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STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY | 3 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY | Stock-Based Compensation and Stockholders' Equity Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of June 30, 2025, were as follows (in thousands):
| Common Stock Reserved for Future Issuance
Stock options outstanding | 85 |
Restricted stock units outstanding | 18,084 |
Shares available under the 2017 Plan | 247 |
Shares available under the 2022 Plan | 3,382 |
Shares available for future issuance under ESPP | 277 |
Total shares of common stock reserved | 22,075 |
The maximum number of shares reserved for the grant of awards under the 2022 Plan will be equal to the sum of the following: (i) 8.0 million shares available for grant under the 2022 Amended and Restated Equity Incentive Plan (the "2022 Plan") when it was initially adopted by shareholders on July 12, 2022, plus (ii) 14.0 million new shares approved by shareholders on August 15, 2024, plus (iii) 8.5 million new shares approved by shareholders on July 25, 2025, plus (iv) the number of shares subject to stock options granted under the Amended and Restated 2012 Equity Incentive Plan (the “Prior Plan”) that were outstanding as of 12:01 a.m. Pacific Time on June 22, 2022 (the “Prior Plan Expiration Time”), but only to the extent such stock options expire, terminate, are cancelled without having been exercised in full or are settled in cash after the Prior Plan Expiration Time without the delivery of shares, plus (v) the number of shares subject to restricted stock, RSUs and performance units granted under the Prior Plan that were outstanding as of the Prior Plan Expiration Time, but only to the extent such awards are forfeited by the holder, are reacquired by the Company at less than their then market value as a means of effecting a forfeiture, or are settled in cash after the Prior Plan Expiration Time without the delivery of shares (with the number of shares that recycle based on the Applicable Ratio, which is defined in the 2022 Plan), in each case, subject to adjustment upon certain changes in the Company’s capitalization. The 2022 Plan provides for the granting of incentive stock options to employees and non-statutory stock options to employees, directors or consultants, and granting of stock appreciation rights, restricted stock, restricted stock units and performance units, qualified performance-based awards, and stock grants. The stock option price of incentive stock options granted cannot be less than the fair market value on the effective date of the grant. Options, restricted stock, and restricted stock units generally vest over three years or four years and expire ten years after the grant. As of June 30, 2025, 3.4 million shares remained available for future grants under the 2022 Plan. Stock-Based Compensation The following table presents stock-based compensation expense (in thousands):
| Three Months Ended June 30, |  |
| 2025 |  | 2024 |  |  |  |
Cost of service revenue | $ | 273 |  |  | $ | 1,124 |  |  |  |  |
Cost of other revenue | 139 |  |  | 401 |  |  |  |  |
Research and development | 1,390 |  |  | 4,823 |  |  |  |  |
Sales and marketing | 1,999 |  |  | 2,948 |  |  |  |  |
General and administrative | 2,551 |  |  | 3,505 |  |  |  |  |
Total | $ | 6,352 |  |  | $ | 12,801 |  |  |  |  |
The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees, directors or consultants over the related requisite service period, including restricted stock, restricted stock units ("RSUs") and performance stock units ("PSUs"), qualified performance-based awards, and stock grants (all issuable under the Company's equity incentive plans). As of June 30, 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 | $ | 24,438 |  |  | $ | 3,449 |  |  | $ | 334 |
Weighted-average amortization period | 2.2 years |  | 1.4 years |  | 0.8 years
Restricted Stock Units The following table presents the RSU activity (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance as of March 31, 2025 | 10,229 |  |  | $ | 2.67 |  |  | 0.94
Granted | 6,076 |  |  | 1.81 |  |  |
Vested and released | (2,016) |  |  | 3.18 |  |  |
Forfeited | (313) |  |  | 2.85 |  |  |
Balance as of June 30, 2025 | 13,976 |  |  | $ | 2.22 |  |  | 1.21
Performance Stock Units Market-Based PSUs Market-based PSUs are granted to certain employees, including executive officers, with vesting that is contingent on a combination of stock performance and continued service. These awards are eligible to be earned over a period of one year to four years based on Total Shareholder Return ("TSR"), relative to specified market indices, or the achievement of specific pre-established absolute stock price hurdles. The grant date fair value of market-based PSUs is determined using a Monte Carlo simulation model. Stock-based compensation expense is recognized over the requisite service period, regardless of whether the market condition is ultimately achieved. During the three months ended June 30, 2025 and 2024, the Company determined that the market conditions were not achieved and therefore no shares have been earned. Performance-Based PSUs Performance-based PSUs are granted to certain employees, including executive officers, with vesting based on the achievement of specific financial or operational goals, such as revenue growth or cash flow from operations ("CFFO"). The grant date fair value of performance-based PSUs are valued based on the Company’s stock price at the grant date. Stock-based compensation expense is recognized over the requisite service period based on the number of units expected to vest, which is reassessed during each reporting period based on the Company’s evaluation of the probability of achieving the applicable performance conditions. As of June 30, 2025, the Company determined that the CFFO and revenue targets for the first performance period were probable of being achieved and recognized a de minimis amount of related stock-based compensation expense. The following table presents the PSU activity (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance as of March 31, 2025 | 3,880 |  |  | $ | 2.88 |  |  | 0.85
Granted1 | 1,295 |  |  | 1.82 |  |  |
Vested and released | (676) |  |  | 1.88 |  |  |
Forfeited | (392) |  |  | 5.28 |  |  |
Balance as of June 30, 2025 | 4,107 |  |  | $ | 2.48 |  |  | 1.37
Employee Stock Purchase Plan ("ESPP") As of June 30, 2025, a total of 0.3 million shares were available for issuance under the ESPP. Share Repurchase Program In May 2017, the Company's board of directors authorized the Company to purchase $25.0 million of its common stock from time to time under the 2017 Repurchase Plan (the "2017 Plan"). The 2017 Plan expires when the maximum purchase amount is reached, or upon the earlier revocation or termination by the board of directors. During the three months ended June 30, 2025, the Company repurchased 1.0 million shares of common stock in the open market for approximately $1.8 million at an average price of $1.83 per share. The total purchase price of the common stock repurchased and retired was reflected as a reduction to consolidated stockholders' equity during the repurchase period. The remaining amount of shares of the Company's common stock available for repurchase under the 2017 Plan as of June 30, 2025 was approximately $5.2 million.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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