INTAPP, INC., 10-Q filed on 2/4/2025
Quarterly Report
v3.25.0.1
Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2024
Jan. 28, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2024  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Registrant Name Intapp, Inc.  
Entity Central Index Key 0001565687  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Current Fiscal Year End Date --06-30  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   79,397,840
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol INTA  
Security Exchange Name NASDAQ  
Entity File Number 001-40550  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-1467620  
Entity Address, Address Line One 3101 Park Blvd  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94306  
City Area Code 650  
Local Phone Number 852-0400  
Document Quarterly Report true  
Document Transition Report false  
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Current assets:    
Cash and cash equivalents $ 285,631 $ 208,370
Restricted cash 200 200
Accounts receivable, net of allowance of $989 and $1,406 as of December 31, 2024 and June 30, 2024, respectively 87,596 95,103
Unbilled receivables, net 13,786 13,300
Other receivables, net 4,412 2,743
Prepaid expenses 11,284 9,031
Deferred commissions, current 14,232 13,907
Total current assets 417,141 342,654
Property and equipment, net 20,172 18,944
Operating lease right-of-use assets 18,426 21,382
Goodwill 285,907 285,969
Intangible assets, net 34,351 40,293
Deferred commissions, noncurrent 18,335 18,495
Other assets 6,255 5,262
Total assets 800,587 732,999
Current liabilities:    
Accounts payable 16,631 13,348
Accrued compensation 35,045 42,066
Accrued expenses 7,266 12,040
Deferred revenue, net 234,962 218,923
Other current liabilities 12,243 14,270
Total current liabilities 306,147 300,647
Deferred tax liabilities 1,255 1,336
Deferred revenue, noncurrent 3,033 3,563
Operating lease liabilities, noncurrent 17,409 19,605
Other liabilities 4,353 4,610
Total liabilities 332,197 329,761
Commitments and contingencies (Note 9)
Stockholders' equity:    
Preferred stock, $0.001 par value per share, 50,000 shares authorized; no shares issued or outstanding as of December 31, 2024 and June 30, 2024, respectively
Common stock, $0.001 par value per share, 700,000 shares authorized; 79,234 and 74,624 shares issued and outstanding as of December 31, 2024 and June 30, 2024, respectively 79 75
Additional paid-in capital 971,631 891,681
Accumulated other comprehensive loss (1,401) (1,336)
Accumulated deficit (501,919) (487,182)
Total stockholders' equity 468,390 403,238
Total liabilities and stockholders' equity $ 800,587 $ 732,999
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Allowance for doubtful accounts $ 989 $ 1,406
Preferred stock, par value per share $ 0.001 $ 0.001
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 700,000,000 700,000,000
Common stock, shares issued 79,234,000 74,624,000
Common stock, shares outstanding 79,234,000 74,624,000
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues        
Total revenues $ 121,209 $ 103,933 $ 240,014 $ 205,508
Cost of revenues        
Total cost of revenues 32,471 30,769 64,405 62,342
Gross profit 88,738 73,164 175,609 143,166
Operating expenses:        
Research and development 33,325 27,981 65,752 56,477
Sales and marketing 40,791 35,269 78,551 69,688
General and administrative 24,808 20,996 48,746 42,048
Total operating expenses 98,924 84,246 193,049 168,213
Operating loss (10,186) (11,082) (17,440) (25,047)
Interest and other income (expense), net (202) 2,057 3,220 1,114
Net loss before income taxes (10,388) (9,025) (14,220) (23,933)
Income tax benefit (expense) 171 (188) (517) (601)
Net loss $ (10,217) $ (9,213) $ (14,737) $ (24,534)
Net loss per share, basic $ (0.13) $ (0.13) $ (0.19) $ (0.35)
Net loss per share, diluted $ (0.13) $ (0.13) $ (0.19) $ (0.35)
Weighted-average shares used to compute net loss per share, basic 78,118 70,521 76,861 69,729
Weighted-average shares used to compute net loss per share , diluted 78,118 70,521 76,861 69,729
SaaS        
Revenues        
Total revenues $ 79,976 $ 63,117 $ 156,852 $ 122,030
Cost of revenues        
Total cost of revenues 16,292 12,810 31,610 25,521
License        
Revenues        
Total revenues 28,017 28,135 56,509 56,186
Cost of revenues        
Total cost of revenues 1,630 1,606 3,382 3,308
Professional Services        
Revenues        
Total revenues 13,216 12,681 26,653 27,292
Cost of revenues        
Total cost of revenues $ 14,549 $ 16,353 $ 29,413 $ 33,513
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net loss $ (10,217) $ (9,213) $ (14,737) $ (24,534)
Other comprehensive income (loss):        
Foreign currency translation adjustments (560) 352 (65) 61
Other comprehensive income (loss): (560) 352 (65) 61
Comprehensive loss $ (10,777) $ (8,861) $ (14,802) $ (24,473)
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Follow-On Public Offering
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Follow-On Public Offering
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning Balance at Jun. 30, 2023 $ 341,208   $ 69 $ 797,639   $ (1,339) $ (455,161)
Beginning Balance, shares at Jun. 30, 2023     68,574        
Issuance of common stock upon exercise of stock options 17,936   $ 2 17,934      
Issuance of common stock upon exercise of stock options, shares     1,641        
Vesting of performance stock units and restricted stock units     $ 1 (1)      
Vesting of performance stock units and restricted stock units, shares     1,645        
Issuance of common stock under employee stock purchase plan 1,725     1,725      
Issuance of common stock under employee stock purchase plan, shares     81        
Stock-based compensation 35,265     35,265      
Issuance of common stock, net of offering costs of $1,569   $ (4)     $ (4)    
Foreign currency translation adjustments 61         61  
Net loss (24,534)           (24,534)
Ending Balance at Dec. 31, 2023 371,657   $ 72 852,558   (1,278) (479,695)
Ending Balance, shares at Dec. 31, 2023     71,941        
Beginning Balance at Sep. 30, 2023 346,673   $ 69 818,716   (1,630) (470,482)
Beginning Balance, shares at Sep. 30, 2023     69,378        
Issuance of common stock upon exercise of stock options 15,612   $ 2 15,610      
Issuance of common stock upon exercise of stock options, shares     1,412        
Vesting of performance stock units and restricted stock units     $ 1 (1)      
Vesting of performance stock units and restricted stock units, shares     1,070        
Issuance of common stock under employee stock purchase plan 1,725     1,725      
Issuance of common stock under employee stock purchase plan, shares     81        
Stock-based compensation 16,508     16,508      
Foreign currency translation adjustments 352         352  
Net loss (9,213)           (9,213)
Ending Balance at Dec. 31, 2023 371,657   $ 72 852,558   (1,278) (479,695)
Ending Balance, shares at Dec. 31, 2023     71,941        
Beginning Balance at Jun. 30, 2024 403,238   $ 75 891,681   (1,336) (487,182)
Beginning Balance, shares at Jun. 30, 2024     74,624        
Issuance of common stock upon exercise of stock options $ 32,584   $ 3 32,581      
Issuance of common stock upon exercise of stock options, shares 3,161   3,161        
Vesting of performance stock units and restricted stock units     $ 1 (1)      
Vesting of performance stock units and restricted stock units, shares     1,382        
Issuance of common stock under employee stock purchase plan $ 1,970     1,970      
Issuance of common stock under employee stock purchase plan, shares     67        
Stock-based compensation 45,400     45,400      
Foreign currency translation adjustments (65)         (65)  
Net loss (14,737)           (14,737)
Ending Balance at Dec. 31, 2024 468,390   $ 79 971,631   (1,401) (501,919)
Ending Balance, shares at Dec. 31, 2024     79,234        
Beginning Balance at Sep. 30, 2024 442,120   $ 78 934,585   (841) (491,702)
Beginning Balance, shares at Sep. 30, 2024     77,285        
Issuance of common stock upon exercise of stock options 9,666   $ 1 9,665      
Issuance of common stock upon exercise of stock options, shares     1,123        
Vesting of performance stock units and restricted stock units, shares     759        
Issuance of common stock under employee stock purchase plan 1,970     1,970      
Issuance of common stock under employee stock purchase plan, shares     67        
Stock-based compensation 25,411     25,411      
Foreign currency translation adjustments (560)         (560)  
Net loss (10,217)           (10,217)
Ending Balance at Dec. 31, 2024 $ 468,390   $ 79 $ 971,631   $ (1,401) $ (501,919)
Ending Balance, shares at Dec. 31, 2024     79,234        
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)
$ in Thousands
 6 Months Ended
Dec. 31, 2023
USD ($)
Follow-On Public Offering  
Offering costs $ 1,569
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (14,737) $ (24,534)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 8,839 7,984
Amortization of operating lease right-of-use assets 2,558 2,282
Accounts receivable allowances 823 1,228
Stock-based compensation 45,400 35,265
Change in fair value of contingent consideration (1,004) (2,215)
Deferred income taxes (74) (217)
Other 76 77
Changes in operating assets and liabilities:    
Accounts receivable 6,465 12,570
Unbilled receivables, current (486) (5,774)
Prepaid expenses and other assets (5,001) (1,788)
Deferred commissions (165) (1,068)
Accounts payable and accrued liabilities (7,875) (1,517)
Deferred revenue, net 15,509 4,837
Operating lease liabilities (2,675) (2,339)
Other liabilities 2,032 (1,144)
Net cash provided by operating activities 49,685 23,647
Cash Flows from Investing Activities:    
Purchases of property and equipment (416) (1,354)
Capitalized internal-use software costs (3,449) (3,453)
Business combinations, net of cash acquired (897) 0
Net cash used in investing activities (4,762) (4,807)
Cash Flows from Financing Activities:    
Payments for deferred offering costs 0 (781)
Proceeds from stock option exercises 32,584 17,936
Proceeds from employee stock purchase plan 1,970 1,725
Payments of deferred contingent consideration and holdback associated with acquisitions (2,410) (2,551)
Net cash provided by financing activities 32,144 16,329
Effect of foreign currency exchange rate changes on cash and cash equivalents 194 203
Net increase in cash, cash equivalents and restricted cash 77,261 35,372
Cash, cash equivalents and restricted cash - beginning of period 208,570 131,185
Cash, cash equivalents and restricted cash - end of period 285,831 166,557
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 285,631 166,357
Restricted cash 200 200
Total cash, cash equivalents and restricted cash 285,831 166,557
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 0 1
Cash paid for income taxes, net of tax refunds 2,306 352
Non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued liabilities 276 27
Capitalized internal-use software costs in accounts payable and accrued liabilities 672 0
Deferred consideration and acquisition holdbacks in accounts payable, accrued and other liabilities 2,402 0
Fair value of contingent consideration in accrued and other liabilities $ 305 $ 0
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ (10,217) $ (9,213) $ (14,737) $ (24,534)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

Michele Murgel, the Company’s Chief People and Places Officer, entered into a Rule 10b5-1 Plan on December 12, 2024, which has an end date of August 15, 2025. Ms. Murgel’s Rule 10b5-1 Plan provides for the potential sale of up to 31,332 shares of Intapp common stock and the potential sale of the net shares of Intapp common stock that Ms. Murgel will receive from the vesting of certain outstanding awards of PSUs and RSUs granted prior to the adoption of her current Rule 10b5-1 Plan until the plan’s end date.

Nancy Harris, a member of the Company’s Board of Directors, entered into a stock trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Plan”) on December 13, 2024, which has an end date of December 31, 2025. Ms. Harris’s Rule 10b5-1 Plan provides for the potential sale of up to 9,940 shares of Intapp common stock.

Thad Jampol, the Company’s Co-founder and Chief Product Officer, entered into a Rule 10b5-1 Plan on December 13, 2024, which has an end date of April 1, 2026. Mr. Jampol’s Rule 10b5-1 Plan provides for the potential exercise of stock options and the associated sale of up to 227,928 shares of Intapp common stock and the potential sale of up to 100,000 additional shares of Intapp common stock.

Michele Murgel  
Trading Arrangements, by Individual  
Name Michele Murgel
Title Chief People and Places Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 12, 2024
Expiration Date August 15, 2025
Arrangement Duration 246 days
Nancy Harris  
Trading Arrangements, by Individual  
Name Nancy Harris
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 13, 2024
Expiration Date December 31, 2025
Arrangement Duration 383 days
Thad Jampol  
Trading Arrangements, by Individual  
Name Thad Jampol
Title Co-founder and Chief Product Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 13, 2024
Expiration Date April 1, 2026
Arrangement Duration 474 days
Aggregate Available 227,928
Potential sale of common stock | Michele Murgel  
Trading Arrangements, by Individual  
Aggregate Available 31,332
Potential sale of common stock | Nancy Harris  
Trading Arrangements, by Individual  
Aggregate Available 9,940
Potential sale of common stock | Thad Jampol  
Trading Arrangements, by Individual  
Aggregate Available 100,000
v3.25.0.1
Description of Business
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business

Note 1. Description of Business

Intapp, Inc. ("Intapp" or the "Company") is a leading global provider of AI-powered solutions for professionals at advisory, capital markets and legal firms. The Company empowers the world’s premier accounting, consulting, investment banking, legal, private capital and real assets firms with the technology they need to operate more competitively, deliver timely insights to their professionals, and meet rapidly changing client, investor, and regulatory requirements. Using the power of Applied AI, its purpose-built vertical software as a service (“SaaS”) solutions accelerate the flow of information firmwide, activate expertise, empower teams, strengthen client relationships, manage risk, and help firms adapt more quickly in a highly complex ecosystem. The Company serves clients primarily in the United States (“U.S.”) and the United Kingdom (“U.K.”). References to “the Company,” “us,” “we,” or “our” in these unaudited condensed consolidated financial statements refer to the consolidated operations of Intapp and its consolidated subsidiaries.

v3.25.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 filed with the SEC on August 26, 2024. The unaudited condensed consolidated financial statements include accounts of the Company and its consolidated subsidiaries, after eliminating all inter-company transactions and balances.

The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary to state fairly the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations for the three and six months ended December 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other period.

Certain prior period amounts reported in our unaudited condensed consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation. Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license was included in a line item entitled “SaaS and Support.” The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income. There was no change to the Company's revenue recognition policy, except for the change in classification noted herein.

Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. The Company recognizes SaaS revenues ratably over the contract term beginning on the commencement date of each contract, which is the date when the Company’s service is available to clients. License revenues include subscription fees from providing clients with the right to functional intellectual property where clients can benefit from the subscription licenses on their own and support services related to the licenses, which entitles clients to receive technical support and software updates, on a when and if available basis. The Company recognizes license revenues related to subscription fees at a point in time when control of the term software application is transferred to the client, which generally occurs at the time of delivery or upon commencement of the renewal term. The Company recognizes license revenues related to support ratably over the term of the support contract which corresponds to the underlying license agreement.

Use of Estimates

The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the unaudited condensed consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, revenue recognition including determination of the standalone selling price (“SSP”) of the deliverables included in multiple deliverable revenue arrangements; allowance for credit losses; the depreciable lives of long-lived assets including intangible assets; the expected useful life of deferred commissions; the fair value of stock-based awards; the fair value of assets acquired and liabilities assumed in business combinations; goodwill and long-lived assets impairment assessment; the fair value of contingent consideration liabilities; the incremental borrowing rate used to determine the operating lease liabilities; valuation allowances on deferred tax assets; uncertain tax positions; and loss contingencies. The Company evaluates estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates, and those differences could be material to the unaudited condensed consolidated financial statements.

Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies as described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

Concentrations of Credit Risk and Significant Clients

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with multiple high credit quality financial institutions. The Company is exposed to credit risk for cash and cash equivalents held in financial institutions to the extent that such amounts recorded on the balance sheet are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any such losses.

No client individually accounted for 10% or more of the Company’s revenues for either of the three and six months ended December 31, 2024 and 2023. As of December 31, 2024, no client individually accounted for 10% or more of the Company’s total accounts receivable. As of June 30, 2024, one client individually accounted for 16% of the Company’s total accounts receivable.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This guidance will be applied retrospectively and will be effective for the Company for fiscal year ending June 30, 2025, and for interim periods beginning July 1, 2025. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects of future cash flows. This guidance will be effective for the Company’s fiscal year beginning July 1, 2025, and should be applied on a prospective or retrospective basis. The Company expects the adoption to result in additional disclosures only.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (ASC 220): Disaggregation of Income Statement Expenses, which requires disclosures, on an annual and interim basis, about specific expense categories presented on the income statement. This guidance will be effective for the Company's fiscal year beginning July 1, 2027, and should be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.
v3.25.0.1
Revenues
 6 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Revenues

Note 3. Revenues

Disaggregation of Revenues

Revenues by geography were as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S.

 

$

83,138

 

 

$

73,163

 

 

$

161,710

 

 

$

143,018

 

U.K.

 

 

18,217

 

 

 

13,829

 

 

 

38,220

 

 

 

28,555

 

Rest of the world

 

 

19,854

 

 

 

16,941

 

 

 

40,084

 

 

 

33,935

 

Total

 

$

121,209

 

 

$

103,933

 

 

$

240,014

 

 

$

205,508

 

 

No country other than those listed above accounted for 10% or more of the Company’s total revenues during the three and six months ended December 31, 2024 and 2023.

Deferred Commissions

Deferred commissions were $32.6 million and $32.4 million as of December 31, 2024 and June 30, 2024, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s unaudited condensed consolidated statements of operations, was $4.1 million and $8.0 million for the three and six months ended December 31, 2024, respectively, and $3.6 million and $7.1 million for the three and six months ended December 31, 2023. There was no impairment loss in relation to the costs capitalized for the periods presented.

Contract balances

The Company’s contract assets and liabilities were as follows (in thousands):

 

 

 

December 31, 2024

 

 

June 30, 2024

 

Unbilled accounts receivable(1)

 

$

14,003

 

 

$

13,363

 

Deferred revenue, net

 

 

237,995

 

 

 

222,486

 

 

(1)
The long-term portion of $217 thousand and $63 thousand as of December 31, 2024 and June 30, 2024, respectively is included in other assets on the unaudited condensed consolidated balance sheets.

There was no allowance for credit losses associated with unbilled receivables as of December 31, 2024 and June 30, 2024. During the six months ended December 31, 2024 and 2023 the Company recognized $149.3 million and $125.1 million in revenue pertaining to deferred revenue as of June 30, 2024 and 2023, respectively.

Remaining Performance Obligations

Remaining performance obligations represent non-cancellable contracted revenues that have not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenues in future periods. SaaS subscription is typically satisfied over one to three years, license is typically satisfied at a point in time, support services are generally satisfied within one year, and professional services are typically satisfied within one year. Professional services contracts are not included in the performance obligations amount.

As of December 31, 2024, approximately $615.3 million of revenues is expected to be recognized from remaining performance obligations with approximately 55% over the next 12 months and the remainder thereafter.

v3.25.0.1
Business Combinations
 6 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations

Note 4. Business Combinations

In connection with the acquisition of Transform Data International B.V. and its subsidiaries ("TDI") on May 1, 2024, the Company paid $0.9 million to the seller for certain working capital adjustments during the six months ended December 31, 2024. This was included in the purchase price and is recorded in investing activities in the Company's unaudited condensed consolidated statements of cash flows. For further information refer to Note 4, Business Combinations, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

 
v3.25.0.1
Goodwill and Intangible Assets
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill

Changes in the carrying amounts of goodwill were as follows (in thousands):

 

 

 

Carrying Amount

 

Balance as of June 30, 2024

 

$

285,969

 

Foreign currency translation adjustment

 

 

(62

)

Balance as of December 31, 2024

 

$

285,907

 

 

Intangible Assets

Intangible assets acquired through business combinations consisted of the following (in thousands):

 

 

 

December 31, 2024

 

 

 

Useful Life
(In years)

 

Gross Carrying Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Amount

 

Client relationships

 

9 to 15

 

$

48,900

 

 

$

(31,150

)

 

$

17,750

 

Non-compete agreements

 

3 to 5

 

 

4,907

 

 

 

(4,361

)

 

 

546

 

Trademarks and trade names

 

Indefinite

 

 

4,683

 

 

 

—

 

 

 

4,683

 

Trademarks and trade names

 

5 to 10

 

 

7,822

 

 

 

(5,983

)

 

 

1,839

 

Core technology

 

2 to 7

 

 

60,584

 

 

 

(51,134

)

 

 

9,450

 

Backlog

 

2

 

 

1,000

 

 

 

(917

)

 

 

83

 

Intangible assets, net

 

 

 

$

127,896

 

 

$

(93,545

)

 

$

34,351

 

 

 

 

June 30, 2024

 

 

 

Useful Life
(In years)

 

Gross Carrying Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Amount

 

Client relationships

 

9 to 15

 

$

48,900

 

 

$

(28,949

)

 

$

19,951

 

Non-compete agreements

 

3 to 5

 

 

4,907

 

 

 

(4,035

)

 

 

872

 

Trademarks and trade names

 

Indefinite

 

 

4,683

 

 

 

—

 

 

 

4,683

 

Trademarks and trade names

 

5 to 10

 

 

7,822

 

 

 

(5,773

)

 

 

2,049

 

Core technology

 

2 to 7

 

 

60,584

 

 

 

(48,054

)

 

 

12,530

 

Backlog

 

2

 

 

1,000

 

 

 

(792

)

 

 

208

 

Intangible assets, net

 

 

 

$

127,896

 

 

$

(87,603

)

 

$

40,293

 

 

Amortization expense related to acquired intangible assets was recognized as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of SaaS

 

$

1,509

 

 

$

1,055

 

 

$

3,080

 

 

$

2,110

 

Sales and marketing

 

 

1,268

 

 

 

1,396

 

 

 

2,536

 

 

 

2,883

 

General and administrative

 

 

163

 

 

 

163

 

 

 

326

 

 

 

326

 

Total amortization expense

 

$

2,940

 

 

$

2,614

 

 

$

5,942

 

 

$

5,319

 

 

As of December 31, 2024, the estimated future amortization expense for acquired intangible assets is as follows (in thousands):

 

Fiscal Year Ending June 30,

 

Amount

 

2025 (remaining 6 months)

 

$

5,221

 

2026

 

 

7,835

 

2027

 

 

5,121

 

2028

 

 

4,623

 

2029

 

 

3,252

 

2030 and thereafter

 

 

3,616

 

Total remaining amortization

 

$

29,668

 
v3.25.0.1
Fair Value Measurements
 6 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 6. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical, assets or liabilities at the measurement date;

Level 2—Inputs are quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Money market funds are classified as Level 1 as the assets are valued using quoted prices in active markets. Liabilities for contingent consideration related to business combinations are classified as Level 3 liabilities as the Company uses unobservable inputs in the valuation, specifically related to the projected total contract value generated by the acquired businesses for a distinct period of time.

The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of the date indicated by level within the fair value hierarchy (in thousands):

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

218,231

 

 

$

—

 

 

$

—

 

 

$

218,231

 

Total financial assets

 

$

218,231

 

 

$

—

 

 

$

—

 

 

$

218,231

 

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

78,677

 

 

$

—

 

 

$

—

 

 

$

78,677

 

Total financial assets

 

$

78,677

 

 

$

—

 

 

$

—

 

 

$

78,677

 

 

 

The following tables set forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liability for contingent consideration, current portion

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Liability for contingent consideration, non-current portion

 

 

—

 

 

 

—

 

 

 

305

 

 

 

305

 

Total financial liabilities

 

$

—

 

 

$

—

 

 

$

305

 

 

$

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liability for contingent consideration, current portion

 

$

—

 

 

$

—

 

 

$

2,405

 

 

$

2,405

 

Liability for contingent consideration, non-current portion

 

—

 

 

 

—

 

 

 

153

 

 

 

153

 

Total financial liabilities

 

$

—

 

 

$

—

 

 

$

2,558

 

 

$

2,558

 

 

In connection with the acquisition of TDI, the Company is obligated to pay up to $1.0 million in cash on achievement of certain performance measures and in some cases, continued employment or service with the Company or its subsidiaries. The fair value of the contingent consideration liability was measured based on the probability of achieving certain performance measures pursuant to the acquisition agreement. The total fair value of the contingent consideration liability was $0.8 million as of December 31, 2024 and June 30, 2024, of which $0.1 million was included as part of purchase consideration upon acquisition and $0.7 million was accounted for as post-combination compensation costs to be recognized over the required service period. Accordingly, the Company recorded a contingent consideration liability of $0.3 million as of December 31, 2024 and $0.2 million as of June 30, 2024 in other liabilities on the unaudited condensed consolidated balance sheets.

In connection with the acquisition of Paragon Data Labs, Inc. in May 2023, the Company recorded a contingent consideration liability of $4.3 million on the acquisition date for the estimated fair value of the contingent consideration. The fair value was measured based on the probability of achieving certain performance measures pursuant to the acquisition agreement. During the six months ended December 31, 2024, the Company made a fair value adjustment of $1.0 million based on the probability of achieving certain performance measures and paid $1.4 million related to the contingent consideration. Accordingly, the contingent consideration was fully settled as of December 31, 2024, as compared to the fair value of $2.4 million as of June 30, 2024, which was included in other current liabilities on the unaudited condensed consolidated balance sheets.

The fair value of the contingent consideration was initially estimated on the acquisition date using the Monte Carlo simulation and included key assumptions used by management related to the estimated probability of occurrence and discount rates. Subsequent changes in the fair value of the contingent consideration liabilities, resulting from management’s revision of key assumptions and estimates, have been recorded in general and administrative expenses in the unaudited condensed consolidated statements of operations. Gains and losses arising from exchange rate fluctuation on these liabilities not denominated in U.S. dollars have been included in interest and other income (expense), net on the unaudited condensed consolidated statements of operations.

Changes in contingent consideration liabilities were as follows (in thousands):

 

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

Balance, beginning of period

 

$

2,558

 

 

$

6,681

 

Payment of contingent consideration

 

 

(1,401

)

 

 

(985

)

Change of contingent consideration

 

 

(848

)

 

 

(2,215

)

Effect of foreign currency exchange rate changes

 

 

(4

)

 

 

—

 

Balance, end of period

 

$

305

 

 

$

3,481

 

 

Other financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued liabilities and other current liabilities, which are stated at their carrying value as it approximates fair value due to the short time to expected receipt or payment.
v3.25.0.1
Internal-Use Software Costs
 6 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Internal-Use Software Costs

Note 7. Internal-Use Software Costs

Capitalized Internal-Use Software

Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, or costs related to development of our hosted SaaS products are capitalized during the application development stage. The Company capitalized $3.5 million and $3.1 million of costs related to software developed for internal use during the six months ended December 31, 2024 and 2023, respectively. Capitalized stock-based compensation expense was not material for the periods presented. Amortization expense related to capitalized internal-use software was $0.9 million for the three months ended December 31, 2024 and 2023, and was $1.9 million and $1.7 million for the six months ended December 31, 2024 and 2023, respectively, and was recognized in cost of revenues related to SaaS in the unaudited condensed consolidated statements of operations. The net book value of capitalized internal-use software was $15.1 million and $13.5 million as of December 31, 2024 and June 30, 2024, respectively. Capitalized internal-use software costs are recorded in property and equipment on the Company’s unaudited condensed consolidated balance sheets. The Company has not recorded any impairment charges during the periods presented.

Capitalized Cloud Computing Implementation Costs

Qualifying implementation costs incurred in cloud computing arrangements incurred during the application development stage are capitalized based on the existing guidance for internal-use software, which is presented as part of our prepaid expenses and other assets based on the term of the associated cloud computing arrangement. The capitalized implementation costs are amortized on a straight-line basis over the term of the associated cloud computing arrangement when the module or component of the cloud computing arrangement is ready for its intended use in the same line item as fees for the associated cloud computing arrangement in the unaudited condensed consolidated statements of operations. The Company capitalized $1.9 million and $2.1 million of costs related to cloud computing implementation during the six months ended December 31, 2024 and 2023, respectively. Capitalized stock-based compensation expense was not material for the periods presented. Amortization expense related to capitalized cloud computing implementation costs was $0.2 million and none for the three months ended December 31, 2024 and 2023, respectively. The net book value of capitalized cloud computing implementation costs was $5.7 million as of December 31, 2024, out of which $1.3 million is recorded as part of prepaid expenses and $4.4 million is recorded as part of other assets based on the term of the associated cloud computing arrangement. The net book value of capitalized cloud computing implementation costs was $4.1 million as of June 30, 2024, out of which $0.6 million is recorded as part of prepaid expenses and $3.5 million is recorded as part of other assets based on the term of the associated cloud computing arrangement. The Company has not recorded any impairment charges during the periods presented.

v3.25.0.1
Leases
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

Note 8. Leases

The Company leases the majority of its office space in the U.S., U.K., Netherlands, Ukraine, Germany, and Singapore under non-cancelable operating lease agreements, which have various expiration dates through November 2030, some of which include options to extend the leases for up to 5 years.

The components of lease costs were as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

Operating Leases:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

1,678

 

 

$

1,486

 

 

$

3,383

 

 

$

2,986

 

Short-term lease cost

 

 

678

 

 

 

406

 

 

 

870

 

 

 

677

 

Variable lease cost

 

 

134

 

 

 

28

 

 

 

250

 

 

 

55

 

The weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

Lease Term and Discount Rate:

 

December 31, 2024

 

 

December 31, 2023

 

Weighted-average remaining lease term (in years)

 

 

5.0

 

 

 

5.8

 

Weighted-average discount rate

 

 

6.9

%

 

 

7.1

%

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):

 

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

Cash payments included in the measurement of operating lease liabilities

 

$

3,461

 

 

$

3,102

 

ROU assets obtained in exchange for new operating lease liabilities

 

 

(419

)

 

 

501

 

 

Current operating lease liabilities of $5.1 million and $6.0 million were included in other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of December 31, 2024 and June 30, 2024, respectively.

As of December 31, 2024, remaining maturities of operating lease liabilities are as follows (in thousands):

 

Fiscal Year Ending June 30,

 

Amount

 

2025 (remaining 6 months)

 

$

3,635

 

2026

 

 

5,259

 

2027

 

 

4,314

 

2028

 

 

4,605

 

2029

 

 

5,018

 

2030 and thereafter

 

 

3,748

 

Total lease payments

 

 

26,579

 

Less: imputed interest

 

 

(4,067

)

Present value of operating lease liabilities

 

$

22,512

 
v3.25.0.1
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

Other Purchase Commitments

The Company’s other purchase commitments primarily consist of third-party cloud services, support fees and software subscriptions to support operations in the ordinary course of business. There were no material purchase commitments that were entered into during the six months ended December 31, 2024.

In December 2021, the Company entered into an agreement with Microsoft, pursuant to which the Company is committed to spend a minimum of $110.0 million on cloud services. The committed spend period concludes at the end of December 2028, with the Company having the option to extend any remaining commitment into a further 12-month period to the end of December 2029. As of December 31, 2024, the Company had $86.5 million remaining on this commitment.

Litigation

From time to time, the Company is a party to claims, lawsuits, and proceedings which arise in the ordinary course of business. The Company warrants to its clients that it has all necessary rights and licenses to the intellectual property comprised in its products and services and indemnifies those clients against intellectual property claims with respect to such products and services, so such claims, lawsuits and proceedings might in the future include claims of alleged infringement of intellectual property rights. The Company records a liability when it believes that it is probable that a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. The Company is not presently a party to any litigation the outcome of which, it believes, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the business, operating results, or financial condition.
v3.25.0.1
Debt
 6 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

Note 10. Debt

On October 5, 2021, the Company entered into a Credit Agreement, as amended on June 6, 2022 and further amended on November 17, 2022 (the “Credit Agreement”) among the Company, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (“JPMorgan”). The Credit Agreement provides for a five-year, senior secured revolving credit facility of $100.0 million with a sub-facility for letters of credit in the aggregate amount of up to $10.0 million (the “JPMorgan Credit Facility”). The Credit Agreement also provides that the Company may seek additional revolving credit commitments in an aggregate amount not to exceed $50.0 million, subject to certain administrative procedures, including approval by the Administrative Agent. Future borrowings under the JPMorgan Credit Facility will bear interest, at the Company’s election, at an annual rate based on either (a) an adjusted secured overnight financing rate (SOFR, as described in the Credit Agreement) plus a percentage spread (ranging from 1.75% to 2.50%) or (b) an alternate base rate (as described in the Credit Agreement) plus a percentage spread (ranging from 0.75% to 1.50%), in each case based on the Company’s total net leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the JPMorgan Credit Facility at an annual rate ranging from 0.25% to 0.40%, based on the Company’s total net leverage ratio.

In connection with the execution of the Credit Agreement, the Company also entered into a pledge and security agreement (the “Security Agreement”) dated as of October 5, 2021 among the Company, the subsidiary grantors thereto and JPMorgan, as administrative agent for the secured parties. Under the Security Agreement, borrowings under the JPMorgan Credit Facility are secured by a first priority pledge of all of the capital stock and substantially all of the assets (excluding real estate interests) of each subsidiary of the Company and the subsidiary guarantors.

The Credit Agreement provides that the Company must maintain compliance with a maximum consolidated total net leverage ratio covenant, as determined in accordance with the Credit Agreement. It also contains affirmative, negative and financial covenants, including limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, and transactions with affiliates, as well as customary events of default.

The Company was in compliance with all covenants as of December 31, 2024. As of December 31, 2024 and June 30, 2024, there were no outstanding borrowings under the JPMorgan Credit Facility.
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation
 6 Months Ended
Dec. 31, 2024
Stockholders Equity And Stock Based Compensation [Abstract]  
Stockholders' Equity and Stock-Based Compensation

Note 11. Stockholders' Equity and Stock-Based Compensation

Equity Incentive Plans

In June 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Omnibus Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“ESPP”). The 2021 Plan provides for the grant of restricted shares, restricted share units (“RSUs”), performance shares, performance share units (“PSUs”), deferred share units, share options and share appreciation rights. All employees, non-employee directors and selected third-party service providers of the Company and its subsidiaries and affiliates are eligible to receive grants under the 2021 Plan. Eligible employees may purchase the Company’s common stock under the ESPP.

Stock Awards

The Company has granted time-based and performance-based stock options, RSUs and PSUs, collectively referred to as “Stock Awards.” The Company accounts for stock-based compensation using the fair value method which requires the Company to measure stock-based compensation based on the grant-date fair value of the awards and recognize compensation expense over the requisite service or performance period. Awards that contain only service conditions, are generally earned over four years and expensed on a straight-line basis over that term. Compensation expense for awards that contain performance conditions is calculated using the graded vesting method and the portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions.

Stock Options

Stock options granted generally become exercisable ratably over a four-year period following the date of grant and expire ten years from the date of grant.

Stock option activity under the Company’s equity incentive plans during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value (1)

 

Balance as of June 30, 2024

 

 

6,866

 

 

$

10.40

 

 

 

4.4

 

 

$

180,360

 

Exercised

 

 

(3,161

)

 

 

10.31

 

 

 

 

 

 

 

Forfeited

 

 

(24

)

 

 

22.61

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

 

3,681

 

 

$

10.40

 

 

 

3.9

 

 

$

197,632

 

Vested and exercisable as of December 31, 2024

 

 

3,604

 

 

$

10.14

 

 

 

3.8

 

 

$

194,412

 

Vested and expected to vest as of December 31, 2024

 

 

3,681

 

 

$

10.40

 

 

 

3.9

 

 

$

197,632

 

 

(1)
Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.

There were no stock options granted during the six months ended December 31, 2024. The total intrinsic value of stock options exercised and the proceeds from option exercises during the six months ended December 31, 2024 were $125.9 million and $32.6 million, respectively.

PSUs and RSUs

During the six months ended December 31, 2024, the Company granted PSUs to certain of its employees with vesting terms based on meeting certain operating performance targets, including annual recurring revenue and profitability targets, and continued service conditions. The Company also granted RSUs to certain employees that vest based on continued service.

PSU activity during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of June 30, 2024

 

 

2,550

 

 

$

29.48

 

Granted

 

 

1,091

 

 

 

38.45

 

Vested

 

 

(731

)

 

 

25.34

 

Forfeited

 

 

(166

)

 

 

29.22

 

Balance as of December 31, 2024

 

 

2,744

 

 

$

34.16

 

 

RSU activity during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of June 30, 2024

 

 

2,524

 

 

$

30.84

 

Granted

 

 

1,940

 

 

 

44.35

 

Vested

 

 

(651

)

 

 

33.33

 

Forfeited

 

 

(177

)

 

 

33.16

 

Balance as of December 31, 2024

 

 

3,636

 

 

$

37.49

 

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Cost of SaaS

 

$

851

 

 

$

427

 

 

$

1,515

 

 

$

840

 

Cost of license

 

 

199

 

 

 

159

 

 

 

388

 

 

 

287

 

Cost of professional services

 

 

1,652

 

 

 

1,432

 

 

 

3,031

 

 

 

2,765

 

Research and development

 

 

6,800

 

 

 

4,468

 

 

 

11,424

 

 

 

9,114

 

Sales and marketing

 

 

7,232

 

 

 

4,888

 

 

 

12,970

 

 

 

10,227

 

General and administrative

 

 

8,677

 

 

 

5,134

 

 

 

16,072

 

 

 

12,032

 

Total stock-based compensation

 

$

25,411

 

 

$

16,508

 

 

$

45,400

 

 

$

35,265

 

 

During the six months ended December 31, 2024, the Company modified the performance conditions related to certain PSU awards, which results in an improbable-to-probable modification with an increase in unrecognized stock-based compensation expense of approximately $14.8 million to be recognized through the remaining requisite service period.

 

As of December 31, 2024, there was approximately $179.4 million of unrecognized compensation cost related to unvested stock-based awards granted, which is expected to be recognized over the weighted-average period of approximately 2.5 years.

2021 Employee Stock Purchase Plan

Under the ESPP, eligible employees may purchase the Company’s common stock at a price equal to 85% of the lower of the fair market value of the Company’s common stock on the offering date or the applicable purchase date. The ESPP provides an offering period that begins on June 1 and December 1 of each year and each offering period consists of one six-month purchase period. During the six months ended December 31, 2024, 67,464 shares were purchased under the ESPP.

As of December 31, 2024, total unrecognized compensation cost related to the ESPP was $0.6 million, which will be amortized over a weighted-average vesting term of 0.4 years.
v3.25.0.1
Income Taxes
 6 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 12. Income Taxes

The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between its effective tax rate and the federal statutory

rate is the full valuation allowance the Company has established on its federal and state net operating losses and credits. Income taxes from international operations were not material for the three and six months ended December 31, 2024 and 2023.

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. The Company is not currently under audit by the Internal Revenue Service or other similar tax authorities. The Company’s tax returns remain open to examination as follows: U.S. federal and states, all tax years; and significant foreign jurisdictions, generally 2019 through 2024.
v3.25.0.1
Net Loss Per Share
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share

Note 13. Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method.

Basic net loss per share is the same as diluted net loss per share because the Company reported net losses for all periods presented. The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands, except per share data):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(10,217

)

 

$

(9,213

)

 

$

(14,737

)

 

$

(24,534

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

78,118

 

 

 

70,521

 

 

 

76,861

 

 

 

69,729

 

Net loss per share, basic and diluted

 

$

(0.13

)

 

$

(0.13

)

 

$

(0.19

)

 

$

(0.35

)

 

The Company excluded the following potential shares of common stock from the calculation of diluted net loss per share because their effect would be anti-dilutive (in thousands):

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

Outstanding stock options to purchase common stock

 

 

3,681

 

 

 

8,345

 

Unvested PSUs and RSUs

 

 

6,380

 

 

 

6,168

 

Shares issuable under ESPP

 

 

41

 

 

 

10

 

Shares issuable related to acquisition

 

 

9

 

 

 

68

 

Total

 

 

10,111

 

 

 

14,591

 
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 filed with the SEC on August 26, 2024. The unaudited condensed consolidated financial statements include accounts of the Company and its consolidated subsidiaries, after eliminating all inter-company transactions and balances.

The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary to state fairly the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations for the three and six months ended December 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other period.

Certain prior period amounts reported in our unaudited condensed consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation. Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license was included in a line item entitled “SaaS and Support.” The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income. There was no change to the Company's revenue recognition policy, except for the change in classification noted herein.

Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. The Company recognizes SaaS revenues ratably over the contract term beginning on the commencement date of each contract, which is the date when the Company’s service is available to clients. License revenues include subscription fees from providing clients with the right to functional intellectual property where clients can benefit from the subscription licenses on their own and support services related to the licenses, which entitles clients to receive technical support and software updates, on a when and if available basis. The Company recognizes license revenues related to subscription fees at a point in time when control of the term software application is transferred to the client, which generally occurs at the time of delivery or upon commencement of the renewal term. The Company recognizes license revenues related to support ratably over the term of the support contract which corresponds to the underlying license agreement.

Use of Estimates

Use of Estimates

The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the unaudited condensed consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, revenue recognition including determination of the standalone selling price (“SSP”) of the deliverables included in multiple deliverable revenue arrangements; allowance for credit losses; the depreciable lives of long-lived assets including intangible assets; the expected useful life of deferred commissions; the fair value of stock-based awards; the fair value of assets acquired and liabilities assumed in business combinations; goodwill and long-lived assets impairment assessment; the fair value of contingent consideration liabilities; the incremental borrowing rate used to determine the operating lease liabilities; valuation allowances on deferred tax assets; uncertain tax positions; and loss contingencies. The Company evaluates estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates, and those differences could be material to the unaudited condensed consolidated financial statements.
Concentrations of Credit Risk and Significant Clients

Concentrations of Credit Risk and Significant Clients

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with multiple high credit quality financial institutions. The Company is exposed to credit risk for cash and cash equivalents held in financial institutions to the extent that such amounts recorded on the balance sheet are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any such losses.

No client individually accounted for 10% or more of the Company’s revenues for either of the three and six months ended December 31, 2024 and 2023. As of December 31, 2024, no client individually accounted for 10% or more of the Company’s total accounts receivable. As of June 30, 2024, one client individually accounted for 16% of the Company’s total accounts receivable.
Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This guidance will be applied retrospectively and will be effective for the Company for fiscal year ending June 30, 2025, and for interim periods beginning July 1, 2025. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects of future cash flows. This guidance will be effective for the Company’s fiscal year beginning July 1, 2025, and should be applied on a prospective or retrospective basis. The Company expects the adoption to result in additional disclosures only.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (ASC 220): Disaggregation of Income Statement Expenses, which requires disclosures, on an annual and interim basis, about specific expense categories presented on the income statement. This guidance will be effective for the Company's fiscal year beginning July 1, 2027, and should be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.
Deferred Commissions

Deferred Commissions

Deferred commissions were $32.6 million and $32.4 million as of December 31, 2024 and June 30, 2024, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s unaudited condensed consolidated statements of operations, was $4.1 million and $8.0 million for the three and six months ended December 31, 2024, respectively, and $3.6 million and $7.1 million for the three and six months ended December 31, 2023. There was no impairment loss in relation to the costs capitalized for the periods presented.
Remaining Performance Obligations

Remaining Performance Obligations

Remaining performance obligations represent non-cancellable contracted revenues that have not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenues in future periods. SaaS subscription is typically satisfied over one to three years, license is typically satisfied at a point in time, support services are generally satisfied within one year, and professional services are typically satisfied within one year. Professional services contracts are not included in the performance obligations amount.

As of December 31, 2024, approximately $615.3 million of revenues is expected to be recognized from remaining performance obligations with approximately 55% over the next 12 months and the remainder thereafter.
v3.25.0.1
Revenues (Tables)
 6 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Summary of Revenues by Geography

Revenues by geography were as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S.

 

$

83,138

 

 

$

73,163

 

 

$

161,710

 

 

$

143,018

 

U.K.

 

 

18,217

 

 

 

13,829

 

 

 

38,220

 

 

 

28,555

 

Rest of the world

 

 

19,854

 

 

 

16,941

 

 

 

40,084

 

 

 

33,935

 

Total

 

$

121,209

 

 

$

103,933

 

 

$

240,014

 

 

$

205,508

 
Summary of Contract Assets and Liabilities

The Company’s contract assets and liabilities were as follows (in thousands):

 

 

 

December 31, 2024

 

 

June 30, 2024

 

Unbilled accounts receivable(1)

 

$

14,003

 

 

$

13,363

 

Deferred revenue, net

 

 

237,995

 

 

 

222,486

 

 

(1)
The long-term portion of $217 thousand and $63 thousand as of December 31, 2024 and June 30, 2024, respectively is included in other assets on the unaudited condensed consolidated balance sheets.
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amounts of Goodwill

Changes in the carrying amounts of goodwill were as follows (in thousands):

 

 

 

Carrying Amount

 

Balance as of June 30, 2024

 

$

285,969

 

Foreign currency translation adjustment

 

 

(62

)

Balance as of December 31, 2024

 

$

285,907

 
Schedule of Intangible Assets Amortized on Straight Line Basis

Intangible assets acquired through business combinations consisted of the following (in thousands):

 

 

 

December 31, 2024

 

 

 

Useful Life
(In years)

 

Gross Carrying Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Amount

 

Client relationships

 

9 to 15

 

$

48,900

 

 

$

(31,150

)

 

$

17,750

 

Non-compete agreements

 

3 to 5

 

 

4,907

 

 

 

(4,361

)

 

 

546

 

Trademarks and trade names

 

Indefinite

 

 

4,683

 

 

 

—

 

 

 

4,683

 

Trademarks and trade names

 

5 to 10

 

 

7,822

 

 

 

(5,983

)

 

 

1,839

 

Core technology

 

2 to 7

 

 

60,584

 

 

 

(51,134

)

 

 

9,450

 

Backlog

 

2

 

 

1,000

 

 

 

(917

)

 

 

83

 

Intangible assets, net

 

 

 

$

127,896

 

 

$

(93,545

)

 

$

34,351

 

 

 

 

June 30, 2024

 

 

 

Useful Life
(In years)

 

Gross Carrying Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Amount

 

Client relationships

 

9 to 15

 

$

48,900

 

 

$

(28,949

)

 

$

19,951

 

Non-compete agreements

 

3 to 5

 

 

4,907

 

 

 

(4,035

)

 

 

872

 

Trademarks and trade names

 

Indefinite

 

 

4,683

 

 

 

—

 

 

 

4,683

 

Trademarks and trade names

 

5 to 10

 

 

7,822

 

 

 

(5,773

)

 

 

2,049

 

Core technology

 

2 to 7

 

 

60,584

 

 

 

(48,054

)

 

 

12,530

 

Backlog

 

2

 

 

1,000

 

 

 

(792

)

 

 

208

 

Intangible assets, net

 

 

 

$

127,896

 

 

$

(87,603

)

 

$

40,293

 

 
Schedule of Amortization Expense Related to Acquired Intangible Assets

Amortization expense related to acquired intangible assets was recognized as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of SaaS

 

$

1,509

 

 

$

1,055

 

 

$

3,080

 

 

$

2,110

 

Sales and marketing

 

 

1,268

 

 

 

1,396

 

 

 

2,536

 

 

 

2,883

 

General and administrative

 

 

163

 

 

 

163

 

 

 

326

 

 

 

326

 

Total amortization expense

 

$

2,940

 

 

$

2,614

 

 

$

5,942

 

 

$

5,319

 
Schedule of Estimated Future Amortization Expense for Acquired Intangible Assets

As of December 31, 2024, the estimated future amortization expense for acquired intangible assets is as follows (in thousands):

 

Fiscal Year Ending June 30,

 

Amount

 

2025 (remaining 6 months)

 

$

5,221

 

2026

 

 

7,835

 

2027

 

 

5,121

 

2028

 

 

4,623

 

2029

 

 

3,252

 

2030 and thereafter

 

 

3,616

 

Total remaining amortization

 

$

29,668

 
v3.25.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of the date indicated by level within the fair value hierarchy (in thousands):

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

218,231

 

 

$

—

 

 

$

—

 

 

$

218,231

 

Total financial assets

 

$

218,231

 

 

$

—

 

 

$

—

 

 

$

218,231

 

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

78,677

 

 

$

—

 

 

$

—

 

 

$

78,677

 

Total financial assets

 

$

78,677

 

 

$

—

 

 

$

—

 

 

$

78,677

 

 

 
Summary of Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liability for contingent consideration, current portion

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Liability for contingent consideration, non-current portion

 

 

—

 

 

 

—

 

 

 

305

 

 

 

305

 

Total financial liabilities

 

$

—

 

 

$

—

 

 

$

305

 

 

$

305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Liability for contingent consideration, current portion

 

$

—

 

 

$

—

 

 

$

2,405

 

 

$

2,405

 

Liability for contingent consideration, non-current portion

 

—

 

 

 

—

 

 

 

153

 

 

 

153

 

Total financial liabilities

 

$

—

 

 

$

—

 

 

$

2,558

 

 

$

2,558

 
Schedule of Changes in Fair Value of Contingent Consideration Liabilities

Changes in contingent consideration liabilities were as follows (in thousands):

 

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

Balance, beginning of period

 

$

2,558

 

 

$

6,681

 

Payment of contingent consideration

 

 

(1,401

)

 

 

(985

)

Change of contingent consideration

 

 

(848

)

 

 

(2,215

)

Effect of foreign currency exchange rate changes

 

 

(4

)

 

 

—

 

Balance, end of period

 

$

305

 

 

$

3,481

 
v3.25.0.1
Leases (Tables)
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Costs

The components of lease costs were as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

Operating Leases:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

1,678

 

 

$

1,486

 

 

$

3,383

 

 

$

2,986

 

Short-term lease cost

 

 

678

 

 

 

406

 

 

 

870

 

 

 

677

 

Variable lease cost

 

 

134

 

 

 

28

 

 

 

250

 

 

 

55

 
Schedule of Weighted Average Operating Leases Term and Discount Rate

The weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

Lease Term and Discount Rate:

 

December 31, 2024

 

 

December 31, 2023

 

Weighted-average remaining lease term (in years)

 

 

5.0

 

 

 

5.8

 

Weighted-average discount rate

 

 

6.9

%

 

 

7.1

%
Schedule of Supplemental Cash Flow Information Related to Operating Leases

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):

 

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

Cash payments included in the measurement of operating lease liabilities

 

$

3,461

 

 

$

3,102

 

ROU assets obtained in exchange for new operating lease liabilities

 

 

(419

)

 

 

501

 

 
Schedule of Remaining Maturities of Operating Lease Liabilities And Future Minimum Lease Payments

As of December 31, 2024, remaining maturities of operating lease liabilities are as follows (in thousands):

 

Fiscal Year Ending June 30,

 

Amount

 

2025 (remaining 6 months)

 

$

3,635

 

2026

 

 

5,259

 

2027

 

 

4,314

 

2028

 

 

4,605

 

2029

 

 

5,018

 

2030 and thereafter

 

 

3,748

 

Total lease payments

 

 

26,579

 

Less: imputed interest

 

 

(4,067

)

Present value of operating lease liabilities

 

$

22,512

 
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2024
Stockholders Equity And Stock Based Compensation [Abstract]  
Summary of Stock Option Activity

Stock option activity under the Company’s equity incentive plans during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value (1)

 

Balance as of June 30, 2024

 

 

6,866

 

 

$

10.40

 

 

 

4.4

 

 

$

180,360

 

Exercised

 

 

(3,161

)

 

 

10.31

 

 

 

 

 

 

 

Forfeited

 

 

(24

)

 

 

22.61

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

 

3,681

 

 

$

10.40

 

 

 

3.9

 

 

$

197,632

 

Vested and exercisable as of December 31, 2024

 

 

3,604

 

 

$

10.14

 

 

 

3.8

 

 

$

194,412

 

Vested and expected to vest as of December 31, 2024

 

 

3,681

 

 

$

10.40

 

 

 

3.9

 

 

$

197,632

 

 

(1)
Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.
Schedule of PSU Activity

PSU activity during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of June 30, 2024

 

 

2,550

 

 

$

29.48

 

Granted

 

 

1,091

 

 

 

38.45

 

Vested

 

 

(731

)

 

 

25.34

 

Forfeited

 

 

(166

)

 

 

29.22

 

Balance as of December 31, 2024

 

 

2,744

 

 

$

34.16

 
Schedule of RSU Activity

RSU activity during the six months ended December 31, 2024 was as follows (in thousands, except per share data):

 

 

 

Number of Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of June 30, 2024

 

 

2,524

 

 

$

30.84

 

Granted

 

 

1,940

 

 

 

44.35

 

Vested

 

 

(651

)

 

 

33.33

 

Forfeited

 

 

(177

)

 

 

33.16

 

Balance as of December 31, 2024

 

 

3,636

 

 

$

37.49

 
Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Cost of SaaS

 

$

851

 

 

$

427

 

 

$

1,515

 

 

$

840

 

Cost of license

 

 

199

 

 

 

159

 

 

 

388

 

 

 

287

 

Cost of professional services

 

 

1,652

 

 

 

1,432

 

 

 

3,031

 

 

 

2,765

 

Research and development

 

 

6,800

 

 

 

4,468

 

 

 

11,424

 

 

 

9,114

 

Sales and marketing

 

 

7,232

 

 

 

4,888

 

 

 

12,970

 

 

 

10,227

 

General and administrative

 

 

8,677

 

 

 

5,134

 

 

 

16,072

 

 

 

12,032

 

Total stock-based compensation

 

$

25,411

 

 

$

16,508

 

 

$

45,400

 

 

$

35,265

 
v3.25.0.1
Net Loss Per Share (Tables)
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Loss Per Share

Basic net loss per share is the same as diluted net loss per share because the Company reported net losses for all periods presented. The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands, except per share data):

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(10,217

)

 

$

(9,213

)

 

$

(14,737

)

 

$

(24,534

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

78,118

 

 

 

70,521

 

 

 

76,861

 

 

 

69,729

 

Net loss per share, basic and diluted

 

$

(0.13

)

 

$

(0.13

)

 

$

(0.19

)

 

$

(0.35

)
Schedule of Anti-dilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders

The Company excluded the following potential shares of common stock from the calculation of diluted net loss per share because their effect would be anti-dilutive (in thousands):

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

Outstanding stock options to purchase common stock

 

 

3,681

 

 

 

8,345

 

Unvested PSUs and RSUs

 

 

6,380

 

 

 

6,168

 

Shares issuable under ESPP

 

 

41

 

 

 

10

 

Shares issuable related to acquisition

 

 

9

 

 

 

68

 

Total

 

 

10,111

 

 

 

14,591

 
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Details) - Customer Concentration Risk - Client
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Revenues          
Summary Of Accounting Policies [Line Items]          
Number of client individually accounted for 10% or more 0 0 0 0  
Accounts Receivable          
Summary Of Accounting Policies [Line Items]          
Number of client individually accounted for 10% or more     0   1
Accounts Receivable | Significant Customer          
Summary Of Accounting Policies [Line Items]          
Concentrations of credit risk percentage         16.00%
v3.25.0.1
Revenues - Summary of Revenues by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]        
Total revenues $ 121,209 $ 103,933 $ 240,014 $ 205,508
U.S.        
Disaggregation Of Revenue [Line Items]        
Total revenues 83,138 73,163 161,710 143,018
U.K.        
Disaggregation Of Revenue [Line Items]        
Total revenues 18,217 13,829 38,220 28,555
Rest of the World        
Disaggregation Of Revenue [Line Items]        
Total revenues $ 19,854 $ 16,941 $ 40,084 $ 33,935
v3.25.0.1
Revenues - Additional Information (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
USD ($)
Country
Dec. 31, 2023
USD ($)
Country
Dec. 31, 2024
USD ($)
Country
Dec. 31, 2023
USD ($)
Country
Jun. 30, 2024
USD ($)
Disaggregation Of Revenue [Line Items]          
Deferred commissions $ 32,600,000   $ 32,600,000   $ 32,400,000
Impairment loss in relation to capitalized costs 0 $ 0 0 $ 0  
Allowance for doubtful accounts associated with unbilled receivables 0   0   $ 0
Revenue recognized pertaining to deferred revenue     149,300,000 125,100,000  
Remaining performance obligations 615,300,000   615,300,000    
Sales and Marketing          
Disaggregation Of Revenue [Line Items]          
Deferred commissions amortization expense $ 4,100,000 $ 3,600,000 $ 8,000,000 $ 7,100,000  
Excluding United States, United Kingdom and Rest of the World          
Disaggregation Of Revenue [Line Items]          
Countries accounted for 10% or more of revenues | Country 0 0 0 0  
v3.25.0.1
Revenues - Summary of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Revenue Recognition [Abstract]    
Unbilled accounts receivable [1] $ 14,003 $ 13,363
Deferred revenue, net $ 237,995 $ 222,486
[1] The long-term portion of $217 thousand and $63 thousand as of December 31, 2024 and June 30, 2024, respectively is included in other assets on the unaudited condensed consolidated balance sheets.
v3.25.0.1
Revenues - Summary of Contract Assets and Liabilities (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Revenue Recognition [Abstract]    
Long-term portion of unbilled accounts receivable $ 217 $ 63
v3.25.0.1
Revenues - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]  
Revenue, Remaining Performance Obligation, Percentage 55.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 12 months
v3.25.0.1
Business Combinations - Additional Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Working capital adjustment paid   $ 897 $ 0
TDI      
Business Acquisition [Line Items]      
Date of business acquisition May 01, 2024    
Working capital adjustment paid   $ 900  
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amounts of Goodwill (Details)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Balance as of June 30, 2024 $ 285,969
Foreign currency translation adjustment (62)
Balance as of December 31, 2024 $ 285,907
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]      
Accumulated amortization $ (93,545)   $ (87,603)
Net carrying amount 29,668    
Intangible assets gross carrying amount excluding goodwill 127,896   127,896
Intangible assets, net carrying amount excluding goodwill 34,351 $ 40,293 40,293
Client Relationships      
Finite Lived Intangible Assets [Line Items]      
Gross carrying amount 48,900   48,900
Accumulated amortization (31,150)   (28,949)
Net carrying amount $ 17,750   $ 19,951
Client Relationships | Minimum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 9 years   9 years
Client Relationships | Maximum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 15 years   15 years
Non-Compete Agreements      
Finite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 4,907   $ 4,907
Accumulated amortization (4,361)   (4,035)
Net carrying amount $ 546   $ 872
Non-Compete Agreements | Minimum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 3 years   3 years
Non-Compete Agreements | Maximum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 5 years   5 years
Trademarks and Trade Names      
Finite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 7,822   $ 7,822
Accumulated amortization (5,983)   (5,773)
Net carrying amount 1,839   2,049
Indefinite gross carrying amount 4,683   4,683
Indefinite net carrying amount $ 4,683   $ 4,683
Trademarks and Trade Names | Minimum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 5 years   5 years
Trademarks and Trade Names | Maximum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 10 years   10 years
Core Technology      
Finite Lived Intangible Assets [Line Items]      
Gross carrying amount $ 60,584   $ 60,584
Accumulated amortization (51,134)   (48,054)
Net carrying amount $ 9,450   $ 12,530
Core Technology | Minimum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 2 years   2 years
Core Technology | Maximum      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 7 years   7 years
Backlog      
Finite Lived Intangible Assets [Line Items]      
Useful life (In years) 2 years   2 years
Gross carrying amount $ 1,000   $ 1,000
Accumulated amortization (917)   (792)
Net carrying amount $ 83   $ 208
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]        
Total amortization expense $ 2,940 $ 2,614 $ 5,942 $ 5,319
Cost of SaaS        
Finite Lived Intangible Assets [Line Items]        
Total amortization expense 1,509 1,055 3,080 2,110
Sales and Marketing        
Finite Lived Intangible Assets [Line Items]        
Total amortization expense 1,268 1,396 2,536 2,883
General and Administrative        
Finite Lived Intangible Assets [Line Items]        
Total amortization expense $ 163 $ 163 $ 326 $ 326
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense for Acquired Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 (remaining 6 months) $ 5,221
2026 7,835
2027 5,121
2028 4,623
2029 3,252
2030 and thereafter 3,616
Net carrying amount $ 29,668
v3.25.0.1
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Financial assets:    
Total financial assets (Cash equivalents) $ 218,231 $ 78,677
Money Market Funds    
Financial assets:    
Total financial assets (Cash equivalents) 218,231 78,677
Level 1    
Financial assets:    
Total financial assets (Cash equivalents) 218,231 78,677
Level 1 | Money Market Funds    
Financial assets:    
Total financial assets (Cash equivalents) 218,231 78,677
Level 2    
Financial assets:    
Total financial assets (Cash equivalents) 0 0
Level 2 | Money Market Funds    
Financial assets:    
Total financial assets (Cash equivalents) 0 0
Level 3    
Financial assets:    
Total financial assets (Cash equivalents) 0 0
Level 3 | Money Market Funds    
Financial assets:    
Total financial assets (Cash equivalents) $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Finanacial Liabilities:    
Liability for contingent consideration, current portion $ 0 $ 2,405
Liability for contingent consideration, non-current portion 305 153
Total financial liabilities 305 2,558
Level 1    
Finanacial Liabilities:    
Liability for contingent consideration, current portion 0 0
Liability for contingent consideration, non-current portion 0 0
Total financial liabilities 0 0
Level 2    
Finanacial Liabilities:    
Liability for contingent consideration, current portion 0 0
Liability for contingent consideration, non-current portion 0 0
Total financial liabilities 0 0
Level 3    
Finanacial Liabilities:    
Liability for contingent consideration, current portion 0 2,405
Liability for contingent consideration, non-current portion 305 153
Total financial liabilities $ 305 $ 2,558
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2024
May 02, 2023
Other Current Liabilities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Fair value of contingent consideration liabilities, current   $ 2.4  
TDI      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Fair value of post combination compensation costs $ 0.7 0.7  
Purchase consideration upon acquisition 0.1 0.1  
TDI | Maximum      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Liability for contingent consideration, current and non-current portion 1.0    
TDI | Other Liabilities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Contingent consideration liabilities, non-current 0.8 0.8  
Business combination, contingent consideration, liability 0.3 $ 0.2  
Paragon      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Fair value adjustment contingent consideration liability 1.0    
Payment of contingent consideration $ 1.4    
Paragon | Other Liabilities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Business combination, contingent consideration, liability     $ 4.3
v3.25.0.1
Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liabilities (Details) - Contingent Consideration Liability - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of period $ 2,558 $ 6,681
Payment of contingent consideration (1,401) (985)
Change of contingent consideration (848) (2,215)
Effect of foreign currency exchange rate changes (4) 0
Balance, end of period $ 305 $ 3,481
v3.25.0.1
Internal-Use Software Costs - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Property, Plant and Equipment [Line Items]          
Capitalized costs to software development     $ 3,500,000 $ 3,100,000  
Net book value of capitalized software development costs $ 15,100,000   15,100,000   $ 13,500,000
Impairment charges 0 $ 0 0 0  
Capitalized cloud computing implementation costs     1,900,000 2,100,000  
Amortization expense to capitalized cloud computing implementation costs 200,000 0      
Net book value of capitalized cloud computing implementation costs 5,700,000   5,700,000   4,100,000
Capitalized cloud computing implementation costs, impairment 0 0 0 0  
Cost of SaaS          
Property, Plant and Equipment [Line Items]          
Capitalized software amortization 900,000 $ 900,000 1,900,000 $ 1,700,000  
Prepaid Expenses          
Property, Plant and Equipment [Line Items]          
Net book value of capitalized cloud computing implementation costs 1,300,000   1,300,000   600,000
Other Assets          
Property, Plant and Equipment [Line Items]          
Net book value of capitalized cloud computing implementation costs $ 4,400,000   $ 4,400,000   $ 3,500,000
v3.25.0.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Leases [Abstract]    
Operating lease expiration year 2030  
Operating lease, option to extend the term 5 years  
Operating lease liability $ 5.1 $ 6.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
v3.25.0.1
Leases - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]        
Operating lease cost $ 1,678 $ 1,486 $ 3,383 $ 2,986
Short-term lease cost 678 406 870 677
Variable lease cost $ 134 $ 28 $ 250 $ 55
v3.25.0.1
Leases - Schedule of Weighted Average Operating Leases Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted-average remaining lease term (in years) 5 years 5 years 9 months 18 days
Weighted-average discount rate 6.90% 7.10%
v3.25.0.1
Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Cash payments included in the measurement of operating lease liabilities $ 3,461 $ 3,102
ROU assets obtained in exchange for new operating lease liabilities $ (419) $ 501
v3.25.0.1
Leases - Schedule of Remaining Maturities of Operating Lease Liabilities And Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 (remaining 6 months) $ 3,635
2026 5,259
2027 4,314
2028 4,605
2029 5,018
2030 and thereafter 3,748
Total lease payments 26,579
Less: imputed interest (4,067)
Present value of operating lease liabilities $ 22,512
v3.25.0.1
Commitments and Contingencies - Additional Information (Details) - Microsoft - USD ($)
$ in Millions
 1 Months Ended
Dec. 31, 2021
Dec. 31, 2024
Long Term Purchase Commitment [Line Items]    
Purchase commitment, remaining   $ 86.5
Cloud Services Commitment    
Long Term Purchase Commitment [Line Items]    
Purchase commitment, end date 2028-12  
Purchase commitment, option to extend remaining commitment term 12 months  
Purchase commitment, option to extend remaining commitment date 2029-12  
Cloud Services Commitment | Minimum    
Long Term Purchase Commitment [Line Items]    
Purchase commitment amount $ 110.0  
v3.25.0.1
Debt - Additional Information (Details) - JP Morgan Credit Agreement
Oct. 05, 2021
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]      
Debt instrument, outstanding borrowings   $ 0 $ 0
Minimum      
Debt Instrument [Line Items]      
Net leverage ratio 0.0025    
Maximum      
Debt Instrument [Line Items]      
Net leverage ratio 0.004    
SOFR | Minimum      
Debt Instrument [Line Items]      
Debt Instrument, basis spread on variable rate 1.75%    
SOFR | Maximum      
Debt Instrument [Line Items]      
Debt Instrument, basis spread on variable rate 2.50%    
Alternate Base Rate | Minimum      
Debt Instrument [Line Items]      
Debt Instrument, basis spread on variable rate 0.75%    
Alternate Base Rate | Maximum      
Debt Instrument [Line Items]      
Debt Instrument, basis spread on variable rate 1.50%    
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit, maximum borrowing capacity $ 50,000,000    
Senior Secured Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit, maximum borrowing capacity $ 100,000,000.0    
Debt instrument term 5 years    
Letters of Credit      
Debt Instrument [Line Items]      
Line of credit, maximum borrowing capacity $ 10,000,000.0    
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Proceeds from stock option exercises $ 32,584 $ 17,936
Unrecognized compensation cost related to unvested stock-based awards granted $ 179,400  
Unrecognized compensation cost related to unvested stock-based awards granted, weighted-average period for recognition 2 years 6 months  
Unrecognized stock-based compensation expense $ 14,800  
Stock Awards    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Service condition earned period 4 years  
ESPP    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Unrecognized compensation cost related to unvested stock-based awards granted, weighted-average period for recognition 4 months 24 days  
Purchase price of common stock lower of fair market value, percent 85.00%  
Terms of award The ESPP provides an offering period that begins on June 1 and December 1 of each year and each offering period consists of one six-month purchase period.  
Unrecognized compensation costs $ 600  
Shares purchased during period 67,464  
Stock Options    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of Options, Granted 0  
Share based compensation vesting period 4 years  
Share based compensation expiration period 10 years  
Total intrinsic value of options exercised $ 125,900  
Proceeds from stock option exercises $ 32,600  
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Share-Based Payment Arrangement [Abstract]    
Number of Options, Outstanding, Beginning balance | shares 6,866  
Number of Options, Exercised | shares (3,161)  
Number of Options, Forfeited | shares (24)  
Number of Options, Outstanding, Ending balance | shares 3,681 6,866
Number of Options, Vested and exercisable | shares 3,604  
Number of Options, Vested and expected to vest | shares 3,681  
Weighted-Average Exercise Price, Beginning balance | $ / shares $ 10.40  
Weighted-Average Exercise Price, Exercised | $ / shares 10.31  
Weighted-Average Exercise Price, Forfeited | $ / shares 22.61  
Weighted-Average Exercise Price, Ending balance | $ / shares 10.40 $ 10.40
Weighted-Average Exercise Price, Vested and exercisable | $ / shares 10.14  
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares $ 10.40  
Weighted-Average Remaining Contractual Term 3 years 10 months 24 days 4 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Vested and exercisable 3 years 9 months 18 days  
Weighted-Average Remaining Contractual Term, Vested and expected to vest 3 years 10 months 24 days  
Aggregate Intrinsic Value | $ $ 197,632 [1] $ 180,360 [1]
Aggregate Intrinsic Value, Vested and exercisable | $ 194,412 [1]  
Aggregate Intrinsic Value, Vested and expected to vest | $ $ 197,632 [1]  
[1] Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation - Schedule of PSU Activity (Details) - PSU
shares in Thousands
 6 Months Ended
Dec. 31, 2024
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Beginning balance | shares 2,550
Number of Shares, Granted | shares 1,091
Number of Shares, Vested | shares (731)
Number of Shares, Forfeited | shares (166)
Number of Shares, Ending balance | shares 2,744
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 29.48
Weighted-Average Grant Date Fair Value, Granted | $ / shares 38.45
Weighted-Average Grant Date Fair Value, Vested | $ / shares 25.34
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 29.22
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 34.16
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation - Schedule of RSU Activity (Details) - RSU
shares in Thousands
 6 Months Ended
Dec. 31, 2024
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Beginning balance | shares 2,524
Number of Shares, Granted | shares 1,940
Number of Shares, Vested | shares (651)
Number of Shares, Forfeited | shares (177)
Number of Shares, Ending balance | shares 3,636
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 30.84
Weighted-Average Grant Date Fair Value, Granted | $ / shares 44.35
Weighted-Average Grant Date Fair Value, Vested | $ / shares 33.33
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 33.16
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 37.49
v3.25.0.1
Stockholders' Equity and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation $ 25,411 $ 16,508 $ 45,400 $ 35,265
Cost of SaaS        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 851 427 1,515 840
Cost of license        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 199 159 388 287
Cost of Professional Services        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 1,652 1,432 3,031 2,765
Research and Development        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 6,800 4,468 11,424 9,114
Sales and Marketing        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 7,232 4,888 12,970 10,227
General and Administrative        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation $ 8,677 $ 5,134 $ 16,072 $ 12,032
v3.25.0.1
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Numerator:        
Net loss $ (10,217) $ (9,213) $ (14,737) $ (24,534)
Denominator:        
Weighted-average shares used to compute net loss per share, basic 78,118 70,521 76,861 69,729
Weighted-average shares used to compute net loss per share, diluted 78,118 70,521 76,861 69,729
Net loss per share attributable to common stockholders        
Basic $ (0.13) $ (0.13) $ (0.19) $ (0.35)
Net loss per share attributable to common stockholders        
Diluted $ (0.13) $ (0.13) $ (0.19) $ (0.35)
v3.25.0.1
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders (Details) - shares
shares in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from net loss per share attributable to common stockholders 10,111 14,591
Outstanding Stock Options to Purchase Common Stock    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from net loss per share attributable to common stockholders 3,681 8,345
Unvested PSUs and RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from net loss per share attributable to common stockholders 6,380 6,168
Shares Issuable Related to Acquisition    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from net loss per share attributable to common stockholders 9 68
Shares Issuable under ESPP    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from net loss per share attributable to common stockholders 41 10