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Common Stock and Stockholders' Equity
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Equity [Abstract]    
Common Stock and Stockholders' Equity   Common Stock and Stockholders’ Equity
Employee Stock Purchase Plan—The Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), which became effective in December 2014. The ESPP initially reserved and authorized the issuance of up to 1,000,000 shares of common stock. The ESPP provides that the number of shares reserved and available for issuance under the ESPP automatically increases each April, beginning on April 1, 2015, by the lesser of 500,000 shares, 1% of the number of the Company’s common stock shares issued and outstanding on the immediately preceding March 31, or such lesser number of shares as determined by the Company’s board of directors. For the three months ended June 30, 2020 and 2019, no shares of common stock were purchased under the ESPP. Stock-based compensation expense recognized related to the ESPP was $1.0 million and $1.2 million for the three months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, 3,003,574 shares of common stock were available for issuance under the ESPP.
2008 Equity Incentive Plan—The Company’s board of directors adopted, and the Company’s stockholders approved, the 2008 Equity Incentive Plan, or the 2008 Plan, in February 2008. The 2008 Plan was terminated in connection with the Company’s initial public offering (“IPO”), and accordingly, no shares are available for future issuance under this plan. The 2008 Plan continues to govern outstanding awards granted thereunder.
2014 Equity Incentive Plan—The Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), which became effective in December 2014. The 2014 Plan serves as the successor to the Company’s 2008 Plan. The 2014 Plan initially reserved and authorized the issuance of 5,000,000 shares of the Company’s common stock. Additionally, shares not issued or subject to outstanding grants under the 2008 Plan upon its termination became available under the 2014 Plan, resulting in a total of 5,184,878 available shares under the 2014 Plan as of the effective date of the 2014 Plan. Pursuant to the terms of the 2014 Plan, any shares subject to outstanding stock options or
other stock awards under the 2008 Plan that (i) expire or terminate for any reason prior to exercise or settlement, (ii) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a stock award will become available for issuance pursuant to awards granted under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the plan automatically increases each April 1, beginning on April 1, 2015, by 5% of the outstanding number of shares of the Company’s common stock shares issued and outstanding on the immediately preceding March 31, or such lesser number of shares as determined by the Company’s board of directors. As of June 30, 2020, there were 12,261,440 shares available for issuance under the 2014 Plan.
The following table summarizes the Company’s stock option, restricted stock unit (“RSU”), and performance unit (“PSU”) award activities for the three months ended June 30, 2020 (in thousands, except exercise price, contractual term and fair value information):
 Options OutstandingRSUs and PSUs Outstanding
 Number
of Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate Intrinsic ValueNumber
of Shares		Weighted-
Average
Grant Date
Fair Value		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate Intrinsic Value
Outstanding - April 1, 20202,850  $44.52  6.4$43,576  3,100  $74.20  2.7$143,346  
Stock options granted540  63.67  
RSUs and PSUs granted (1)
1,952  65.12  
Stock options exercised(50) 29.76  1,657  
RSUs and PSUs vested(354) 74.92  
Stock options canceled/forfeited(86) 76.75  
RSUs and PSUs canceled/forfeited(216) 74.65  
Outstanding - June 30, 20203,254  $47.07  6.7$84,806  4,482  $70.17  3.1$308,823  
(1) The above table includes 111,965 performance unit awards.
In May 2020, the Company began issuing PSUs to certain executives. PSUs granted under the 2014 Plan are contingent upon the achievement of pre-determined market and service conditions. The number of shares of common stock to be issued at vesting will range from 0% to 200% of the target number based on the Company’s total shareholder return (“TSR”) relative to the performance of peer companies for each measurement period, over a one-year, two-year cumulative, and three-year cumulative period. If these market conditions are not met but service conditions are met, the PSUs will not vest; however, any stock-based compensation expense recognized to date will not be reversed. The Company uses a Monte Carlo simulation model to determine the fair value of its PSUs and recognizes expense over the requisite period.
Stock-Based Compensation Expense—Stock-based compensation expense for employees and nonemployees was $31.2 million and $21.2 million for the three months ended June 30, 2020 and 2019, respectively. Cost of revenue, research and development, sales and marketing, and general and administrative expenses were as follows (in thousands):
 Three Months Ended June 30,
 20202019
Cost of revenue$1,502  $1,222  
Research and development8,804  7,028  
Sales and marketing13,308  9,059  
General and administrative7,594  3,879  
Total stock-based compensation expense$31,208  $21,188  
As of June 30, 2020, unrecognized stock-based compensation cost related to outstanding unvested stock options was $38.8 million, which is expected to be recognized over a weighted-average period of approximately 3.1 years. As of June 30, 2020, unrecognized stock-based compensation cost related to outstanding unvested stock units was $285.7 million, which is expected to be recognized over a weighted-average period of approximately 3.1 years. As of June 30, 2020, unrecognized stock-based compensation cost related to PSUs was $10.2 million, which is expected to be recognized over a weighted-average period of approximately 2.7 years.
Contract Acquisition Costs Contract Acquisition CostsThe Company capitalizes certain contract acquisition costs primarily consisting of commissions. The balances of deferred costs to obtain customer contracts were $60.5 million and $60.2 million as of June 30, 2020 and March 31, 2020, respectively. In the three months ended June 30, 2020 and 2019, amortization from amounts capitalized was $9.0 million and $7.6 million, respectively. In the three months ended June 30, 2020 and 2019, amounts expensed as incurred were $3.4 million and $1.9 million, respectively. The Company had no impairment loss in relation to costs capitalized.Accounts Receivable, Deferred Revenue and Performance Obligations
In a response to the COVID-19 pandemic, the Company performed additional procedures to evaluate the creditworthiness of its customers and assess collectability of accounts. Using a current expected credit loss model, the Company determined that, while there may be a delay in collections due to the downturn in economic activity, there has not been a material impact to the risk of credit loss on accounts receivables as of June 30, 2020.
The following table presents the changes to the Company’s deferred revenue (in thousands):
Three Months Ended June 30,
20202019
Deferred revenue, beginning of period$316,327  $271,597  
Billings146,112  124,799  
Revenue recognized(162,585) (141,010) 
Deferred revenue, end of period$299,854  $255,386  
For the three months ended June 30, 2020 and 2019, the majority of revenue recognized was from the deferred revenue balances at the beginning of each period.
The aggregate unrecognized transaction price of remaining performance obligations as of June 30, 2020 was $634.7 million. The Company expects to recognize more than 92% of the balance as revenue in the 24 months following June 30, 2020 and the remainder thereafter. The aggregate balance of remaining performance obligations represents contracted revenue that has not yet been recognized and does not include contract amounts which are cancellable by the customer and amounts associated with optional renewal periods.