FORM |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices) |
(Registrant's telephone number, including area code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | |||||
September 30, 2023 | March 31, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Short-term investments | |||||||||||
Accounts receivable, net of allowance for expected credit losses of $ as of September 30, 2023 and March 31, 2023, respectively | |||||||||||
Deferred sales commission costs, current | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease, right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Restricted cash, non-current | |||||||||||
Deferred sales commission costs, non-current | |||||||||||
Other assets, non-current | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation | |||||||||||
Accrued taxes | |||||||||||
Operating lease liabilities, current | |||||||||||
Deferred revenue, current | |||||||||||
Convertible senior notes, current | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Deferred revenue, non-current | |||||||||||
Convertible senior notes | |||||||||||
Term loan | |||||||||||
Other liabilities, non-current | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 5) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock: $ outstanding as of September 30, 2023 and March 31, 2023 | |||||||||||
Common stock: $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Service revenue | $ | $ | $ | $ | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of service revenue | |||||||||||||||||||||||
Cost of other revenue | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income, net | ( | ( | |||||||||||||||||||||
Loss before (benefit from) provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||
Basic and diluted |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Amortization of debt discount and issuance costs | ( | ( | ( | ( | |||||||||||||||||||
Gain on warrants remeasurement | |||||||||||||||||||||||
Gain (loss) on debt extinguishment | ( | ||||||||||||||||||||||
Gain on foreign exchange | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Other (expense) income, net | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Unrealized gain (loss) on investments in securities | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding, related to Fuze acquisition | ( | — | — | ||||||||||||||||||||||||||||||||
Unrealized investment loss | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding | ( | — | — | ||||||||||||||||||||||||||||||||
ESPP share issuance | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding, related to Fuze acquisition | |||||||||||||||||||||||||||||||||||
Unrealized investment loss | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
— | — | ( | — | ( | |||||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Unrealized investment loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock under stock plans, less withholding | ( | — | — | ||||||||||||||||||||||||||||||||
ESPP share issuance | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Shares repurchase | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Shares issued for debt issuance | — | — | |||||||||||||||||||||||||||||||||
Unrealized investment loss | ( | ( | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of capitalized internal-use software costs | |||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Amortization of deferred sales commission costs | |||||||||||
Allowance for credit losses | |||||||||||
Operating lease expense, net of accretion | |||||||||||
Impairment of right-of-use assets | |||||||||||
Stock-based compensation expense | |||||||||||
Loss (gain) on debt extinguishment | ( | ||||||||||
Gain on remeasurement of warrants | ( | ( | |||||||||
Other | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Deferred sales commission costs | ( | ( | |||||||||
Other current and non-current assets | ( | ||||||||||
Accounts payable and accruals | ( | ( | |||||||||
Deferred revenue | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Capitalized internal-use software costs | ( | ( | |||||||||
Purchases of investments | ( | ( | |||||||||
Sales of investments | |||||||||||
Maturities of investments | |||||||||||
Acquisition of businesses, net of cash acquired | ( | ||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock under employee stock plans | |||||||||||
Repayment of principal on term loan | ( | ||||||||||
Net proceeds from term loan | |||||||||||
Repayment and exchange of convertible senior notes | ( | ||||||||||
Repurchase of common stock | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash, beginning of year | |||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | $ |
Six Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Interest paid | |||||||||||
Income taxes paid | |||||||||||
Warrants issued in connection with term loan | |||||||||||
Shares issued in connection with term loan and convertible senior notes | |||||||||||
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Restricted cash, non-current | |||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
Accounts receivable, net | $ | $ | |||||||||
Contract assets, current (component of Other current assets) | |||||||||||
Contract assets, non-current (component of Other assets) | |||||||||||
Deferred revenue, current | |||||||||||
Deferred revenue, non-current |
As of September 30, 2023 | Amortized Costs | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Cash and Cash Equivalents | Restricted Cash (Current & Non-current) | Short-Term Investments | |||||||||||||||||||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | $ | $ | $ | — | ||||||||||||||||||||||||||||||||||
Level 1: | ||||||||||||||||||||||||||||||||||||||||||||
Money market funds | ||||||||||||||||||||||||||||||||||||||||||||
Treasury securities | ||||||||||||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||||||||||||||||||
Term deposit | ||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | ( | |||||||||||||||||||||||||||||||||||||||||||
Subtotal | ( | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | ( | $ | $ | $ | $ |
As of March 31, 2023 | Amortized Costs | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Cash and Cash Equivalents | Restricted Cash (Current & Non-current) | Short-Term Investments | |||||||||||||||||||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | $ | $ | $ | — | ||||||||||||||||||||||||||||||||||
Level 1: | ||||||||||||||||||||||||||||||||||||||||||||
Money market funds | ||||||||||||||||||||||||||||||||||||||||||||
Treasury securities | ( | |||||||||||||||||||||||||||||||||||||||||||
Subtotal | ( | |||||||||||||||||||||||||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||||||||||||||||||
Certificate of deposit | ||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | ( | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ( | |||||||||||||||||||||||||||||||||||||||||||
Subtotal | ( | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | ( | $ | $ | $ | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
Estimated fair value of detachable warrants | $ | $ | |||||||||
Unobservable inputs: | |||||||||||
Stock volatility | |||||||||||
Risk-free rate | |||||||||||
Expected term |
September 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Technology | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Trade names and domains | ( | ( | |||||||||||||||||||||||||||||||||
Total acquired identifiable intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Amount | |||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Amount | |||||
Balance as of March 31, 2023 | $ | ||||
Foreign currency translation | ( | ||||
Balance as of September 30, 2023 | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
Principal | $ | $ | |||||||||
Unamortized debt discount and issuance costs | ( | ( | |||||||||
Net carrying amount | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of debt discount and issuance costs | |||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
Principal | $ | $ | |||||||||
Unamortized debt discount and issuance costs | ( | ( | |||||||||
Net carrying amount | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of debt discount and issuance costs | |||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
Principal | $ | $ | |||||||||
Unamortized debt discount and issuance costs | ( | ( | |||||||||
Net carrying amount | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of debt discount and issuance costs | |||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of service revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of other revenue | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (in Years) | |||||||||||||||
Balance as of March 31, 2023 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Vested and released | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Balance as of September 30, 2023 | $ |
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (in Years) | |||||||||||||||
Balance as of March 31, 2023 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Forfeited | ( | ||||||||||||||||
Balance as of September 30, 2023 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average common shares outstanding - basic and diluted | |||||||||||||||||||||||
Net loss per share - basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Restricted stock units and Performance stock units | |||||||||||||||||||||||
Potential shares attributable to the ESPP | |||||||||||||||||||||||
Total anti-dilutive shares |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
September 30, 2023 | March 31, 2023 | ||||||||||
United States | $ | $ | |||||||||
International | |||||||||||
Total property and equipment, net | $ | $ |
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Service revenue | $ | 177,782 | $ | 178,556 | $ | (774) | (0.4) | % | $ | 353,020 | $ | 357,717 | $ | (4,697) | (1.3) | % | |||||||||||||||||||||||||
Percentage of total revenue | 96.1 | % | 95.3 | % | 95.9 | % | 95.4 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Other revenue | $ | 7,217 | $ | 8,833 | $ | (1,616) | (18.3) | % | $ | 15,266 | $ | 17,292 | $ | (2,026) | (11.7) | % | |||||||||||||||||||||||||
Percentage of total revenue | 3.9 | % | 4.7 | % | 4.1 | % | 4.6 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Cost of service revenue | $ | 49,144 | $ | 51,038 | $ | (1,894) | (3.7) | % | $ | 95,420 | $ | 104,585 | $ | (9,165) | (8.8) | % | |||||||||||||||||||||||||
Percentage of service revenue | 27.6 | % | 28.6 | % | 27.0 | % | 29.2 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||||||
Cost of other revenue | $ | 7,958 | $ | 11,000 | $ | (3,042) | (27.7) | % | $ | 16,356 | $ | 24,126 | $ | (7,770) | (32.2) | % | ||||||||||||||||||||||||||||
Percentage of other revenue | 110.3 | % | 124.5 | % | 107.1 | % | 139.5 | % | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Research and development | $ | 34,207 | $ | 36,019 | $ | (1,812) | (5.0) | % | $ | 69,499 | $ | 70,974 | $ | (1,475) | (2.1) | % | |||||||||||||||||||||||||
Percentage of total revenue | 18.5 | % | 19.2 | % | 18.9 | % | 18.9 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 68,687 | $ | 80,487 | $ | (11,800) | (14.7) | % | $ | 137,191 | $ | 164,014 | $ | (26,823) | (16.4) | % | |||||||||||||||||||||||||
Percentage of total revenue | 37.1 | % | 43.0 | % | 37.3 | % | 43.7 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
General and administrative | $ | 27,586 | $ | 33,835 | $ | (6,249) | (18.5) | % | $ | 53,812 | $ | 63,054 | $ | (9,242) | (14.7) | % | |||||||||||||||||||||||||
Percentage of total revenue | 14.9 | % | 18.1 | % | 14.6 | % | 16.8 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Other (expense) Income, net | $ | (5,258) | $ | 13,950 | $ | (19,208) | NM | $ | (17,732) | $ | 15,066 | $ | (32,798) | NM | |||||||||||||||||||||||||||
Percentage of total revenue | (2.8) | % | 7.4 | % | (4.8) | % | 4.0 | % | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | (389) | $ | 599 | $ | (988) | NM | $ | 1,055 | $ | 1,004 | $ | 51 | NM | |||||||||||||||||||||||||||
Percentage of total revenue | (0.2) | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||||||||||||||||
Incorporated by Reference | |||||||||||||||||
Exhibit Number | Exhibit Description | Company Form | Filing Date | Exhibit Number | Filed Herewith | ||||||||||||
3.1 | 8-K | 7/13/2022 | 3.1 | ||||||||||||||
3.2 | 8-K | 7/28/2015 | 3.2 | ||||||||||||||
31.1 | X | ||||||||||||||||
31.2 | X | ||||||||||||||||
32.1 | X | ||||||||||||||||
32.2 | X | ||||||||||||||||
101 | The following materials from 8x8, Inc.'s Quarterly Report on Form 10-Q for the three and six months ended September 30, 2023, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets as of September 30, 2023 and March 31, 2023, (ii) Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2023 and 2022, (iii) Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended September 30, 2023 and 2022, (iv) Condensed Consolidated Statements of Stockholders’ Equity as of September 30, 2023 and 2022, (v) Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2023 and 2022, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags XBRL Instance Document | X |
8x8, Inc. | ||||||||
/s/ Suzy Seandel | ||||||||
Suzy Seandel | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer and Duly Authorized Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|
Stockholders' equity: | ||
Expected credit losses | $ 3,036 | $ 3,644 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 121,858,602 | 114,659,255 |
Common stock, shares outstanding (in shares) | 121,858,602 | 114,659,255 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Total revenue | $ 184,999 | $ 187,389 | $ 368,286 | $ 375,009 |
Operating expenses: | ||||
Research and development | 34,207 | 36,019 | 69,499 | 70,974 |
Sales and marketing | 68,687 | 80,487 | 137,191 | 164,014 |
General and administrative | 27,586 | 33,835 | 53,812 | 63,054 |
Total operating expenses | 187,582 | 212,379 | 372,278 | 426,753 |
Loss from operations | (2,583) | (24,990) | (3,992) | (51,744) |
Other (expense) income, net | (5,258) | 13,950 | (17,732) | 15,066 |
Loss before (benefit from) provision for income taxes | (7,841) | (11,040) | (21,724) | (36,678) |
Provision (benefit) for income taxes | (389) | 599 | 1,055 | 1,004 |
Net loss | $ (7,452) | $ (11,639) | $ (22,779) | $ (37,682) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.06) | $ (0.10) | $ (0.19) | $ (0.32) |
Diluted (in dollars per share) | $ (0.06) | $ (0.10) | $ (0.19) | $ (0.32) |
Weighted average number of shares: | ||||
Basic (in shares) | 120,757 | 116,013 | 118,778 | 117,857 |
Diluted (in shares) | 120,757 | 116,013 | 118,778 | 117,857 |
Service revenue | ||||
Total revenue | $ 177,782 | $ 178,556 | $ 353,020 | $ 357,717 |
Operating expenses: | ||||
Cost of revenue | 49,144 | 51,038 | 95,420 | 104,585 |
Other revenue | ||||
Total revenue | 7,217 | 8,833 | 15,266 | 17,292 |
Operating expenses: | ||||
Cost of revenue | $ 7,958 | $ 11,000 | $ 16,356 | $ 24,126 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Income Statement [Abstract] | ||||
Interest expense | $ (8,929) | $ (4,883) | $ (17,899) | $ (5,508) |
Amortization of debt discount and issuance costs | (1,132) | (1,169) | (2,240) | (2,000) |
Gain on warrants remeasurement | 2,781 | 1,293 | 2,531 | 1,293 |
Gain (loss) on debt extinguishment | 0 | 16,106 | (1,766) | 16,106 |
Gain on foreign exchange | 1,565 | 2,124 | 761 | 4,600 |
Other income | 457 | 479 | 881 | 575 |
Other (expense) income, net | $ (5,258) | $ 13,950 | $ (17,732) | $ 15,066 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (7,452) | $ (11,639) | $ (22,779) | $ (37,682) |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on investments in securities | 7 | (5) | 297 | (99) |
Foreign currency translation adjustment | (4,320) | (8,548) | (2,879) | (16,932) |
Comprehensive loss | $ (11,765) | $ (20,192) | $ (25,361) | $ (54,713) |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES THE COMPANY 8x8, Inc. ("8x8" or the "Company") was incorporated in California in February 1987 and was reincorporated in Delaware in December 1996. The Company trades under the symbol "EGHT" on the Nasdaq Global Select Market. The Company is a leading Software-as-a-Service ("SaaS") provider of contact center, voice, video, chat, and enterprise-class API solutions powered by one global cloud communications platform. 8x8 empowers workforces worldwide by connecting individuals and teams, so they can collaborate faster and work smarter from anywhere. 8x8 provides real-time business analytics and intelligence, giving its customers unique insights across all interactions and channels on its platform, so they can support a distributed and hybrid working model while delighting their end-customers and accelerating their business. A majority of all revenue is generated from communication services subscriptions and platform usage. The Company also generates revenue from sales of hardware and professional services, which are complementary to the delivery of its integrated technology platform. BASIS OF PRESENTATION AND CONSOLIDATION The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the Company's annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2023 and notes thereto included in the Form 10-K. There were no material changes during the three and six months ended September 30, 2023 to the Company's significant accounting policies as described in the Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company conducts its operations through one reportable segment. In the opinion of the Company's management, these condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2024. USE OF ESTIMATES The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to current expected credit losses, returns reserve for expected cancellations, fair value of and/or potential impairment of goodwill and value and useful life of long-lived assets (including intangible assets and right-of-use assets), capitalized internal-use software costs, benefit period for deferred commissions, stock-based compensation, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, convertible senior notes fair value, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS There were no recent accounting pronouncements that were applicable to the Company adopted during the six months ended September 30, 2023. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Recent accounting pronouncements that may be applicable to the Company are not expected to have a material impact on its present or future financial statements.
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REVENUE RECOGNITION |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregation of Revenue Contract Balances The following table provides amounts of receivables, contract assets, and deferred revenue from contracts with customers (in thousands):
The change in contract assets was primarily driven by billing customers for amounts that had previously been recognized in revenue but not yet billed. The decrease in deferred revenue was due to reduced billings done in advance of performance obligations being satisfied. During the six months ended September 30, 2023, the Company recognized revenues of approximately $28.6 million that were included in deferred revenue at the beginning of the fiscal year. Remaining Performance Obligations The Company's subscription terms typically range from to five years. Contract revenue from the remaining performance obligations that had not yet been recognized as of September 30, 2023 was approximately $780.0 million. This amount excludes contracts with an original expected length of less than one year. The Company expects to recognize revenue on approximately 86% of the remaining performance obligations over the next 24 months and approximately 14% over the remainder of the subscription period. For purposes of this disclosure, the Company excludes contracts with an original expected length of less than one year. Since the new and renewal contracts entered into with customers are generally for terms of one year or longer, updating this disclosure to include contracts with a term of one year or more presents a more appropriate measure of the Company's remaining performance obligations. Deferred Sales Commission Costs Amortization of deferred sales commission costs for the three months ended September 30, 2023 and 2022 was approximately $10.1 million and $9.6 million, respectively, and $20.1 million and $18.8 million during the six months ended September 30, 2023 and 2022, respectively. There were no material write-offs during the three and six months ended September 30, 2023 and 2022.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash, cash equivalents, and available-for-sale investments were as follows (in thousands):
The restricted cash component of the money market funds is comprised of letters of credit securing leases for certain office facilities. The Company considers its investments available to support its current operations and has classified investments in debt securities as available-for-sale securities. The Company does not intend to sell any of its investments that are in unrealized loss positions and, as of September 30, 2023, has determined that it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company regularly reviews the changes to the rating of its securities at the individual security level by rating agencies and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of September 30, 2023, the Company did not record any allowance for credit losses on its investments. The Company uses the Black-Scholes option-pricing valuation model to value its detachable warrants from inception and at each reporting period. Changes in the fair values of the detachable warrants liability are recorded as loss on warrants remeasurement within Other (expense) income, net in the condensed consolidated statements of operations. The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 6, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of September 30, 2023 and March 31, 2023 (dollars in thousands):
As of September 30, 2023 and March 31, 2023, the estimated fair value of the Company's convertible senior notes due in 2024 was $60.2 million and $57.3 million, respectively, and the estimated fair value of the Company’s convertible senior notes due in 2028 was $192.0 million and $183.0 million, respectively (see Note 6, Convertible Senior Notes and Term Loan). The fair value of the convertible senior notes was determined based on the closing price of each of the securities on the last trading day of the reporting period, and each is considered to be Level 2 in the fair value hierarchy due to limited trading activity of the debt instruments. As of September 30, 2023 and March 31, 2023, the carrying value of the Company’s Term Loan approximates its estimated fair value.
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INTANGIBLE ASSETS AND GOODWILL |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL The carrying value of intangible assets consisted of the following (in thousands):
As of September 30, 2023, the weighted average remaining useful lives for technology and customer relationships were 1.9 years and 7.2 years, respectively. The annual amortization of the Company's intangible assets, based upon existing intangible assets and current useful lives, is estimated to be as follows (in thousands):
The following table provides a summary of the changes in the carrying amounts of goodwill (in thousands):
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Indemnifications In the normal course of business, the Company may agree to indemnify other parties, including customers, lessors, and parties to other transactions with the Company with respect to certain matters, such as breaches of representations or covenants or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, the Company has entered into indemnification agreements with its officers and directors. It is not possible to determine the maximum potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on the Company's operating results, financial position, or cash flows. Under some of these agreements, however, the Company's potential indemnification liability may not have a contractual limit. Operating Leases The Company's lease obligations consist of the Company's principal facility and various leased facilities under operating lease agreements. No material leases were executed during the three months ended September 30, 2023. See Note 5. Leases in the Company's Form 10-K for more information on the Company's leases and the future minimum lease payments. Purchase Obligations The Company's purchase obligations include contracts with third-party customer support vendors and third-party network service providers. These contracts include minimum monthly commitments and the requirements to maintain the service level for several months. During the six months ended September 30, 2023, the Company entered into a $28.1 million noncancellable three-year hosting service contract. Under this agreement, $3.8 million remains due during fiscal year 2024, $10.0 million will be due during fiscal 2025, and $10.5 million will be due during fiscal 2026. Legal Proceedings The Company may be involved in various claims, lawsuits, investigations, and other legal proceedings, including intellectual property, commercial, regulatory compliance, securities, and employment matters that arise in the normal course of business. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company regularly evaluates current information to determine whether any accruals should be adjusted and whether new accruals are required. Actual claims could settle or be adjudicated against the Company in the future for materially different amounts than the Company has accrued due to the inherently unpredictable nature of litigation. Legal costs are expensed as incurred. The Company believes it has recorded adequate provisions for any such lawsuits and claims and proceedings as of September 30, 2023. The Company believes that damage amounts claimed in these matters are not meaningful indicators of potential liability. Some of the matters pending against the Company involve potential compensatory, punitive, or treble damage claims or sanctions, that, if granted, could require the Company to pay damages or make other expenditures in amounts that could have a material adverse effect on its consolidated financial statements. Given the inherent uncertainties of litigation, the ultimate outcome of the ongoing matters described herein cannot be predicted, and the Company believes it has valid defenses with respect to the legal matters pending against it. Nevertheless, the consolidated financial statements could be materially adversely affected in a particular period by the resolution of one or more of these contingencies. State and Local Taxes and Surcharges From time to time, the Company has received inquiries from a number of state and local taxing agencies with respect to the remittance of sales, use, telecommunications, excise, and income taxes. Several jurisdictions currently are conducting tax audits of the Company's records. The Company collects or has accrued amounts for taxes that it believes are required to be remitted. The amounts that have been remitted have historically been within the accruals established by the Company. The Company adjusts its accrual when facts relating to specific exposures warrant such adjustment. During the second quarter of fiscal 2019, the Company conducted a periodic review of the taxability of its services and determined that certain services may be subject to sales, use, telecommunications or other similar indirect taxes in certain jurisdictions. A similar review was performed on the taxability of services provided by Fuze, Inc., and it was determined that certain services may be subject to sales, use, telecommunications or other similar indirect taxes in certain jurisdictions. Accordingly, the Company recorded contingent indirect tax liabilities. As of September 30, 2023 and March 31, 2023, the Company had accrued contingent indirect tax liabilities of $15.1 million and $13.5 million, respectively.
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CONVERTIBLE SENIOR NOTES AND TERM LOAN |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONVERTIBLE SENIOR NOTES AND TERM LOAN | CONVERTIBLE SENIOR NOTES AND TERM LOAN 2024 Notes As of both September 30, 2023 and March 31, 2023, the Company had $63.3 million aggregate principal amount of 0.50% convertible senior notes due 2024 (the "2024 Notes") in a private placement, including the exercise in full of the initial purchasers' option to purchase additional notes. In August 2022, the Company used the proceeds from the issuance of the Term Loan (as defined below) to fund the cash portion of an exchange of the Company’s approximately $403.8 million aggregate principal amount of the 2024 Notes for cash plus approximately $201.9 million aggregate principal amount of the 2028 Notes (as defined below), and the concurrent repurchase of approximately $60.0 million of the Company’s common stock with the counterparties to such exchange. The 2024 Notes are senior unsecured obligations of the Company, and interest is payable semiannually in arrears on February 1 and August 1 of each year. The Notes will mature on February 1, 2024, unless earlier repurchased, redeemed, or converted. During the three months ended September 30, 2023, the conditions allowing holders of the 2024 Notes to convert were not met. As of September 30, 2023, the Company was in compliance with all covenants set forth in the indenture governing the 2024 Notes. The following table presents the net carrying amount and fair value of the liability component of the 2024 Notes (in thousands):
The debt discount and debt issuance costs are amortized to interest expense over the term of the 2024 Notes at an effective interest rate of 1.2%. Interest expense recognized related to the 2024 Notes was as follows (in thousands):
Term Loan and Warrants As of September 30, 2023 and March 31, 2023, the Company had $225.0 million and $250.0 million, respectively, of principal amount outstanding in a senior secured term loan facility (the “Term Loan”) under a term loan credit agreement (the “Credit Agreement”) entered into on August 3, 2022 with Wilmington Savings Fund Society, FSB, as administrative agent, and certain affiliates of Francisco Partners (“FP”). The Term Loan matures on August 3, 2027 and bears interest at an annual rate equal to the term Standard Overnight Financing Rate ("Term SOFR") (subject to a floor of 1.00% and a credit spread adjustment of 0.10%), plus a margin of 6.50%. As of September 30, 2023, the effective interest rate for the Term Loan was 11.9%. On May 9, 2023, the Company voluntarily prepaid $25.0 million of principal amount outstanding and $0.2 million of accrued interest on the Term Loan. This payment had no impact on the Company's compliance with the Term Loan covenants. As of September 30, 2023, the Company was in compliance with all covenants set forth in the credit agreement governing the Term Loan. The obligations under the Credit Agreement will be guaranteed by the Company’s wholly-owned subsidiaries, subject to certain customary exceptions, and secured by a perfected security interest in substantially all of the Company’s tangible and intangible assets, as well as substantially all of the tangible and intangible assets of the guarantors. In connection with the Credit Agreement, the Company issued detachable warrants (the “Warrants”) to affiliates of FP to purchase an aggregate of 3.1 million shares of the Company’s common stock with a five-year term and an exercise price of $7.15 per share (subject to adjustment) that represents a 27.5% premium over the closing price per share of the Company’s common stock on August 3, 2022. The Warrants are classified as liabilities measured at fair value during each reporting period as the Warrants contain certain terms that could result in cash settlement as a result of events outside of the Company’s control. As of September 30, 2023 and March 31, 2023, the fair value of the Warrants was $3.0 million and $5.5 million, respectively, and was recorded within other liabilities, non-current on the condensed consolidated balance sheets. The following table presents the net carrying amount of the Term Loan (in thousands):
Interest expense recognized related to the Term Loans was as follows (in thousands):
2028 Notes As of September 30, 2023 and March 31, 2023, the Company had $201.9 million aggregate principal amount of 4.00% convertible senior notes due 2028 (the “2028 Notes”), with debt issuance costs of approximately $5.6 million, of which 50% was paid in the form of shares of the Company's common stock. The 2028 Notes are senior obligations of the Company that accrue interest, payable semi-annually in arrears on February 1 and August 1 of each year. The 2028 Notes will mature on February 1, 2028, unless earlier converted, redeemed or repurchased. As of September 30, 2023, the Company was in compliance with all covenants set forth in the indenture governing the 2028 Notes. The debt discount and debt issuance costs are amortized to interest expense over the term of the 2028 Notes at an effective interest rate of 4.7%. The following table presents the net carrying amount of the 2028 Notes (in thousands):
Interest expense recognized related to the 2028 Notes was as follows (in thousands):
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STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY | STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY 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 stock appreciation rights, restricted stock, restricted stock units ("RSUs") and performance stock units ("PSUs"), qualified performance-based awards, and stock grants (all issuable under the Company's equity incentive plans). The Company reserved 8.0 million shares of the Company's common stock for issuance under the 2022 Equity Incentive Plan (the "2022 Plan") plus the number of shares subject to awards that were outstanding under the 2012 Equity Incentive Plan (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 in connection with the awards’ expiration, termination, cancellation, forfeiture, or repurchase, as described further below, and 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 or four years and expire ten years after the grant. As of September 30, 2023, 1,952,177 shares remained available for future grants under the 2022 Plan. Stock-Based Compensation The following table presents stock-based compensation expense (in thousands):
Restricted Stock Units The following table presents the RSU activity (shares in thousands):
As of September 30, 2023, there was $56.1 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted average of 2.06 years. Performance Stock Units PSUs are issued to a group of executives and generally time vest over periods ranging from to three years from the grant date; vesting is generally also contingent upon achievement of applicable performance metrics or strategic objectives. Vesting of performance-based stock units granted can be tied to our total shareholder return, as measured relative to specified market indices during the applicable performance periods and be contingent upon continued service. The related stock-based compensation expense is recognized over the requisite service period, taking into account the probability that we will satisfy the performance measures or strategic objectives. The following table presents the PSU activity (shares in thousands):
Total unrecognized compensation cost related to PSUs was $11.5 million as of September 30, 2023, which is expected to be recognized over a weighted average of 3.12 years. Employee Stock Purchase Plan ("ESPP") As of September 30, 2023, there was approximately $2.5 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, 2023, a total of 2.4 million shares were available for issuance under the ESPP.
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INCOME TAXES |
6 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company's effective tax rate was 5.0% and (5.4)% for the three months ended September 30, 2023 and 2022, respectively. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance the Company maintains against its deferred tax assets after adjusting for the impact of certain provisions enacted under the Tax Cuts and Jobs Act, current tax liabilities of profitable foreign subsidiaries subject to different local income tax rates, and state taxes in the United States. The effective tax rate is calculated by dividing the provision for income taxes by the loss before provision for income taxes. |
NET LOSS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET LOSS PER SHARE | NET LOSS PER SHARE The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands, except per share data):
As the Company was in a loss position for all periods presented, basic net loss per share is equivalent to diluted net loss per share for all periods, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. The following potentially weighted-average common shares were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive (shares in thousands):
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GEOGRAPHICAL INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GEOGRAPHICAL INFORMATION | GEOGRAPHICAL INFORMATION The following tables set forth the geographic information for each period (in thousands):
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RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSThe Company has been doing business with an outside sales and marketing vendor since December 2017, which became a related party in July 2022 when a member of the Company's board of directors joined the vendor's board of directors. The Company has a two-year contract with this vendor valued at $1.4 million and paid $0.7 million during the six months ended September 30, 2023 |
SUBSEQUENT EVENT |
6 Months Ended |
---|---|
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTOn October 30, 2023, in support of the Company's office-home hybrid workforce model, the Company's board of directors authorized the cessation of use of approximately 42% of leased space at the Company’s headquarters at 675 Creekside Way, Campbell, CA. The Company plans to continue to hold this space available for sublease.The Company intends to cease use of the space on November 1, 2023 and currently estimates it will incur total non-cash lease impairment charges of between $9.0 million to $10.0 million in the quarter ending December 31, 2023. The amounts will be recorded as an impairment of operating lease, right-of-use assets, and may vary in amount and timing due to a variety of factors. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
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Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||||
Net loss | $ (7,452) | $ (15,327) | $ (11,639) | $ (26,043) | $ (22,779) | $ (37,682) |
Insider Trading Arrangements |
3 Months Ended | 6 Months Ended |
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Sep. 30, 2023
shares
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Sep. 30, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Kevin Kraus [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Kevin Kraus, Chief Financial Officer, adopted an amended Rule 10b5-1 Trading Plan on September 12, 2023 that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Kraus's Rule 10b5-1 Trading Plan provides for the potential sale of up to 12,000 shares of the Company's common stock between December 12, 2023 and November 30, 2024. | |
Name | Kevin Kraus | |
Title | Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 12, 2023 | |
Arrangement Duration | 354 days | |
Aggregate Available | 12,000 | 12,000 |
Laurence Denny [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Laurence Denny, Chief Legal Officer, adopted a Rule 10b5-1 Trading Plan on September 6, 2023 that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Denny's Rule 10b5-1 Trading Plan provides for the potential sale of up to 13,303 shares of the Company's common stock between December 6, 2023 and May 31, 2024. | |
Name | Laurence Denny | |
Title | Chief Legal Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 6, 2023 | |
Arrangement Duration | 177 days | |
Aggregate Available | 13,303 | 13,303 |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | BASIS OF PRESENTATION AND CONSOLIDATION The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the Company's annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2023 and notes thereto included in the Form 10-K. There were no material changes during the three and six months ended September 30, 2023 to the Company's significant accounting policies as described in the Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company conducts its operations through one reportable segment. In the opinion of the Company's management, these condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2024.
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Use of Estimates | USE OF ESTIMATES The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to current expected credit losses, returns reserve for expected cancellations, fair value of and/or potential impairment of goodwill and value and useful life of long-lived assets (including intangible assets and right-of-use assets), capitalized internal-use software costs, benefit period for deferred commissions, stock-based compensation, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, convertible senior notes fair value, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions.
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Recently Adopted Accounting Pronouncements/ Recently Issued Accounting Pronouncements Not Yet Adopted | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS There were no recent accounting pronouncements that were applicable to the Company adopted during the six months ended September 30, 2023. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Recent accounting pronouncements that may be applicable to the Company are not expected to have a material impact on its present or future financial statements.
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Indemnifications | Indemnifications In the normal course of business, the Company may agree to indemnify other parties, including customers, lessors, and parties to other transactions with the Company with respect to certain matters, such as breaches of representations or covenants or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, the Company has entered into indemnification agreements with its officers and directors. It is not possible to determine the maximum potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on the Company's operating results, financial position, or cash flows. Under some of these agreements, however, the Company's potential indemnification liability may not have a contractual limit.
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REVENUE RECOGNITION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | The following table provides amounts of receivables, contract assets, and deferred revenue from contracts with customers (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements | Cash, cash equivalents, and available-for-sale investments were as follows (in thousands):
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Summary of Assumptions Used in Determination of Fair Value | The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 6, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of September 30, 2023 and March 31, 2023 (dollars in thousands):
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INTANGIBLE ASSETS AND GOODWILL (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The carrying value of intangible assets consisted of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The annual amortization of the Company's intangible assets, based upon existing intangible assets and current useful lives, is estimated to be as follows (in thousands):
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Schedule of Goodwill | The following table provides a summary of the changes in the carrying amounts of goodwill (in thousands):
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CONVERTIBLE SENIOR NOTES AND TERM LOAN (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amount | The following table presents the net carrying amount and fair value of the liability component of the 2024 Notes (in thousands):
The following table presents the net carrying amount of the Term Loan (in thousands):
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Schedule of Interest Expense | Interest expense recognized related to the 2024 Notes was as follows (in thousands):
Interest expense recognized related to the Term Loans was as follows (in thousands):
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Schedule of Convertible Debt | The following table presents the net carrying amount of the 2028 Notes (in thousands):
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STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents stock-based compensation expense (in thousands):
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Disclosure of Share-Based Compensation Arrangements By Share-Based Payment Award | The following table presents the RSU activity (shares in thousands):
The following table presents the PSU activity (shares in thousands):
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NET LOSS PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Loss Per Share | The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially weighted-average common shares were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive (shares in thousands):
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GEOGRAPHICAL INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables set forth the geographic information for each period (in thousands):
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Schedule of Long-lived Assets by Geographic Area |
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THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details) |
6 Months Ended |
---|---|
Sep. 30, 2023
segment
| |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 61,063 | $ 62,307 |
Contract assets, current (component of Other current assets) | 11,317 | 11,581 |
Contract assets, non-current (component of Other assets) | 9,639 | 11,141 |
Deferred revenue, current | 33,223 | 34,909 |
Deferred revenue, non-current | $ 10,231 | $ 10,615 |
FAIR VALUE MEASUREMENTS - Summary of Assumptions Used in Determination of Fair Value (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
---|---|---|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of the warrants | $ 2,966 | $ 5,497 |
Stock volatility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrant, measurement input | 0.800 | 0.672 |
Risk-free rate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrant, measurement input | 0.047 | 0.036 |
Expected term | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, term | 3 years 10 months 24 days | 4 years 4 months 24 days |
FAIR VALUE MEASUREMENTS - Narrative (Details) - Level 2 - Convertible debt - USD ($) $ in Millions |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|
Convertible Senior Notes 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 60.2 | |
Initial Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 57.3 | |
2028 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 192.0 | $ 183.0 |
INTANGIBLE ASSETS AND GOODWILL- Schedule Of Intangibles (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 152,854 | $ 152,881 |
Accumulated Amortization | (55,940) | (45,769) |
Net Carrying Amount | 96,914 | 107,112 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 46,448 | 46,461 |
Accumulated Amortization | (32,582) | (28,361) |
Net Carrying Amount | 13,866 | 18,100 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 105,824 | 105,836 |
Accumulated Amortization | (22,776) | (16,824) |
Net Carrying Amount | 83,048 | 89,012 |
Trade names and domains | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 582 | 584 |
Accumulated Amortization | (582) | (584) |
Net Carrying Amount | $ 0 | $ 0 |
INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) |
Sep. 30, 2023 |
---|---|
Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, remaining amortization period | 1 year 10 months 24 days |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, remaining amortization period | 7 years 2 months 12 days |
INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization of Intangibles (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 10,198 | |
2025 | 19,095 | |
2026 | 13,896 | |
2027 | 11,757 | |
2028 | 11,044 | |
Thereafter | 30,924 | |
Net Carrying Amount | $ 96,914 | $ 107,112 |
INTANGIBLE ASSETS AND GOODWILL - Changes in Carrying Amount of Goodwill by Location (Details) $ in Thousands |
6 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 266,863 |
Foreign currency translation | (1,131) |
Goodwill, ending balance | $ 265,732 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Mar. 31, 2023 |
|
Lessee, Lease, Description [Line Items] | ||
Purchase obligation | $ 28.1 | |
Service contract period | 3 years | |
Purchase obligation due on 2024 | $ 3.8 | |
Purchase obligation due on 2025 | 10.0 | |
Purchase obligation due on 2026 | 10.5 | |
State and local taxes and surcharges | ||
Lessee, Lease, Description [Line Items] | ||
Accrued contingent indirect tax liabilities | $ 15.1 | $ 13.5 |
CONVERTIBLE SENIOR NOTES AND TERM LOAN - Carrying Amount (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Aug. 31, 2022 |
---|---|---|---|
Convertible debt | Convertible Senior Notes 2024 | |||
Debt Instrument [Line Items] | |||
Principal | $ 63,295 | $ 63,295 | $ 403,800 |
Unamortized debt discount and issuance costs | (142) | (363) | |
Net carrying amount | 63,153 | 62,932 | |
Convertible debt | 2028 Notes | |||
Debt Instrument [Line Items] | |||
Principal | 201,914 | 201,914 | $ 201,900 |
Unamortized debt discount and issuance costs | (4,611) | (5,093) | |
Net carrying amount | 197,303 | 196,821 | |
Loans payable | Term Loan | |||
Debt Instrument [Line Items] | |||
Principal | 225,000 | 250,000 | |
Unamortized debt discount and issuance costs | (14,697) | (18,007) | |
Net carrying amount | $ 210,303 | $ 231,993 |
CONVERTIBLE SENIOR NOTES AND TERM LOAN - Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Instrument [Line Items] | ||||
Amortization of debt discount and issuance costs | $ 2,240 | $ 2,000 | ||
Convertible Senior Notes 2024 | Convertible debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 80 | $ 350 | 159 | 975 |
Amortization of debt discount and issuance costs | 109 | 633 | 216 | 1,464 |
Total interest expense | 189 | 983 | 375 | 2,439 |
Term Loan | Loans payable | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 6,592 | 3,209 | 13,471 | 3,209 |
Amortization of debt discount and issuance costs | 768 | 434 | 1,542 | 434 |
Total interest expense | 7,360 | 3,643 | 15,013 | 3,643 |
2028 Notes | Convertible debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 2,036 | 1,106 | 4,050 | 1,106 |
Amortization of debt discount and issuance costs | 255 | 102 | 482 | 102 |
Total interest expense | $ 2,291 | $ 1,208 | $ 4,532 | $ 1,208 |
CONVERTIBLE SENIOR NOTES AND TERM LOAN - 2028 Notes (Details) - 2028 Notes - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Aug. 31, 2022 |
Aug. 11, 2022 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Debt instrument, effective interest rate | 4.70% | |||
Convertible debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face value | $ 201,914 | $ 201,914 | $ 201,900 | |
Debt instrument, interest rate | 4.00% | |||
Debt issuance costs, net | $ 5,600 | |||
Debt issuance costs, percentage paid in common stock | 50.00% |
INCOME TAXES (Details) |
3 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 5.00% | (5.40%) |
NET LOSS PER SHARE - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net loss, basic | $ (7,452) | $ (11,639) | $ (22,779) | $ (37,682) |
Net loss, diluted | $ (7,452) | $ (11,639) | $ (22,779) | $ (37,682) |
Weighted average common shares outstanding - basic (in shares) | 120,757 | 116,013 | 118,778 | 117,857 |
Weighted average common shares outstanding - diluted (in shares) | 120,757 | 116,013 | 118,778 | 117,857 |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.06) | $ (0.10) | $ (0.19) | $ (0.32) |
Diluted (in dollars per share) | $ (0.06) | $ (0.10) | $ (0.19) | $ (0.32) |
NET LOSS PER SHARE - Schedule of Antidilutive Awards (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 12,585 | 17,457 | 11,129 | 10,103 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 601 | 811 | 625 | 787 |
Restricted stock units and Performance stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 10,855 | 15,895 | 9,878 | 8,804 |
Potential shares attributable to the ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares (in shares) | 1,129 | 751 | 626 | 512 |
GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | |||||
Revenue | $ 184,999 | $ 187,389 | $ 368,286 | $ 375,009 | |
Property and equipment, net | 53,508 | 53,508 | $ 57,871 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 131,124 | 136,532 | 261,506 | 272,652 | |
Property and equipment, net | 50,035 | 50,035 | 54,191 | ||
International | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 53,875 | $ 50,857 | 106,780 | $ 102,357 | |
Property and equipment, net | $ 3,473 | $ 3,473 | $ 3,680 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Related party contract, term | 2 years | |||
Related party transaction, amounts of transaction | $ 1,400 | |||
Sales and marketing | $ 68,687 | $ 80,487 | 137,191 | $ 164,014 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Sales and marketing | $ 700 |
SUBSEQUENT EVENT (Details) - Subsequent event - USD ($) $ in Millions |
Nov. 01, 2023 |
Oct. 30, 2023 |
---|---|---|
Subsequent Event [Line Items] | ||
Percentage of office space ceased | 42.00% | |
Minimum | ||
Subsequent Event [Line Items] | ||
Estimated non-cash lease impairment charges | $ 9.0 | |
Maximum | ||
Subsequent Event [Line Items] | ||
Estimated non-cash lease impairment charges | $ 10.0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |
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