Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2023
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, 2022
 7,123,300  $ 9.33  6.11 $ 262,419 
Granted 1,484,072  28.62 
Exercised (1,248,497) 2.55 
Forfeited / Expired (408,439) 45.44 
Options outstanding as of March 31, 2023
 6,950,436  $ 12.73  6.12 $ 45,689 
Vested and expected to vest (net of estimated forfeitures) at March 31, 2023
 6,892,464  $ 12.59  6.10 $ 45,688 
Exercisable as of March 31, 2023
 5,565,191  $ 8.16  5.41 $ 45,162 
Summary of RSU, PSU and RSA Activity
The following table summarizes RSU, PSU, and RSA activity:
Number of Shares Weighted-Average Grant Date Fair Value
Unvested restricted shares outstanding as of March 31, 2022
 373,301  $ 35.82 
Granted 1,646,582  22.91 
Vested (287,206) 15.69 
Forfeited (62,088) 30.09 
Unvested restricted shares outstanding as of March 31, 2023
 1,670,589  $ 24.96 
Schedule of Market-based Assumptions The assumptions utilized in this model during fiscal years 2023, 2022, and 2021 are presented below.
  Year ended March 31,
  2023 2022 2021
Risk-free interest rate
2.71% to 4.38%
0.63% to 1.77%
0.21% to 0.66%
Expected life of the options (years)
5.27 to 5.33
4.82 to 5.27
4.93 to 5.23
Expected volatility
72% to 80%
72% to 72%
64% to 72%
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,
  2023 2022 2021
Total fair value of options vested $ 15,375  $ 11,495  $ 4,816 
Total intrinsic value of options exercised $ 16,909  $ 68,163  $ 97,603