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Equity (Tables)

6 Months Ended

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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