
	Three Months Ended September 30,				Six Months Ended September 30,
	2026		2025		2026		2025
Cost of revenue	$	10,394	$	10,015	$	19,760	$	19,865
Research and development	30,648		29,718		60,164		56,579
Sales and marketing	21,609		22,576		41,496		42,610
General and administrative	15,510		14,505		30,317		29,655
Total share-based compensation	$	78,161	$	76,814	$	151,737	$	148,709

In July 2019, the Company’s Board of Directors (the “Board”), upon the recommendation of the Compensation Committee of the Board, adopted the 2019 Equity Incentive Plan (the “Equity Incentive Plan”), which was subsequently approved by the Company’s stockholders and was later amended and restated by the Board in January 2021.

The Company initially reserved 52,000,000 shares of common stock for the issuance of awards under the Equity Incentive Plan. The Equity Incentive Plan provides that the number of shares reserved and available for issuance under the plan automatically increases each April 1 by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding March 31 or such lesser number determined by the Compensation Committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of September 30, 2026, 68,476,722 shares of common stock were available for future issuance under the Equity Incentive Plan.


	Number of RSUs	Weighted Average Grant Date Fair Value		Number of RSAs	Weighted Average Grant Date Fair Value
	(in thousands)	(per share)		(in thousands)	(per share)
Balance, March 31, 2026	10,403	$	51.96	61	$	49.05
Granted	7,147	43.10		—	—
Vested	(3,583)	52.04		(30)	49.05
Forfeited	(826)	52.69		—	—
Balance, September 30, 2026	13,141	$	47.06	31	$	49.05

RSUs outstanding as of September 30, 2026 were comprised of 11.9 million RSUs with only service conditions and 1.2 million RSUs with both service and performance or market-based conditions (“PSUs”).

The Company grants PSUs that contain financial performance conditions (“Financial PSUs”) and PSUs based on relative total stockholder return performance (“rTSR PSUs”). Both the Financial PSUs and rTSR PSUs are not earned if the applicable threshold percentage of the specific metric is not achieved. The maximum number of shares that may be earned is 200% of the target award. The PSUs are also subject to time-based vesting and are contingent upon the employee remaining employed by the Company or one of its subsidiaries through the applicable vesting dates.

The Financial PSUs generally vest 33% one year after the grant date and the remaining 67% vest ratably on a quarterly basis over the following two years. The number of shares that may be earned pursuant to the Financial PSUs is based on specific Company metrics related to the fiscal year in which the award was granted.

The rTSR PSUs generally vest 33% annually after the grant date. The number of shares that may be earned pursuant to the rTSR PSUs granted is based on the Company’s stock price performance relative to companies that are the constituents of the Russell 3000 index over performance periods of one, two, and three fiscal years.

As of September 30, 2026, the total unrecognized compensation expense related to unvested RSUs was $535.6 million and is expected to be recognized over a weighted average period of 2.3 years. As of September 30, 2026, the total unrecognized compensation expense related to unvested RSAs was $0.9 million and is expected to be recognized over a weighted average period of 0.4 years.


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)	(per share)		(years)	(in thousands)
Balance, March 31, 2026	1,727	$	22.11

Exercised	(243)	21.29
Forfeited or expired	(4)	49.68
Balance, September 30, 2026	1,480	$	22.18	3.0	$	52,634
Options vested and expected to vest at September 30, 2026	1,480	$	22.18	3.0	$	52,634
Options vested and exercisable at September 30, 2026	1,480	$	22.18	3.0	$	52,634

In July 2019, the Board adopted, and the Company’s stockholders approved, the 2019 Employee Stock Purchase Plan (the “ESPP”). The Company offers, sells, and issues shares of common stock under the ESPP from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the ESPP. The ESPP provides for six-month offering periods and each offering period consists of six-month purchase periods. On each purchase date, eligible employees purchase shares of the Company’s common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s common stock on the offering date or (2) the fair market value of the Company’s common stock on the purchase date. During the six months ended September 30, 2026, 352,344 shares of common stock were purchased under the ESPP. As of September 30, 2026, 23,311,662 shares of common stock were available for future issuance under the ESPP.