 

95

%

 

 

43

%

 

Dividend yield

 

%

 

 

%

 

 

%