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Equity (Tables) | 12 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands):
| March 31, 2025 |  |
Common stock warrants | 280 |  |  |
2010 Plan |  |  |
Options outstanding | 10,445 |  |  |
2021 Plan |  |  |
Awards outstanding | 3,828 |  |  |
Shares available for future grant | 40,449 |  |  |
2021 ESPP | 9,742 |  |  |
Options outstanding outside the Plans | 2,568 |  |  |
Total | 67,312 |  |  |
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, 2024 | 17,480 |  |  | $ | 4.60 |  |  | 5.72 |  | $ | 389,931 |
Options exercised | (4,339) |  |  | 3.86 |  |  |  |  |
Options forfeited or expired | (128) |  |  | 7.38 |  |  |  |  |
Balance, March 31, 2025 | 13,013 |  |  | 4.82 |  |  | 4.92 |  | 692,422 |
Vested and exercisable as of March 31, 2025 | 10,057 |  |  | 3.96 |  |  | 4.64 |  | 543,794 |
Vested and expected to vest as of March 31, 2025 | 13,013 |  |  | 4.82 |  |  | 4.92 |  | 692,422 |
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, 2024 | 2,093 |  |  | $ | 33.79 |
Granted | 3,049 |  |  | 29.60 |
Vested | (1,554) |  |  | 31.20 |
Forfeited | (241) |  |  | 27.08 |
Unvested balance, March 31, 2025 | 3,347 |  |  | 31.66 |
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,
| 2025 |  | 2024 |  | 2023
Cost of revenue | $ | 11,001 |  |  | $ | 9,479 |  |  | $ | 9,634 |
Research and development | 19,394 |  |  | 11,978 |  |  | 12,583 |
Sales and marketing | 26,323 |  |  | 16,857 |  |  | 16,939 |
General and administrative | 15,668 |  |  | 9,116 |  |  | 8,678 |
Restructuring | — |  |  | 3,646 |  |  | — |
Total stock-based compensation expense | $ | 72,386 |  |  | $ | 51,076 |  |  | $ | 47,834 |

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