Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.1
Stock-Based Compensation
9 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Plan 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 642,507  71.12 
Forfeited / Cancelled (288,460) 18.57 
Exercised (859,564) 3.28 
Options outstanding as of December 31, 2021
7,640,928  $ 9.17  6.21 $ 402,471 
Vested and expected to vest (net of estimated forfeitures) at December 31, 2021
7,553,669  $ 8.88  6.18 $ 399,790 
Exercisable as of December 31, 2021
5,813,445  $ 4.19  5.48 $ 331,487 
At December 31, 2021 and 2020, total unrecognized stock-based compensation expense related to unvested stock options, net of estimated forfeitures, was $24,233 and $6,495, respectively, with expected remaining weighted-average recognition periods of 2.26 years and 2.12 years, respectively.
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 332,061  45.62 
Vested (298,350) 3.69 
Cancelled (3,526) 13.88 
Unvested restricted shares outstanding as of December 31, 2021
363,729  $ 42.65 
At December 31, 2021 and 2020, total unrecognized stock-based compensation expense related to RSUs and RSAs was $9,448 and $1,463, respectively, with expected remaining weighted-average recognition periods of 1.86 years and 2.01 years, respectively.
Stock-Based Compensation ExpenseAs of December 31, 2021, 11,304,613 shares of common stock were available for issuance as future awards under the Company's equity incentive plans. Stock-based compensation expense for the three and nine months ended December 31, 2021, was $5,739 and $15,369, respectively, and was recorded within general and administrative expenses on the condensed consolidated statements of operations and comprehensive income. Stock-based compensation expense for the three and nine months ended December 31, 2020, was $160 and $4,286, respectively, and was recorded within general and administrative expenses on the condensed consolidated statements of operations and comprehensive income.