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Equity (Tables)
12 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Common Stock Reserved for Issuance
The Company has shares of common stock reserved for issuance as follows (in thousands):
March 31, 2022March 31, 2021
Redeemable convertible preferred stock— 76,287 
Common stock warrants766 250 
2010 Plan
Options outstanding24,312 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 grant22,466 — 
2021 ESPP4,471 — 
Options outstanding outside the Plans2,671 2,720 
Total55,232 114,663 
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 SharesWeighted-Average
Exercise Price
Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
Balance, March 31, 202136,576 $2.80 7.86$357,366 
Options granted1,966 12.56 
Options exercised(10,823)1.17 
Options forfeited or expired(736)3.16 
Balance, March 31, 202226,983 4.15 7.631,293,545 
Vested and exercisable as of March 31, 20228,113 1.77 6.15408,238 
Vested and expected to vest as of March 31, 202225,021 4.02 7.551,202,634 
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,
202220212020
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—%—%—%
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 SharesWeighted-
Average
Grant Date Fair Value
Unvested Balance, March 31, 2021— $— 
Granted573 67.60 
Vested(38)59.04 
Forfeited(1)54.59 
Unvested Balance, March 31, 2022534 68.23 
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—%
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,
202220212020
Cost of revenue$4,979 $600 $173 
Research and development7,065 1,975 710 
Sales and marketing8,108 1,998 847 
General and administrative11,290 2,679 623 
Total stock-based compensation expense$31,442 $7,252 $2,353