Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2024

Disclosure Of Stock-Based Compensation Arrangements By Stock-Based Payment Award

The following table summarizes our stock option activity for the nine months ended December 31, 2024:


	Options (in thousands)	Weighted- Average Exercise Prices		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of March 31, 2024	12	$	64.00

Granted	3	141.83
Exercised	(7)	91.54
Forfeited, cancelled or expired	(1)	58.76
Outstanding as of December 31, 2024	7	$	62.09	3.51	$	1
Vested and expected to vest	7	$	62.09	3.51	$	1
Exercisable as of December 31, 2024	7	$	62.09	3.51	$	1

The following table summarizes our restricted stock units activity for the nine months ended December 31, 2024:


	Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Values
Outstanding as of March 31, 2024	7,480	$	128.31

Granted	4,446	138.81
Vested	(3,917)	129.53
Forfeited or cancelled	(314)	130.87
Outstanding as of December 31, 2024	7,695	$	133.65

The following table summarizes our performance-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the nine months ended December 31, 2024:


	Performance- Based Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Value
Outstanding as of March 31, 2024	836	$	129.60
Granted	763	137.53
Vested	(277)	133.67
Forfeited or cancelled	(318)	129.29
Outstanding as of December 31, 2024	1,004	$	134.60

The following table summarizes our market-based restricted stock unit activity, presented with the maximum number of shares that could potentially vest, for the nine months ended December 31, 2024:


	Market-Based Restricted Stock Units (in thousands)	Weighted- Average Grant Date Fair Value
Outstanding as of March 31, 2024	354	$	168.53
Granted	381	80.91
Vested	(25)	173.25
Forfeited or cancelled	(73)	173.25
Outstanding as of December 31, 2024	637	$	115.43

The following table summarizes stock-based compensation expense resulting from stock options, restricted stock units, market-based restricted stock units, performance-based restricted stock units, and the ESPP purchase rights included in our Condensed Consolidated Statements of Operations (in millions):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Cost of revenue	$	3	$	2	$	11	$	6
Research and development	119		108		342		314
Marketing and sales	14		14		42		38
General and administrative	27		27		85		78
Stock-based compensation expense	$	163	$	151	$	480	$	436

Schedule of Repurchase Agreements

The following table summarizes total shares repurchased during the three and nine months ended December 31, 2024 and 2023:


	August 2022 Program			May 2024 Program			Total
(In millions)	Shares	Amount(a)		Shares	Amount(a)		Shares	Amount
Three months ended December 31, 2024	—	$	—	2.4	$	375	2.4	$	375
Nine months ended December 31, 2024	1.2	$	152	6.7	$	973	7.9	$	1,125
Three months ended December 31, 2023	2.5	$	325	—	$	—	2.5	$	325
Nine months ended December 31, 2023	7.6	$	975	—	$	—	7.6	$	975
(a)Amount excludes excise taxes. Accrued excise taxes are included in accounts payable, accrued, and other current liabilities and additional paid-in capital on the Condensed Consolidated Balance Sheets.