We maintain the Omnibus Incentive Plan (the "2016 Incentive Plan") for granting awards to employees. The 2016 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, full value awards (including restricted stock, restricted stock units, performance shares or units and other stock-based awards) and cash-based awards. As of March 31, 2026, approximately 3,163 shares were available for future grant under the 2016 Incentive Plan.

As of March 31, 2026, we have granted non-qualified stock options, restricted stock units and performance stock awards under our stock incentive plans. Historically, most equity awards granted by us under our stock incentive plans generally vest quarterly over a three-year period, except that the shares that would otherwise vest quarterly over the first twelve months do not vest until the first anniversary of the grant. We anticipate that future grants under our stock incentive plans will be restricted stock units and performance stock awards and do not anticipate that we will grant stock options.

The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the years ended March 31, 2026, 2025 and 2024. Stock-based compensation is attributable to RSUs, PSUs and the ESPP.


	Year Ended March 31,
	2026		2025		2024
Cost of revenues	$	5,239	$	5,744	$	6,832
Sales and marketing	51,173		47,627		36,630
Research and development	28,538		24,028		21,585
General and administrative	33,936		31,216		27,987
Restructuring	4,539		4,647		1,517
Stock-based compensation expense	$	123,425	$	113,262	$	94,551

As of March 31, 2026, there was $172,437 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 2.13 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.

No stock options were granted during the periods presented and no stock options were outstanding as of March 31, 2025. The total intrinsic value of stock options exercised was $8,089 and $1,378 in the years ended March 31, 2025 and 2024, respectively.

The total fair value of the restricted stock units that vested during the years ended March 31, 2026, 2025 and 2024 was $183,927, $214,371 and $118,047, respectively. The fair value of awards includes the awards with a market condition described below.

In fiscal 2026, we granted 78 PSUs to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2026 and ii) our customary service periods. The awards vest over three years. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. Based on our results, the PSUs achieved at 111%. The awards are included in the restricted stock unit table.

In fiscal 2025, we granted 91 PSUs to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2025 and ii) our customary service periods. The awards vest over three years. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. Based on our results, the PSUs achieved at 105%. The awards are included in the restricted stock unit table.

In fiscal 2026, we granted 78 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the succeeding three years from grant date. The awards vest in three annual tranches and have the potential to vest between 0% to 300% (234 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the year was $288.47 per unit. The awards are included in the restricted stock unit table above.

In fiscal 2025, we granted 91 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain TSR levels as compared to the Russell 3000 market index over the succeeding three years from grant date. The awards vest in three annual tranches and have a maximum potential to vest at 300% (273 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the year was $175.25 per unit. The awards are included in the restricted stock unit table above.

The ESPP is a shareholder approved plan under which substantially all employees may purchase our common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 10% of the employee’s salary and employees may not purchase more than $25 of stock during any calendar year. Employees purchased 146 shares in exchange for $14,503 of proceeds in fiscal 2026, 119 shares in exchange for $11,922 of proceeds in fiscal 2025, and 188 shares in exchange for $10,578 of proceeds in fiscal 2024. The ESPP is considered compensatory and the fair value of the discount and look back provision are estimated using the Black-Scholes model and recognized over the six-month withholding period prior to purchase. The total expense associated with the ESPP for fiscal 2026, 2025 and 2024 was $5,523, $3,898 and $3,146, respectively. As of March 31, 2026, there was $2,450 of unrecognized cost related to the current offering period of our ESPP.


	Year Ended March 31,
	2026		2025		2024
Market PSUs:
Expected life (years)	3.0		3.0		3.0
Risk-free interest rate	4.0	%	4.5	%	3.7	%
Volatility	38.4	%	32.1	%	34.8	%
Dividend yield	—	%	—	%	—	%
ESPP:
Expected life (years)	0.5		0.5		0.5
Risk-free interest rate	3.6% - 4.1%		4.3% - 5.0%		5.3% - 5.6%
Volatility	51.7% - 68.4%		39.4% - 49.3%		21.8% - 24.0%
Dividend yield	—	%	—	%	—	%