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Equity (Tables)

9 Months Ended

Dec. 31, 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):

			December 31, 2021						March 31, 2021
Redeemable convertible preferred stock			—						76,287
Common stock warrants			766						250
2010 Equity Incentive Plan
Options outstanding			26,645						33,856
Shares available for future grant			—						1,550
2021 Stock Option and Incentive Plan
Performance-based restricted stock units outstanding			14						—
Restricted stock units outstanding			327						—
Shares available for future grant			22,600						—
2021 ESPP			4,500						—
Options outstanding outside the Plans			2,709						2,720
Total			57,561						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			(8,536)						1.09
Options forfeited or expired			(652)						3.14
Balance, December 31, 2021			29,354						3.94						7.74						1,355,890
Vested and exercisable as of December 31, 2021			8,755						1.34						5.99						427,159
Vested and expected to vest as of December 31, 2021			27,017						3.80						7.64						1,251,699

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:

									Nine Months Ended December 31,
															2021												2020
Fair value of common stock																											$	18.41		–			$	21.41					$	2.06		–			$	7.86
Volatility																											46.5		%	–			47.0		%				51.3		%	–			58.3		%
Risk-free interest rate																											0.77		%	–			1.02		%				0.26		%	–			0.64		%
Expected term (in years)																											5.00			–			6.09						5.00			–			8.00
Expected dividend															—%												—%

Restricted Stock Unit Activity

The following table summarizes RSU activity during the nine months ended December 31, 2021 (in thousands, except per share information):

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested Balance, March 31, 2021			—						$	—
Granted			347						74.53
Vested			(19)						60.58
Forfeited			(1)						53.00
Unvested Balance, December 31, 2021			327						75.40

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:

			Nine Months Ended December 31,
			2021
Fair value of common stock			$	73.73
Volatility			103.6		%
Risk-free interest rate			0.05		%
Expected term (in years)			0.29
Expected dividend			—		%

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three and nine months ended December 31, 2021 and 2020 was as follows (in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2021						2020						2021						2020
Cost of revenue			$	1,912					$	179					$	2,973					$	368
Research and development			2,035						634						4,864						1,179
Sales and marketing			2,681						633						5,575						1,304
General and administrative			3,206						774						8,221						1,531
Total stock-based compensation expense			$	9,834					$	2,220					$	21,633					$	4,382

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