Equity (Tables)
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12 Months Ended |
Mar. 31, 2022 |
Equity [Abstract] |
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Common Stock Reserved for Issuance |
The Company has shares of common stock reserved for issuance as follows (in thousands): | | | | | | | | | | | | | March 31, 2022 | | March 31, 2021 | Redeemable convertible preferred stock | — | | | 76,287 | | Common stock warrants | 766 | | | 250 | | 2010 Plan | | | | Options outstanding | 24,312 | | | 33,856 | | Shares available for future grant | — | | | 1,550 | | 2021 Plan | | | | Performance-based restricted stock units outstanding | 12 | | | — | | Restricted stock units outstanding | 534 | | | — | | Shares available for future grant | 22,466 | | | — | | 2021 ESPP | 4,471 | | | — | | Options outstanding outside the Plans | 2,671 | | | 2,720 | | Total | 55,232 | | | 114,663 | |
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Stock Option Activity |
Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted-Average Exercise Price | | Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value | Balance, March 31, 2021 | 36,576 | | | $ | 2.80 | | | 7.86 | | $ | 357,366 | | Options granted | 1,966 | | | 12.56 | | | | | | Options exercised | (10,823) | | | 1.17 | | | | | | Options forfeited or expired | (736) | | | 3.16 | | | | | | Balance, March 31, 2022 | 26,983 | | | 4.15 | | | 7.63 | | 1,293,545 | | Vested and exercisable as of March 31, 2022 | 8,113 | | | 1.77 | | | 6.15 | | 408,238 | | Vested and expected to vest as of March 31, 2022 | 25,021 | | | 4.02 | | | 7.55 | | 1,202,634 | |
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Stock Options Valuation Assumptions |
The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: | | | | | | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2022 | | 2021 | | 2020 | Fair value of common stock | $18.41 - $21.41 | | $2.06 - $10.51 | | $1.58 - $1.91 | Volatility | 46.5% - 47.0% | | 38.1% - 58.3% | | 39.2% - 46.5% | Risk-free interest rate | 0.77% - 1.02% | | 0.26% - 1.02% | | 0.68% - 2.36% | Expected term (in years) | 5.00 - 6.09 | | 5.00 - 8.00 | | 5.94 - 10.00 | Expected dividend | —% | | —% | | —% |
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Restricted Stock Unit Activity |
The following table summarizes RSU activity during the fiscal year ended March 31, 2022 (in thousands, except per share information): | | | | | | | | | | | | | Number of Shares | | Weighted- Average Grant Date Fair Value | Unvested Balance, March 31, 2021 | — | | | $ | — | | Granted | 573 | | | 67.60 | | Vested | (38) | | | 59.04 | | Forfeited | (1) | | | 54.59 | | Unvested Balance, March 31, 2022 | 534 | | | 68.23 | |
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Employee Stock Purchase Plan Valuation Assumptions |
The fair value of the ESPP stock purchase rights on the date of grant is determined using the Black-Scholes pricing model with the assumptions set forth in the following table: | | | | | | | | | | | | | Fiscal Year Ended March 31, | | | | | | 2022 | | | Fair value of common stock | $57.44 - $73.73 | | | | | | | Volatility | 86.3% - 103.6% | | | | | | | Risk-free interest rate | 0.05% - 0.67% | | | | | | | Expected term (in years) | 0.29 - 0.49 | | | | | | | Expected dividend | —% | | |
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Stock-Based Compensation Expense |
Total stock-based compensation expense recognized in the consolidated statement of operations for the fiscal years ended March 31, 2022, 2021, and 2020 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2022 | | 2021 | | 2020 | Cost of revenue | $ | 4,979 | | | $ | 600 | | | $ | 173 | | Research and development | 7,065 | | | 1,975 | | | 710 | | Sales and marketing | 8,108 | | | 1,998 | | | 847 | | General and administrative | 11,290 | | | 2,679 | | | 623 | | Total stock-based compensation expense | $ | 31,442 | | | $ | 7,252 | | | $ | 2,353 | |
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