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Equity (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Common Stock Reserved for Issuance

The Company has shares of common stock reserved for issuance as follows (in thousands):

			September 30, 2021						March 31, 2021
Redeemable convertible preferred stock			—						76,287
Common stock warrants			1,450						250
2010 Equity Incentive Plan
Options outstanding			30,054						33,856
Shares available for future grant			—						1,550
2021 Stock Option and Incentive Plan
Performance-based restricted stock units outstanding			15						—
Restricted stock units outstanding			220						—
Shares available for future grant			22,397						—
2021 ESPP			4,500						—
Options outstanding outside the Plans			2,709						2,720
Total			61,345						114,663

Stock Option Activity

Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information):

			Number of Shares						Weighted- Average Exercise Price						Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Balance, March 31, 2021			36,576						$	2.80					7.86						$	357,366
Options granted			1,966						12.56
Options exercised			(5,446)						0.93
Options forfeited or expired			(333)						3.24
Balance, September 30, 2021			32,763						3.69						7.80						2,523,152
Vested and exercisable as of September 30, 2021			10,232						1.18						5.84						813,709
Vested and expected to vest as of September 30, 2021			29,765						3.55						7.67						2,296,324

Stock Options Valuation Assumptions

The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table:

									Six Months Ended September 30,
															2021												2020
Fair value of common stock																											$	18.41		–			$	21.41					$	2.06		–			$	4.09
Volatility																											46.5		%	–			47.0		%				51.3		%	–			58.3		%
Risk-free interest rate																											0.77		%	–			1.02		%				0.26		%	–			0.46		%
Expected term (in years)																											5.00			–			6.09						5.00			–			7.50
Expected dividend															—%												—%

Restricted Stock Unit Activity

The following table summarizes RSU activity during the six months ended September 30, 2021 (in thousands, except per share information):

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested Balance, March 31, 2021			—						$	—
Granted			224						76.60
Vested			(4)						80.00
Unvested Balance, September 30, 2021			220						76.58

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three and six months ended September 30, 2021 and 2020 was as follows (in thousands):

			Three Months Ended September 30,												Six Months Ended September 30,
			2021						2020						2021						2020
Cost of revenue			$	793					$	99					$	1,061					$	189
Research and development			1,859						281						2,829						545
Sales and marketing			1,866						376						2,894						671
General and administrative			2,154						423						5,015						757
Total stock-based compensation expense			$	6,672					$	1,179					$	11,799					$	2,162

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