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Equity (Tables)

9 Months Ended

Dec. 31, 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):

			December 31, 2022
Common stock warrants			641
2010 Plan
Options outstanding			21,223
2021 Plan
Awards outstanding			2,022
Shares available for future grant			30,945
2021 ESPP			6,321
Options outstanding outside the plans			2,655
Total			63,807

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			(2,659)						2.77
Options forfeited or expired			(446)						5.62
Balance, December 31, 2022			23,878						4.27						6.95						699,367
Vested and exercisable as of December 31, 2022			11,697						2.35						5.97						365,043
Vested and expected to vest as of December 31, 2022			22,476						4.19						6.89						660,023

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:

																					Nine Months Ended December 31, 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 (in thousands, except per share information):

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested balance, March 31, 2022			534						$	68.23
Granted			1,590						33.91
Vested			(203)						54.44
Forfeited			(92)						46.55
Unvested balance, December 31, 2022			1,829						41.01

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 December 31,												Nine Months Ended December 31,
			2022						2021						2022						2021
Cost of revenue			$	2,695					$	1,912					$	7,209					$	2,973
Research and development			4,002						2,035						9,416						4,864
Sales and marketing			4,856						2,681						11,912						5,575
General and administrative			2,431						3,206						6,306						8,221
Total stock-based compensation expense			$	13,984					$	9,834					$	34,843					$	21,633

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