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Equity (Tables)

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Common Stock Reserved for Issuance

The Company has shares of common stock reserved for issuance as follows (in thousands):

			March 31, 2024
Common stock warrants			516
2010 Plan
Options outstanding			14,842
2021 Plan
Awards outstanding			2,519
Shares available for future grant			40,823
2021 ESPP			8,002
Options outstanding outside the Plans			2,638
Total			69,340

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, 2023			22,407						$	4.39					6.56						$	627,187
Options exercised			(4,019)						3.19
Options forfeited or expired			(908)						5.60
Balance, March 31, 2024			17,480						4.60						5.72						389,931
Vested and exercisable as of March 31, 2024			11,896						3.26						5.21						281,377
Vested and expected to vest as of March 31, 2024			17,480						4.60						5.72						389,931

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
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, 2023			1,951						$	40.08
Granted			1,300						29.72
Vested			(701)						37.96
Forfeited			(457)						41.85
Unvested balance, March 31, 2024			2,093						33.79

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,
			2024						2023						2022
Cost of revenue			$	9,479					$	9,634					$	4,979
Research and development			11,978						12,583						7,065
Sales and marketing			16,857						16,939						8,108
General and administrative			9,116						8,678						11,290
Restructuring			3,646						—						—
Total stock-based compensation expense			$	51,076					$	47,834					$	31,442

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Tabular disclosure of share-based payment arrangement.

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