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STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents stock-based compensation expense:
| Years Ended March 31,
| 2022 |  | 2021 |  | 2020
Cost of service revenue | $ | 8,815 |  |  | $ | 8,811 |  |  | $ | 5,330 |
Cost of other revenue | 4,717 |  |  | 4,384 |  |  | 3,051 |
Research and development | 32,655 |  |  | 31,641 |  |  | 19,712 |
Sales and marketing | 47,202 |  |  | 33,869 |  |  | 20,205 |
General and administrative | 39,942 |  |  | 28,933 |  |  | 22,580 |
Total | $ | 133,331 |  |  | $ | 107,638 |  |  | $ | 70,878 |
Disclosure of Share-Based Compensation Arrangements By Share-Based Payment Award | The following table presents the stock option activity during the years ended March 31, 2022, 2021, and 2020 (shares in thousands):
| Number of Shares |  | Weighted Average Exercise Price Per Share
Outstanding at March 31, 2019 | 3,114 |  |  | $ | 9.45 |
Granted | — |  |  | — |
Exercised | (785) |  |  | 8.77 |
Canceled/Forfeited | (55) |  |  | 17.01 |
Outstanding at March 31, 2020 | 2,274 |  |  | 9.50 |
Exercised | (426) |  |  | 8.67 |
Canceled/Forfeited | (35) |  |  | 22.05 |
Outstanding at March 31, 2021 | 1,813 |  |  | 9.46 |
Exercised | (915) |  |  | 7.89 |
Canceled/Forfeited | (31) |  |  | 21.90 |
Outstanding at March 31, 2022 | 867 |  |  | 10.67 |
Vested and expected to vest March 31, 2022 | 867 |  |  | 10.67 |
Exercisable at March 31, 2022 | 861 |  |  | $ | 10.60 |
The following table presents the RSU activity during the years ended March 31, 2022, 2021, and 2020 (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2019 | 6,836 |  |  | $ | 17.45 |  |  | 2.38
Granted | 5,592 |  |  | 20.50 |  |  |
Vested and released | (2,771) |  |  | 16.87 |  |  |
Forfeited | (1,545) |  |  | 19.13 |  |  |
Balance at March 31, 2020 | 8,112 |  |  | 19.43 |  |  | 1.96
Granted | 6,256 |  |  | 18.73 |  |  |
Vested and released | (4,579) |  |  | 18.90 |  |  |
Forfeited | (1,143) |  |  | 18.96 |  |  |
Balance at March 31, 2021 | 8,646 |  |  | 19.27 |  |  | 1.85
Granted | 8,333 |  |  | 21.37 |  |  |
Vested and released | (5,146) |  |  | 19.82 |  |  |
Forfeited | (2,458) |  |  | 20.85 |  |  |
Balance at March 31, 2022 | 9,375 |  |  | $ | 20.41 |  |  | 2.11
The following table presents the PSU activity during the years ended March 31, 2022, 2021, and 2020 (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2019 | 984 |  |  | $ | 19.23 |  |  | 1.39
Granted | 293 |  |  | 21.40 |  |  |
Granted for performance achievement 1 | 547 |  |  | 21.40 |  |  |
Vested and released | (673) |  |  | 17.61 |  |  |
Forfeited | (72) |  |  | 17.52 |  |  |
Balance at March 31, 2020 | 1,079 |  |  | 22.05 |  |  | 1.40
Granted | 1,013 |  |  | 29.00 |  |  |
Granted for performance achievement 1 | 43 |  |  | 29.00 |  |  |
Vested and released | (350) |  |  | 19.05 |  |  |
Forfeited | (209) |  |  | 22.38 |  |  |
Balance at March 31, 2021 | 1,576 |  |  | 27.33 |  |  | 1.24
Granted | 497 |  |  | 30.41 |  |  |
Granted for performance achievement 1 | 20 |  |  | 30.41 |  |  |
Vested and released | (250) |  |  | 17.15 |  |  |
Forfeited | (817) |  |  | 23.45 |  |  |
Balance at March 31, 2022 | 1,026 |  |  | 35.36 |  |  | 0.89
1 Represents additional PSUs awarded as a result of the achievement of performance goals above the performance targets established at grant. The PSUs granted were valued for compensation expense purposes at weighted average share price determined by the Monte Carlo simulations using volatility factors and risk-free rates as follows:
Year ended March 31, |  | Value per Weighted Average Share |  | Volatility Range |  | Risk Free Interest Rate Range
2022 |  | $ | 30.98 |  |  | 58.65% | — | 59.67% |  | 0.34% | — | 0.40%
2021 |  | $ | 29.07 |  |  | 55.66% | — | 60.68% |  | 0.15% | — | 0.18%
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The estimated fair value of stock purchase rights granted under the Employee Stock Purchase Plan was estimated using the Black-Scholes pricing model with the following weighted-average assumptions:
| Years Ended March 31,
| 2022 |  | 2021 |  | 2020
Expected volatility | 45% |  | 84% |  | 32%
Expected dividend yield | — |  | — |  | —
Risk-free interest rate | 0.57% |  | 0.11% |  | 1.79%
Weighted average expected term (in years) | 0.8 years |  | 0.7 years |  | 0.7 years
Weighted average fair value of rights granted | $5.81 |  | $8.00 |  | $5.66

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