COMMON STOCK (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of shares reserved fro future issuance under the ESPP

The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):

	March 31,
	2022	2021
Shares available for issuance at beginning of period	1,077	1,397
Additional shares authorized during the period	—	—
Shares issued during the period	(389)	(320)
Total shares available for future issuance at end of period	688	1,077

Schedule of valuation assumptions

The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to the Company's ESPP are as follows:

	Year Ended March 31,
	2022	2021	2020
Expected life	0.5 years	0.5 years	0.5 years
Volatility	51% - 57%	55% - 133%	49.81%
Risk-free interest rate	0.06% - 0.23%	0.05% - 0.11%	0.41%
Dividend yield	—%	—%	—%
Fair value of common stock	$4.60 - $6.40	$4.99 - $8.05	$4.78

Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:

Weighted-Average	2022	2021	2020
Discount period (years)	2.98	2.54	3.00
Risk-free interest rate	0.93%	0.31%	1.45%
Stock price volatility	75.00%	82.00%	72.00%
Grant date fair value	$5.40	$3.77	$5.92

Summary of activity for PSUs

The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2022 (shares in thousands):

	Shares	Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2021	2,355	$	4.20
Granted	567	$	4.30
Vested	(1,074)	$	3.64
Forfeited or cancelled	(269)	$	4.38
Outstanding as of March 31, 2022	1,579	$	4.58

Summary of activity relating to restricted stock

The following table summarizes activity for restricted stock units for the year ended March 31, 2022 (shares in thousands):

	Shares	Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2021	2,710	$	4.17
Granted	2,770	$	5.99
Vested	(1,234)	$	4.05
Forfeited or cancelled	(390)	$	4.69
Outstanding as of March 31, 2022	3,856	$	5.46

Summary of share-based compensation expense

The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):

	Year Ended March 31,
	2022		2021		2020
Cost of revenue	$	1,112	$	672	$	452
Research and development	5,843		2,881		984
Sales and marketing	2,516		1,757		1,165
General and administrative	4,358		4,314		4,147
Total share-based compensation	$	13,829	$	9,624	$	6,748

	Year Ended March 31,
	2022		2021		2020
Restricted stock units	$	9,331	$	4,041	$	3,610
Performance share units	3,811		4,904		3,103
Employee stock purchase plan	687		679		35
Total stock-based compensation	$	13,829	$	9,624	$	6,748