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Equity (Tables)

3 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Common Stock Reserved for Issuance

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

			June 30, 2022						March 31, 2022
Common stock warrants			641						766
2010 Plan
Options outstanding			22,984						24,312
2021 Plan
Awards outstanding			1,067						546
Shares available for future grant			31,807						22,466
2021 ESPP			6,395						4,471
Options outstanding outside the plans			2,671						2,671
Total			65,565						55,232

Stock Option Activity

Stock option activities within the Plans as well as outside of the Plans were as follows (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, 2022			26,983						$	4.15					7.63						$	1,293,545
Options exercised			(1,079)						2.72
Options forfeited or expired			(249)						5.80
Balance, June 30, 2022			25,655						4.20						7.40						785,680
Vested and exercisable as of June 30, 2022			10,549						1.96						6.11						346,650
Vested and expected to vest as of June 30, 2022			23,892						4.09						7.33						734,265

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:

																					Three Months Ended June 30,
																					2021
Fair value of common stock																																							$18.41 - $21.41
Volatility																																							46.5% - 47.0%
Risk-free interest rate																																							0.77% - 1.02%
Expected term (in years)																																							5.00 - 6.09
Expected dividend																					—%

Restricted Stock Unit Activity

The following table summarizes RSU activity during the three months ended June 30, 2022 (in thousands, except per share information):

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested balance, March 31, 2022			534						$	68.23
Granted			536						32.99
Vested			(11)						53.13
Forfeited			(29)						45.42
Unvested balance, June 30, 2022			1,030						50.69

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three months ended June 30, 2022 and 2021 was as follows (in thousands):

									Three Months Ended June 30,
															2022						2021
Cost of revenue															$	2,122					$	268
Research and development															2,552						970
Sales and marketing															3,074						1,028
General and administrative															1,758						2,861
Total stock-based compensation expense															$	9,506					$	5,127

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