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Stock-Based Compensation and Stockholders' Equity (Tables) | 12 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Schedule of Unvested Restricted Stock Units Roll Forward | Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of March 31, 2025, were as follows (in thousands):
| Common Stock Reserved
Stock options outstanding | 152 |
Restricted stock units outstanding | 14,111 |
Shares available under the 2017 Plan | 178 |
Shares available under the 2022 Plan | 10,253 |
Shares available for future issuance under ESPP | 277 |
Total shares of common stock reserved | 24,971 |
Schedule of Stock-Based Compensation Expense | The following table presents stock-based compensation expense (in thousands):
| Years Ended March 31,
| 2025 |  | 2024 |  | 2023
Cost of service revenue | $ | 2,939 |  |  | $ | 4,993 |  |  | $ | 9,236 |
Cost of other revenue | 1,192 |  |  | 1,918 |  |  | 3,531 |
Research and development | 13,761 |  |  | 24,112 |  |  | 29,581 |
Sales and marketing | 9,863 |  |  | 15,271 |  |  | 24,921 |
General and administrative | 12,185 |  |  | 15,616 |  |  | 22,267 |
Total | $ | 39,940 |  |  | $ | 61,910 |  |  | $ | 89,536 |
As of March 31, 2025, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized as follows (in thousands, except years):
| RSU |  | PSU |  | ESPP
Unrecognized stock-based compensation expense | $ | 19,396 |  |  | $ | 2,284 |  |  | $ | 838 |
Weighted-average amortization period | 1.8 years |  | 0.9 years |  | 0.8 years
Schedule of Award Activity | The following table presents the RSU activity during the years ended March 31, 2025, 2024, and 2023 (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022 | 9,375 |  |  | $ | 20.41 |  |  | 2.11
Granted | 13,297 |  |  | 5.71 |  |  |
Vested and released | (5,275) |  |  | 19.18 |  |  |
Forfeited | (4,404) |  |  | 12.46 |  |  |
Balance at March 31, 2023 | 12,993 |  |  | 8.56 |  |  | 1.84
Granted | 7,186 |  |  | 3.85 |  |  |
Vested and released | (7,613) |  |  | 8.87 |  |  |
Forfeited | (2,241) |  |  | 7.13 |  |  |
Balance at March 31, 2024 | 10,325 |  |  | 5.36 |  |  | 1.75
Granted | 7,897 |  |  | 2.10 |  |  |
Vested and released | (6,446) |  |  | 5.99 |  |  |
Forfeited | (1,547) |  |  | 3.88 |  |  |
Balance at March 31, 2025 | 10,229 |  |  | $ | 2.67 |  |  | 0.94
The following table presents the PSU activity during the years ended March 31, 2025, 2024, and 2023 (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022 | 1,026 |  |  | $ | 35.36 |  |  | 0.89
Granted(1) | 853 |  |  | 7.31 |  |  |
Granted for performance achievement(1) | 24 |  |  | 7.31 |  |  |
Vested and released | (128) |  |  | 25.65 |  |  |
Forfeited | (1,151) |  |  | 28.11 |  |  |
Balance at March 31, 2023 | 624 |  |  | 11.30 |  |  | 1.45
Granted(2) | 2,023 |  |  | 3.25 |  |  |
Forfeited | (116) |  |  | 21.83 |  |  |
Balance at March 31, 2024 | 2,531 |  |  | 4.38 |  |  | 1.16
Granted(1) | 1,793 |  |  | 1.91 |  |  |
Forfeited | (444) |  |  | 7.56 |  |  |
Balance at March 31, 2025 | 3,880 |  |  | $ | 2.88 |  |  | 0.85
(1) Represents performance-based PSUs granted based on achievement of specific financial or operational goals, such as revenue growth or CFFO. (2) Represents market-based PSUs granted based on relative TSR performance or achievement of specific pre-established absolute stock price hurdles. The Company did not grant any market-based PSU awards during the year ended March 31, 2025. The PSUs granted during the years ended March 31, 2024 and 2023 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
2024 |  | $ | 3.25 |  |  | 68.85% | — | 68.97% |  | 4.03% | — | 4.08%
2023 |  | $ | 7.05 |  |  | 51.96% | — | 69.30% |  | 3.15% | — | 4.42%
Schedule of Employee Stock Purchase Plan Pricing Model 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,
| 2025 |  | 2024 |  | 2023
Expected volatility | 83% |  | 75% |  | 72%
Expected dividend yield | — |  | — |  | —
Risk-free interest rate | 4.70% |  | 5.26% |  | 3.30%
Weighted average expected term | 0.8 years |  | 0.8 years |  | 0.8 years
Weighted average fair value of rights granted | $0.81 |  | $1.31 |  | $2.09

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