Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37651 | |
Entity Registrant Name | Atlassian Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-3940934 | |
Entity Address, Address Line One | 350 Bush Street | |
Entity Address, Address Line Two | Floor 13 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94104 | |
City Area Code | 415 | |
Local Phone Number | 701-1110 | |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share | |
Trading Symbol | TEAM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001650372 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 155,011,446 | |
Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 103,047,371 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 2,143,530 | $ 2,102,550 |
Marketable securities | 94,298 | 10,000 |
Accounts receivable, net | 368,260 | 477,678 |
Prepaid expenses and other current assets | 129,617 | 146,136 |
Total current assets | 2,735,705 | 2,736,364 |
Non-current assets: | ||
Property and equipment, net | 79,631 | 81,402 |
Operating lease right-of-use assets | 181,435 | 184,195 |
Strategic investments | 220,133 | 225,538 |
Intangible assets, net | 60,842 | 69,072 |
Goodwill | 726,519 | 727,211 |
Deferred tax assets | 6,141 | 9,945 |
Other non-current assets | 69,233 | 73,052 |
Total assets | 4,079,639 | 4,106,779 |
Current liabilities: | ||
Accounts payable | 126,201 | 159,293 |
Accrued expenses and other current liabilities | 362,337 | 423,131 |
Deferred revenue, current portion | 1,326,108 | 1,362,736 |
Operating lease liabilities, current portion | 42,737 | 44,930 |
Term loan facility, current portion | 50,000 | 37,500 |
Total current liabilities | 1,907,383 | 2,027,590 |
Non-current liabilities: | ||
Deferred revenue, net of current portion | 174,973 | 182,743 |
Operating lease liabilities, net of current portion | 231,797 | 237,835 |
Term loan facility, net of current portion | 949,637 | 962,093 |
Deferred tax liabilities | 12,110 | 10,669 |
Other non-current liabilities | 29,114 | 31,177 |
Total liabilities | 3,305,014 | 3,452,107 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Additional paid-in capital | 3,366,212 | 3,130,631 |
Accumulated other comprehensive income | 15,598 | 34,002 |
Accumulated deficit | (2,607,188) | (2,509,964) |
Total stockholders’ equity | 774,625 | 654,672 |
Total liabilities and stockholders’ equity | 4,079,639 | 4,106,779 |
Class A | ||
Stockholders’ equity | ||
Common stock, value issued | 2 | 2 |
Class B | ||
Stockholders’ equity | ||
Common stock, value issued | $ 1 | $ 1 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Class A | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 154,177,836 | 152,442,673 |
Shares outstanding (in shares) | 154,177,836 | 152,442,673 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 230,000,000 | 230,000,000 |
Common stock, shares issued (in shares) | 104,085,737 | 105,124,103 |
Shares outstanding (in shares) | 104,085,737 | 105,124,103 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues: | |||
Total revenues | $ 977,775 | $ 807,392 | |
Cost of revenues | [1],[2] | 178,029 | 139,392 |
Gross profit | 799,746 | 668,000 | |
Operating expenses: | |||
Research and development | [1],[2] | 481,738 | 399,006 |
Marketing and sales | [1],[2] | 193,567 | 160,128 |
General and administrative | [1] | 143,310 | 142,893 |
Total operating expenses | 818,615 | 702,027 | |
Operating loss | (18,869) | (34,027) | |
Other income (expense), net | (8,335) | 29,289 | |
Interest income | 25,226 | 5,143 | |
Interest expense | (8,976) | (6,121) | |
Loss before provision for income taxes | (10,954) | (5,716) | |
Provision for income taxes | (20,929) | (8,025) | |
Net loss | $ (31,883) | $ (13,741) | |
Net loss per share attributable to Class A and Class B common stockholders: | |||
Basic (in dollars per share) | $ (0.12) | $ (0.05) | |
Diluted (in dollars per share) | $ (0.12) | $ (0.05) | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders: | |||
Basic (in shares) | 257,907,000 | 255,167,000 | |
Diluted (in shares) | 257,907,000 | 255,167,000 | |
Subscription | |||
Revenues: | |||
Total revenues | $ 851,982 | $ 650,984 | |
Maintenance | |||
Revenues: | |||
Total revenues | 78,598 | 113,565 | |
Other | |||
Revenues: | |||
Total revenues | $ 47,195 | $ 42,843 | |
[1] (1) Amounts include stock-based compensation, as follows: Cost of revenues $ 16,821 $ 10,613 Research and development 150,446 110,129 Marketing and sales 32,281 23,195 General and administrative 36,033 29,694 (2) Amounts include amortization of acquired intangible assets, as follows: Cost of revenues $ 5,772 $ 5,697 Research and development 94 94 Marketing and sales 2,365 2,505 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization expense for intangible assets | $ 8,200 | $ 8,300 |
Cost of revenues | ||
Stock based compensation expense | 16,821 | 10,613 |
Amortization expense for intangible assets | 5,772 | 5,697 |
Research and development | ||
Stock based compensation expense | 150,446 | 110,129 |
Amortization expense for intangible assets | 94 | 94 |
Marketing and sales | ||
Stock based compensation expense | 32,281 | 23,195 |
Amortization expense for intangible assets | 2,365 | 2,505 |
General and administrative | ||
Stock based compensation expense | $ 36,033 | $ 29,694 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (31,883) | $ (13,741) |
Other comprehensive loss, net of reclassification adjustments: | ||
Foreign currency translation adjustment | (5,761) | (10,577) |
Net change in unrealized gain (loss) on marketable and privately held debt securities | (56) | 135 |
Net gain (loss) on cash flow hedging derivative instruments | (12,587) | 3,969 |
Other comprehensive loss, before tax | (18,404) | (6,473) |
Income tax effect | 0 | 0 |
Other comprehensive loss, net of tax | (18,404) | (6,473) |
Total comprehensive loss, net of tax | $ (50,287) | $ (20,214) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Class A | Class B | Common Stock Class A | Common Stock Class B | Additional paid in capital | Accumulated other comprehensive income | Accumulated Deficit |
Beginning balance (in shares) at Jun. 30, 2022 | 144,820,000 | 110,036,000 | ||||||
Beginning balance at Jun. 30, 2022 | $ 327,372 | $ 1 | $ 1 | $ 2,182,536 | $ 13,864 | $ (1,869,030) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued under employee stock plans (in shares) | 624,000 | |||||||
Common stock issued | (176) | (176) | ||||||
Conversion from Class B Common Stock to Class A Common Stock (in shares) | 2,788,000 | (2,788,000) | ||||||
Stock-based compensation | 173,631 | 173,631 | ||||||
Other comprehensive loss, net of tax | (6,473) | (6,473) | ||||||
Net loss | (13,741) | $ (7,916) | $ (5,825) | (13,741) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 148,232,000 | 107,248,000 | ||||||
Ending balance at Sep. 30, 2022 | 480,613 | $ 1 | $ 1 | 2,355,991 | 7,391 | (1,882,771) | ||
Beginning balance (in shares) at Jun. 30, 2023 | 152,442,673 | 105,124,103 | 152,437,000 | 105,124,000 | ||||
Beginning balance at Jun. 30, 2023 | 654,672 | $ 2 | $ 1 | 3,130,631 | 34,002 | (2,509,964) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued under employee stock plans (in shares) | 1,048,000 | |||||||
Conversion from Class B Common Stock to Class A Common Stock (in shares) | 1,038,000 | (1,038,000) | ||||||
Stock-based compensation | 235,581 | 235,581 | ||||||
Repurchases of Class A Common Stock (in shares) | (349,000) | |||||||
Repurchases of Class A Common Stock | (65,341) | (65,341) | ||||||
Other comprehensive loss, net of tax | (18,404) | (18,404) | ||||||
Net loss | (31,883) | $ (19,013) | $ (12,870) | (31,883) | ||||
Ending balance (in shares) at Sep. 30, 2023 | 154,177,836 | 104,085,737 | 154,174,000 | 104,086,000 | ||||
Ending balance at Sep. 30, 2023 | $ 774,625 | $ 2 | $ 1 | $ 3,366,212 | $ 15,598 | $ (2,607,188) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (31,883) | $ (13,741) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 15,084 | 14,620 |
Stock-based compensation | 235,581 | 173,631 |
Deferred income taxes | 5,313 | 1,522 |
Gain on a non-cash sale of a controlling interest of a subsidiary | (1,378) | (43,092) |
Net loss on strategic investments | 6,248 | 11,513 |
Net foreign currency loss (gain) | 181 | (3,625) |
Other | 132 | 118 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 109,488 | 61,314 |
Prepaid expenses and other assets | (23,056) | (22,677) |
Accounts payable | (33,025) | 31,147 |
Accrued expenses and other liabilities | (71,331) | (108,443) |
Deferred revenue | (44,398) | (9,845) |
Net cash provided by operating activities | 166,956 | 92,442 |
Cash flows from investing activities: | ||
Business combinations, net of cash acquired | 0 | (600) |
Purchases of property and equipment | (3,669) | (16,496) |
Purchases of strategic investments | (3,750) | (8,350) |
Purchases of marketable securities and other investments | (69,363) | (10,000) |
Proceeds from maturities of marketable securities | 0 | 28,950 |
Proceeds from sales of marketable securities and strategic investments | 19,879 | 258 |
Net cash used in investing activities | (56,903) | (6,238) |
Cash flows from financing activities: | ||
Repurchases of Class A Common Stock | (65,879) | 0 |
Proceeds from other financing arrangements | 0 | 1,396 |
Net cash provided by (used in) financing activities | (65,879) | 1,396 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3,280) | (4,939) |
Net increase in cash, cash equivalents, and restricted cash | 40,894 | 82,661 |
Cash, cash equivalents, and restricted cash at beginning of period | 2,103,915 | 1,386,686 |
Net decrease in cash and cash equivalents included in assets held for sale | 0 | 602 |
Cash, cash equivalents, and restricted cash at end of period | 2,144,809 | 1,469,949 |
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||
Cash and cash equivalents | 2,102,550 | |
Restricted cash included in other non-current assets | 1,279 | 1,378 |
Total cash, cash equivalents, and restricted cash | 2,144,809 | 1,469,949 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid, net of refunds | 44,054 | 29,220 |
Interest paid, net | 16,147 | 5,575 |
Non-cash investing and financing activities: | ||
Purchase of property and equipment included in accrued expenses and other current liabilities | 2,482 | 1,503 |
Repurchases of Class A Common Stock included in accrued expenses and other current liabilities | $ 3,628 | $ 0 |
Description of Business
Description of Business | 3 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Atlassian Corporation, a Delaware corporation (the “Company”), designs, develops, licenses, and maintains software and provisions software hosting services to help teams organize, discuss, and complete their work. The Company’s primary products include Jira Software and Jira Work Management for planning and project management, Confluence for content creation and sharing, and Jira Service Management for team service, management, and support applications. The Company’s fiscal year ends on June 30 of each year. References to fiscal year 2024, for example, refer to the fiscal year ending June 30, 2024. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements contain all normal recurring adjustments which are necessary to fairly present the condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023, the statements of operations, comprehensive loss, stockholders’ equity, and cash flows for the three months ended September 30, 2023 and 2022. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are sufficient to make the information not misleading . Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions in the Company’s condensed consolidated financial statements. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Such management estimates and assumptions include, but are not limited to, the standalone selling price of performance obligations for revenue contracts with multiple performance obligations, useful lives and impairment of long-lived assets, valuation of intangible assets, valuation of strategic investments and income taxes. Actual results could differ materially from these estimates. Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies disclosed in Note 2, “ Summary of Significant Accounting Policies, ” of its Annual Report on Form 10-K for fiscal year 2023, which was filed with the SEC on August 18, 2023. Concentration of Credit Risk and Significant Customers Financial instruments potentially exposing the Company to credit risk consist primarily of cash, cash equivalents, accounts receivable, derivative contracts and investments. The Company holds cash at financial institutions that management believes are high credit, quality financial institutions and invests in investment grade securities rated A- and above. The Company’s derivative contracts expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company enters into master netting agreements with select financial institutions to reduce its credit risk and trades with several counterparties to reduce its concentration risk with any single counterparty. The Company does not have significant exposure to counterparty credit risk at this time. In addition, the Company does not require nor is required to post collateral of any kind related to any foreign currency derivatives. Credit risk arising from accounts receivable is mitigated to a certain extent due to the Company’s large number of customers and their dispersion across various industries and geographies. The Company’s customer base is highly diversified, thereby limiting credit risk. The Company manages credit risk with customers by closely monitoring its receivables and contract assets. The Company continuously monitors outstanding receivables locally to assess whether there is objective evidence that outstanding accounts receivables and contract assets are credit-impaired. As of September 30, 2023, one customer, a solution partner, represented more than 10% of the total accounts receivables. As of June 30, 2023, no customer represented more than 10% of the total accounts receivables balance. For the three months ended September 30, 2023 and 2022, no customer represented more than 10% of the total revenues. New Accounting Standards Not Yet Adopted in Fiscal Year 2024 In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction.” This ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This amendment also requires public entities to add certain disclosures for equity securities subject to contractual sale restrictions. This ASU is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023, by the level within the fair value hierarchy (in thousands): Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents: Money market funds $ 1,405,663 $ — $ 1,405,663 U.S. treasury securities — 3,986 3,986 Commercial paper — 9,971 9,971 Corporate debt securities — 1,999 1,999 Marketable securities: U.S. treasury securities — 13,520 13,520 Agency securities — 2,935 2,935 Certificates of deposit and time deposits — 10,000 10,000 Commercial paper — 23,551 23,551 Corporate debt securities — 44,292 44,292 Derivative financial instruments — 56,353 56,353 Total assets measured at fair value $ 1,405,663 $ 166,607 $ 1,572,270 Liabilities measured at fair value Derivative financial instruments $ — $ 19,418 $ 19,418 Total liabilities measured at fair value $ — $ 19,418 $ 19,418 The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023, by level within the fair value hierarchy (in thousands): Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents: Money market funds $ 1,338,509 $ — $ 1,338,509 Marketable securities: Certificates of deposit and time deposits — 10,000 10,000 Derivative financial instruments — 64,210 64,210 Strategic investments: Publicly traded equity securities 19,365 — 19,365 Total assets measured at fair value $ 1,357,874 $ 74,210 $ 1,432,084 Liabilities measured at fair value Derivative financial instruments $ — $ 10,114 $ 10,114 Total liabilities measured at fair value $ — $ 10,114 $ 10,114 Due to the short-term nature of accounts receivables, net, contract assets, accounts payable, and accrued expenses and other current liabilities, their carrying amount is assumed to approximate their fair value. Determination of Fair Value The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company’s Level 1 investments. The fair value of the Company’s Level 2 investments is determined based on quoted market prices or alternative market observable inputs. Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis The Company’s investments in privately held companies are not included in the tables above and are discussed in Note 4, “Investments.” The carrying value of the Company’s privately held equity securities are adjusted on a non-recurring basis upon observable price changes in orderly transactions for identical or similar investments of the same issuer, or impairment (referred to as the measurement alternative). Privately held equity securities that have been remeasured during the period based on observable price changes in orderly transactions are classified within Level 2 or Level 3 in the fair value hierarchy because the Company estimates the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights and preferences of the investments, and obligations of the securities the Company holds. The fair value of privately held equity securities that have been remeasured due to impairment are classified within Level 3. The Company’s privately held debt and equity securities amounted to $143.9 million and $140.1 million as of September 30, 2023 and June 30, 2023, respectively. |
Investments
Investments | 3 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Marketable Securities The Company’s investments of marketable securities as of September 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 13,521 $ — $ (1) $ 13,520 Agency securities 2,932 3 — 2,935 Certificates of deposit and time deposits 10,000 — — 10,000 Commercial paper 23,551 — — 23,551 Corporate debt securities 44,350 — (58) 44,292 Total marketable securities $ 94,354 $ 3 $ (59) $ 94,298 The Company’s investments of marketable securities as of June 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Certificates of deposit and time deposits $ 10,000 $ — $ — $ 10,000 Total marketable securities $ 10,000 $ — $ — $ 10,000 The table below summarizes the Company’s marketable securities by remaining contractual maturity based on their effective maturity dates (in thousands): September 30, 2023 June 30, 2023 Due in one year or less $ 94,298 $ 10,000 The Company regularly reviews the changes to the rating of its marketable securities by rating agencies and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of September 30, 2023, the unrealized losses and the related risk of expected credit losses were not material, and as of June 30, 2023, no unrealized losses were recorded. Strategic Investments Carrying value of privately held debt securities The Company’s investments of privately held debt securities as of September 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Privately held debt securities $ 9,049 $ — $ (3,350) $ 5,699 The Company’s investments of privately held debt securities as of June 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Privately held debt securities $ 8,800 $ — $ (3,350) $ 5,450 Carrying value of publicly traded and privately held equity securities The carrying value is measured as the total initial cost plus the cumulative net gain (loss). Publicly traded equity securities are recorded at fair value and privately held equity securities are measured using the measurement alternative. The Company did not have any publicly traded equity securities as of September 30, 2023 and t he carrying values for privately held equity securities as of September 30, 2023 are summarized below (in thousands): Privately held equity securities Initial total cost $ 138,550 Cumulative net losses (398) Carrying value $ 138,152 The carrying values for publicly traded and privately held equity securities as of June 30, 2023 are summarized below (in thousands): Publicly traded equity securities Privately held Total Initial total cost $ 10,270 $ 135,050 $ 145,320 Cumulative net gains (losses) 9,095 (398) 8,697 Carrying value $ 19,365 $ 134,652 $ 154,017 Privately held equity securities cumulative net losses are comprised of downward adjustments and impairment of $5.9 million and upward adjustments of $5.5 million as of September 30, 2023 and June 30, 2023. Gains and Losses on Strategic Investments The components of gains and losses on strategic investments were as follows (in thousands): Three Months Ended September 30, 2023 2022 Unrealized losses recognized on publicly traded equity securities $ — $ (9,808) Unrealized losses recognized on privately held equity securities including impairment — (1,705) Unrealized losses, net $ — $ (11,513) Realized gains recognized on sales of publicly traded equity securities 515 — Gains (losses) on strategic investments, net $ 515 $ (11,513) Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date $ — $ (1,705) Unrealized gains recognized on privately held equity securities includes upward adjustments from equity securities accounted for under the measurement alternative while unrealized losses recognized on privately held equity securities includes downward adjustments and impairment. Realized gains recognized on sales of publicly traded equity securities reflects the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later. Equity Method Investment Vertical First Trust (“VFT”) was established for the construction project associated with the Company’s new global headquarters in Sydney, Australia (the “Australian HQ Property”). In fiscal year 2023, the Company completed a non-cash sale of the controlling interest of VFT to a third-party buyer as part of the contemplated transactions for the buyer to invest in and develop the Australian HQ Property. The Company retained a minority equity interest of 13% in the form of ordinary units in VFT and has significant influence in VFT. The Company’s interest in VFT is accounted for using the equity method in the condensed consolidated financial statements. Under the equity method, the Company records its proportionate share of VFT’s earnings or losses. As of the date of sale, the Company used a discounted cash flow model to calculate the fair value of its retained equity interest. The fair value of the retained interest is classified as a Level 3 investment in the fair value hierarchy. The inputs to the valuation included observable inputs, including capitalization rate, discount rate, and other management inputs, including the underlying building practical completion date. The maximum exposure to loss related to the Company’s investment in VFT equals the Company’s capital investment. The following table sets forth the carrying amounts of the equity method investment and the movements during the three months ended September 30, 2023 (in thousands): Equity Method Investment Balance as of June 30, 2023 $ 85,436 Share of losses (6,762) Effect of change in exchange rates (2,392) Balance as of September 30, 2023 $ 76,282 The carrying amount of the Company’s investment in VFT was reported within strategic investments in the condensed consolidated balance sheets. |
Derivative Contracts
Derivative Contracts | 3 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Contracts | Derivative Contracts The Company has derivative instruments that are used for hedging activities as discussed below. The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of September 30, 2023 (in thousands, except for average interest rate): Notional Amounts of Derivative Instruments Notional Amount by Term to Maturity Classification by Notional Amount Under 12 months Over 12 months Total Cash Flow Hedge Non Hedge Total Forward contracts $ 727,591 $ 49,015 $ 776,606 $ 510,650 $ 265,956 $ 776,606 Interest rate swaps: Notional amount $ — $ 650,000 $ 650,000 $ 650,000 $ — $ 650,000 Average fixed interest rate 0.77 % 0.77 % 0.77 % 0.77 % The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2023 (in thousands, except for average interest rate): Notional Amounts of Derivative Instruments Notional Amount by Term to Maturity Classification by Notional Amount Under 12 months Over 12 months Total Cash Flow Hedge Non Hedge Total Forward contracts $ 849,811 $ 35,181 $ 884,992 $ 532,059 $ 352,933 $ 884,992 Interest rate swaps: Notional amount $ — $ 650,000 $ 650,000 $ 650,000 $ — $ 650,000 Average fixed interest rate 0.81 % 0.81 % 0.81 % 0.81 % The fair value of the Company’s derivative instruments were as follows (in thousands): Balance Sheet Location September 30, 2023 June 30, 2023 Derivative assets Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 607 $ 3,177 Interest rate swaps Prepaid expenses and other current assets 29,319 28,926 Interest rate swaps Other non-current assets 25,298 28,215 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 1,129 3,892 Total derivative assets $ 56,353 $ 64,210 Derivative liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts Accrued expenses and other current liabilities $ 16,487 $ 9,657 Foreign exchange forward contracts Other non-current liabilities 763 209 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Accrued expenses and other current liabilities 2,168 248 Total derivative liabilities $ 19,418 $ 10,114 The pre-tax effects of derivatives designated as cash flow hedging instruments on the condensed consolidated financial statements were as follows (in thousands): Three Months Ended September 30, 2023 2022 Beginning balance of accumulated gains in accumulated other comprehensive loss $ 48,170 $ 24,502 Gross unrealized gains (losses) recognized in other comprehensive loss (8,070) 286 Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: Recognized in cost of revenues 443 514 Recognized in research and development 1,464 3,479 Recognized in marketing and sales 370 406 Recognized in general and administrative 700 1,581 Recognized in interest expense (7,494) (2,297) Ending balance of accumulated gains in accumulated other comprehensive income $ 35,583 $ 28,471 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following (in thousands): September 30, 2023 June 30, 2023 Equipment $ 10,526 $ 9,298 Computer Hardware and Software 32,908 29,801 Furniture and Fittings 24,853 24,773 Leasehold Improvements and Other 123,475 123,125 Property and equipment, gross 191,762 186,997 Less: accumulated depreciation and impairment (112,131) (105,595) Property and equipment, net $ 79,631 $ 81,402 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized, but rather are tested for impairment at least annually during the fourth quarter, or when indicators of impairment exist. Goodwill consisted of the following (in thousands): Goodwill Balance as of June 30, 2023 $ 727,211 Effect of change in exchange rates (692) Balance as of September 30, 2023 $ 726,519 Intangible Assets Intangible assets consisted of the following (in thousands): September 30, 2023 June 30, 2023 Weighted-Average Remaining Useful Lives Acquired Developed Technology $ 235,818 $ 235,818 2 Patents, Trademarks, and Other Rights 33,393 33,393 5 Customer Relationships 129,502 129,502 4 Intangible assets, gross 398,713 398,713 Less: accumulated amortization (337,871) (329,641) Intangible assets, net $ 60,842 $ 69,072 Amortization expense for intangible assets was approximately $8.2 million and $8.3 million for the three months ended September 30, 2023 and 2022, respectively. The following table presents the estimated future amortization expense related to intangible assets held as of September 30, 2023 (in thousands): Fiscal Years: Remainder of 2024 $ 17,999 2025 15,208 2026 12,670 2027 7,839 2028 5,274 Thereafter 1,852 Total future amortization expense $ 60,842 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): September 30, 2023 June 30, 2023 Accrued expenses $ 114,745 $ 107,479 Employee benefits 142,738 191,801 Tax liabilities 65,117 88,748 Customer deposits 11,109 11,784 Derivative liabilities 18,655 9,905 Other payables 9,973 13,414 Total accrued expenses and other liabilities $ 362,337 $ 423,131 |
Debt
Debt | 3 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Credit Facility In October 2020, the Company’s principal U.S. operating subsidiary, Atlassian US, Inc., entered into a credit agreement (the “Credit Agreement”) establishing a $1 billion senior unsecured delayed-draw term loan facility (the “Term Loan Facility”) and a $500 million senior unsecured revolving credit facility (the “Revolving Credit Facility,” and together with the Term Loan Facility, the “Credit Facility”). The Company used the net proceeds of the Credit Facility for general corporate purposes, including repayment of the then existing indebtedness. The Credit Facility bears interest, at the Company’s option, at a base rate plus a margin up to 0.50% or the Secured Overnight Financing Rate, plus a credit spread adjustment of 0.10%, plus a spread of 0.875% to 1.50%, in each case with such margin being determined by the Company’s consolidated leverage ratio. The Revolving Credit Facility may be borrowed, repaid, and re-borrowed until its maturity, and the Company has the option to request an increase of $250 million in certain circumstances. The Credit Facility matures in October 2025 and the Company may prepay the Credit Facility at its discretion without penalty. Commencing on October 31, 2023, the Company is obligated to repay the outstanding principal amount of the Term Loan Facility in installments on a quarterly basis in an amount equal to 1.25% of the Term Loan Facility borrowing amount until the maturity of the Term Loan Facility. As of September 30, 2023, $1.0 billion has been drawn under the Term Loan Facility. The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Facility at an annual rate ranging from 0.075% to 0.20%, determined by the Company’s consolidated leverage ratio. The Credit Facility requires compliance with various financial and non-financial covenants, including affirmative and negative covenants. The financial covenants include a maximum consolidated leverage ratio of 3.5x, which ratio increases to 4.5x during the period of four fiscal quarters immediately following a material acquisition. As of September 30, 2023, the Company was in compliance with all related covenants. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Noncancellable Purchase Obligations The Company has contractual commitments for services with third-parties related to its cloud services platform and other infrastructure services. These commitments are non-cancellable and expire within one Operating Leases There were no material changes to the Company’s operating lease arrangements and future lease payments under non-cancelable operating leases including obligations for leases that have not yet commenced disclosed in Note 11, “ Leases, ” of the Company’s Annual Report on Form 10-K for fiscal year 2023. Total operating lease expenses were $10.3 million and $13.2 million, excluding short-term lease costs and variable lease costs, each of which were immaterial, for the three months ended September 30, 2023 and 2022, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities were $6.0 million and $1.3 million for the three months ended September 30, 2023 and 2022, respectively. Legal Proceedings On February 3, 2023, a putative securities class action (the “Putative Class Action”) was filed in the U.S. District Court for the Northern District of California, captioned City of Hollywood Firefighters’ Pension Fund vs. Atlassian Corporation , Case No. 3:23-cv-00519, naming the Company and certain of its officers as defendants. The lawsuit is purportedly brought on behalf of purchasers of the Company’s securities between August 5, 2022 and November 3, 2022 (the “Class Period”). The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, based on allegedly false and misleading statements about the Company’s business and prospects during the Class Period. The lawsuit seeks unspecified damages. The defendants filed a motion to dismiss on September 8, 2023, and the plaintiffs filed their opposition on October 23, 2023. The defendants’ reply is currently due November 22, 2023, and a hearing is currently scheduled for January 10, 2024. In March, April and August 2023, three stockholder derivative lawsuits were filed in the U.S. District Court for the District of Delaware against the members of the Company’s board of directors and certain of its officers, captioned Silva v. Cannon-Brookes , Case No. 1:23-cv-00283; Keane v. Cannon-Brookes , Case No. 1:23-cv-00399; and Azzawi v. Cannon-Brookes , Case No. 1:23-cv-00884. The Company is named as a nominal defendant. These stockholder derivative lawsuits are based largely on the same allegations as the Putative Class Action, including allegations relating to the Company’s disclosures during the Class Period as well as, in certain instances, alleged insider trading. The lawsuits purport to assert claims for, among other things, breach of fiduciary duty, corporate waste, unjust enrichment, and violations of Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder. The complaints seek unspecified damages and other relief purportedly on the Company’s behalf. In May and August 2023, the Court consolidated the Silva, Keane, and Azzawi actions into In re Atlassian Corporation Stockholder Derivative Litigation , Case No. 1:23-cv-00283-GBW (the “Consolidated Action”), and stayed the Consolidated Action pending resolution of any motion(s) to dismiss in the Putative Class Action. On September 6, 2023, a stockholder derivative lawsuit was filed in the U.S. District Court for the Northern District of California against the members of the Company’s board of directors and certain of its officers, captioned Capistrano v. Cannon-Brookes, Case No. 4:23-cv-04584 (the “Capistrano Action”). The Company is named as a nominal defendant. The complaint is based largely on the same allegations as the Putative Class Action and the Consolidated Action, including allegations relating to the Company’s disclosures during the Class Period as well as, in certain instances, alleged insider trading. The lawsuits purport to assert claims for, among other things, breach of fiduciary duty, corporate waste, unjust enrichment, and violations of Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder. The complaints seek unspecified damages and other relief purportedly on the Company’s behalf. On October 31, 2023, the Court stayed the Capistrano Action pending resolution of any motion(s) to dismiss in the Putative Class Action. The defendants have denied and intend to continue to deny the allegations of wrongdoing and vigorously defend against the claims in each of the Putative Class Action, the Consolidated Action, and the Capistrano Action. In addition to the matters discussed above, from time to time, the Company is party to litigation and other legal proceedings in the ordinary course of business. While the Company does not believe the ultimate resolution of pending legal matters is likely to have a material adverse effect on the Company’s financial position, the results of any litigation or other legal proceedings are uncertain and as such the resolution of such legal proceedings, either individually or in the aggregate, could have a material adverse effect on its business, results of operations, financial condition or cash flows. The Company accrues for loss contingencies when it is both probable that it will incur the loss and when it can reasonably estimate the amount of the loss or range of loss. For the periods presented, the Company has not recorded any liabilities as a result of the litigation or other legal proceedings in its condensed consolidated financial statements. Indemnification Provisions The Company’s agreements include provisions indemnifying customers against intellectual property and other third-party claims. In addition, the Company has entered into indemnification agreements with its directors, executive officers and certain other officers that will require the Company to, among other things, indemnify these individuals for certain liabilities that may arise as a result of their affiliation with the Company. For the periods presented, the Company has not incurred any costs as a result of such indemnification obligations and has not recorded any liabilities related to such obligations in the condensed consolidated financial statements. |
Revenue
Revenue | 3 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenue in future periods. Transaction price allocated to the remaining performance obligations is influenced by several factors, including the timing of renewals, the timing of delivery of software licenses, average contract terms, and foreign currency exchange rates. Unbilled portions of the remaining performance obligations are subject to future economic risks including bankruptcies, regulatory changes and other market factors. As of September 30, 2023, approximately $1.7 billion of revenue is expected to be recognized from the transaction price allocated to remaining performance obligations. The Company expects to recognize revenue on approximately 82% of these remaining performance obligations over the next 12 months with the balance recognized thereafter. Disaggregated Revenue The Company’s revenues by geographic region based on end-users who purchased the Company’s products or services are as follows (in thousands): Three Months Ended September 30, 2023 2022 Americas United States $ 426,191 $ 357,748 Other Americas 63,337 52,173 Total Americas $ 489,528 $ 409,921 EMEA 378,006 304,278 Asia Pacific 110,241 93,193 Total revenues $ 977,775 $ 807,392 The Company provides different deployment options for its product offerings. Cloud offerings provide customers the right to use the Company’s software in a cloud-based infrastructure that the Company provides. Data Center offerings are on-premises term license agreements for the Company’s Data Center offerings, which are software licensed for a specified period, and includes support and maintenance services that are bundled with the license for the term of the license period. Server offerings include the license of software on a perpetual basis to customers for use on the customer’s premises and support and maintenance services (“Server offerings”). Marketplace and other offerings mainly include fees received for sales of third-party apps in the Atlassian Marketplace and services like premier support, technical account management, consulting and training. Premier support consists of subscription-based arrangements for a higher level of support across different deployment options, and revenues from this offering are included in Subscription revenues within the Company’s condensed consolidated statements of operations. The revenues from Server offerings consists of revenue from maintenance services since the Company no longer sells perpetual licenses for its Server offerings. The Company plans to generally end maintenance and support for these Server offerings in February 2024. The Company’s revenues by deployment options are as follows (in thousands): Three Months Ended September 30, 2023 2022 Cloud $ 604,647 $ 475,043 Data Center 242,943 171,228 Server 78,752 113,813 Marketplace and other 51,433 47,308 Total revenues $ 977,775 $ 807,392 Deferred Revenue The Company records deferred revenues when cash payments are received or due in advance of the Company satisfying its performance obligations, including amounts which are refundable. The changes in the balances of contract balances are as follows (in thousands): Three Months Ended September 30, 2023 2022 Balance, beginning of period $ 1,545,479 $ 1,182,680 Additions 933,377 797,546 Revenue (977,775) (807,392) Balance, end of period $ 1,501,081 $ 1,172,834 For the three months ended September 30, 2023 and 2022, approximately 58% and 56% of revenue recognized was from the deferred revenue balances at the beginning of each fiscal year, respectively. Deferred Contract Acquisition Costs The changes in the balances of deferred contract acquisition costs are as follows (in thousands): Three Months Ended September 30, 2023 2022 Balance, beginning of period $ 53,604 $ 27,141 Additions 6,114 5,129 Amortization expense (5,188) (2,541) Balance, end of period $ 54,530 $ 29,729 Deferred contract acquisition costs included in: Prepaid expenses and other current assets $ 19,163 $ 9,932 Other non-current assets 35,367 19,797 Total $ 54,530 $ 29,729 The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock-based Compensation A summary of restricted stock unit (“RSU”) activity for the three months ended September 30, 2023 was as follows (in thousands except share and per share data): Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Balance as of June 30, 2023 9,562,918 $ 235.16 $ 1,604,753 Granted 6,078,952 200.06 — Vested (1,046,736) 247.53 199,371 Forfeited or cancelled (407,987) 234.41 — Balance as of September 30, 2023 14,187,147 $ 219.23 $ 2,858,852 As of September 30, 2023, total compensation cost not yet recognized in the condensed consolidated financial statements related to employee and director RSU awards was $2.3 billion, which is expected to be recognized over a weighted-average period of 1.9 years. During the three months ended September 30, 2023 and 2022, the Company did not grant shares of restricted stock. As of September 30, 2023 and June 30, 2023, there were 3,313 and 6,131 shares of restricted stock outstanding, respectively. These outstanding shares of restricted stock are subject to forfeiture or repurchase at the original exercise price during the repurchase period following employee termination, as applicable. The total aggregate intrinsic value of outstanding shares of restricted stock were $0.7 million and $1.0 million as of September 30, 2023 and June 30, 2023, respectively. Share Repurchase Program In January 2023, the Board of Directors authorized a program to repurchase up to $1.0 billion of the Company’s outstanding Class A Common Stock (the “Share Repurchase Program”). During the three months ended September 30, 2023, the Company repurchased and subsequently retired approximately 0.3 million shares of its Class A Common Stock for approximately $65.3 million at an average price per share of $187.09. All repurchases were made in open market transactions. As of September 30, 2023, the Company was authorized to purchase a remaining $780.5 million of its Class A Common Stock under the Share Repurchase Program. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. As the liquidation and dividend rights for both Class A and Class B Common Stock are identical, the net loss is allocated on a proportionate basis to the weighted-average number of shares of common stock outstanding for the period. Basic net loss per share attributable to Class A and Class B stockholders is computed by dividing the net loss by the weighted-average number of Class A and Class B Common Stock outstanding during the period. For the calculation of diluted net loss per share, net loss for basic earnings per share is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable. Since the Company is in a loss position for all periods reported, basic and diluted net loss per share are the same for all periods as the inclusion of potential dilutive shares would have been anti-dilutive. The following tables present the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended September 30, 2023 2022 Class A Class B Class A Class B Numerator: Net loss $ (19,013) $ (12,870) $ (7,916) $ (5,825) Denominator: Weighted-average shares outstanding, basic and diluted 153,798 104,109 146,996 108,171 Net loss per share, basic and diluted $ (0.12) $ (0.12) $ (0.05) $ (0.05) The potential weighted average dilutive securities that were not included in the dilutive earnings per share calculation because the effect would be anti-dilutive are as follows (shares in thousands): Three Months Ended September 30, 2023 2022 Class A Common Stock options — 1 Class A Common Stock restricted stock units 6,828 4,784 Class A Common Stock restricted stock awards 4 30 Total 6,832 4,815 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes its provision for income taxes by applying the estimated annual effective tax rate to year-to-date ordinary income and adjusts the provision for discrete tax items recorded in the period. In each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to volatility due to several factors, including changes in the Company’s domestic and foreign earnings, current cash taxes in jurisdictions with full valuation allowances, material discrete tax items, or a combination of these factors as a result of certain transactions or events. The Company reported an income tax provision of $20.9 million on pretax loss of $11.0 million for the three months ended September 30, 2023, as compared to an income tax provision of $8.0 million on pretax loss of $5.7 million for the three months ended September 30, 2022. The income tax provision for the three months ended September 30, 2023 reflects an increase in tax expense primarily attributable to the recognition of reserves for uncertain tax positions and overall growth in foreign jurisdictions associated with an increase in profit and non-deductible stock-based compensation . The Company’s effective tax rate substantially differed from the U.S. statutory income tax rate of 21.0% primarily due to the recognition of a reserve for uncertain tax positions, different tax rates in foreign jurisdictions such as Australia, non-deductible stock-based compensation in foreign jurisdictions, and full valuation allowances in the U.S. and Australia. Since fiscal year 2020, the Company has been in unilateral advanced pricing agreement (“APA”) negotiations with the Australian Taxation Office (“ATO”) relating to the Company’s transfer pricing arrangements between Australia and the U.S. During fiscal year 2023, the Company discussed with the ATO, for the first time, a framework to finalize its transfer pricing arrangements for the proposed APA period (tax years ended June 30, 2019 to June 30, 2025). In October 2023, the Company finalized the APA with the ATO and, pursuant to the terms of the agreement, made a cash tax payment of approximately $60.5 million. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. The Company’s assessment is based on all positive and negative evidence related to the realizability of such deferred tax assets. Based on available objective evidence as of September 30, 2023, the Company will continue to maintain a full valuation allowance on its U.S. federal, U.S. state, and Australian deferred tax assets as it is more likely than not that these deferred tax assets will not be realized. The Company intends to maintain the full valuation allowance until sufficient positive evidence exists to support the reversal of, or decrease in, the valuation allowance. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2023, the Company entered into a definitive agreement to acquire Loom, Inc. (“Loom”), an asynchronous video messaging tool that helps users communicate through instantly shareable videos. Under the terms of the agreement, the Company will acquire Loom for approximately $975 million, inclusive of Loom’s cash balance, subject to customary adjustments. Total consideration will be comprised of approximately $880 million in cash, and the remainder in the form of the Company’s equity awards, subject to continued vesting provisions. The Company expects to fund the cash consideration through existing cash balances. The transaction is expected to close in the third quarter of fiscal year 2024, subject to customary closing conditions and required regulatory approval. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”) |
Principles of consolidation | The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions in the Company’s condensed consolidated financial statements. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Such management estimates and assumptions include, but are not limited to, the standalone selling price of performance obligations for revenue contracts with multiple performance obligations, useful lives and impairment of long-lived assets, valuation of intangible assets, valuation of strategic investments and income taxes. Actual results could differ materially from these estimates. |
Concentration of Credit Risk and Significant Customers | Financial instruments potentially exposing the Company to credit risk consist primarily of cash, cash equivalents, accounts receivable, derivative contracts and investments. The Company holds cash at financial institutions that management believes are high credit, quality financial institutions and invests in investment grade securities rated A- and above. The Company’s derivative contracts expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company enters into master netting agreements with select financial institutions to reduce its credit risk and trades with several counterparties to reduce its concentration risk with any single counterparty. The Company does not have significant exposure to counterparty credit risk at this time. In addition, the Company does not require nor is required to post collateral of any kind related to any foreign currency derivatives.Credit risk arising from accounts receivable is mitigated to a certain extent due to the Company’s large number of customers and their dispersion across various industries and geographies. The Company’s customer base is highly diversified, thereby limiting credit risk. The Company manages credit risk with customers by closely monitoring its receivables and contract assets. The Company continuously monitors outstanding receivables locally to assess whether there is objective evidence that outstanding accounts receivables and contract assets are credit-impaired. |
Recently Adopted Accounting Pronouncements |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023, by the level within the fair value hierarchy (in thousands): Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents: Money market funds $ 1,405,663 $ — $ 1,405,663 U.S. treasury securities — 3,986 3,986 Commercial paper — 9,971 9,971 Corporate debt securities — 1,999 1,999 Marketable securities: U.S. treasury securities — 13,520 13,520 Agency securities — 2,935 2,935 Certificates of deposit and time deposits — 10,000 10,000 Commercial paper — 23,551 23,551 Corporate debt securities — 44,292 44,292 Derivative financial instruments — 56,353 56,353 Total assets measured at fair value $ 1,405,663 $ 166,607 $ 1,572,270 Liabilities measured at fair value Derivative financial instruments $ — $ 19,418 $ 19,418 Total liabilities measured at fair value $ — $ 19,418 $ 19,418 The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023, by level within the fair value hierarchy (in thousands): Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents: Money market funds $ 1,338,509 $ — $ 1,338,509 Marketable securities: Certificates of deposit and time deposits — 10,000 10,000 Derivative financial instruments — 64,210 64,210 Strategic investments: Publicly traded equity securities 19,365 — 19,365 Total assets measured at fair value $ 1,357,874 $ 74,210 $ 1,432,084 Liabilities measured at fair value Derivative financial instruments $ — $ 10,114 $ 10,114 Total liabilities measured at fair value $ — $ 10,114 $ 10,114 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The Company’s investments of marketable securities as of September 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 13,521 $ — $ (1) $ 13,520 Agency securities 2,932 3 — 2,935 Certificates of deposit and time deposits 10,000 — — 10,000 Commercial paper 23,551 — — 23,551 Corporate debt securities 44,350 — (58) 44,292 Total marketable securities $ 94,354 $ 3 $ (59) $ 94,298 The Company’s investments of marketable securities as of June 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Certificates of deposit and time deposits $ 10,000 $ — $ — $ 10,000 Total marketable securities $ 10,000 $ — $ — $ 10,000 |
Investments Classified by Contractual Maturity Date | The table below summarizes the Company’s marketable securities by remaining contractual maturity based on their effective maturity dates (in thousands): September 30, 2023 June 30, 2023 Due in one year or less $ 94,298 $ 10,000 |
Schedule of Strategic Investments | Carrying value of privately held debt securities The Company’s investments of privately held debt securities as of September 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Privately held debt securities $ 9,049 $ — $ (3,350) $ 5,699 The Company’s investments of privately held debt securities as of June 30, 2023, consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Privately held debt securities $ 8,800 $ — $ (3,350) $ 5,450 he carrying values for privately held equity securities as of September 30, 2023 are summarized below (in thousands): Privately held equity securities Initial total cost $ 138,550 Cumulative net losses (398) Carrying value $ 138,152 The carrying values for publicly traded and privately held equity securities as of June 30, 2023 are summarized below (in thousands): Publicly traded equity securities Privately held Total Initial total cost $ 10,270 $ 135,050 $ 145,320 Cumulative net gains (losses) 9,095 (398) 8,697 Carrying value $ 19,365 $ 134,652 $ 154,017 |
Unrealized Gain (Loss) on Investments | The components of gains and losses on strategic investments were as follows (in thousands): Three Months Ended September 30, 2023 2022 Unrealized losses recognized on publicly traded equity securities $ — $ (9,808) Unrealized losses recognized on privately held equity securities including impairment — (1,705) Unrealized losses, net $ — $ (11,513) Realized gains recognized on sales of publicly traded equity securities 515 — Gains (losses) on strategic investments, net $ 515 $ (11,513) Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date $ — $ (1,705) |
Equity Method Investments | The following table sets forth the carrying amounts of the equity method investment and the movements during the three months ended September 30, 2023 (in thousands): Equity Method Investment Balance as of June 30, 2023 $ 85,436 Share of losses (6,762) Effect of change in exchange rates (2,392) Balance as of September 30, 2023 $ 76,282 |
Derivative Contracts (Tables)
Derivative Contracts (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of September 30, 2023 (in thousands, except for average interest rate): Notional Amounts of Derivative Instruments Notional Amount by Term to Maturity Classification by Notional Amount Under 12 months Over 12 months Total Cash Flow Hedge Non Hedge Total Forward contracts $ 727,591 $ 49,015 $ 776,606 $ 510,650 $ 265,956 $ 776,606 Interest rate swaps: Notional amount $ — $ 650,000 $ 650,000 $ 650,000 $ — $ 650,000 Average fixed interest rate 0.77 % 0.77 % 0.77 % 0.77 % The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2023 (in thousands, except for average interest rate): Notional Amounts of Derivative Instruments Notional Amount by Term to Maturity Classification by Notional Amount Under 12 months Over 12 months Total Cash Flow Hedge Non Hedge Total Forward contracts $ 849,811 $ 35,181 $ 884,992 $ 532,059 $ 352,933 $ 884,992 Interest rate swaps: Notional amount $ — $ 650,000 $ 650,000 $ 650,000 $ — $ 650,000 Average fixed interest rate 0.81 % 0.81 % 0.81 % 0.81 % |
Schedule of Fair Value of Derivative Instruments | The fair value of the Company’s derivative instruments were as follows (in thousands): Balance Sheet Location September 30, 2023 June 30, 2023 Derivative assets Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 607 $ 3,177 Interest rate swaps Prepaid expenses and other current assets 29,319 28,926 Interest rate swaps Other non-current assets 25,298 28,215 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 1,129 3,892 Total derivative assets $ 56,353 $ 64,210 Derivative liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts Accrued expenses and other current liabilities $ 16,487 $ 9,657 Foreign exchange forward contracts Other non-current liabilities 763 209 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Accrued expenses and other current liabilities 2,168 248 Total derivative liabilities $ 19,418 $ 10,114 |
Schedule of Pre-Tax Effects of Derivatives Designated as Cash Flow Hedging Instruments | The pre-tax effects of derivatives designated as cash flow hedging instruments on the condensed consolidated financial statements were as follows (in thousands): Three Months Ended September 30, 2023 2022 Beginning balance of accumulated gains in accumulated other comprehensive loss $ 48,170 $ 24,502 Gross unrealized gains (losses) recognized in other comprehensive loss (8,070) 286 Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: Recognized in cost of revenues 443 514 Recognized in research and development 1,464 3,479 Recognized in marketing and sales 370 406 Recognized in general and administrative 700 1,581 Recognized in interest expense (7,494) (2,297) Ending balance of accumulated gains in accumulated other comprehensive income $ 35,583 $ 28,471 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, 2023 June 30, 2023 Equipment $ 10,526 $ 9,298 Computer Hardware and Software 32,908 29,801 Furniture and Fittings 24,853 24,773 Leasehold Improvements and Other 123,475 123,125 Property and equipment, gross 191,762 186,997 Less: accumulated depreciation and impairment (112,131) (105,595) Property and equipment, net $ 79,631 $ 81,402 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill consisted of the following (in thousands): Goodwill Balance as of June 30, 2023 $ 727,211 Effect of change in exchange rates (692) Balance as of September 30, 2023 $ 726,519 |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following (in thousands): September 30, 2023 June 30, 2023 Weighted-Average Remaining Useful Lives Acquired Developed Technology $ 235,818 $ 235,818 2 Patents, Trademarks, and Other Rights 33,393 33,393 5 Customer Relationships 129,502 129,502 4 Intangible assets, gross 398,713 398,713 Less: accumulated amortization (337,871) (329,641) Intangible assets, net $ 60,842 $ 69,072 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated future amortization expense related to intangible assets held as of September 30, 2023 (in thousands): Fiscal Years: Remainder of 2024 $ 17,999 2025 15,208 2026 12,670 2027 7,839 2028 5,274 Thereafter 1,852 Total future amortization expense $ 60,842 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): September 30, 2023 June 30, 2023 Accrued expenses $ 114,745 $ 107,479 Employee benefits 142,738 191,801 Tax liabilities 65,117 88,748 Customer deposits 11,109 11,784 Derivative liabilities 18,655 9,905 Other payables 9,973 13,414 Total accrued expenses and other liabilities $ 362,337 $ 423,131 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The Company’s revenues by geographic region based on end-users who purchased the Company’s products or services are as follows (in thousands): Three Months Ended September 30, 2023 2022 Americas United States $ 426,191 $ 357,748 Other Americas 63,337 52,173 Total Americas $ 489,528 $ 409,921 EMEA 378,006 304,278 Asia Pacific 110,241 93,193 Total revenues $ 977,775 $ 807,392 |
Revenue from External Customers by Products and Services | The Company’s revenues by deployment options are as follows (in thousands): Three Months Ended September 30, 2023 2022 Cloud $ 604,647 $ 475,043 Data Center 242,943 171,228 Server 78,752 113,813 Marketplace and other 51,433 47,308 Total revenues $ 977,775 $ 807,392 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Three Months Ended September 30, 2023 2022 Balance, beginning of period $ 1,545,479 $ 1,182,680 Additions 933,377 797,546 Revenue (977,775) (807,392) Balance, end of period $ 1,501,081 $ 1,172,834 |
Capitalized Contract Cost | The changes in the balances of deferred contract acquisition costs are as follows (in thousands): Three Months Ended September 30, 2023 2022 Balance, beginning of period $ 53,604 $ 27,141 Additions 6,114 5,129 Amortization expense (5,188) (2,541) Balance, end of period $ 54,530 $ 29,729 Deferred contract acquisition costs included in: Prepaid expenses and other current assets $ 19,163 $ 9,932 Other non-current assets 35,367 19,797 Total $ 54,530 $ 29,729 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Unvested Restricted Stock Units Roll Forward | A summary of restricted stock unit (“RSU”) activity for the three months ended September 30, 2023 was as follows (in thousands except share and per share data): Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Balance as of June 30, 2023 9,562,918 $ 235.16 $ 1,604,753 Granted 6,078,952 200.06 — Vested (1,046,736) 247.53 199,371 Forfeited or cancelled (407,987) 234.41 — Balance as of September 30, 2023 14,187,147 $ 219.23 $ 2,858,852 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following tables present the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended September 30, 2023 2022 Class A Class B Class A Class B Numerator: Net loss $ (19,013) $ (12,870) $ (7,916) $ (5,825) Denominator: Weighted-average shares outstanding, basic and diluted 153,798 104,109 146,996 108,171 Net loss per share, basic and diluted $ (0.12) $ (0.12) $ (0.05) $ (0.05) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The potential weighted average dilutive securities that were not included in the dilutive earnings per share calculation because the effect would be anti-dilutive are as follows (shares in thousands): Three Months Ended September 30, 2023 2022 Class A Common Stock options — 1 Class A Common Stock restricted stock units 6,828 4,784 Class A Common Stock restricted stock awards 4 30 Total 6,832 4,815 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2023 | |
Accounts Receivable | Customer Concentration Risk | Solution Partner | |
Concentration Risk [Line Items] | |
Concentration risk | 10% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Liabilities measured at fair value | ||
Derivative financial instruments | $ 18,655,000 | $ 9,905,000 |
U.S. treasury securities | ||
Assets measured at fair value | ||
Marketable securities: | 13,520,000 | |
Certificates of deposit and time deposits | ||
Assets measured at fair value | ||
Marketable securities: | 10,000,000 | 10,000,000 |
Commercial paper | ||
Assets measured at fair value | ||
Marketable securities: | 23,551,000 | |
Fair Value, Recurring | ||
Assets measured at fair value | ||
Derivative financial instruments | 56,353,000 | 64,210,000 |
Publicly traded equity securities | 19,365,000 | |
Total assets measured at fair value | 1,572,270,000 | 1,432,084,000 |
Liabilities measured at fair value | ||
Derivative financial instruments | 19,418,000 | 10,114,000 |
Total liabilities measured at fair value | 19,418,000 | 10,114,000 |
Fair Value, Recurring | U.S. treasury securities | ||
Assets measured at fair value | ||
Marketable securities: | 13,520,000 | |
Fair Value, Recurring | Agency securities | ||
Assets measured at fair value | ||
Marketable securities: | 2,935,000 | |
Fair Value, Recurring | Certificates of deposit and time deposits | ||
Assets measured at fair value | ||
Marketable securities: | 10,000,000 | 10,000,000 |
Fair Value, Recurring | Commercial paper | ||
Assets measured at fair value | ||
Marketable securities: | 23,551,000 | |
Fair Value, Recurring | Corporate debt securities | ||
Assets measured at fair value | ||
Marketable securities: | 44,292,000 | |
Fair Value, Recurring | Money market funds | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 1,405,663,000 | 1,338,509,000 |
Fair Value, Recurring | U.S. treasury securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 3,986,000 | |
Fair Value, Recurring | Commercial paper | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 9,971,000 | |
Fair Value, Recurring | Corporate debt securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 1,999,000 | |
Fair Value, Recurring | Level 1 | ||
Assets measured at fair value | ||
Derivative financial instruments | 0 | 0 |
Publicly traded equity securities | 19,365,000 | |
Total assets measured at fair value | 1,405,663,000 | 1,357,874,000 |
Liabilities measured at fair value | ||
Derivative financial instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Assets measured at fair value | ||
Marketable securities: | 0 | |
Fair Value, Recurring | Level 1 | Agency securities | ||
Assets measured at fair value | ||
Marketable securities: | 0 | |
Fair Value, Recurring | Level 1 | Certificates of deposit and time deposits | ||
Assets measured at fair value | ||
Marketable securities: | 0 | 0 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets measured at fair value | ||
Marketable securities: | 0 | |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Assets measured at fair value | ||
Marketable securities: | 0 | |
Fair Value, Recurring | Level 1 | Money market funds | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 1,405,663,000 | 1,338,509,000 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 0 | |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 0 | |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 0 | |
Fair Value, Recurring | Level 2 | ||
Assets measured at fair value | ||
Derivative financial instruments | 56,353,000 | 64,210,000 |
Publicly traded equity securities | 0 | |
Total assets measured at fair value | 166,607,000 | 74,210,000 |
Liabilities measured at fair value | ||
Derivative financial instruments | 19,418,000 | 10,114,000 |
Total liabilities measured at fair value | 19,418,000 | 10,114,000 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Assets measured at fair value | ||
Marketable securities: | 13,520,000 | |
Fair Value, Recurring | Level 2 | Agency securities | ||
Assets measured at fair value | ||
Marketable securities: | 2,935,000 | |
Fair Value, Recurring | Level 2 | Certificates of deposit and time deposits | ||
Assets measured at fair value | ||
Marketable securities: | 10,000,000 | 10,000,000 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets measured at fair value | ||
Marketable securities: | 23,551,000 | |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Assets measured at fair value | ||
Marketable securities: | 44,292,000 | |
Fair Value, Recurring | Level 2 | Money market funds | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 0 | $ 0 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 3,986,000 | |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets measured at fair value | ||
Cash and cash equivalents: | 9,971,000 | |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Assets measured at fair value | ||
Cash and cash equivalents: | $ 1,999,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 |
Fair Value Disclosures [Abstract] | ||
Privately held debt and equity securities and other investments | $ 143.9 | $ 140.1 |
Investments - Schedule of Marke
Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Marketable Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | $ 94,354 | $ 10,000 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | (59) | 0 |
Fair Value | 94,298 | 10,000 |
Certificates of deposit and time deposits | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 10,000 | 10,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 10,000 | 10,000 |
Privately Held Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 9,049 | 8,800 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3,350) | (3,350) |
Fair Value | 5,699 | $ 5,450 |
U.S. treasury securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 13,521 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1) | |
Fair Value | 13,520 | |
Agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 2,932 | |
Unrealized Gains | 3 | |
Unrealized Losses | 0 | |
Fair Value | 2,935 | |
Commercial paper | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 23,551 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 23,551 | |
Corporate debt securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 44,350 | |
Unrealized Gains | 0 | |
Unrealized Losses | (58) | |
Fair Value | $ 44,292 |
Investments - Schedule of Mar_2
Investments - Schedule of Marketable Debt Securities by Remaining Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 94,298 | $ 10,000 |
Investments - Carrying Values f
Investments - Carrying Values for Publicly Traded and Privately Held Equity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Initial total cost | $ 145,320 | |
Cumulative net losses | 8,697 | |
Carrying value | 154,017 | |
Publicly traded equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Initial total cost | 10,270 | |
Cumulative net losses | 9,095 | |
Carrying value | 19,365 | |
Privately held equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Initial total cost | $ 138,550 | 135,050 |
Cumulative net losses | (398) | (398) |
Carrying value | $ 138,152 | $ 134,652 |
Investments - Gains and Losses
Investments - Gains and Losses on Strategic Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized losses recognized on publicly traded equity securities | $ 0 | $ (9,808) |
Unrealized losses recognized on privately held equity securities including impairment | 0 | (1,705) |
Unrealized losses, net | 0 | (11,513) |
Gains (losses) on strategic investments, net | 515 | (11,513) |
Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date | 0 | (1,705) |
Realized gains | $ 515 | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt and Equity Securities, FV-NI [Line Items] | |
Downward price adjustment | $ 5.9 |
Upward price adjustment | $ 5.5 |
Vertical First Trust | |
Debt and Equity Securities, FV-NI [Line Items] | |
Retained minority equity interest (as a percentage) | 13% |
Investments - Carrying Amounts
Investments - Carrying Amounts of Equity Method Investments (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Equity Method Investments, Effect Of Foreign Currency Translation [Roll Forward] | |
Balance as of June 30, 2023 | $ 85,436 |
Share of losses | (6,762) |
Effect of change in exchange rates | (2,392) |
Balance as of September 30, 2023 | $ 76,282 |
Derivative Contracts - Notional
Derivative Contracts - Notional Amounts of Hedging Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Foreign exchange forward contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 776,606 | $ 884,992 |
Foreign exchange forward contracts | Under 12 months | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 727,591 | 849,811 |
Foreign exchange forward contracts | Over 12 months | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 49,015 | 35,181 |
Foreign exchange forward contracts | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 510,650 | 532,059 |
Foreign exchange forward contracts | Non Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 265,956 | 352,933 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 650,000 | $ 650,000 |
Average interest rate | 0.77% | 0.81% |
Interest rate swaps | Under 12 months | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 0 | $ 0 |
Interest rate swaps | Over 12 months | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 650,000 | $ 650,000 |
Average interest rate | 0.77% | 0.81% |
Interest rate swaps | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 650,000 | $ 650,000 |
Average interest rate | 0.77% | 0.81% |
Interest rate swaps | Non Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 0 | $ 0 |
Derivative Contracts - Fair Val
Derivative Contracts - Fair Value of Company's Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | $ 56,353 | $ 64,210 |
Derivative liabilities | 19,418 | 10,114 |
Prepaid expenses and other current assets | Foreign exchange forward contracts | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 607 | 3,177 |
Prepaid expenses and other current assets | Foreign exchange forward contracts | Non Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 1,129 | 3,892 |
Prepaid expenses and other current assets | Interest rate swaps | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 29,319 | 28,926 |
Other non-current assets | Interest rate swaps | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 25,298 | 28,215 |
Accrued expenses and other current liabilities | Foreign exchange forward contracts | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities | 16,487 | 9,657 |
Accrued expenses and other current liabilities | Foreign exchange forward contracts | Non Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities | 2,168 | 248 |
Other non-current liabilities | Foreign exchange forward contracts | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities | $ 763 | $ 209 |
Derivative Contracts - Pre-Tax
Derivative Contracts - Pre-Tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Beginning balance of accumulated gains in accumulated other comprehensive loss | $ 48,170 | $ 24,502 |
Gross unrealized gains (losses) recognized in other comprehensive loss | (8,070) | 286 |
Ending balance of accumulated gains in accumulated other comprehensive income | 35,583 | 28,471 |
Recognized in cost of revenues | ||
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: | 443 | 514 |
Recognized in research and development | ||
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: | 1,464 | 3,479 |
Recognized in marketing and sales | ||
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: | 370 | 406 |
Recognized in general and administrative | ||
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: | 700 | 1,581 |
Recognized in interest expense | ||
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward] | ||
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income into profit or loss: | $ (7,494) | $ (2,297) |
Property and Equipment - Proper
Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 191,762 | $ 186,997 |
Less: accumulated depreciation and impairment | (112,131) | (105,595) |
Property and equipment, net | 79,631 | 81,402 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,526 | 9,298 |
Computer Hardware and Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 32,908 | 29,801 |
Furniture and Fittings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 24,853 | 24,773 |
Leasehold Improvements and Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 123,475 | $ 123,125 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 6.9 | $ 6.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 727,211 |
Effect of change in exchange rates | (692) |
Goodwill, ending balance | $ 726,519 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 398,713 | $ 398,713 |
Less: accumulated amortization | (337,871) | (329,641) |
Intangible assets, net | 60,842 | 69,072 |
Acquired Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 235,818 | 235,818 |
Weighted-Average Remaining Useful Lives (Years) | 2 years | |
Patents, Trademarks, and Other Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 33,393 | 33,393 |
Weighted-Average Remaining Useful Lives (Years) | 5 years | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 129,502 | $ 129,502 |
Weighted-Average Remaining Useful Lives (Years) | 4 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 8.2 | $ 8.3 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2024 | $ 17,999 |
2025 | 15,208 |
2026 | 12,670 |
2027 | 7,839 |
2028 | 5,274 |
Thereafter | 1,852 |
Total future amortization expense | $ 60,842 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 114,745 | $ 107,479 |
Employee benefits | 142,738 | 191,801 |
Tax liabilities | 65,117 | 88,748 |
Customer deposits | 11,109 | 11,784 |
Derivative liabilities | 18,655 | 9,905 |
Other payables | 9,973 | 13,414 |
Total accrued expenses and other liabilities | $ 362,337 | $ 423,131 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) - Line of Credit - The Credit Facility $ in Millions | 1 Months Ended | 3 Months Ended |
Oct. 31, 2020 USD ($) | Sep. 30, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||
Obligated repayment amount, as a percentage | 1.25% | |
Consolidated leverage ratio | 3.5 | |
Consolidated leverage ration in event of a material acquisition | 4.5 | |
Base Rate | ||
Line of Credit Facility [Line Items] | ||
Variable rate | 0.50% | |
Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Variable rate | 0.10% | |
Secured Overnight Financing Rate (SOFR) | Minimum | ||
Line of Credit Facility [Line Items] | ||
Variable rate | 0.875% | |
Secured Overnight Financing Rate (SOFR) | Maximum | ||
Line of Credit Facility [Line Items] | ||
Variable rate | 1.50% | |
Unsecured Debt | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | $ 1,000 | |
Amount drawn | $ 1,000 | |
Commitment fee, as a percentage | 0.075% | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | 500 | |
Amount of increase available | $ 250 | |
Commitment fee, as a percentage | 0.20% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2023 claim | |
Long-Term Purchase Commitment [Line Items] | |||
Operating lease costs | $ 10,300 | $ 13,200 | |
Lease liabilities arising from obtaining right-of-use assets and receipt of lease incentive | $ 6,000 | $ 1,300 | |
Pending claims, number | claim | 3 | ||
Minimum | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchase commitment period | 1 year | ||
Maximum | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchase commitment period | 5 years |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Billions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 82% |
Revenue remaining performance obligation, expected timing of satisfaction period | 12 months |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Geographic Region and Deployment Options (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 977,775 | $ 807,392 |
Cloud | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 604,647 | 475,043 |
Data Center | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 242,943 | 171,228 |
Server | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 78,752 | 113,813 |
Marketplace and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 51,433 | 47,308 |
Total Americas | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 489,528 | 409,921 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 426,191 | 357,748 |
Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 63,337 | 52,173 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 378,006 | 304,278 |
Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 110,241 | $ 93,193 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue recognized, as a percentage | 58% | 56% |
Revenue - Change in Contract Ba
Revenue - Change in Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Contract With Customer, Liability, Revenue Recognized, Change In Contract Balances [Roll Forward] | ||
Balance, beginning of period | $ 1,545,479 | $ 1,182,680 |
Additions | 933,377 | 797,546 |
Revenue | (977,775) | (807,392) |
Balance, end of period | $ 1,501,081 | $ 1,172,834 |
Revenue - Changes in Balance of
Revenue - Changes in Balance of Deferred Commission (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capitalized Contract Cost [Roll Forward] | ||
Balance, beginning of period | $ 53,604 | $ 27,141 |
Additions | 6,114 | 5,129 |
Amortization expense | (5,188) | (2,541) |
Balance, end of period | 54,530 | 29,729 |
Deferred contract acquisition costs included in: | ||
Prepaid expenses and other current assets | 19,163 | 9,932 |
Other non-current assets | 35,367 | 19,797 |
Capitalized Contract Cost, Net | $ 54,530 | $ 29,729 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of RSU Activity (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Jun. 30, 2023 | |
Restricted Stock Units (RSUs) | ||
Number of Shares | ||
Beginning balance (in shares) | 9,562,918 | |
Granted (in shares) | 6,078,952 | |
Vested (in shares) | (1,046,736) | |
Forfeited or cancelled (in shares) | (407,987) | |
Ending balance (in shares) | 14,187,147 | |
Weighted Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 235.16 | |
Granted, weighted average grant date fair value (in dollars per share) | 200.06 | |
Vested, weighted average grant date fair value (in dollars per share) | 247.53 | |
Forfeited or cancelled, weighted average grant date fair value (in dollars per share) | 234.41 | |
Ending balance (in dollars per share) | $ 219.23 | |
Aggregate intrinsic value, outstanding | $ 2,858,852,000 | $ 1,604,753,000 |
Aggregate intrinsic value, vested | 199,371,000 | |
Cost not yet recognized | $ 2,300,000,000 | |
Cost not yet recognized, period for recognition | 1 year 10 months 24 days | |
Class A Common Stock restricted stock awards | ||
Number of Shares | ||
Beginning balance (in shares) | 6,131 | |
Granted (in shares) | 0 | |
Ending balance (in shares) | 3,313 | |
Weighted Average Grant Date Fair Value | ||
Aggregate intrinsic value, outstanding | $ 700,000 | $ 1,000,000 |
Stockholder's Equity - Share Re
Stockholder's Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Jan. 31, 2023 | |
Equity [Abstract] | ||
Share repurchase program, authorized amount | $ 1,000 | |
Shares repurchased (in shares) | 300,000 | |
Shares repurchased, price | $ 65.3 | |
Shares repurchased, average price per share (in usd per share) | $ 187.09 | |
Remaining authorized repurchase amount | $ 780.5 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||
Net loss | $ (31,883) | $ (13,741) |
Denominator: | ||
Weighted-average shares used in computing net income per share, basic (in shares) | 257,907,000 | 255,167,000 |
Weighted-average shares used in computing net income per share, diluted (in shares) | 257,907,000 | 255,167,000 |
Net loss per share, basic (in USD per share) | $ (0.12) | $ (0.05) |
Net loss per share, diluted (in USD per share) | $ (0.12) | $ (0.05) |
Class A | ||
Numerator: | ||
Net loss | $ (19,013) | $ (7,916) |
Denominator: | ||
Weighted-average shares used in computing net income per share, basic (in shares) | 153,798,000 | 146,996,000 |
Weighted-average shares used in computing net income per share, diluted (in shares) | 153,798,000 | 146,996,000 |
Net loss per share, basic (in USD per share) | $ (0.12) | $ (0.05) |
Net loss per share, diluted (in USD per share) | $ (0.12) | $ (0.05) |
Class B | ||
Numerator: | ||
Net loss | $ (12,870) | $ (5,825) |
Denominator: | ||
Weighted-average shares used in computing net income per share, basic (in shares) | 104,109,000 | 108,171,000 |
Weighted-average shares used in computing net income per share, diluted (in shares) | 104,109,000 | 108,171,000 |
Net loss per share, basic (in USD per share) | $ (0.12) | $ (0.05) |
Net loss per share, diluted (in USD per share) | $ (0.12) | $ (0.05) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 6,832 | 4,815 |
Class A Common Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 0 | 1 |
Class A Common Stock restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 6,828 | 4,784 |
Class A Common Stock restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 4 | 30 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Contingency [Line Items] | |||
Provision for income taxes | $ 20,929 | $ 8,025 | |
Loss before income taxes | $ (10,954) | $ (5,716) | |
Subsequent Event | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | $ 60,500 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Loom, Inc - Forecast $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Subsequent Event [Line Items] | |
Consideration transferred | $ 880 |
Cash payments to acquire businesses | $ 975 |