Restructuring

12 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

In the first quarter of fiscal 2022, the Company commenced a restructuring plan to realign its cost structure to better reflect significant product and business model innovation over the past 12 months. As a result of the restructuring plan, the Company incurred charges of approximately $12.6 million for employee terminations and other costs associated with the restructuring plan. Most of these charges consisted of cash expenditures and stock-based compensation expense which were recognized and mostly paid off in the first quarter of fiscal 2022. For the fourth quarter of fiscal 2022, the Company had an immaterial credit adjustment and had no restructuring charges for the same period last year. The Company incurred $12.6 million and $0 million in restructuring charges for the fiscal years ended March 31, 2022 and 2021, respectively.

The following table shows the Company’s restructuring charges for the fiscal year ended March 31, 2022 (in thousands):


	Fiscal Year Ended March 31, 2022
	Severance and other employee costs		Stock-based compensation		Asset impairment		Total


Sales and marketing	$	10,819	$	406	$	104	$	11,329
General and administrative	1,170		87		26		1,283
Total	$	11,989	$	493	$	130	$	12,612