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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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