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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

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