COMMON STOCK (Tables)
|
12 Months Ended |
Mar. 31, 2022 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of shares reserved fro future issuance under the ESPP |
The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
2022 |
|
2021 |
| Shares available for issuance at beginning of period |
1,077 |
|
|
1,397 |
|
| Additional shares authorized during the period |
— |
|
|
— |
|
| Shares issued during the period |
(389) |
|
|
(320) |
|
| Total shares available for future issuance at end of period |
688 |
|
|
1,077 |
|
|
| Schedule of valuation assumptions |
The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to the Company's ESPP are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
2022 |
|
2021 |
|
2020 |
| Expected life |
0.5 years |
|
0.5 years |
|
0.5 years |
| Volatility |
51% - 57% |
|
55% - 133% |
|
49.81% |
| Risk-free interest rate |
0.06% - 0.23% |
|
0.05% - 0.11% |
|
0.41% |
| Dividend yield |
—% |
|
—% |
|
—% |
| Fair value of common stock |
$4.60 - $6.40 |
|
$4.99 - $8.05 |
|
$4.78 |
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-Average |
|
2022 |
|
2021 |
|
2020 |
| Discount period (years) |
|
2.98 |
|
2.54 |
|
3.00 |
| Risk-free interest rate |
|
0.93% |
|
0.31% |
|
1.45% |
| Stock price volatility |
|
75.00% |
|
82.00% |
|
72.00% |
| Grant date fair value |
|
$5.40 |
|
$3.77 |
|
$5.92 |
|
| Summary of activity for PSUs |
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2022 (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted-Average
Grant Date Fair Value per Share |
| Outstanding as of March 31, 2021 |
2,355 |
|
|
$ |
4.20 |
|
| Granted |
567 |
|
|
$ |
4.30 |
|
| Vested |
(1,074) |
|
|
$ |
3.64 |
|
| Forfeited or cancelled |
(269) |
|
|
$ |
4.38 |
|
| Outstanding as of March 31, 2022 |
1,579 |
|
|
$ |
4.58 |
|
|
| Summary of activity relating to restricted stock |
The following table summarizes activity for restricted stock units for the year ended March 31, 2022 (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted-Average
Grant Date Fair Value per Share |
| Outstanding as of March 31, 2021 |
2,710 |
|
|
$ |
4.17 |
|
| Granted |
2,770 |
|
|
$ |
5.99 |
|
| Vested |
(1,234) |
|
|
$ |
4.05 |
|
| Forfeited or cancelled |
(390) |
|
|
$ |
4.69 |
|
| Outstanding as of March 31, 2022 |
3,856 |
|
|
$ |
5.46 |
|
|
| Summary of share-based compensation expense |
The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
2022 |
|
2021 |
|
2020 |
| Cost of revenue |
$ |
1,112 |
|
|
$ |
672 |
|
|
$ |
452 |
|
| Research and development |
5,843 |
|
|
2,881 |
|
|
984 |
|
| Sales and marketing |
2,516 |
|
|
1,757 |
|
|
1,165 |
|
| General and administrative |
4,358 |
|
|
4,314 |
|
|
4,147 |
|
| Total share-based compensation |
$ |
13,829 |
|
|
$ |
9,624 |
|
|
$ |
6,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
2022 |
|
2021 |
|
2020 |
| Restricted stock units |
$ |
9,331 |
|
|
$ |
4,041 |
|
|
$ |
3,610 |
|
| Performance share units |
3,811 |
|
|
4,904 |
|
|
3,103 |
|
|
|
|
|
|
|
| Employee stock purchase plan |
687 |
|
|
679 |
|
|
35 |
|
| Total stock-based compensation |
$ |
13,829 |
|
|
$ |
9,624 |
|
|
$ |
6,748 |
|
|