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Equity (Tables) | 6 Months Ended
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Sep. 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):
| September 30, 2022 |  |
Common stock warrants | 641 |  |  |
2010 Plan |  |  |
Options outstanding | 22,134 |  |  |
2021 Plan |  |  |
Awards outstanding | 1,491 |  |  |
Shares available for future grant | 31,480 |  |  |
2021 ESPP | 6,321 |  |  |
Options outstanding outside the plans | 2,655 |  |  |
Total | 64,722 |  |  |
Stock Option Activity | Stock option activities within the Plans as well as outside of the Plans were as follows:
| Number of Shares (in thousands) |  | Weighted-Average Exercise Price |  | Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Balance, March 31, 2022 | 26,983 |  |  | $ | 4.15 |  |  | 7.63 |  | $ | 1,293,545 |
Options exercised | (1,787) |  |  | 3.09 |  |  |  |  |
Options forfeited or expired | (407) |  |  | 5.78 |  |  |  |  |
Balance, September 30, 2022 | 24,789 |  |  | 4.20 |  |  | 7.17 |  | 644,960 |
Vested and exercisable as of September 30, 2022 | 11,186 |  |  | 2.12 |  |  | 6.05 |  | 314,388 |
Vested and expected to vest as of September 30, 2022 | 23,204 |  |  | 4.11 |  |  | 7.11 |  | 605,967 |
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
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 six months ended September 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 | 900 |  |  | 34.78 |
Vested | (91) |  |  | 62.76 |
Forfeited | (47) |  |  | 41.14 |
Unvested balance, September 30, 2022 | 1,296 |  |  | 46.37 |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue | $ | 2,392 |  |  | $ | 793 |  |  | $ | 4,514 |  |  | $ | 1,061 |
Research and development | 2,862 |  |  | 1,859 |  |  | 5,414 |  |  | 2,829 |
Sales and marketing | 3,982 |  |  | 1,866 |  |  | 7,056 |  |  | 2,894 |
General and administrative | 2,117 |  |  | 2,154 |  |  | 3,875 |  |  | 5,015 |
Total stock-based compensation expense | $ | 11,353 |  |  | $ | 6,672 |  |  | $ | 20,859 |  |  | $ | 11,799 |

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