v3.26.1
Stock-Based Compensation and Stockholders' Equity
 12 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stock-Based Compensation and Stockholders' Equity Stock-Based Compensation and Stockholders' Equity
Common Stock Reserved for Future Issuance
Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of March 31, 2026 were as follows (in thousands):
Shares of Common Stock Reserved
Stock options outstanding15 
Restricted & performance stock units outstanding13,340 
Shares available under the 2017 Plan902 
Shares available under the 2022 Plan12,004 
Shares available for future issuance under ESPP4,425 
Total shares of common stock reserved30,686 
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 provided for granting incentive stock options to employees and non-statutory stock options to employees, directors or consultants, and granting of stock appreciation and purchase rights, restricted stock, restricted stock units and performance units, qualified performance-based awards, and stock grants. Options, restricted stock, and restricted stock units generally vest over three years or four years and expire ten years after grant. The 2012 Plan expired in June 2022. As of March 31, 2026, there were no shares available for future grants under the 2012 Plan.
2017 New Employee Inducement Incentive Plan
In October 2017, the Company's board of directors approved the 2017 New Employee Inducement Incentive Plan (the "2017 Plan"). The Company reserved 1.0 million shares of the Company's common stock for issuance under this plan. In January 2018, the 2017 Plan was amended to allow for an additional 1.5 million shares to be reserved for issuance. In December 2020, the 2017 Plan was further amended to allow for an additional 1.4 million shares to be reserved for issuance. In February 2022, the 2017 Plan was further amended to allow for an additional 1.5 million shares to be reserved for issuance. In February 2024, the 2017 Plan was further amended to allow for an additional 0.8 million shares to be reserved for issuance. In January 2025, the 2017 Plan was further amended to allow for an additional 0.6 million shares to be reserved for issuance. The 2017 Plan provides for granting non-statutory stock options, stock appreciation and purchase rights, restricted stock, and performance units and stock grants solely to newly hired employees as a material inducement to accepting employment with the Company. Options are granted at market value on the grant date under the 2017 Plan, unless determined otherwise at the time of grant by the administrator, which generally will be the compensation committee of the board of directors. Grants generally vest over three years and expire ten years after grant. As of March 31, 2026, 0.9 million shares remained available for future grants under the 2017 Plan.
2022 Equity Incentive Plan
The maximum number of shares reserved for the grant of awards under the Amended and Restated 2022 Equity Incentive Plan (the " 2022 Plan") will be equal to the sum of the following: (i) 8.0 million shares available for grant under the 2022 Plan when it was initially adopted by stockholders on July 12, 2022, plus (ii) 14.0 million new shares approved by stockholders on August 15, 2024, plus (iii) 8.5 million new shares approved by stockholders on July 25, 2025, plus (iv) the number of shares subject to stock options granted under the Amended and Restated 2012 Equity Incentive Plan (the “Prior Plan”) that were outstanding as of 12:01 a.m. Pacific Time on June 22, 2022 (the “Prior Plan Expiration Time”), but only to the extent such stock options expire, terminate, are cancelled without having been exercised in full or are settled in cash after the Prior Plan Expiration Time without the delivery of shares, plus (v) the number of shares subject to restricted stock, restricted stock units ("RSUs") and performance stock units ("PSUs") granted under the Prior Plan that were outstanding as of the Prior Plan Expiration Time, but only to the extent such awards are forfeited by the holder, are reacquired by the Company at less than their then market value as a means of effecting a forfeiture, or are settled in cash after the Prior Plan Expiration Time without the delivery of shares (with the number of shares that recycle based on the Applicable Ratio, which is defined in the 2022 Plan), 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 and purchase rights, restricted stock, restricted stock units and performance units, 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 years or four years and expire ten years after the grant. As of March 31, 2026, 12.0 million shares remained available for future grants under the 2022 Plan.
Stock-Based Compensation
The following table presents stock-based compensation expense (in thousands):
 Year Ended March 31,
 202620252024
Cost of service revenue$850 $2,939 $4,993 
Cost of other revenue384 1,192 1,918 
Research and development4,479 13,761 24,112 
Sales and marketing6,040 9,863 15,271 
General and administrative8,617 12,185 15,616 
Total$20,370 $39,940 $61,910 
The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees, directors or consultants over the related requisite service period, including restricted stock, RSUs and PSUs, performance-based awards, and stock grants (all issuable under the Company's equity incentive plans).
As of March 31, 2026, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized as follows (in thousands, except years):
RSUPSUESPP
Unrecognized stock-based compensation expense$13,417 $1,105 $610 
Weighted-average amortization period1.8 years0.7 years0.8 years
Stock Options
There were no options exercised in the years ended March 31, 2026 and 2025, respectively. The options cancelled in the years ended March 31, 2026, 2025 and 2024 were 0.1 million, 0.2 million and 0.3 million, respectively. The options outstanding as of March 31, 2026, 2025 and 2024 were 15 thousand, 0.2 million and 0.4 million, respectively.
As of March 31, 2026, there was no unrecognized compensation cost related to stock options.
The Company did not grant any stock options during fiscal 2026, 2025, or 2024.
Restricted Stock Units

The following table presents the RSU activity during the years ended March 31, 2026, 2025, and 2024 (shares in thousands):
Number of SharesWeighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in Years)
Balance at March 31, 202312,993 $8.56 1.84
Granted7,186 3.85 
Vested and released(7,613)8.87 
Forfeited(2,241)7.13 
Balance at March 31, 202410,325 5.36 1.75
Granted7,897 2.10 
Vested and released(6,446)5.99 
Forfeited(1,547)3.88 
Balance at March 31, 202510,229 2.67 0.94
Granted7,501 1.85 
Vested and released(5,992)2.84 
Forfeited(1,947)2.38 
Balance at March 31, 20269,791 $2.00 0.86
Performance Stock Units
Market-Based PSUs
Market-based PSUs are granted to certain employees, including executive officers, with vesting that is contingent on a combination of stock performance and continued service. These awards are eligible to be earned over a period of one year to four years based on Total Shareholder Return ("TSR"), relative to specified market indices, or the achievement of specific pre-established absolute stock price hurdles.
The grant date fair value of market-based PSUs is determined using a Monte Carlo simulation model. Stock-based compensation expense is recognized over the requisite service period, regardless of whether the market condition is ultimately achieved. During fiscal 2026, 2025 and 2024, the Company's determined that the market conditions were not achieved and therefore no shares have been earned.
Performance-Based PSUs
Performance-based PSUs are granted to certain employees, including executive officers, with vesting based on the achievement of specific financial or operational goals, such as revenue growth or cash flow from operations ("CFFO"). The grant date fair value of performance-based PSUs are valued based on the Company’s stock price at the grant date. Stock-based compensation expense is recognized over the requisite service period based on the number of units expected to vest, which is reassessed during each reporting period based on the Company’s evaluation of the probability of achieving the applicable performance conditions.
The Company determined that the CFFO and revenue targets for the performance period were probable of being achieved and recognized $2.0 million and $1.8 million during fiscal 2026 and 2025, respectively.
The following table presents the PSU activity during the years ended March 31, 2026, 2025, and 2024 (shares in thousands):
Number of SharesWeighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2023624 $11.30 1.45
Granted12,023 3.25 
Forfeited(116)21.83 
Balance at March 31, 20242,531 4.38 1.16
Granted21,793 1.91 
Forfeited(444)7.56 
Balance at March 31, 20253,880 2.88 0.85
Granted2
1,295 1.82 
Vested and released(676)1.88 
Forfeited(950)3.63 
Balance at March 31, 20263,549 $2.48 0.65
The Company did not grant any market-based PSU awards during the year ended March 31, 2026 or 2025, respectively. The PSUs granted during the year ended March 31, 2024 were valued for compensation expense purposes at weighted average share price determined by the Monte Carlo simulations using volatility factors and risk-free rates as follows:
Year Ended March 31,Value per Weighted Average ShareVolatility RangeRisk-Free Interest Rate Range
2024$3.25 68.85%—68.97%4.03%—4.08%
1996 Employee Stock Purchase Plan
The Company's Amended and Restated 1996 Employee Stock Purchase Plan (the "Employee Stock Purchase Plan") was adopted in June 1996 and became effective upon the closing of the Company's initial public offering in July 1997. In May 2006, the Company's board of directors approved a ten-year extension of the Employee Stock Purchase Plan. Stockholders approved the ten-year extension of the Employee Stock Purchase Plan at the 2006 Annual Meeting of Stockholders held in September 2006. The Company's board of directors then approved the Second Amended and Restated 1996 Stock Purchase Plan in May 2017 which (i) eliminated the expiration date of the plan and (ii) approved a ten-year “evergreen provision” which would increase annually the number of shares available for issuance by up to 0.5 million on the first day of each fiscal year. Stockholders approved these changes in August 2017. In May 2020, the Company’s board of directors approved the Amended and Restated 1996 Employee Stock Purchase Plan which (i) eliminated the “evergreen provision” and (ii) reserved for issuance 3.0 million additional shares. At the 2020 Annual Meeting of Stockholders in August 2020, these changes were approved. As a result of these amendments, the Employee Stock Purchase Plan is effective until terminated by the Company's board of directors. In May 2022, the Company's board of directors approved amendments to the Employee Stock Purchase Plan, including an amendment that reserved for issuance of an additional 3.6 million shares, which were approved by the stockholders in July 2022 at the 2022 Annual Meeting. In June 2025, the Company's board of directors approved an amendment to the Employee Stock Purchase Plan that reserved for issuance of an additional 6.0 million shares, which was approved by the stockholders in July 2025 at the 2025 Annual Meeting. During fiscal 2026, 2025 and 2024, approximately 1.9 million, 2.4 million, and 1.9 million shares, respectively, were issued under the Employee Stock Purchase Plan.
The Employee Stock Purchase Plan permits eligible employees to purchase common stock through payroll deductions at a price equal to 85% of the fair market value of the common stock at the beginning of each one-year offering period or the end of each six-month purchase period, whichever is lower. When the Employee Stock Purchase Plan was reinstated in fiscal 2005, the offering period was reduced from two years to one year. Commencing with the purchase period beginning in August 2020, the contribution amount may not exceed 20% of an employee's base compensation, including commissions and standard incentive cash bonuses, but excluding non-standard bonuses and overtime wages. In addition, no participant may purchase more than 10,000 shares or $25,000 in shares of common stock in each offering period, subject to plan and Internal Revenue Code limitations. In the event of a merger of the Company with or into another corporation or the sale of all or substantially all of the assets of the Company, the Employee Stock Purchase Plan provides that a new exercise date will be set for each purchase right under the plan, which exercise date will occur before the date of the merger or asset sale.
The estimated fair value of stock purchase rights granted under the Employee Stock Purchase Plan was estimated using the Black-Scholes pricing model with the following weighted-average assumptions:
 Year Ended March 31,
 202620252024
Expected volatility65%83%75%
Expected dividend yield———
Risk-free interest rate3.98%4.70%5.26%
Weighted average expected term0.8 years0.8 years0.8 years
Weighted average fair value of rights granted$0.70$0.81$1.31
Share Repurchase Program
In May 2017, the Company's board of directors authorized the Company to purchase $25.0 million of its common stock from time to time under the 2017 Repurchase Plan (the "2017 Plan"). The 2017 Plan expires when the maximum purchase amount is reached, or upon the earlier revocation or termination by the Company's board of directors. During the fiscal year ended March 31, 2026, the Company repurchased 1.0 million shares of common stock in the open market for approximately $1.8 million at an average price of $1.83 per share. The total purchase price of the common stock repurchased and retired was reflected as a reduction to consolidated stockholders' equity during the repurchase period. The remaining amount available under the 2017 Plan as of March 31, 2026 was approximately $5.2 million.
Retirement Plans
The Company has savings plans in the U.S. that qualify under Section 401(k) of the Internal Revenue Code, and a number of savings plans in international locations. Eligible U.S. employees may contribute a portion of their salary into the savings plans, subject to certain limitations. The Company matches a portion of each dollar a participant contributes into the plans. Employer-funded retirement benefits for all plans were $1.7 million, $2.0 million, and $2.0 million for the years ended March 31, 2026, 2025, and 2024, respectively, and were expensed as contributed.