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v3.23.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity:
|  | Number of Shares |  | Weighted-Average Exercise Price (per share) |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding as of March 31, 2022 |  | 7,123,300 |  |  | $ | 9.33 |  |  | 6.11 |  | $ | 262,419 |
Granted |  | 1,484,072 |  |  | 28.62 |  |  |  |  |
Exercised |  | (1,248,497) |  |  | 2.55 |  |  |  |  |
Forfeited / Expired |  | (408,439) |  |  | 45.44 |  |  |  |  |
Options outstanding as of March 31, 2023 |  | 6,950,436 |  |  | $ | 12.73 |  |  | 6.12 |  | $ | 45,689 |
Vested and expected to vest (net of estimated forfeitures) at March 31, 2023 |  | 6,892,464 |  |  | $ | 12.59 |  |  | 6.10 |  | $ | 45,688 |
Exercisable as of March 31, 2023 |  | 5,565,191 |  |  | $ | 8.16 |  |  | 5.41 |  | $ | 45,162 |
Summary of RSU, PSU and RSA Activity | The following table summarizes RSU, PSU, and RSA activity:
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested restricted shares outstanding as of March 31, 2022 |  | 373,301 |  |  | $ | 35.82 |
Granted |  | 1,646,582 |  |  | 22.91 |
Vested |  | (287,206) |  |  | 15.69 |
Forfeited |  | (62,088) |  |  | 30.09 |
Unvested restricted shares outstanding as of March 31, 2023 |  | 1,670,589 |  |  | $ | 24.96 |
Schedule of Market-based Assumptions | The assumptions utilized in this model during fiscal years 2023, 2022, and 2021 are presented below.
|  | Year ended March 31,
|  | 2023 |  | 2022 |  | 2021
Risk-free interest rate |  | 2.71% to 4.38% |  | 0.63% to 1.77% |  | 0.21% to 0.66%
Expected life of the options (years) |  | 5.27 to 5.33 |  | 4.82 to 5.27 |  | 4.93 to 5.23
Expected volatility |  | 72% to 80% |  | 72% to 72% |  | 64% to 72%
Expected dividend yield |  | —% |  | —% |  | —%
Schedule of Intrinsic Value of Stock Option | Total fair value of options vested and total intrinsic value of options exercised was as follows for the fiscal years presented:
|  | Year ended March 31,
|  | 2023 |  | 2022 |  | 2021
Total fair value of options vested |  | $ | 15,375 |  |  | $ | 11,495 |  |  | $ | 4,816 |
Total intrinsic value of options exercised |  | $ | 16,909 |  |  | $ | 68,163 |  |  | $ | 97,603 |

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