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Share-based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense | The following table summarizes the components of total share-based compensation expense included in the consolidated statements of operations for each period presented (in thousands):
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Cost of revenue | $ | 26,622 |  |  | $ | 18,383 |  |  | $ | 12,863 |
Research and development | 69,543 |  |  | 41,406 |  |  | 21,316 |
Sales and marketing | 65,762 |  |  | 51,147 |  |  | 35,957 |
General and administrative | 46,969 |  |  | 35,938 |  |  | 29,400 |
Total share-based compensation expense | $ | 208,896 |  |  | $ | 146,874 |  |  | $ | 99,536 |
Schedule of Activity for Stock Options | The following table summarizes activity for stock options during the period ended March 31, 2024:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (in thousands) |  | (per share) |  | (years) |  | (in thousands)
Balance, March 31, 2023 | 4,636 |  |  | $ | 22.25 |  |  | 6.5 |  | $ | 94,565 |
Exercised | (1,500) |  |  | 20.79 |  |  |  |  |
Forfeited or expired | (73) |  |  | 39.64 |  |  |  |  |
Balance, March 31, 2024 | 3,063 |  |  | $ | 22.56 |  |  | 5.6 |  | $ | 73,903 |
Options vested and expected to vest at March 31, 2024 | 3,063 |  |  | $ | 22.56 |  |  | 5.6 |  | $ | 73,903 |
Options vested and exercisable at March 31, 2024 | 2,936 |  |  | $ | 21.82 |  |  | 5.6 |  | $ | 72,848 |
Schedule of Fair value Assumptions for Stock Options | The fair value for the Company’s stock options granted during the year ended March 31, 2022 was estimated at the date of grant using a Black-Scholes option-pricing model using the following assumptions:
Expected dividend yield | — |
Expected volatility | 39.5% - 39.8%
Expected term (years) | 6.1
Risk-free interest rate | 0.9% - 1.1%
Schedule of Restricted Stock Activity | The following table provides a summary of the changes in the number of RSAs and RSUs for the year ended March 31, 2024:
| Number of RSAs |  | Weighted Average Grant Date Fair Value |  | Number of RSUs |  | Weighted Average Grant Date Fair Value
| (in thousands) |  | (per share) |  | (in thousands) |  | (per share)
Balance, March 31, 2023 | 4 |  |  | $ | 16.00 |  |  | 8,836 |  |  | $ | 41.76 |
Granted | 142 |  | 49.05 |  | 6,193 |  |  | 51.60
Vested | (4) |  |  | 16.00 |  | (4,376) |  |  | 40.69
Forfeited | — |  |  | — |  | (801) |  |  | 44.83
Balance, March 31, 2024 | 142 |  |  | $ | 49.05 |  |  | 9,852 |  |  | $ | 48.17 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The Company estimated the fair value of the ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Expected dividend yield | — |  |  | — |  |  | — |
Expected volatility | 32.2% - 51.6% |  | 35.4% - 64.3% |  | 35.4% - 40.6%
Expected term (years) | 0.5 |  | 0.5 |  | 0.5
Risk-free interest rate | 4.7% - 5.4% |  | 0.1% - 4.7% |  | 0.04% - 0.1%

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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