Commvault Systems (CVLT) 10-Q 29 Jan 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Jan. 25, 2019
Document And Entity Information [Abstract]
Trading Symbol	CVLT
Entity Registrant Name	COMMVAULT SYSTEMS INC
Entity Central Index Key	1,169,561
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		45,896,602

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 327,398	$ 330,784
Short-term investments	130,544	131,637
Trade accounts receivable	170,497	162,119
Other current assets	18,543	22,248
Total current assets	646,982	646,788
Property and equipment, net	124,188	128,612
Deferred commissions cost	32,744	33,092
Other assets	10,773	10,150
Total assets	814,687	818,642
Current liabilities:
Accounts payable	1,347	761
Accrued liabilities	87,396	82,299
Deferred revenue	228,944	241,113
Total current liabilities	317,687	324,173
Deferred revenue, less current portion	96,448	84,661
Deferred tax liabilities, net	2,449	2,430
Other liabilities	3,076	3,314
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value: 50,000 shares authorized, no shares issued and outstanding at December 31, 2018 and March 31, 2018	0	0
Common stock, $0.01 par value: 250,000 shares authorized, 45,799 shares and 45,118 shares issued and outstanding at December 31, 2018 and March 31, 2018, respectively	456	450
Additional paid-in capital	854,883	782,764
Accumulated deficit	(448,347)	(373,678)
Accumulated other comprehensive loss	(11,965)	(5,472)
Total stockholders’ equity	395,027	404,064
Total liabilities and stockholders’ equity	$ 814,687	$ 818,642

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	45,799,000	45,118,000
Common stock, shares outstanding (in shares)	45,799,000	45,118,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenues	$ 184,275	$ 180,366	$ 529,530	$ 514,478
Cost of revenues:
Total cost of revenues	28,853	24,957	83,332	69,885
Gross margin	155,422	155,409	446,198	444,593
Operating expenses:
Sales and marketing	94,392	105,106	281,502	305,610
Research and development	22,916	23,981	72,217	69,451
General and administrative	19,989	20,387	66,535	67,858
Restructuring	4,953	0	13,342	0
Depreciation and amortization	2,728	2,457	7,961	7,212
Total operating expenses	144,978	151,931	441,557	450,131
Income (loss) from operations	10,444	3,478	4,641	(5,538)
Interest income	1,721	588	3,760	1,560
Interest expense	0	(232)	0	(698)
Equity in loss of affiliate	0	(158)	0	(281)
Income (loss) before income taxes	12,165	3,676	8,401	(4,957)
Income tax expense (benefit)	(1,235)	62,621	2,677	55,282
Net income (loss)	$ 13,400	$ (58,945)	$ 5,724	$ (60,239)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.29	$ (1.30)	$ 0.12	$ (1.33)
Diluted (in dollars per share)	$ 0.28	$ (1.30)	$ 0.12	$ (1.33)
Weighted average common shares outstanding:
Basic (in shares)	46,074	45,291	45,803	45,340
Diluted (in shares)	47,357	45,291	47,674	45,340
Software and products
Revenues:
Total revenues	$ 84,515	$ 81,443	$ 229,069	$ 228,224
Cost of revenues:
Total cost of revenues	6,093	1,234	15,262	3,125
Services
Revenues:
Total revenues	99,760	98,923	300,461	286,254
Cost of revenues:
Total cost of revenues	$ 22,760	$ 23,723	$ 68,070	$ 66,760

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 13,400	$ (58,945)	$ 5,724	$ (60,239)
Other comprehensive income (loss):
Foreign currency translation adjustment	(173)	1,063	(6,493)	5,683
Comprehensive income (loss)	$ 13,227	$ (57,882)	$ (769)	$ (54,556)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid – In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of Adoption of ASU 2016-09 | Accounting Standards Update 2016-09 [Member]	$ 164		$ 435	$ (271)
Beginning balance (in shares) at Mar. 31, 2017		44,816
Beginning balance at Mar. 31, 2017	466,932	$ 447	694,477	(215,677)	$ (12,315)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	57,138		57,138
Share issuances related to stock-based compensation (in shares)		1,660
Share issuances related to stock-based compensation	17,713	$ 17	17,696
Repurchase of common stock (in shares)		(1,691)
Repurchase of common stock	(91,309)	$ (17)	(13,215)	(78,077)
Net income (loss)	(60,239)			(60,239)
Other comprehensive income (loss)	5,683				5,683
Ending balance (in shares) at Dec. 31, 2017		44,785
Ending balance at Dec. 31, 2017	396,082	$ 447	756,531	(354,264)	(6,632)
Beginning balance (in shares) at Sep. 30, 2017		45,695
Beginning balance at Sep. 30, 2017	515,283	$ 456	749,544	(227,022)	(7,695)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17,753		17,753
Share issuances related to stock-based compensation (in shares)		589
Share issuances related to stock-based compensation	978	$ 6	972
Repurchase of common stock (in shares)		(1,499)
Repurchase of common stock	(80,050)	$ (15)	(11,738)	(68,297)
Net income (loss)	(58,945)			(58,945)
Other comprehensive income (loss)	1,063				1,063
Ending balance (in shares) at Dec. 31, 2017		44,785
Ending balance at Dec. 31, 2017	396,082	$ 447	756,531	(354,264)	(6,632)
Beginning balance (in shares) at Mar. 31, 2018		45,118
Beginning balance at Mar. 31, 2018	404,064	$ 450	782,764	(373,678)	(5,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	51,586		51,586
Share issuances related to stock-based compensation (in shares)		2,185
Share issuances related to stock-based compensation	32,829	$ 21	32,808
Repurchase of common stock (in shares)		(1,504)
Repurchase of common stock	(92,683)	$ (15)	(12,275)	(80,393)
Net income (loss)	5,724			5,724
Other comprehensive income (loss)	(6,493)				(6,493)
Ending balance (in shares) at Dec. 31, 2018		45,799
Ending balance at Dec. 31, 2018	395,027	$ 456	854,883	(448,347)	(11,965)
Beginning balance (in shares) at Sep. 30, 2018		46,034
Beginning balance at Sep. 30, 2018	417,145	$ 458	843,622	(415,143)	(11,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	15,832		15,832
Share issuances related to stock-based compensation (in shares)		702
Share issuances related to stock-based compensation	3,203	$ 7	3,196
Repurchase of common stock (in shares)		(937)
Repurchase of common stock	(54,380)	$ (9)	(7,767)	(46,604)
Net income (loss)	13,400			13,400
Other comprehensive income (loss)	(173)				(173)
Ending balance (in shares) at Dec. 31, 2018		45,799
Ending balance at Dec. 31, 2018	$ 395,027	$ 456	$ 854,883	$ (448,347)	$ (11,965)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net Income (loss)	$ 5,724	$ (60,239)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,112	8,446
Noncash stock-based compensation	51,586	57,138
Deferred income taxes	(150)	53,682
Equity in loss of affiliate	0	281
Amortization of deferred commissions cost	13,006	12,314
Changes in operating assets and liabilities:
Trade accounts receivable	(17,918)	(4,591)
Other current assets and Other assets	10,425	(7,101)
Deferred commissions cost	(13,765)	(12,262)
Accounts payable	637	71
Accrued liabilities	5,345	(3,652)
Deferred revenue	9,368	17,963
Other liabilities	224	(1,222)
Net cash provided by operating activities	73,594	60,828
Cash flows from investing activities
Purchase of short-term investments	(98,150)	(110,181)
Proceeds from maturity of short-term investments	99,243	99,881
Purchase of property and equipment	(5,104)	(5,297)
Net cash used in investing activities	(4,011)	(15,597)
Cash flows from financing activities
Repurchase of common stock	(92,683)	(91,309)
Proceeds from stock-based compensation plans	32,829	17,713
Net cash used in financing activities	(59,854)	(73,596)
Effects of exchange rate — changes in cash	(13,115)	13,368
Net decrease in cash and cash equivalents	(3,386)	(14,997)
Cash and cash equivalents at beginning of period	330,784	329,491
Cash and cash equivalents at end of period	$ 327,398	$ 314,494

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Commvault Systems, Inc. and its subsidiaries (“Commvault” or the “Company”) is a provider of data and information management software applications and related services. The Company develops, markets and sells a suite of software applications and services, primarily in North America, Europe, Australia and Asia, that provides its customers with data protection solutions supporting all major operating systems, applications, and databases on virtual and physical servers, NAS shares, cloud-based infrastructures, and mobile devices; management through a single console; multiple protection methods including backup and archive, snapshot management, replication, and content indexing for eDiscovery; efficient storage management using deduplication for disk, tape and cloud; integration with the industry's top storage arrays; complete virtual infrastructure management supporting multiple hypervisors; security capabilities to limit access to critical data; policy based data management; and an end-user experience that allows them to protect, find and recover their own data using common tools such as web browsers, Microsoft Outlook and File Explorer. In fiscal 2018 the Company also started selling appliances that integrate the Company's software with hardware and address a wide-range of business needs and use cases, ranging from support for remote or branch offices with limited IT staff up to large corporate data centers. The Company also provides its customers with a broad range of professional and customer support services. The consolidated financial statements as of December 31, 2018 and for the three and nine months ended December 31, 2018 and 2017 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in the Company’s Annual Report on Form 10-K for fiscal 2018 . The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of revenues and expenses reported for each of its periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, stock-based compensation and accounting for research and development costs. Actual results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes in the Company’s accounting policies during the nine months ended December 31, 2018 as compared to the significant accounting policies described in its Annual Report on Form 10-K for the year ended March 31, 2018 . Recently Issued Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The Company will adopt this ASU in fiscal 2020 and will apply it at the beginning of the period of adoption with the cumulative effect of applying the new rules recognized then. The Company anticipates the most significant impact will be the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet, related to operating leases. This impact on its consolidated balance sheet is estimated to be less than 10% of total assets and liabilities. Furthermore, the Company expects no significant impact on its consolidated income statement. Concentration of Credit Risk The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral. Credit losses relating to these customers have been minimal. Sales through the Company’s distribution agreement with Arrow Enterprise Computing Solutions, Inc. (“Arrow”) totaled 37% of total revenues for both the nine months ended December 31, 2018 and 2017 , respectively. Arrow accounted for 37% of total accounts receivable as of December 31, 2018 and 38% of total accounts receivable as of March 31, 2018 . Fair Value of Financial Instruments The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. The Company’s cash equivalents balance consists primarily of money market funds. The Company’s short-term investments balance consists of U.S. Treasury Bills with maturities of one year or less. The Company accounts for its short-term investments as held to maturity. The following table summarizes the composition of the Company’s financial assets measured at fair value at December 31, 2018 and March 31, 2018 : December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 120,288 — — $ 120,288 Short-term investments $ — 131,824 — $ 131,824 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 43,545 — — $ 43,545 Short-term investments $ — 132,263 — $ 132,263

Revenue

Revenue	9 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. The Company derives revenues from two primary sources: software and products, and services. Software and products revenue includes the Company's software and integrated appliances that combine the Company's software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services and customer education. A typical contract includes both licenses and services. Historically, the Company’s software licenses typically provide for a perpetual right to use the Company’s software. The Company also sells term-based software licenses that expire, which are referred to as subscription arrangements. The Company does not customize its software and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. The Company has concluded that its software license is functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue is typically recognized when the software is delivered and/or made available for download as this is the point the user of the software can direct the use of, and obtain substantially all of the remaining benefits from the functional intellectual property. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period. Services revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. The Company sells its customer support contracts as a percentage of net software purchases the support is related to. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year. The Company’s other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by the Company’s instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software and appliances are typically estimated using the residual approach. Standalone selling prices of services are typically estimated based on observable transactions when these services are sold on a standalone basis. The Company’s typical performance obligations include the following: Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated Software and Products Revenue Software Licenses Upon shipment or made available for download (point in time) Within 90 days of shipment except for certain subscription licenses which are paid for over time Residual approach Appliances When control of the appliances passes to the customer; typically upon delivery Within 90 days of delivery except for certain subscriptions which are paid for over time Residual approach Customer Support Revenue Software Updates Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Customer Support Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Professional Services Other Professional Services (except for education services) As work is performed (over time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Education Services When the class is taught (point in time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into the nature of the products and services and geographical regions. The geographic regions that are tracked are the Americas (United States, Canada, Latin America), EMEA (Europe, Middle East, Africa) and APAC (Australia, New Zealand, Southeast Asia, China). The Company operates in one segment. Three Months Ended December 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 41,798 $ 31,073 $ 11,644 $ 84,515 Customer Support Revenue 58,575 20,597 9,669 88,841 Professional Services 6,193 3,014 1,712 10,919 Total Revenue $ 106,566 $ 54,684 $ 23,025 $ 184,275 Three Months Ended December 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 40,783 $ 29,472 $ 11,188 $ 81,443 Customer Support Revenue 59,225 19,478 9,151 87,854 Professional Services 6,287 2,944 1,838 11,069 Total Revenue $ 106,295 $ 51,894 $ 22,177 $ 180,366 Nine Months Ended December 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 125,290 $ 70,624 $ 33,155 $ 229,069 Customer Support Revenue 178,676 61,399 28,779 268,854 Professional Services 17,467 8,945 5,195 31,607 Total Revenue $ 321,433 $ 140,968 $ 67,129 $ 529,530 Nine Months Ended December 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 121,498 $ 74,293 $ 32,433 $ 228,224 Customer Support Revenue 173,619 55,214 26,688 255,521 Professional Services 17,113 8,248 5,372 30,733 Total Revenue $ 312,230 $ 137,755 $ 64,493 $ 514,478 Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company's deferred revenue balance is related to services revenue, primarily customer support contracts. In certain contracts the Company allows customers to pay for term-based, or subscription, software licenses and products over the term of the license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. The opening and closing balances of the Company’s accounts receivable, unbilled receivables, and deferred revenues are as follows: Accounts Receivable Unbilled Receivable (current) Unbilled Receivable (long-term) Deferred Revenue (current) Deferred Revenue (long-term) Opening Balance as of March 31, 2018 $ 152,219 $ 9,900 $ 4,380 $ 241,113 $ 84,661 Increase/(decrease), net 4,731 3,647 2,519 (12,169 ) 11,787 Ending Balance as of December 31, 2018 $ 156,950 $ 13,547 $ 6,899 $ 228,944 $ 96,448 The increase in accounts receivable is primarily a result of an increase in software and products revenue later in the quarter relative to the fourth quarter of the prior year. The decrease in deferred revenue is primarily the result of the strengthening of the U.S. dollar. The amount of revenue recognized in fiscal 2019 that was included in the March 31, 2018 balance of deferred revenue was $51,615 and $208,845 for the three and nine months ended December 31, 2018 , respectively. The vast majority of this revenue consists of customer support arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not significant. Remaining Performance Obligations In addition to the amounts included in deferred revenue as of December 31, 2018 , $30,154 of revenue may be recognized from remaining performance obligations, of which $5,901 was related to software and products. The Company expects the vast majority of this software and products revenue to be recognized next quarter. The vast majority of the services revenue is related to other professional services which may be recognized over the next twelve months but is contingent upon a number of factors, including customers’ needs and schedules.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share The diluted weighted average shares outstanding exclude outstanding stock options, restricted stock units, performance stock options, performance restricted stock units and shares to be purchased under the employee stock purchase plan totaling 1,045 and 7,247 for the three months ended December 31, 2018 and 2017 , respectively, and 1,024 and 7,398 for the nine months ended December 31, 2018 and 2017 , respectively, because the effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of its business, the Company may be involved in various claims, negotiations and legal actions. On February 27, 2017, Realtime Data LLC d/b/a/ IXO (“Realtime”), a non-practicing entity, sued the Company and Spectra Logic Corporation in the Eastern District of Texas for alleged infringement of four patents. Realtime has sued numerous other companies for infringement of these and other patents. Realtime seeks monetary damages and an injunction. On October 5, 2018, the Company reached an agreement which resulted in the dismissal with prejudice of Realtime’s claims, as well as Realtime’s claims against the Company’s customers, to the extent those claims are based on Commvault’s products. In the nine months ended December 31, 2018, the Company recorded $1,400 of General and administrative expense related to the settlement of this matter. The Company has concluded that any loss related to this matter in excess of this amount is remote. However, due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter.

Capitalization

Capitalization	9 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Capitalization	Capitalization On August 1, 2018 the Company's Board of Directors unanimously approved the termination of the Company’s rights agreement, which was originally scheduled to expire on November 14, 2018. The plan was amended to accelerate the expiration date to August 1, 2018, effectively terminating the plan as of that date. As of December 31, 2018, $151,055 remained in the Company's current stock repurchase authorization which expires on March 31, 2020.

Stock Plans

Stock Plans	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Plans	Stock Plans On August 23, 2018, the Company’s shareholders approved an amendment to the Omnibus Incentive Plan (the “2016 Incentive Plan”) to increase the maximum number of shares of common stock that may be delivered under plan to 5,550 , an increase of 2,000 shares. The 2016 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, full value awards (including restricted stock, restricted stock units, performance shares or units and other stock-based awards) and cash-based awards. The following table presents the stock-based compensation expense included in Cost of services revenue, Sales and marketing, Research and development and General and administrative expenses and Restructuring for the three and nine months ended December 31, 2018 and 2017 . Stock-based compensation is attributable to stock options, restricted stock units, performance based awards and the employee stock purchase plan. Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Cost of services revenue $ 705 $ 846 $ 2,217 $ 2,348 Sales and marketing 8,395 9,464 26,990 27,888 Research and development 2,058 2,170 6,547 6,310 General and administrative 4,406 5,273 14,350 20,592 Restructuring 268 — 1,482 — Stock-based compensation expense $ 15,832 $ 17,753 $ 51,586 $ 57,138 As of December 31, 2018 , there was $89,112 of unrecognized stock-based compensation expense related to non-vested stock option and restricted stock unit awards that is expected to be recognized over a weighted average period of 1.86 years. The Company accounts for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from the Company’s current estimate. Stock Options Stock Option activity for the nine months ended December 31, 2018 is as follows: Options Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2018 4,402 $ 48.64 Options granted — — Options exercised (958 ) 28.80 Options forfeited (15 ) 44.53 Options expired (75 ) 80.42 Outstanding as of December 31, 2018 3,354 $ 53.62 3.76 $ 42,235 Exercisable as of December 31, 2018 3,343 $ 53.66 3.75 $ 42,041 The total intrinsic value of options exercised was $10,276 and $34,462 for the three and nine months ended December 31, 2018 and $1,194 and $12,819 for the three and nine months ended December 31, 2017 . The Company’s policy is to issue new shares upon exercise of options as the Company does not hold shares in treasury. Restricted Stock Units Restricted stock unit activity for the nine months ended December 31, 2018 is as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2018 2,166 $ 54.13 Awarded 1,049 63.30 Vested (1,111 ) 51.05 Forfeited (241 ) 57.13 Non-vested as of December 31, 2018 1,863 $ 60.68 The weighted average fair value of restricted stock units awarded was $58.55 and $63.30 per unit during the three and nine months ended December 31, 2018 , and $59.84 and $59.91 per unit during the three and nine months ended December 31, 2017 . The weighted average fair value of awards includes the awards with a market condition described below. Performance Based Awards In the nine months ended December 31, 2018 , the Company granted 72 performance restricted stock units ("PSU") to certain executives. Vesting of these awards is contingent upon i) the Company meeting certain company-wide revenue and non-GAAP performance goals (performance-based) in fiscal 2019 and ii) the Company's customary service periods. The awards vest over three years and have a maximum potential to vest at 200% ( 144 shares) based on actual fiscal 2019 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During the interim financial periods, management estimates the probable number of PSU’s that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock unit table. Awards with a Market Condition In the nine months ended December 31, 2018 , the Company granted 75 market performance stock units to certain executives. The vesting of these awards is contingent upon the Company meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have a maximum potential to vest at 200% ( 150 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the nine months ended December 31, 2018 was $81.78 per unit. The awards are included in the restricted stock unit table.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $2,677 in the nine months ended December 31, 2018 compared to an expense of $55,282 in the nine months ended December 31, 2017 . In third quarter of fiscal 2018 the Company determined that it was more likely than not that it will not realize the benefits of its gross deferred tax assets and therefore recorded a valuation allowance to reduce the carrying value of these gross deferred tax assets, net of the impact of the reversal of taxable temporary differences, to zero . The tax expense for the nine months ended December 31, 2018 relates primarily to current foreign taxes. Impact of U.S. Tax Reform The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017. The Act reduces the US federal corporate tax rate from 35% to 21% , requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. The most significant impact of the legislation for the Company was the reduction of the value of the Company's net deferred tax assets (which represent future tax benefits) as a result of lowering the U.S. corporate income tax rate from 35% to 21% . The Act also includes a requirement to pay a one-time transition tax on the cumulative value of earnings and profits that were previously not repatriated for U.S. income tax purposes. The Company has concluded that the one-time transition tax is zero . In addition, the Company no longer considers the undistributed earnings held outside of the U.S. by most of its foreign subsidiaries to be indefinitely reinvested. The Act subjects a US shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for GILTI, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. Because the Company was evaluating the provisions of GILTI as of the fiscal year ended March 31, 2018, it recorded no GILTI-related deferred amounts in the financial statements for the year ended March 31, 2018. After further consideration in the current year, the Company has elected to account for GILTI in the year the tax is incurred, and has recorded an estimate of GILTI as a component of the projected tax provision for the fiscal year ending March 31, 2019. The Act also requires other complex computations to be performed that were not previously required in U.S. tax law, judgments to be made in interpretation of the provisions of the Act, estimates in calculations, and the preparation and analysis of information not previously relevant or regularly produced. The U.S. Treasury Department, the IRS, and other standard-setting bodies could interpret or issue guidance on how provisions of the Act will be applied or otherwise administered that is different from our current interpretation.

Restructuring

Restructuring	9 Months Ended
	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the three and nine months ended December 31, 2018, the Company incurred total restructuring charges of $4,953 and $13,342 . These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $1,482 of stock-based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan. The activity in the Company’s restructuring accruals for the nine months ended December 31, 2018 is summarized as follows: Lease abandonment charges Severance & payroll related charges Total Balance at March 31, 2018 $ — $ — $ — Restructuring charges 1,034 12,706 13,740 Payments (412 ) (9,370 ) (9,782 ) Accrual reversals — (398 ) (398 ) Balance at December 31, 2018 $ 622 $ 2,938 $ 3,560 As of December 31, 2018 , the outstanding restructuring accruals primarily relate to future severance and lease payments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements as of December 31, 2018 and for the three and nine months ended December 31, 2018 and 2017 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in the Company’s Annual Report on Form 10-K for fiscal 2018 . The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.
Use of Estimates	The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of revenues and expenses reported for each of its periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, stock-based compensation and accounting for research and development costs. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Leases In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The Company will adopt this ASU in fiscal 2020 and will apply it at the beginning of the period of adoption with the cumulative effect of applying the new rules recognized then. The Company anticipates the most significant impact will be the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet, related to operating leases. This impact on its consolidated balance sheet is estimated to be less than 10% of total assets and liabilities. Furthermore, the Company expects no significant impact on its consolidated income statement.
Concentration of Credit Risk	The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral. Credit losses relating to these customers have been minimal.
Fair Value of Financial Instruments	The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. The Company’s cash equivalents balance consists primarily of money market funds. The Company’s short-term investments balance consists of U.S. Treasury Bills with maturities of one year or less. The Company accounts for its short-term investments as held to maturity.
Revenue	The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. The Company derives revenues from two primary sources: software and products, and services. Software and products revenue includes the Company's software and integrated appliances that combine the Company's software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services and customer education. A typical contract includes both licenses and services. Historically, the Company’s software licenses typically provide for a perpetual right to use the Company’s software. The Company also sells term-based software licenses that expire, which are referred to as subscription arrangements. The Company does not customize its software and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. The Company has concluded that its software license is functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue is typically recognized when the software is delivered and/or made available for download as this is the point the user of the software can direct the use of, and obtain substantially all of the remaining benefits from the functional intellectual property. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period. Services revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. The Company sells its customer support contracts as a percentage of net software purchases the support is related to. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year. The Company’s other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by the Company’s instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software and appliances are typically estimated using the residual approach. Standalone selling prices of services are typically estimated based on observable transactions when these services are sold on a standalone basis.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Financial Assets Measured at Fair Value	The following table summarizes the composition of the Company’s financial assets measured at fair value at December 31, 2018 and March 31, 2018 : December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 120,288 — — $ 120,288 Short-term investments $ — 131,824 — $ 131,824 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 43,545 — — $ 43,545 Short-term investments $ — 132,263 — $ 132,263

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The Company’s typical performance obligations include the following: Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated Software and Products Revenue Software Licenses Upon shipment or made available for download (point in time) Within 90 days of shipment except for certain subscription licenses which are paid for over time Residual approach Appliances When control of the appliances passes to the customer; typically upon delivery Within 90 days of delivery except for certain subscriptions which are paid for over time Residual approach Customer Support Revenue Software Updates Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Customer Support Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Professional Services Other Professional Services (except for education services) As work is performed (over time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Education Services When the class is taught (point in time) Within 90 days of services being performed Observable in transactions without multiple performance obligations
Disaggregation of Revenue	Three Months Ended December 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 41,798 $ 31,073 $ 11,644 $ 84,515 Customer Support Revenue 58,575 20,597 9,669 88,841 Professional Services 6,193 3,014 1,712 10,919 Total Revenue $ 106,566 $ 54,684 $ 23,025 $ 184,275 Three Months Ended December 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 40,783 $ 29,472 $ 11,188 $ 81,443 Customer Support Revenue 59,225 19,478 9,151 87,854 Professional Services 6,287 2,944 1,838 11,069 Total Revenue $ 106,295 $ 51,894 $ 22,177 $ 180,366 Nine Months Ended December 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 125,290 $ 70,624 $ 33,155 $ 229,069 Customer Support Revenue 178,676 61,399 28,779 268,854 Professional Services 17,467 8,945 5,195 31,607 Total Revenue $ 321,433 $ 140,968 $ 67,129 $ 529,530 Nine Months Ended December 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 121,498 $ 74,293 $ 32,433 $ 228,224 Customer Support Revenue 173,619 55,214 26,688 255,521 Professional Services 17,113 8,248 5,372 30,733 Total Revenue $ 312,230 $ 137,755 $ 64,493 $ 514,478
Contract with Customer, Asset and Liability	The opening and closing balances of the Company’s accounts receivable, unbilled receivables, and deferred revenues are as follows: Accounts Receivable Unbilled Receivable (current) Unbilled Receivable (long-term) Deferred Revenue (current) Deferred Revenue (long-term) Opening Balance as of March 31, 2018 $ 152,219 $ 9,900 $ 4,380 $ 241,113 $ 84,661 Increase/(decrease), net 4,731 3,647 2,519 (12,169 ) 11,787 Ending Balance as of December 31, 2018 $ 156,950 $ 13,547 $ 6,899 $ 228,944 $ 96,448

Stock Plans (Tables)

Stock Plans (Tables)	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	The following table presents the stock-based compensation expense included in Cost of services revenue, Sales and marketing, Research and development and General and administrative expenses and Restructuring for the three and nine months ended December 31, 2018 and 2017 . Stock-based compensation is attributable to stock options, restricted stock units, performance based awards and the employee stock purchase plan. Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Cost of services revenue $ 705 $ 846 $ 2,217 $ 2,348 Sales and marketing 8,395 9,464 26,990 27,888 Research and development 2,058 2,170 6,547 6,310 General and administrative 4,406 5,273 14,350 20,592 Restructuring 268 — 1,482 — Stock-based compensation expense $ 15,832 $ 17,753 $ 51,586 $ 57,138
Schedule of Stock Option Activity	Stock Option activity for the nine months ended December 31, 2018 is as follows: Options Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2018 4,402 $ 48.64 Options granted — — Options exercised (958 ) 28.80 Options forfeited (15 ) 44.53 Options expired (75 ) 80.42 Outstanding as of December 31, 2018 3,354 $ 53.62 3.76 $ 42,235 Exercisable as of December 31, 2018 3,343 $ 53.66 3.75 $ 42,041
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the nine months ended December 31, 2018 is as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2018 2,166 $ 54.13 Awarded 1,049 63.30 Vested (1,111 ) 51.05 Forfeited (241 ) 57.13 Non-vested as of December 31, 2018 1,863 $ 60.68

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The activity in the Company’s restructuring accruals for the nine months ended December 31, 2018 is summarized as follows: Lease abandonment charges Severance & payroll related charges Total Balance at March 31, 2018 $ — $ — $ — Restructuring charges 1,034 12,706 13,740 Payments (412 ) (9,370 ) (9,782 ) Accrual reversals — (398 ) (398 ) Balance at December 31, 2018 $ 622 $ 2,938 $ 3,560

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk - Arrow	9 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	37.00%	37.00%
Accounts receivable
Concentration Risk [Line Items]
Concentration risk percentage	37.00%		38.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 120,288	$ 43,545
Short-term investments	131,824	132,263
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	120,288	43,545
Short-term investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	131,824	132,263
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	$ 0	$ 0

Revenue - Additional Informati

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)revenue_sourcesegment
Revenue from Contract with Customer [Abstract]
Sources of primary revenue | revenue_source		2
Customer support agreement term		1 year
Number of operating segments | segment		1
Revenue recognized in period, included in opening deferred revenue balance	$ 51,615	$ 208,845
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	30,154	30,154
Software and Products Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	$ 5,901	$ 5,901

Revenue - Performance Obligati

Revenue - Performance Obligations (Details)	9 Months Ended
	Dec. 31, 2018
Software, licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Software, appliances
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Professional Services, other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Professional Services, education services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days

Revenue - Disaggregation of Re

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 184,275	$ 180,366	$ 529,530	$ 514,478
Americas
Disaggregation of Revenue [Line Items]
Total revenues	106,566	106,295	321,433	312,230
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	54,684	51,894	140,968	137,755
APAC
Disaggregation of Revenue [Line Items]
Total revenues	23,025	22,177	67,129	64,493
Software and Products Revenue
Disaggregation of Revenue [Line Items]
Total revenues	84,515	81,443	229,069	228,224
Software and Products Revenue | Americas
Disaggregation of Revenue [Line Items]
Total revenues	41,798	40,783	125,290	121,498
Software and Products Revenue | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	31,073	29,472	70,624	74,293
Software and Products Revenue | APAC
Disaggregation of Revenue [Line Items]
Total revenues	11,644	11,188	33,155	32,433
Customer Support Revenue
Disaggregation of Revenue [Line Items]
Total revenues	88,841	87,854	268,854	255,521
Customer Support Revenue | Americas
Disaggregation of Revenue [Line Items]
Total revenues	58,575	59,225	178,676	173,619
Customer Support Revenue | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	20,597	19,478	61,399	55,214
Customer Support Revenue | APAC
Disaggregation of Revenue [Line Items]
Total revenues	9,669	9,151	28,779	26,688
Professional Services
Disaggregation of Revenue [Line Items]
Total revenues	10,919	11,069	31,607	30,733
Professional Services | Americas
Disaggregation of Revenue [Line Items]
Total revenues	6,193	6,287	17,467	17,113
Professional Services | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	3,014	2,944	8,945	8,248
Professional Services | APAC
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,712	$ 1,838	$ 5,195	$ 5,372

Revenue - Opening and Closing

Revenue - Opening and Closing Balances of Accounts Receivable, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2018USD ($)
Accounts Receivable [Roll Forward]
Opening Balance as of March 31, 2018	$ 152,219
Increase/(decrease), net	4,731
Ending Balance as of December 31, 2018	156,950
Unbilled Receivable (current) [Roll Forward]
Opening Balance as of March 31, 2018	9,900
Increase/(decrease), net	3,647
Ending Balance as of December 31, 2018	13,547
Unbilled Receivable (long-term) [Roll Forward]
Opening Balance as of March 31, 2018	4,380
Increase/(decrease), net	2,519
Ending Balance as of December 31, 2018	6,899
Deferred Revenue (current) [Roll Forward]
Opening Balance as of March 31, 2018	241,113
Increase/(decrease), net	(12,169)
Ending Balance as of December 31, 2018	228,944
Deferred Revenue (long-term) [Roll Forward]
Opening Balance as of March 31, 2018	84,661
Increase/(decrease), net	11,787
Ending Balance as of December 31, 2018	$ 96,448

Net Income per Common Share -

Net Income per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	1,045	7,247	1,024	7,398

Commitments and Contingencies

Commitments and Contingencies - Additional Information (Details) - Realtime - Pending $ in Thousands	Feb. 27, 2017patent	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Number of patents involved in alleged infringement | patent	4
General and administrative expense accrued in connection to litigation settlement | $		$ 1,400

Capitalization - Additional In

Capitalization - Additional Information (Details) $ in Thousands	Dec. 31, 2018USD ($)
Common stock repurchase program
Class of Stock [Line Items]
Remaining amount available under share repurchase program	$ 151,055

Stock Plans - Additional Infor

Stock Plans - Additional Information (Details) - USD ($) $ in Thousands	Aug. 23, 2018	Dec. 31, 2018
Stock options and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, net of estimated forfeitures		$ 89,112
Weighted average period awards are expected to be recognized		1 year 10 months 9 days
2016 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be delivered under plan (in shares)	5,550,000
Addition shares authorized (in shares)	2,000,000

Stock Plans - Stock-Based Comp

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 15,832	$ 17,753	$ 51,586	$ 57,138
Cost of services revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	705	846	2,217	2,348
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	8,395	9,464	26,990	27,888
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,058	2,170	6,547	6,310
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,406	5,273	14,350	20,592
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 268	$ 0	$ 1,482	$ 0

Stock Plans - Activity for Com

Stock Plans - Activity for Company's Two Stock Incentive Plans (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Number of Options
Outstanding (in shares) as of March 31, 2018 | shares	4,402
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(958)
Options forfeited (in shares) | shares	(15)
Options expired (in shares) | shares	(75)
Outstanding (in shares) as of December 31, 2018 | shares	3,354
Exercisable (in shares) as of December 31, 2018 | shares	3,343
Weighted- Average Exercise Price
Outstanding (in dollars per share) as of March 31, 2018 | $ / shares	$ 48.64
Options granted (in dollars per share) | $ / shares	0
Options exercised (in dollars per share) | $ / shares	28.80
Options forfeited (in dollars per share) | $ / shares	44.53
Options expired (in dollars per share) | $ / shares	80.42
Outstanding (in dollars per share) as of December 31, 2018 | $ / shares	53.62
Exercisable (in dollars per share) as of December 31, 2018 | $ / shares	$ 53.66
Weighted- Average Remaining Contractual Term (Years)
Outstanding as of December 31 2018	3 years 9 months 3 days
Exercisable as of December 31, 2018	3 years 9 months
Aggregate Intrinsic Value
Outstanding as of December 31, 2018 | $	$ 42,235
Exercisable as of December 31, 2018 | $	$ 42,041

Stock Plans - Stock Options Ad

Stock Plans - Stock Options Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total intrinsic value of options exercised	$ 10,276	$ 1,194	$ 34,462	$ 12,819

Stock Plans - Restricted Stock

Stock Plans - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Number of Awards
Non-vested (in shares) as of March 31, 2018			2,166
Awarded (in shares)			1,049
Vested (in shares)			(1,111)
Forfeited (in shares)			(241)
Non-vested (in shares) as of December 31, 2018	1,863		1,863
Weighted Average Grant Date Fair Value
Non-vested (in dollars per share) as of March 31, 2018			$ 54.13
Awarded (in dollars per share)	$ 58.55	$ 59.84	63.30	$ 59.91
Vested (in dollars per share)			51.05
Forfeited (in dollars per share)			57.13
Non-vested (in dollars per share) as of December 31, 2018	$ 60.68		$ 60.68

Stock Plans - Restricted Sto_2

Stock Plans - Restricted Stock Units Additional Information (Details) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value, units awarded (in dollars per share)	$ 58.55	$ 59.84	$ 63.30	$ 59.91

Stock Plans - Performance-base

Stock Plans - Performance-based and Market-based Awards (Details) shares in Thousands	9 Months Ended
	Dec. 31, 2018tranche$ / sharesshares
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	72
Service period	3 years
Maximum potential to vest (as a percentage)	200.00%
Maximum potential to vest (in shares)	144
Market performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	75
Service period	3 years
Number of annual tranches | tranche	3
Maximum potential to vest (as a percentage)	200.00%
Maximum potential to vest (in shares)	150
Weighted average fair value, units awarded (in dollars per share) | $ / shares	$ 81.78

Income Taxes - Additional Info

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,235,000)	$ 62,621,000	$ 2,677,000	$ 55,282,000
Deferred tax assets	$ 0		0
Tax cuts and jobs act, transition tax			$ 0

Restructuring - Additional Inf

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges incurred	$ 4,953	$ 0	$ 13,342	$ 0
Stock-Based Compensation
Restructuring Cost and Reserve [Line Items]
Restructuring charges incurred			$ 1,482

Restructuring - Restructuring

Restructuring - Restructuring Accruals (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2018USD ($)
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018	$ 0
Restructuring charges	13,740
Payments	(9,782)
Accrual reversals	(398)
Balance at December 31, 2018	3,560
Lease abandonment charges
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018	0
Restructuring charges	1,034
Payments	(412)
Accrual reversals	0
Balance at December 31, 2018	622
Severance & payroll related charges
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018	0
Restructuring charges	12,706
Payments	(9,370)
Accrual reversals	(398)
Balance at December 31, 2018	$ 2,938