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Equity (Tables) | 12 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands):
| March 31, 2022 |  | March 31, 2021
Redeemable convertible preferred stock | — |  |  | 76,287 |
Common stock warrants | 766 |  |  | 250 |
2010 Plan |  |  |
Options outstanding | 24,312 |  |  | 33,856 |
Shares available for future grant | — |  |  | 1,550 |
2021 Plan |  |  |
Performance-based restricted stock units outstanding | 12 |  |  | — |
Restricted stock units outstanding | 534 |  |  | — |
Shares available for future grant | 22,466 |  |  | — |
2021 ESPP | 4,471 |  |  | — |
Options outstanding outside the Plans | 2,671 |  |  | 2,720 |
Total | 55,232 |  |  | 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 | (10,823) |  |  | 1.17 |  |  |  |  |
Options forfeited or expired | (736) |  |  | 3.16 |  |  |  |  |
Balance, March 31, 2022 | 26,983 |  |  | 4.15 |  |  | 7.63 |  | 1,293,545 |
Vested and exercisable as of March 31, 2022 | 8,113 |  |  | 1.77 |  |  | 6.15 |  | 408,238 |
Vested and expected to vest as of March 31, 2022 | 25,021 |  |  | 4.02 |  |  | 7.55 |  | 1,202,634 |
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:
| Fiscal Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Fair value of common stock | $18.41 - $21.41 |  | $2.06 - $10.51 |  | $1.58 - $1.91
Volatility | 46.5% - 47.0% |  | 38.1% - 58.3% |  | 39.2% - 46.5%
Risk-free interest rate | 0.77% - 1.02% |  | 0.26% - 1.02% |  | 0.68% - 2.36%
Expected term (in years) | 5.00 - 6.09 |  | 5.00 - 8.00 |  | 5.94 - 10.00
Expected dividend | —% |  | —% |  | —%
Restricted Stock Unit Activity | The following table summarizes RSU activity during the fiscal year ended March 31, 2022 (in thousands, except per share information):
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested Balance, March 31, 2021 | — |  |  | $ | — |
Granted | 573 |  |  | 67.60 |
Vested | (38) |  |  | 59.04 |
Forfeited | (1) |  |  | 54.59 |
Unvested Balance, March 31, 2022 | 534 |  |  | 68.23 |
Employee Stock Purchase Plan Valuation Assumptions | The fair value of the ESPP stock purchase rights on the date of grant is determined using the Black-Scholes pricing model with the assumptions set forth in the following table:
| Fiscal Year Ended March 31, |  |  |  |
| 2022 |  |
Fair value of common stock | $57.44 - $73.73 |  |  |  |  |  |
Volatility | 86.3% - 103.6% |  |  |  |  |  |
Risk-free interest rate | 0.05% - 0.67% |  |  |  |  |  |
Expected term (in years) | 0.29 - 0.49 |  |  |  |  |  |
Expected dividend | —% |  |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the consolidated statement of operations for the fiscal years ended March 31, 2022, 2021, and 2020 was as follows (in thousands):
| Fiscal Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Cost of revenue | $ | 4,979 |  |  | $ | 600 |  |  | $ | 173 |
Research and development | 7,065 |  |  | 1,975 |  |  | 710 |
Sales and marketing | 8,108 |  |  | 1,998 |  |  | 847 |
General and administrative | 11,290 |  |  | 2,679 |  |  | 623 |
Total stock-based compensation expense | $ | 31,442 |  |  | $ | 7,252 |  |  | $ | 2,353 |

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