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Equity (Tables) | 9 Months Ended
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Dec. 31, 2024
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, 2024 |  |
Common stock warrants | 315 |  |  |
2010 Plan |  |  |
Options outstanding | 11,805 |  |  |
2021 Plan |  |  |
Awards outstanding | 4,060 |  |  |
Shares available for future grant | 40,431 |  |  |
2021 ESPP | 9,812 |  |  |
Options outstanding outside the plans | 2,638 |  |  |
Total | 69,061 |  |  |
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 | (2,941) |  |  | 3.90 |  |  |  |  |
Options forfeited or expired | (96) |  |  | 7.30 |  |  |  |  |
Balance, December 31, 2024 | 14,443 |  |  | 4.73 |  |  | 5.09 |  | 702,867 |
Vested and exercisable as of December 31, 2024 | 10,925 |  |  | 3.74 |  |  | 4.76 |  | 542,383 |
Vested and expected to vest as of December 31, 2024 | 14,443 |  |  | 4.73 |  |  | 5.09 |  | 702,867 |
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 | 2,905 |  |  | 27.66 |
Vested | (1,167) |  |  | 31.25 |
Forfeited | (162) |  |  | 27.12 |
Unvested balance, December 31, 2024 | 3,669 |  |  | 30.04 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 2,818 |  |  | $ | 2,466 |  |  | $ | 8,373 |  |  | $ | 7,205 |
Research and development | 4,471 |  |  | 3,080 |  |  | 14,602 |  |  | 8,874 |
Sales and marketing | 6,487 |  |  | 4,060 |  |  | 19,881 |  |  | 12,752 |
General and administrative | 5,592 |  |  | 2,165 |  |  | 11,470 |  |  | 6,742 |
Restructuring | — |  |  | — |  |  | — |  |  | 3,646 |
Total stock-based compensation expense | $ | 19,368 |  |  | $ | 11,771 |  |  | $ | 54,326 |  |  | $ | 39,219 |

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