v3.22.2.2
STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY
 6 Months Ended
Sep. 30, 2022
Equity [Abstract]  
STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY
In July 2022, the Board of Directors and the majority of the shares approved increasing the number of authorized shares of the Company’s common stock from 200,000,000 authorized shares to 300,000,000 authorized shares. The additional shares of common stock authorized have rights identical to the Company’s outstanding common stock.
2022 Equity Incentive Plan
On May 26, 2022, the Company's board of directors approved the 2022 Equity Incentive Plan (the "2022 Plan"). The Company's stockholders subsequently adopted the 2022 Plan on July 12, 2022. The Company reserved 8.0 million shares of the Company's common stock for issuance under the 2022 Plan plus the number of shares subject to awards that were outstanding under the 2012 Plan as of 12:01 a.m. Pacific Time on June 22, 2022 (the “Prior Plan Expiration Time”), to the extent that, after the Prior Plan Expiration Time, such shares would have recycled back to the 2012 Plan (as defined below) in connection with the awards’ expiration, termination, cancellation, forfeiture or repurchase as described further below, in each case, subject to adjustment upon certain changes in the Company’s capitalization. The 2022 Plan provides for the granting of incentive stock options to employees and non-statutory stock options to employees, directors or consultants, and granting of stock appreciation rights, restricted stock, restricted stock units and performance units, qualified performance-based awards, and stock grants. The stock option price of incentive stock options granted cannot be less than the fair market value on the effective date of the grant. Options, restricted stock, and restricted stock units generally vest over three or four years and expire ten years after the grant. As of September 30, 2022, 6.0 million shares remained available for future grants under the 2022 Plan.
2012 Equity Incentive Plan
In June 2012, the Company's board of directors approved the 2012 Equity Incentive Plan (the "2012 Plan"). The Company's stockholders subsequently adopted the 2012 Plan in July 2012, which became effective in August 2012. The 2012 Plan expired on June 22, 2022.  
2017 New Employee Inducement Incentive Plan
For details on the 2017 New Employee Inducement Incentive Plan (the "2017 Plan"), please refer to the Form 10-K. No grants were made under the 2017 Plan during the three months ended September 30, 2022. As of September 30, 2022, 1.4 million shares remained available for future grants under the 2017 Plan.
Stock-Based Compensation
The following table presents stock-based compensation expense (dollars in thousands):
 Three Months Ended September 30,Six Months Ended September 30,
 2022202120222021
Cost of service revenue$2,436 $2,345 $5,100 $4,313 
Cost of other revenue925 1,203 2,036 2,274 
Research and development7,711 9,458 15,755 18,156 
Sales and marketing6,809 12,724 14,917 27,050 
General and administrative6,740 10,105 14,627 20,629 
Total$24,621 $35,835 $52,435 $72,422 
Stock Options
The following table presents the stock option activity (shares in thousands):
Number of
Shares		Weighted Average Exercise Price Per Share
Outstanding at March 31, 2022867 $10.67 
Exercised(11)5.87 
Canceled/Forfeited(83)10.71 
Outstanding at September 30, 2022773 $10.74 
Vested and expected to vest September 30, 2022773 $10.74 
Exercisable at September 30, 2022772 $10.73 
The total intrinsic value of options exercised in the six months ended September 30, 2022 and 2021 was $40,000 and $13.3 million respectively.
As of September 30, 2022, there was $2.8 thousand of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of approximately 0.1 years.
The Company did not grant any stock options during the six months ended September 30, 2022 and 2021.
The fair value of each of the Company's option grants has been estimated on the date of grant using the Black-Scholes pricing model. No option grants were made in the six months ended September 30, 2022 and 2021.
Stock Purchase Rights
There were no activities related to stock purchase rights during the three months ended September 30, 2022 and 2021.
As of September 30, 2022, there was no unrecognized compensation cost related to stock purchase rights.
Restricted Stock Units
The following table presents the RSU activity (shares in thousands):
Number of
Shares		Weighted
Average Grant
Date Fair Value		Weighted Average
Remaining Contractual
Term (in Years)
Balance at March 31, 20229,375 $20.41 2.11
Granted11,077 6.00 
Vested and released(2,704)20.92 
Forfeited(1,797)15.47 
Balance at September 30, 202215,951 $10.87 2.15
As of September 30, 2022, there was $111.8 million of total unrecognized compensation cost related to RSUs.

Performance Stock Units
PSUs are issued to a group of executives with vesting that is contingent on both market performance and continued service. The PSUs generally vest over periods ranging from one to three years based on Total Shareholder Return ("TSR"), as measured relative to specified market indices during the period from grant date through vesting date. A 2x multiplier will be applied for each percentage point of positive or negative relative TSR, such that the number of shares of common stock earned will increase or decrease by 2% of the target number of shares, subject to a maximum of 200% of the target number of shares. In the event that the Company’s relative TSR performance is less than negative 30%, relative to the specified index, no shares will be earned for the applicable performance period. All PSU awards vest at the end of the respective performance periods, for those executives with continued service.

The following table presents the PSU activity (shares in thousands):
Number of
Shares		Weighted
Average Grant
Date Fair Value		Weighted Average
Remaining Contractual
Term (in Years)
Balance at March 31, 20221,026 $35.36 0.89
Granted720 7.71 
Granted for performance achievement1
— 
Vested and released(128)25.65 
Forfeited(436)33.89 
Balance at September 30, 20221,182 $20.12 1.66
1 Represents additional PSUs awarded as a result of the achievement of performance goals above the performance targets established at grant.
As of September 30, 2022, there was $26.9 million of total unrecognized compensation cost related to PSUs.
Employee Stock Purchase Plan ("ESPP")
As of September 30, 2022, there was approximately $4.1 million of unrecognized compensation cost related to employee stock purchases. This cost is expected to be recognized over a weighted average period of 0.6 years. In July 2022, the Company added 3.6 million shares to the ESPP for future issuances, and as of September 30, 2022, a total of 2.5 million shares were available for issuance under the ESPP.
Stock Repurchases
In August 2022, the Company repurchased in privately negotiated transactions with a limited number of holders 10,695,000 shares of its common stock for approximately $60 million. There were no stock repurchases during the six months ended September 30, 2021.
Stock Issuance
On August 11, 2022, the Company issued 1,015,024 shares of the Company’s common stock to settle its financial advisory fee for services provided in connection with Exchange Transaction and the issuance of the Term Loan and Warrants. The fair value of the shares was allocated to the Exchange Transaction as third-party costs and the issuance of Term Loan and Warrants as debt issuance costs based on a systematic and rational approach.