Common Stock and Stockholders' Equity (Deficit) | 9 Months Ended |
Dec. 31, 2014 |
Equity [Abstract] | |
Common Stock and Stockholders' Equity (Deficit) | 7 | Common Stock and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preferred stock — Upon the completion of the IPO, all outstanding convertible preferred stock was converted into 24,885,778 shares of common stock and the Company’s certificate of incorporation was amended and restated to authorize the Company to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. |
Common stock authorized — Upon the completion of the IPO, the Company’s certificate of incorporation was amended and restated to increase the amount of common stock authorized for issuance from 55,000,000 to 100,000,000 common shares with a par value of $0.001 per share. |
Employee Stock Purchase Plan — The Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2014 Employee Stock Purchase Plan, or ESPP, which became effective in December 2014. The ESPP initially reserved and authorized the issuance of up to 1,000,000 shares of common stock. The ESPP provides that the number of shares reserved and available for issuance under the ESPP will automatically increase each April, beginning on April 1, 2015, by the lesser of 500,000 shares, 1% of the number of the Company’s common stock shares issued and outstanding on the immediately preceding March 31, or such lesser number of shares as determined the Company’s board of directors. |
2008 Equity Incentive Plan — The Company’s board of directors adopted the 2008 Equity Incentive Plan, or the 2008 Plan, in February 2008. The 2008 Equity Incentive Plan was terminated in connection with our IPO, and accordingly, no shares are available for future issuance under this plan. The 2008 Equity Incentive Plan continues to govern outstanding awards granted thereunder. |
2014 Equity Incentive Plan — The Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2014 Equity Incentive Plan, or the 2014 Plan, which became effective in December 2014. The 2014 Plan serves as the successor to our 2008 Plan. The 2014 Plan initially reserved and authorized the issuance of 5,000,000 shares of our common stock. Additionally, shares not issued or subject to outstanding grants under the 2008 Plan became available under the 2014 Plan, resulting in a total of 5,184,878 available shares under the 2014 Plan as of the effective date of the 2014 Plan. Pursuant to the terms of the 2014 Plan, any shares subject to outstanding stock options or other stock awards under the 2008 Plan that (i) expire or terminate for any reason prior to exercise or settlement, (ii) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a stock award) will become available for issuance pursuant to awards granted under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each April 1, beginning on April 1, 2015, by 5% of the outstanding number of shares of the Company’s common stock shares issued and outstanding on the immediately preceding March 31, or such lesser number of shares as determined by the Company board of directors. As of December 31, 2014, there were 5,207,555 shares available for issuance under the 2014 Plan. |
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The following table summarizes our stock option and RSU award activities for the nine months ended December 31, 2014 (in thousands, except per share information): |
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| | Options Outstanding | | | RSU Outstanding | |
| | | | | | | | Weighted-Average | | | | | | | | | Weighted- | |
Average |
| | Number | | | Weighted-Average | | | Remaining | | | Aggregate | | | Outstanding | | | Grant Date |
Contractual | Intrinsic | |
| | of Shares | | | Exercise Price | | | Term (in years) | | | Value | | | RSUs | | | Fair Value | |
Outstanding - April 1, 2014 | | | 6,923 | | | $ | 4.86 | | | | | | | | | | | | — | | | $ | — | |
Stock options granted | | | 3,486 | | | | 18.66 | | | | | | | | | | | | — | | | | — | |
RSU granted | | | — | | | | — | | | | | | | | | | | | 672 | | | | 23 | |
Stock options exercised | | | (392 | ) | | | 2.33 | | | | | | | | | | | | — | | | | — | |
Stock options canceled/forfeited | | | (501 | ) | | | 9.15 | | | | | | | | | | | | — | | | | — | |
RSU canceled/forfeited | | | — | | | | — | | | | | | | | | | | | (3 | ) | | | 23 | |
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Outstanding -December 31, 2014 | | | 9,516 | | | $ | 9.8 | | | | 8.2 | | | $ | 238,251 | | | | 669 | | | $ | 23 | |
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Restricted Stock Awards—During the nine months ended December 31, 2014 and 2013, the Company granted restricted stock awards covering an aggregate of 40,000 and 100,000 shares of common stock, respectively, to two board members that vest over four years, subject to the continued service relationship with the Company or become fully vested upon a change of control. The grant date fair value of the restricted stock awards was $0.7 million or $16.93 per share for awards granted during the nine months ended December 31, 2014, and $0.9 million or $9.37 per share for awards granted during the nine months ended December 31, 2013. Stock-based compensation expense recognized related to these restricted stock awards was $0.1 million and $0.1 million for the three months ended December 31, 2014 and 2013, respectively, and $0.3 million and $0.2 million for the nine months ended December 31, 2014 and 2013, respectively. The Company recognizes the expense using a straight-line basis over the requisite service periods of the award. |
Stock Options Granted to Nonemployees— The Company granted 60,175 shares, 3,000 shares, 110,175 shares, and, 7,000 shares to nonemployee consultants during the three months ended December 31, 2014 and 2013 and for the nine months ended December 31, 2014 and 2013, respectively, and recorded stock-based compensation expense of $0.3 million, $0.1 million, $0.4 million, and $0.1 million, respectively. |
Stock-Based Compensation Expense—Stock-based compensation expense for both employees and nonemployees was $3.4 million and $1.3 million for the three months ended December 31, 2014 and 2013, respectively, and $7.6 million and $4.7 million for the nine months ended December 31, 2014 and 2013, respectively. Cost of revenue, research and development, sales and marketing, and general and administrative expenses were as follows (in thousands): |
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| | Three Months Ended | | | Nine Months Ended | | | | | | | | | |
| | December 31, | | | December 31, | | | | | | | | | |
| | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | |
Cost of revenue | | $ | 166 | | | $ | 43 | | | $ | 359 | | | $ | 101 | | | | | | | | | |
Research and development | | | 721 | | | | 206 | | | | 1,178 | | | | 1,194 | | | | | | | | | |
Sales and marketing | | | 1,474 | | | | 609 | | | | 3,378 | | | | 999 | | | | | | | | | |
General and administrative | | | 1,065 | | | | 427 | | | | 2,677 | | | | 2,430 | | | | | | | | | |
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Total stock-based compensation expense | | $ | 3,426 | | | $ | 1,285 | | | $ | 7,592 | | | $ | 4,724 | | | | | | | | | |
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As of December 31, 2014 and March 31, 2014, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $47.9 million and $17.6 million, respectively. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 3.4 years. |