XML 49 R2.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Summary Compensation
Table Total for PEO
Compensation Actually
Paid to PEO
Average Summary Compensation Table Total for Non-PEO NEOs
($)
Average Compensation Actually Paid to Non-PEO NEOs
($)
Value of Initial
Fixed $100 Investment Based on:
Non-GAAP Operating Profit
($K)
YearVikram Verma
($)
David Sipes
($)
Samuel
Wilson
($)
Vikram Verma
($)
David
Sipes
($)
Samuel Wilson
($)
Total Shareholder Return
($)
Peer Group Total Shareholder Return
($)
Net Income
($k)
2024— — 4,664,103 — — 2,216,979 1,711,212 938,524 20.98 201.46 (67,592)94,700 
2023— 5,089,550 5,044,815 — (1,816,449)2,935,365 1,839,966 929,226 32.40 159.34 (73,143)64,200 
2022— 6,670,866 — — (28,882,064)— 2,757,663 (2,549,356)97.82 190.46 (175,383)10,600 
20213,139,200 27,059,115 — 10,113,170 40,028,710 — 2,023,181 5,454,065 252.06 203.27 (165,585)(11,100)
     
Company Selected Measure Name non-GAAP operating profit      
Named Executive Officers, Footnote Our PEOs were as follows: (1) Vikram Verma and David Sipes were our PEOs for fiscal 2021; (2) Mr. Sipes was our PEO for fiscal 2022; and (3) Mr. Sipes and Samuel Wilson were our PEOs for fiscal 2023 and (4) Mr. Wilson was our PEO for fiscal 2024. Specifically, Mr. Verma served as our CEO in fiscal 2021 until he resigned in December 2020 and was replaced by Mr. Sipes. Mr. Sipes served as CEO until November 30, 2022, when he was succeeded by Samuel Wilson, who served as interim CEO for the remainder of fiscal 2023 and is currently our permanent CEO.The non-PEO NEOs for each fiscal year shown in the table were as follows: 2021 - Steve Seger, Matthew Zinn, Dejan Deklich, Bryan Martin, Steven Gatoff, Samuel Wilson; 2022 - Dejan Deklich, Stephanie Garcia, Matthew Zinn, Hunter Middleton, Samuel Wilson; 2023 - Kevin Kraus, Matthew Zinn, Laurence Denny, Suzy Seandel and Hunter Middleton; 2024 - Kevin Kraus, Laurence Denny, Hunter Middleton and Suzy Seandel.      
Peer Group Issuers, Footnote The peer group used for this data is the S&P Software and Services index, which is the peer group used as the basis of relative TSR measurement in the PSUs granted in fiscal 2023. The comparison assumes $100 was invested for the period starting April 1, 2020, through the end of the listed fiscal year in our common stock and in the S&P Software and Services index, respectively.      
Adjustment To PEO Compensation, Footnote
The following are the adjustments made to the summary compensation table totals to determine the amounts shown as compensation actually paid for the PEO:
Vikram Verma
2021
($)
David SipesSamuel Wilson
2021
($)
2022
($)
2023
($)
2023
($)
2024
($)
(A) Pension Plans—Present Value: Deduct the aggregate change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plansN/AN/AN/AN/AN/AN/A
(B) Pension Plans—Service Costs: Add the aggregate of service cost and prior service cost for all defined benefit and actuarial pension plansN/AN/AN/AN/AN/AN/A
(C) Equity Awards
(1) Deduct the amounts reported in the Summary Compensation Table under “Stock Awards” and “Option Awards”:— (26,915,414)(6,070,605)(4,272,104)(4,025,897)(3,702,600)
(i) Add the fair value as of the end of the year of all awards granted during the year that are outstanding and unvested as of the end of the year:— 39,885,009 2,335,035 — 2,682,179 2,138,400 
(ii) Add the amount equal to the change as of the end of the year (from the end of the prior year) in fair value of any awards granted in any prior year that are outstanding and unvested as of the end of the year:6,867,968 — (29,161,912)— (627,708)(624,748)
(iii) Add, for awards that are granted and vest in the same year, the fair value as of the vesting date:— — 499,152 2,035,951 113,039 — 
(iv) Add the amount equal to the change as of the vesting date (from the end of the prior year) in fair value of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the year:495,916 — (3,154,600)(3,059,630)(211,779)(254,451)
(v) Subtract, for any awards granted in any prior year that fail to meet the applicable vesting conditions during the year, the amount equal to the fair value at the end of the prior year:(389,913)— — (1,610,216)(39,283)(3,725)
(vi) Add the dollar value of any dividends or other earnings paid on stock or option awards in the year prior to the vesting date that are not otherwise included in the total compensation for the year:N/AN/AN/AN/AN/AN/A
Total6,973,970 12,969,595 (35,552,930)(6,905,999)(2,109,450)(2,447,124)
     
Non-PEO NEO Average Total Compensation Amount $ 1,839,966 $ 2,757,663 $ 2,023,181  
Non-PEO NEO Average Compensation Actually Paid Amount $ 929,226 (2,549,356) 5,454,065  
Adjustment to Non-PEO NEO Compensation Footnote The following are the adjustments made to the summary compensation table totals to determine the amounts shown as compensation actually paid for the non-PEO NEOs:
Non-PEO NEOs
2021
($)
2022
($)
2023
($)
2024
($)
(A) Pension Plans—Present Value: Deduct the aggregate change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plansN/AN/AN/AN/A
(B) Pension Plans—Service Costs: Add the aggregate of service cost and prior service cost for all defined benefit and actuarial pension plansN/AN/AN/AN/A
(C) Equity Awards
(1) Deduct the amounts reported in the Summary Compensation Table under “Stock Awards” and “Option Awards”:(1,507,760)(2,333,715)(1,299,052)(1,099,122)
(i) Add the fair value as of the end of the year of all awards granted during the year that are outstanding and unvested as of the end of the year:4,149,125 835,039 702,123 634,787 
(ii) Add the amount equal to the change as of the end of the year (from the end of the prior year) in fair value of any awards granted in any prior year that are outstanding and unvested as of the end of the year:965,512 (1,526,867)(134,185)(258,278)
(iii) Add, for awards that are granted and vest in the same year, the fair value as of the vesting date:88,388 95,331 60,162 N/A
(iv) Add the amount equal to the change as of the vesting date (from the end of the prior year) in fair value of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the year:170,462 (866,788)(149,192)(49,390)
(v) Subtract, for any awards granted in any prior year that fail to meet the applicable vesting conditions during the year, the amount equal to the fair value at the end of the prior year:(434,842)(1,510,019)(90,596)(685)
(vi) Add the dollar value of any dividends or other earnings paid on stock or option awards in the year prior to the vesting date that are not otherwise included in the total compensation for the year:N/AN/AN/AN/A
Total3,430,884 (5,307,020)(910,740)(772,688)
Equity values are calculated in accordance with FASB ASC Topic 718.
     
Tabular List, Table
MeasureExplanation
Non-GAAP Operating Profit
See Appendix A for an explanation of Non-GAAP Operating Profit.
Service revenueService revenue consists of communication services subscriptions, platform usage revenue, and related fees from our UCaaS, CCaaS, and CPaaS offerings.
Net new monthly recurring revenueNet new monthly recurring revenue (nnMRR) is an internal operating metric that represents performance of important parts of our business, but is not a direct representation of our entire business. For example, nnMRR excludes usage revenue, revenue from acquired customers, and revenue from professional services and endpoint hardware.
     
Total Shareholder Return Amount $ 32.40 97.82 252.06  
Peer Group Total Shareholder Return Amount 159.34 190.46 203.27  
Net Income (Loss) $ (73,143,000) $ (175,383,000) $ (165,585,000)  
Company Selected Measure Amount 64,200,000 10,600,000 (11,100,000)  
Measure:: 1        
Pay vs Performance Disclosure        
Non-GAAP Measure Description We determined non-GAAP operating profit to be the most important financial performance measure used to link Company performance to compensation actually paid to our PEOs and Non-PEO NEOs for our fiscal year ended March 31, 2024. See Appendix A to this proxy statement for an explanation of the Company-selected measure “non-GAAP operating profit”      
Measure:: 2        
Pay vs Performance Disclosure        
Name Non-GAAP Operating Profit      
Measure:: 3        
Pay vs Performance Disclosure        
Name Service revenue      
Measure:: 4        
Pay vs Performance Disclosure        
Name Net new monthly recurring revenue      
Vikram Verma [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 0 $ 0 $ 3,139,200  
PEO Actually Paid Compensation Amount 0 0 $ 10,113,170  
PEO Name     Vikram Verma  
David Sipes [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount 5,089,550 6,670,866 $ 27,059,115  
PEO Actually Paid Compensation Amount $ (1,816,449) $ (28,882,064) $ 40,028,710  
PEO Name Mr. Sipes Mr. Sipes David Sipes  
Samuel Wilson [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,044,815 $ 0 $ 0  
PEO Actually Paid Compensation Amount $ 2,935,365 0 0  
PEO Name Samuel Wilson      
PEO | Vikram Verma [Member] | Amounts Reported In The Summary Compensation Table Under “Stock Awards” And “Option Awards”: [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       $ 0
PEO | Vikram Verma [Member] | Fair Value As Of The End Of The Year Of All Awards Granted During The Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       0
PEO | Vikram Verma [Member] | Amount Of Change As Of The End Of The Year (From The End Of The Prior Year) In Fair Value Of Any Awards Granted In Any Prior Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       6,867,968
PEO | Vikram Verma [Member] | For Awards That Are Granted And Vest In The Same Year The Fair Value As Of The Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       0
PEO | Vikram Verma [Member] | The Amount Equal To The Change As Of The Vesting Date In Fair Value Of Any Awards Granted In Any Prior Year For Which All Applicable Vesting Conditions Were Satisfied At The End Of Or During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       495,916
PEO | Vikram Verma [Member] | Any Awards Granted In Any Prior Year That Fail To Meet The Applicable Vesting Conditions During The Year The Amount Equal To The Fair Value At The End Of The Prior Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (389,913)
PEO | Vikram Verma [Member] | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       6,973,970
PEO | David Sipes [Member] | Amounts Reported In The Summary Compensation Table Under “Stock Awards” And “Option Awards”: [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (4,272,104) (6,070,605) (26,915,414)
PEO | David Sipes [Member] | Fair Value As Of The End Of The Year Of All Awards Granted During The Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 2,335,035 39,885,009
PEO | David Sipes [Member] | Amount Of Change As Of The End Of The Year (From The End Of The Prior Year) In Fair Value Of Any Awards Granted In Any Prior Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 (29,161,912) 0
PEO | David Sipes [Member] | For Awards That Are Granted And Vest In The Same Year The Fair Value As Of The Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   2,035,951 499,152 0
PEO | David Sipes [Member] | The Amount Equal To The Change As Of The Vesting Date In Fair Value Of Any Awards Granted In Any Prior Year For Which All Applicable Vesting Conditions Were Satisfied At The End Of Or During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (3,059,630) (3,154,600) 0
PEO | David Sipes [Member] | Any Awards Granted In Any Prior Year That Fail To Meet The Applicable Vesting Conditions During The Year The Amount Equal To The Fair Value At The End Of The Prior Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (1,610,216) 0 0
PEO | David Sipes [Member] | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (6,905,999) (35,552,930) 12,969,595
PEO | Samuel Wilson [Member] | Amounts Reported In The Summary Compensation Table Under “Stock Awards” And “Option Awards”: [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (3,702,600) (4,025,897)    
PEO | Samuel Wilson [Member] | Fair Value As Of The End Of The Year Of All Awards Granted During The Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,138,400 2,682,179    
PEO | Samuel Wilson [Member] | Amount Of Change As Of The End Of The Year (From The End Of The Prior Year) In Fair Value Of Any Awards Granted In Any Prior Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (624,748) (627,708)    
PEO | Samuel Wilson [Member] | For Awards That Are Granted And Vest In The Same Year The Fair Value As Of The Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 113,039    
PEO | Samuel Wilson [Member] | The Amount Equal To The Change As Of The Vesting Date In Fair Value Of Any Awards Granted In Any Prior Year For Which All Applicable Vesting Conditions Were Satisfied At The End Of Or During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (254,451) (211,779)    
PEO | Samuel Wilson [Member] | Any Awards Granted In Any Prior Year That Fail To Meet The Applicable Vesting Conditions During The Year The Amount Equal To The Fair Value At The End Of The Prior Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,725) (39,283)    
PEO | Samuel Wilson [Member] | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,447,124) (2,109,450)    
Non-PEO NEO | Amounts Reported In The Summary Compensation Table Under “Stock Awards” And “Option Awards”: [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,099,122) (1,299,052) (2,333,715) (1,507,760)
Non-PEO NEO | Fair Value As Of The End Of The Year Of All Awards Granted During The Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 634,787 702,123 835,039 4,149,125
Non-PEO NEO | Amount Of Change As Of The End Of The Year (From The End Of The Prior Year) In Fair Value Of Any Awards Granted In Any Prior Year That Are Outstanding And Unvested As Of The End Of The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (258,278) (134,185) (1,526,867) 965,512
Non-PEO NEO | For Awards That Are Granted And Vest In The Same Year The Fair Value As Of The Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   60,162 95,331 88,388
Non-PEO NEO | The Amount Equal To The Change As Of The Vesting Date In Fair Value Of Any Awards Granted In Any Prior Year For Which All Applicable Vesting Conditions Were Satisfied At The End Of Or During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (49,390) (149,192) (866,788) 170,462
Non-PEO NEO | Any Awards Granted In Any Prior Year That Fail To Meet The Applicable Vesting Conditions During The Year The Amount Equal To The Fair Value At The End Of The Prior Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (685) (90,596) (1,510,019) (434,842)
Non-PEO NEO | Equity Award Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (772,688) $ (910,740) $ (5,307,020) $ 3,430,884