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Stock Plans
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Plans Stock Plans
The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the three and nine months ended December 31, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP.
 Three Months Ended December 31,Nine Months Ended December 31,
 2024202320242023
Cost of revenues$1,465 $1,935 $4,420 $5,224 
Sales and marketing13,911 10,189 35,028 29,834 
Research and development7,084 5,451 17,803 16,183 
General and administrative8,696 7,027 22,524 20,700 
Restructuring307 — 4,495 — 
Stock-based compensation expense$31,463 $24,602 $84,270 $71,941 

As of December 31, 2024, there was $174,094 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted average period of 1.74 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.

Stock option activity was not significant for both the nine months ended December 31, 2024 and 2023.
Restricted Stock Units
Restricted stock unit activity for the nine months ended December 31, 2024 was as follows:
Non-vested Restricted Stock UnitsNumber of
Awards		Weighted
Average Grant
Date Fair Value
Non-vested as of March 31, 20242,417 $68.52 
Awarded988 142.14 
Vested(1,264)68.85 
Forfeited(130)74.89 
Non-vested as of December 31, 2024
2,011 $104.07 

The weighted average fair value of restricted stock units awarded was $168.96 and $142.14 per unit during the three and nine months ended December 31, 2024, respectively, and $71.48 and $69.83 per unit during the three and nine months ended December 31, 2023, respectively. The weighted average fair value of awards includes the awards with a market condition described below.
Performance Based Awards
In the nine months ended December 31, 2024, we granted approximately 91 performance stock units ("PSUs") to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2025 and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 300% (273 shares) based on actual fiscal 2025 performance. The vesting quantity of these awards may vary based on actual fiscal 2025 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock unit table.
In the nine months ended December 31, 2024, we also granted approximately 33 PSUs in connection with the acquisition of Clumio. Vesting of these awards is contingent upon i) meeting certain non-GAAP performance goals (performance-based) and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 100% based on performance milestones over three years. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the straight-line method. During the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. These awards are included in the restricted stock unit table. Refer to Note 4 for further details of the acquisition.
Awards with a Market Condition
In the nine months ended December 31, 2024, we granted approximately 91 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have the potential to vest between 0% and 300% (273 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the nine months ended December 31, 2024 was $175.25 per unit. The awards are included in the restricted stock unit table.
Employee Stock Purchase Plan
The ESPP is a shareholder approved plan under which substantially all employees may purchase our common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 10% of the employee’s salary and employees may not purchase more than $25 of stock during any calendar year. Employees purchased 68 shares in exchange for $5,486 of proceeds in the nine months ended December 31, 2024, and 96 shares in exchange for $5,164 of proceeds in the nine months ended December 31, 2023. The ESPP is considered compensatory and the fair value of the discount and look back provision are estimated using the Black-Scholes formula and recognized over the six-month withholding period prior to purchase. The total expense associated with the ESPP for the nine months ended December 31, 2024 and 2023 was $2,746 and $2,391, respectively. As of December 31, 2024, there was approximately $523 of unrecognized cost related to the current offering period of our ESPP.