Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Number of Shares	Weighted-Average Exercise Price (per share)		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of March 31, 2021	8,146,445	$	4.01	6.86	$	622,249
Granted	691,957	70.67
Exercised	(1,312,460)	3.28
Forfeited / Expired	(402,642)	26.55
Options outstanding as of March 31, 2022	7,123,300	$	9.33	6.11	$	262,419
Exercisable as of March 31, 2022	5,714,938	$	4.93	5.56	$	227,050

Summary of RSU Activity

The following table summarizes restricted stock unit ("RSU") and restricted stock award ("RSA") activity:

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested restricted shares outstanding as of March 31, 2021	333,544	$	4.55
Granted	388,405	39.71
Vested	(319,356)	4.94
Forfeited	(29,292)	49.68
Unvested restricted shares outstanding as of March 31, 2022	373,301	$	35.82

Schedule of Market-based Assumptions

The assumptions utilized in this model during fiscal years 2022, 2021, and 2020 are presented below.

	Year ended March 31,
	2022	2021	2020
Risk-free interest rate	0.63% to 1.77%	0.21% to 0.66%	0.64% to 2.25%
Expected life of the options	4.82 to 5.27 years	4.93 to 5.23 years	5.02 to 9.83 years
Expected volatility	72% to 72%	64% to 72%	64% to 66%
Expected dividend yield	—%	—%	—%

Schedule of Intrinsic Value of Stock Option

Total fair value of options vested and total intrinsic value of options exercised was as follows for the fiscal years presented:

	Year ended March 31,
	2022		2021		2020
Total fair value of options vested	$	11,495	$	4,816	$	2,577
Total intrinsic value of options exercised (a)	$	68,163	$	97,603	$	10,890

(a) The total intrinsic value of options exercised represents the total pre-tax intrinsic value (the difference between the stock price at exercise and the exercise price multiplied by the number of options exercised) that was received by the option holders who exercised their options during the fiscal year.