NET INCOME (LOSS) PER SHARE

12 Months Ended

Mar. 31, 2024

Equity Instruments Outstanding

The Company has stock options, performance share units, restricted stock units and options to purchase shares under its ESPP, granted under various stock incentive plans that, upon exercise and vesting, would increase shares outstanding. The Company has also issued warrants to purchase shares of the Company’s stock.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):


	Year Ended March 31,
	2024		2023		2022
			As Restated		As Restated
Numerator:
Net income (loss) attributable to common stockholders used in basic earnings per share	$	(41,286)	$	(18,368)	$	38,355
Add back: Excluded (gain) loss on assumed exercise of liability-classified common stock warrants during the period	—		(7,323)		(59,753)
Net loss attributable to common stockholders used in diluted earnings per share	$	(41,286)	$	(25,691)	$	(21,398)


Denominator:
Weighted average common shares outstanding used in basic earnings per share	95,087		90,348		58,871
Incremental common shares from:
Assumed exercise of dilutive warrants	—		840		7,146
Weighted average common shares outstanding used in diluted earnings per share	95,087		91,188		66,017

Net income (loss) per share attributable to common stockholders - Basic	$	(0.43)	$	(0.20)	$	0.65
Net income (loss) per share attributable to common stockholders - Diluted	$	(0.43)	$	(0.28)	$	(0.32)

The dilutive impact related to shares of common stock from incentive plans and outstanding warrants is determined by applying the treasury stock method to the assumed vesting of outstanding performance share units and restricted stock units and the exercise of outstanding options and warrants. The dilutive impact related to shares of common stock from contingently issuable performance share units is determined by applying a two-step approach using both the contingently issuable share guidance and the treasury stock method.

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):


	Year Ended March 31,
	2024	2023	2022
Stock awards	336	543	1,996
Warrants	12,164	3,706	50
ESPP	—	8	11
Total	12,500	4,257	2,057

The Company had outstanding market based restricted stock units as of March 31, 2024 that were eligible to vest into shares of common stock subject to the achievement of certain stock price targets in addition to a time-based vesting period. These contingently issuable shares are excluded from the computation of diluted earnings per share if, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. There were 0.9 million shares of contingently issuable market-based restricted stock units that were excluded from the table above as the market conditions were not satisfied as of March 31, 2024.