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Equity
 6 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Preferred Stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of September 30, 2025 and March 31, 2025, there were no shares of preferred stock issued and outstanding.
Common Stock and Dual-Class Structure
The Company has two classes of common stock authorized: Class A common stock and Class B common stock, and are collectively referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. The Company’s amended and restated certificate of incorporation authorized the issuance of 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends, as may be declared by the board of directors. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. As of September 30, 2025, there were 137,192,232 shares of Class A common stock, and 50,897,811 shares of Class B common stock outstanding.
Stock Repurchase Program
On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock with no expiration date. As of September 30, 2025, the Company repurchased and retired 4,496,467 shares of Class A common stock under this program for an aggregate purchase price of $220.2 million and $279.8 million remained available and authorized for repurchase.
All repurchases are subject to general business and market conditions and other investment opportunities and may be executed through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares shall be retired by the Company and shall automatically return to the status of authorized but unissued shares of Class A common stock.
Effective January 1, 2023, the Company’s share repurchases in excess of allowable share issuances are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. As of September 30, 2025, the Company had accrued excise taxes of $0.3 million and nil as of March 31, 2025.
Common Stock Warrants
In October 2021, the Company issued a warrant to U.S. News (the “U.S. News Warrant”) to purchase 516,000 shares of Class A common stock with an exercise price of $12.56 per share in connection with the execution of a commercial agreement with U.S. News. The U.S. News Warrant expires 10 years from the date of grant. The first tranche of the U.S. News Warrant vested on May 1, 2022 and the remainder will vest on a monthly basis over approximately 6 years. The grant-date fair value of the U.S. News Warrant was $34.7 million, which was determined using the Black-Scholes option-pricing model on the date of grant. The fair value of the warrant is recognized as expense in cost of revenue in the condensed consolidated statements of operations on a straight-line basis over its vesting term of 6.48 years. During the six months ended September 30, 2025 and 2024, $2.7 million was recognized as stock-based compensation expense relating to the U.S. News Warrant. As of March 31, 2025, 279,500 shares under the warrant were outstanding. During the six months ended September 30, 2025, 50,167 shares with an intrinsic value of $2.3 million were exercised under the warrant and 229,333 shares under the warrant were outstanding as of September 30, 2025. As of September 30, 2025, unamortized stock-based compensation expense related to the unvested warrants was $13.4 million, which is expected to be recognized over the remaining vesting period of 2.50 years.
Equity Incentive Plans
The Company maintains three equity incentive plans: the 2010 Equity Incentive Plan (the “2010 Plan”), the 2021 Stock Option and Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “ESPP”). In June 2021, the Company’s board of directors approved the adoption of the 2021 Plan, which became effective upon the Company’s initial public offering and supersedes the 2010 Plan. The 2010 Plan continues to govern the terms of outstanding awards that were granted prior to the termination of the 2010 Plan. The 2021 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company.
The Company granted stock options under the terms of the Plans and outside of the Plans, as approved by the board of directors. During fiscal 2018, the Company granted 4,682,582 options outside of the Plans, of which 2,114,582 options were exercised and 2,568,000 were outstanding as of September 30, 2025.
The Company has shares of common stock reserved for issuance as follows (in thousands):
September 30, 2025
Common stock warrants229 
2010 Plan
Options outstanding9,315 
2021 Plan
Awards outstanding
4,658 
Shares available for future grant43,634 
2021 ESPP11,598 
Options outstanding outside the Plans
2,568 
Total72,002 
Stock Options
Stock options granted generally vest over four years with service-based, performance-based, and/or market-based conditions and expire ten years from the date of grant.
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, 202513,013 $4.82 4.92$692,422 
Options exercised(1,031)4.07 
Options forfeited or expired(99)6.71 
Balance, September 30, 202511,883 4.87 4.40811,385 
Vested and exercisable as of September 30, 20259,809 4.24 4.20675,959 
Vested and expected to vest as of September 30, 202511,883 4.87 4.40811,385 
The aggregate intrinsic value of options exercised during the six months ended September 30, 2025 and 2024 was $57.4 million and $55.1 million, respectively.
As of September 30, 2025, unamortized stock-based compensation expense related to unvested stock options was $7.3 million, which is expected to be recognized over a weighted-average period of 1.65 years.
The Company has not granted any stock options since the first quarter of fiscal 2022.
Restricted Stock Units (“RSUs”)
The RSUs granted by the Company generally vest over two to four years based on continued service.
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, 20253,347 $31.66 
Granted1,570 60.13 
Vested(1,031)35.73 
Forfeited(242)34.65 
Unvested balance, September 30, 20253,644 42.58 
The total fair value of RSUs vested during the six months ended September 30, 2025 and 2024 was $62.0 million and $21.9 million, respectively.
As of September 30, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $135.3 million, which is expected to be recognized over a weighted-average period of 2.15 years.
Performance-Based Restricted Stock Units (“PSUs”)
The Company grants PSUs that are subject to both service-based and performance-based vesting conditions that are satisfied upon meeting certain financial performance targets. Certain awards are granted with performance targets to be established in future years. For purposes of the PSUs, grant date cannot occur until performance targets have been clearly established and communicated.
Additionally, for certain awards, participants can earn up to 200% of the target number of shares originally granted. When achievement exceeds 100%, additional shares will be earned when the achievement is affirmed.
As of March 31, 2025, 480,030 PSUs were outstanding. During the six months ended September 30, 2025, 685,500 PSUs were granted, 89,638 PSUs vested, and 61,578 PSUs were forfeited. As of September 30, 2025, 1,014,314 PSUs were outstanding, of which, 866,030 PSUs are considered granted from an accounting perspective as the performance targets have been established.
As of September 30, 2025, the unamortized stock-based compensation expense related to outstanding PSUs for which performance conditions have been established was $28.0 million, which is calculated based on the probable outcome of the performance conditions as of September 30, 2025. The amount of expense to be recognized will be based on the extent the performance metrics are achieved.
In July 2025, the Compensation Committee of the Board of Directors approved an equity award pool of $30 million, subject to both performance-based and service-based vesting conditions. Participants can earn up to 300% of the original pool. Out of the pool, $23 million worth of PSUs have been granted. As of September 30, 2025, we believe 100% achievement is probable. During the six months ended September 30, 2025, $2.3 million was recognized as stock-based compensation expense, net of amount capitalized as internal use software. As the monetary value of the obligation is based on a fixed monetary amount and will be settled in a variable number of shares, the obligation is recorded as a liability in other liabilities, non-current, on the condensed consolidated balance sheets. Subject to actual achievement, the number of shares will become fixed in the fourth quarter of fiscal 2026, at which point the liability will be reclassified to equity. The individual awards will vest on a quarterly basis through the fourth quarter of fiscal 2027.
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 September 30,Six Months Ended September 30,
2025202420252024
Cost of revenue$2,844 $2,661 $5,824 $5,555 
Research and development9,862 5,447 16,511 10,131 
Sales and marketing10,508 6,808 18,218 13,394 
General and administrative6,260 2,952 10,786 5,878 
Total stock-based compensation expense$29,474 $17,868 $51,339 $34,958