XML 53 R37.htm IDEA: XBRL DOCUMENT
v3.23.1

Equity (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2023
Equity [Abstract] |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands):
| March 31, 2023 |  |
Common stock warrants | 641 |  |  |
2010 Plan |  |  |
Options outstanding | 19,752 |  |  |
2021 Plan |  |  |
Awards outstanding | 2,157 |  |  |
Shares available for future grant | 31,112 |  |  |
2021 ESPP | 6,243 |  |  |
Options outstanding outside the Plans | 2,655 |  |  |
Total | 62,560 |  |  |
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 | (3,717) |  |  | 2.65 |  |  |  |  |
Options forfeited or expired | (859) |  |  | 4.48 |  |  |  |  |
Balance, March 31, 2023 | 22,407 |  |  | 4.39 |  |  | 6.56 |  | 627,187 |
Vested and exercisable as of March 31, 2023 | 11,897 |  |  | 2.58 |  |  | 5.62 |  | 354,546 |
Vested and expected to vest as of March 31, 2023 | 21,472 |  |  | 4.29 |  |  | 6.51 |  | 603,118 |
Stock Options Valuation Assumptions | The fair value of each option on the date of grant was determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table:
|  |  | Fiscal Year Ended March 31,
|  |  | 2022 |  | 2021
Fair value of common stock |  |  | $18.41 - $21.41 |  | $2.06 - $10.51
Volatility |  |  | 46.5% - 47.0% |  | 38.1% - 58.3%
Risk-free interest rate |  |  | 0.77% - 1.02% |  | 0.26% - 1.02%
Expected term (in years) |  |  | 5.00 - 6.09 |  | 5.00 - 8.00
Expected dividend |  |  | —% |  | —%
Restricted Stock Unit Activity | The following table summarizes RSU activity (in thousands, except per share information):
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested balance, March 31, 2022 | 534 |  |  | $ | 68.23 |
Granted | 1,863 |  |  | 34.27 |
Vested | (324) |  |  | 51.23 |
Forfeited | (122) |  |  | 44.93 |
Unvested balance, March 31, 2023 | 1,951 |  |  | 40.08 |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the consolidated statement of operations was as follows (in thousands):
| Fiscal Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 9,634 |  |  | $ | 4,979 |  |  | $ | 600 |
Research and development | 12,583 |  |  | 7,065 |  |  | 1,975 |
Sales and marketing | 16,939 |  |  | 8,108 |  |  | 1,998 |
General and administrative | 8,678 |  |  | 11,290 |  |  | 2,679 |
Total stock-based compensation expense | $ | 47,834 |  |  | $ | 31,442 |  |  | $ | 7,252 |
Performance-Based Units Activity | The following table summarizes PSU activity (in thousands, except per share information):
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested balance, March 31, 2022 | 12 |  |  | $ | 80.00 |
Granted | 213 |  |  | 34.63 |
Vested | (11) |  |  | 80.00 |
Forfeited | (8) |  |  | 38.47 |
Unvested balance, March 31, 2023 | 206 |  |  | 34.68 |

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration