v3.26.1
Stock-based compensation (Tables)
 12 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Additional Disclosure [Abstract]  
Summary of Employee Service Share Based Compensation Allocation of Recognized Period Costs
The following table summarizes the Company’s stock-based compensation expense:
Fiscal year ended March 31,
202620252024
(In thousands)
Cost of sales$16,696$11,927$10,764
Selling, general and administrative expenses92,00498,53238,325
Research and development11,5988,4217,694
Total stock-based compensation expense$120,298$118,880$56,783
Summary of Unrecognized Compensation Expense For Unvested Awards
As of March 31, 2026, the total unrecognized compensation expense for unvested awards under the 2022 Plan and the related weighted average remaining period is summarized as follow:
Unrecognized compensation expense
(in thousands)
Weighted average remaining period
(in years)
Options$8,264 1.6
RSU121,502 2.2
PSU52,367 1.8
Total unrecognized compensation expense$182,133 
Summary of Fair Value of the Company's Awards Granted Under the 2022 Plan
The fair value of the Company’s awards granted under the 2022 Plan was estimated based on the following assumptions:
Fiscal year ended March 31,
202620252024
Expected volatility55.0%
52% - 60%
65.0%
Expected dividends—%—%—%
Risk-free interest rate
3.9% - 4.2%
4.4% - 5.0%
3.8% - 4.6%
Summary of RSU Awards and PSU Awards Activity
The following table summarizes the RSU awards activity under the 2022 Plan for the fiscal year ended March 31, 2026:
Fiscal year ended March 31,
2026
Number of RSUsWeighted average grant date fair value per share
Unvested RSU awards outstanding, beginning of fiscal year3,240,371 $37.04
Granted1,633,719 69.19
Vested(1,528,957)32.38
Forfeited (1)(246,378)46.39
Unvested RSU awards outstanding, end of fiscal year3,098,755 $55.78
(1)Awards forfeited due to employee terminations.
The following table summarizes the PSU awards activity under the 2022 Plan for the fiscal year ended March 31, 2026:
Fiscal year ended March 31,
2026
Number of PSUsWeighted average grant date fair value per share
Unvested PSU awards outstanding, beginning of fiscal year1,919,723 $59.70
Granted (1)1,090,085 75.92
Vested (2)(2,217,548)64.05
Unvested PSU awards outstanding, end of fiscal year792,260 $67.09
(1)Includes 260,730 PSU awards representing the number of awards achieved above target levels based on the achievement of the performance-based metrics for the third tranche of PSU awards granted in fiscal year 2023; also includes 436,675 PSU awards
representing the number of awards achieved above target levels based on the achievement of the performance-based metrics for PSU awards granted in fiscal year 2024. Excludes PSU awards representing the number of awards expected to be achieved above target levels based on management's best estimate as of March 31, 2026 for the achievement of certain metrics specific to the Company related to PSU awards granted in fiscal years 2025 and 2026.
(2)Includes 260,730 PSU awards representing the number of awards achieved above target levels based on the achievement of the performance-based metrics for the third tranche of PSU awards granted in fiscal year 2023; also includes 873,350 PSU awards representing the number of awards achieved above target levels based on the achievement of the performance-based metrics for PSU awards granted in fiscal year 2024.
Summary of Additional Information PSUs Awarded
Additional information for the PSUs awarded in fiscals year 2026 and 2025 is further detailed in the table below:
Range of shares that may be issued (1)
Year of grantPerformance end dateTargeted number of awards as of March 31, 2026Weighted average grant date fair value per shareMinimumMaximum
Fiscal Year 2025March 31, 2027399,580$58.30380,600761,200
Fiscal Year 2026March 31, 2028392,680$76.04589,0201,178,040
(1)Represents the range of potential payout based on the best estimates of the achievement of certain metrics specific to the Company as of March 31, 2026.
Summary of Options Awards Activity
The following table summarizes the Options awards activity under the 2022 Plan for the fiscal year ended March 31, 2026:
Fiscal year ended March 31,
2026
Number of OptionsWeighted average exercise priceWeighted average remaining contractual termAggregate intrinsic value (in thousands)
Options awards outstanding, beginning of fiscal year3,362,498 $25.85
Granted185,255 56.05
Exercised(712)7.36
Forfeited (1)(26,191)21.00
Options awards outstanding, end of fiscal year3,520,850 $27.482.8$327,685 
Options awards exercisable as of end of fiscal year316,280 $21.000.9$31,486 
Options awards vested and expected to vest, end of fiscal year3,520,850 $27.482.8$327,685 
(1)Awards forfeited due to employee terminations.
Summary of Options Outstanding and Exercisable
The following table presents the composition of options outstanding and exercisable as of March 31, 2026:
Options outstandingOptions exercisable
Range of Exercise PriceNumber of Shares OutstandingWeighted average remaining contractual life (in years)Weighted average exercise priceNumber of shares exercisableWeighted average exercise price
<$20— N/A$—— N/A
$20.00 - $40.002,590,241 1.021.00316,280 21.00
$40.00 - $60.00930,609 8.045.52— N/A
3,520,850 2.8$27.48316,280 $21.00