COVER
COVER - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40508 | |
Entity Registrant Name | Doximity, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2485512 | |
Entity Address, Address Line One | 500 3rd St. | |
Entity Address, Address Line Two | Suite 510 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 650 | |
Local Phone Number | 549-4330 | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Trading Symbol | DOCS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001516513 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 61,632,198 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 125,878,922 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 79,521 | $ 66,393 |
Marketable securities | 663,140 | 76,141 |
Accounts receivable, net of allowance for doubtful accounts of $1,127 and $955 at September 30, 2021 and March 31, 2021, respectively | 55,681 | 50,319 |
Prepaid expenses and other current assets | 28,159 | 10,692 |
Deferred contract costs, current | 3,107 | 5,856 |
Total current assets | 829,608 | 209,401 |
Property and equipment, net | 8,004 | 7,598 |
Deferred income tax assets | 2,112 | 2,112 |
Operating lease right-of-use assets | 770 | 1,339 |
Intangible assets, net | 9,067 | 9,596 |
Goodwill | 18,915 | 18,915 |
Other assets | 779 | 2,758 |
Total assets | 869,255 | 251,719 |
Current liabilities: | ||
Accounts payable | 781 | 1,515 |
Accrued expenses | 15,664 | 16,285 |
Deferred revenue, current | 78,681 | 83,272 |
Operating lease liabilities, current | 498 | 970 |
Total current liabilities | 95,624 | 102,042 |
Deferred revenue, non-current | 49 | 220 |
Operating lease liabilities, non-current | 118 | 284 |
Other liabilities, non-current | 904 | 972 |
Total liabilities | 96,695 | 103,518 |
Commitments and contingencies (Note 11) | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, $0.001 par value; zero and 76,350 shares authorized as of September 30, 2021 and March 31, 2021, respectively; zero and 76,287 shares issued and outstanding as of September 30, 2021 and March 31, 2021, respectively; liquidation preference of zero and $81,672 as of September 30, 2021 and March 31, 2021, respectively | 0 | 81,458 |
Stockholders' Equity | ||
Preferred stock, $0.001 par value; 100,000 and zero shares authorized as of September 30, 2021 and March 31, 2021, respectively; zero shares issued and outstanding as of September 30, 2021 and March 31, 2021, respectively | 0 | 0 |
Class A and Class B common stock, $0.001 par value; 1,500,000 and 198,000 shares authorized as of September 30, 2021 and March 31, 2021, respectively; 186,971 and 82,910 shares issued and outstanding as of September 30, 2021 and March 31, 2021, respectively | 187 | 83 |
Additional paid-in capital | 674,414 | 30,357 |
Accumulated other comprehensive loss | (775) | (21) |
Retained earnings | 98,734 | 36,324 |
Total stockholders' equity | 772,560 | 66,743 |
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ 869,255 | $ 251,719 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,127 | $ 955 |
Redeemable convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, authorized (in shares) | 0 | 76,350,000 |
Redeemable convertible preferred stock issued (in shares) | 0 | 76,286,618 |
Redeemable convertible preferred stock outstanding (in shares) | 0 | 76,286,618 |
Redeemable convertible preferred stock, liquidation preference | $ 0 | $ 81,672 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 100,000,000 | 0 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 1,500,000,000 | 198,000,000 |
Common stock, issued (in shares) | 186,971,000 | 82,910,000 |
Common stock, outstanding (in shares) | 186,971,000 | 82,910,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 79,350 | $ 45,113 | $ 152,019 | $ 81,501 |
Cost of revenue | 8,951 | 7,456 | 16,937 | 15,331 |
Gross profit | 70,399 | 37,657 | 135,082 | 66,170 |
Operating expenses: | ||||
Research and development | 15,460 | 9,866 | 28,701 | 19,909 |
Sales and marketing | 21,161 | 14,145 | 40,532 | 27,430 |
General and administrative | 8,827 | 3,209 | 16,023 | 6,311 |
Total operating expenses | 45,448 | 27,220 | 85,256 | 53,650 |
Income from operations | 24,951 | 10,437 | 49,826 | 12,520 |
Interest income | 440 | 73 | 516 | 210 |
Other expense, net | (20) | (93) | (51) | (383) |
Income before income taxes | 25,371 | 10,417 | 50,291 | 12,347 |
Provision for (benefit from) income taxes | (10,717) | 380 | (12,119) | 851 |
Net income | 36,088 | 10,037 | 62,410 | 11,496 |
Undistributed earnings attributable to participating securities, basic | 0 | (8,354) | (18,326) | (9,122) |
Undistributed earnings attributable to participating securities, diluted | 0 | (8,354) | (18,326) | (9,122) |
Net income attributable to Class A and Class B common stockholders, basic | 36,088 | 1,683 | 44,084 | 2,374 |
Net income attributable to Class A and Class B common stockholders, diluted | $ 36,088 | $ 1,683 | $ 44,084 | $ 2,374 |
Net income per share attributable to Class A and Class B common stockholders: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.02 | $ 0.32 | $ 0.03 |
Diluted (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.27 | $ 0.03 |
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: | ||||
Basic (in shares) | 186,171 | 70,591 | 137,154 | 69,988 |
Diluted (in shares) | 216,672 | 91,830 | 166,066 | 88,498 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 36,088 | $ 10,037 | $ 62,410 | $ 11,496 |
Other comprehensive loss | ||||
Change in unrealized loss on available-for-sale-securities, net of tax of $0 | (706) | 0 | (754) | 0 |
Total other comprehensive loss | (706) | 0 | (754) | 0 |
Comprehensive income | $ 35,382 | $ 10,037 | $ 61,656 | $ 11,496 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in unrealized loss on available-for-sale-securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Class A and Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings/Accumulated Deficit |
Beginning balance (in shares) at Mar. 31, 2020 | 76,287,000 | ||||
Beginning balance at Mar. 31, 2020 | $ 81,458 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 76,287,000 | ||||
Ending balance at Sep. 30, 2020 | $ 81,458 | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 68,566,000 | ||||
Beginning balance at Mar. 31, 2020 | 1,136 | $ 68 | $ 14,954 | $ 0 | $ (13,886) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 2,256 | 2,256 | |||
Exercise of stock options (in shares) | 7,912,000 | ||||
Exercise of stock options | 3,274 | $ 7 | 3,267 | ||
Issuance of common stock in exchange for services (in shares) | 22,000 | ||||
Issuance of common stock in exchange for services | 34 | 34 | |||
Vesting of common stock warrants | 67 | 67 | |||
Other comprehensive loss | 0 | ||||
Issuance of common stock in connection with an acquisition (in shares) | 690,000 | ||||
Issuance of common stock in connection with an acquisition | 1,062 | $ 1 | 1,061 | ||
Net income | 11,496 | 11,496 | |||
Ending balance (in shares) at Sep. 30, 2020 | 77,190,000 | ||||
Ending balance at Sep. 30, 2020 | $ 19,325 | $ 76 | 21,639 | 0 | (2,390) |
Beginning balance (in shares) at Jun. 30, 2020 | 76,287,000 | ||||
Beginning balance at Jun. 30, 2020 | $ 81,458 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 76,287,000 | ||||
Ending balance at Sep. 30, 2020 | $ 81,458 | ||||
Beginning balance (in shares) at Jun. 30, 2020 | 69,760,000 | ||||
Beginning balance at Jun. 30, 2020 | 4,960 | $ 69 | 17,318 | 0 | (12,427) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 1,232 | 1,232 | |||
Exercise of stock options (in shares) | 7,430,000 | ||||
Exercise of stock options | 3,052 | $ 7 | 3,045 | ||
Vesting of common stock warrants | 44 | 44 | |||
Other comprehensive loss | 0 | ||||
Net income | 10,037 | 10,037 | |||
Ending balance (in shares) at Sep. 30, 2020 | 77,190,000 | ||||
Ending balance at Sep. 30, 2020 | $ 19,325 | $ 76 | 21,639 | 0 | (2,390) |
Beginning balance (in shares) at Mar. 31, 2021 | 76,286,618 | ||||
Beginning balance at Mar. 31, 2021 | $ 81,458 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Conversion of redeemable convertible preferred stock upon initial public offering (in shares) | (76,287,000) | ||||
Conversion of redeemable convertible preferred stock upon initial public offering | $ (81,458) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | ||||
Ending balance at Sep. 30, 2021 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 82,910,000 | ||||
Beginning balance at Mar. 31, 2021 | 66,743 | $ 83 | 30,357 | (21) | 36,324 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | $ 11,916 | 11,916 | |||
Exercise of stock options (in shares) | 5,446,000 | 5,446,000 | |||
Exercise of stock options | $ 5,065 | $ 6 | 5,059 | ||
Vesting of restricted stock units (in shares) | 3,000 | ||||
Tax withholding on shares under stock-based compensation awards | (56) | (56) | |||
Repurchase and retirement of common stock (in shares) | (181,000) | ||||
Repurchase and retirement of common stock | (2,698) | (2,698) | |||
Vesting of common stock warrants | 24 | 24 | |||
Other comprehensive loss | (754) | (754) | |||
Conversion of redeemable convertible preferred stock upon initial public offering (in shares) | 76,287,000 | ||||
Conversion of redeemable convertible preferred stock upon initial public offering | 81,458 | $ 76 | 81,382 | ||
Issuance of common stock upon initial public offering, net of underwriting discounts and offering costs (in shares) | 22,506,000 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and deferred offering costs | 548,452 | $ 22 | 548,430 | ||
Net income | 62,410 | 62,410 | |||
Ending balance (in shares) at Sep. 30, 2021 | 186,971,000 | ||||
Ending balance at Sep. 30, 2021 | $ 772,560 | $ 187 | 674,414 | (775) | 98,734 |
Beginning balance (in shares) at Jun. 30, 2021 | 0 | ||||
Beginning balance at Jun. 30, 2021 | $ 0 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 0 | ||||
Ending balance at Sep. 30, 2021 | $ 0 | ||||
Beginning balance (in shares) at Jun. 30, 2021 | 185,207,000 | ||||
Beginning balance at Jun. 30, 2021 | 728,452 | $ 185 | 665,690 | (69) | 62,646 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 6,740 | 6,740 | |||
Exercise of stock options (in shares) | 1,761,000 | ||||
Exercise of stock options | 2,030 | $ 2 | 2,028 | ||
Vesting of restricted stock units (in shares) | 3,000 | ||||
Tax withholding on shares under stock-based compensation awards | (56) | (56) | |||
Vesting of common stock warrants | 12 | 12 | |||
Other comprehensive loss | (706) | (706) | |||
Net income | 36,088 | 36,088 | |||
Ending balance (in shares) at Sep. 30, 2021 | 186,971,000 | ||||
Ending balance at Sep. 30, 2021 | $ 772,560 | $ 187 | $ 674,414 | $ (775) | $ 98,734 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 62,410 | $ 11,496 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 2,311 | 1,696 |
Deferred income taxes | 0 | 623 |
Stock-based compensation, net of amounts capitalized | 11,799 | 2,162 |
Other | (70) | 105 |
Non-cash lease expense | 569 | 1,294 |
Bad debt expense | 195 | 4 |
Amortization of premium on marketable securities, net | 1,561 | 14 |
Amortization of prepaid partner fees | 799 | 0 |
Amortization of deferred contract costs | 5,656 | 3,140 |
Changes in operating assets and liabilities, net of effect of acquisition: | ||
Accounts receivable | (5,556) | (14,890) |
Prepaid expenses and other assets | (18,191) | 763 |
Deferred contract costs | (2,975) | (2,755) |
Accounts payable | (292) | (275) |
Accrued expenses | (419) | (643) |
Deferred revenue | (4,763) | 18,543 |
Operating lease liabilities | (638) | (1,310) |
Other liabilities | (69) | 1,494 |
Net cash provided by operating activities | 52,327 | 21,461 |
Cash flows from investing activities | ||
Purchases of property and equipment | (241) | (92) |
Capitalized internal-use software | (1,671) | (2,530) |
Purchases of marketable securities | (1,156,143) | 0 |
Maturities of marketable securities | 35,551 | 34,000 |
Sales of marketable securities | 531,076 | 0 |
Cash paid for acquisition, net of cash acquired | 0 | (31,634) |
Other | 0 | (25) |
Net cash used in investing activities | (591,428) | (281) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions | 553,905 | 0 |
Payments of deferred offering costs | (3,982) | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 5,060 | 1,347 |
Taxes paid related to net share settlement of equity awards | (56) | 0 |
Repurchase of common stock | (2,698) | 0 |
Net cash provided by financing activities | 552,229 | 1,347 |
Net increase in cash and cash equivalents | 13,128 | 22,527 |
Cash and cash equivalents, beginning of period | 66,393 | 48,430 |
Cash and cash equivalents, end of period | 79,521 | 70,957 |
Supplemental disclosures of cash flow information | ||
Cash paid for taxes | 180 | 2,238 |
Non-cash financing and investing activities | ||
Conversion of redeemable convertible preferred stock to common stock | 81,458 | 0 |
Common stock issued in exchange for services | 0 | 34 |
Common stock issued in acquisition | 0 | 1,062 |
Capitalized stock-based compensation for internal-use software development costs | 141 | 94 |
Property and equipment included in accounts payable and accrued expenses | 134 | 0 |
Receivable from exercise of stock options included in prepaid expenses and other current assets | $ 5 | $ 1,979 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Doximity, Inc. (the “Company”) was incorporated in the state of Delaware in April 2010 as 3MD Communications, Inc. and is headquartered in San Francisco, California. The Company subsequently changed its name to Doximity, Inc. in June 2010. The Company provides an online platform, which enables physicians and other healthcare professionals to collaborate with their colleagues, securely coordinate patient care, stay up to date with the latest medical news and research, and manage their careers. The Company’s customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company’s digital Marketing and Hiring Solutions. Marketing Solutions provide customers with the ability to share tailored content on the network. Hiring Solutions enable customers to identify, connect with, and hire from the network of both active and passive potential physician candidates. Initial Public Offering In June 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 22,505,750 shares of its Class A common stock at $26.00 per share, including 3,495,000 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The Company received proceeds of $548.5 million after deducting underwriting discounts and commissions as well as deferred offering costs. In connection with the IPO, all 76,286,618 shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. Deferred offering costs, which consist of direct incremental legal, consulting, banking, and accounting fees relating to the Company’s planned initial public offering, were capitalized and offset against proceeds upon the consummation of the IPO. As of March 31, 2021, the Company capitalized $2.3 million of deferred offering costs, which were included in other assets on the condensed consolidated balance sheet. Through June 25, 2021, the date the Company filed its final prospectus with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Final Prospectus”), the Company had capitalized $5.5 million of deferred offering costs, which were offset against proceeds upon the consummation of the IPO. Stock Split On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation effecting a 2-for-1 forward split of the Company’s issued and outstanding stock, including outstanding stock-based instruments and redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the stock split. As such, the Company has reclassified amounts from additional paid-in capital to common stock. All issued and outstanding shares of common stock, stock-based instruments, redeemable convertible preferred stock, and per-share amounts included in the accompanying condensed consolidated financial statements have been adjusted to reflect this stock split for all periods presented. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Final Prospectus. The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of Doximity’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2021, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2022. We reclassified certain prior year amounts, as applicable, to conform to the current year presentation. Fiscal Year The Company’s fiscal year ends on March 31 st . Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies of the Company as compared to those described in the Final Prospectus dated June 23, 2021 and filed with the SEC on June 25, 2021. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, the determination of revenue recognition, fair values of acquired intangible assets and goodwill, useful lives of long-lived assets, internal-use software development costs, the valuation of the Company’s common stock, the valuation of stock-based awards, allowance for doubtful accounts, expected period of benefit for deferred commissions, and deferred income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and best estimates and judgments routinely require adjustment. Actual results could differ from those estimates. The World Health Organization declared in March 2020 that the recent outbreak of the coronavirus disease (“COVID-19”) constituted a pandemic. The COVID-19 pandemic has had, and continues to have, a significant impact on the U.S. economy and the markets in which the Company operates. The Company has not experienced significant adverse impacts on its business and workforce and the Company’s results of operations, cash flows, and financial condition have not been adversely impacted to date. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s results of operations, cash flows, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of the condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company performs ongoing assessments and credit evaluations of its customers to assess the collectability of the accounts receivable based on a number of factors, including past transaction experience, age of the receivable, review of the invoicing terms of the contracts, and recent communications with customers. The Company has not experienced significant credit losses from its accounts receivable. The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows: Revenue Accounts Receivable, Net Three Months Ended September 30, Six Months Ended September 30, September 30, 2021 March 31, 2021 2021 2020 2021 2020 Customer A * 10 % 10 % * * 25 % Customer B * 10 % * * * * Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including stock options with service-based, performance-based and market-based vesting conditions, restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) granted to employees, directors, and non-employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. For awards that vest based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. The Company reassesses the probability of achieving the performance condition at each reporting date. For awards with market-based vesting conditions, stock-based compensation expense is recognized on a graded vesting basis over the requisite service period, even if the market condition is not satisfied. The grant-date fair value of warrants and stock options with service-based or performance-based vesting conditions is estimated using the Black-Scholes pricing model. The grant-date fair value of market-based options is estimated using the Monte Carlo simulation model. The determination of the grant-date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The fair value of each RSU and PSU is based on the fair value of the Company’s common stock on the date of grant. Forfeitures are estimated based upon the Company’s historical experience and the Company revises its estimates, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify how entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test consists of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for the Company for its interim and annual period beginning April 1, 2023, and early adoption is permitted. The Company early adopted this new guidance effective April 1, 2021, using a prospective approach. The Company will perform its annual impairment assessment in the fourth quarter of fiscal 2022 under this new guidance. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by removing certain exceptions to the general principles in such areas as intraperiod tax allocation, year-to-date losses in interim periods, and deferred tax liabilities related to outside basis differences. Amendments also include simplifications in other areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements, and interim recognition of enactment of tax laws or rate changes. This guidance is effective for the Company for its fiscal year beginning April 1, 2022 and interim periods within its fiscal year beginning April 1, 2023. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company’s revenue is primarily derived from the sale of subscriptions for the following solutions: • Marketing Solutions : Hosting of customer-sponsored content on the Doximity platform and providing access to the Company’s professional database of healthcare professionals for referral or marketing purposes during the subscription period. • Hiring Solutions : Providing customers access to the Company’s professional tools where recruiters can access the Company’s database of healthcare professionals, allowing customers to send messages for talent sourcing and to share job postings during the subscription period. The Company determines revenue recognition in accordance with ASC 606, Revenue from Contracts with Customers , through the following five steps: 1) Identify the contract with a customer The Company considers the terms and conditions of its contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer. Contractual terms for Marketing Solutions contracts are generally 12 months or less. The contractual term for Hiring Solutions contracts is typically 12 months. Customers are generally billed in advance based on contractual milestones during the subscription term. Certain Marketing Solutions contracts are cancellable with a 30-day notice period. The Company is not required to refund any prepayment fees invoiced and customers are responsible for prorated amounts to cover services that were provided but payment was not made. Contracts related to Hiring Solutions are non-cancellable and customers are billed in annual, quarterly, or monthly installments in advance of the service period. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. Marketing Solutions customers may purchase a subscription for a specific module to be used over a defined period of time. These customers may purchase more than one module with either the same or different subscription periods. Modules are the core building blocks of the Company’s customers’ marketing plan and can be broadly categorized as Awareness, Interactivity, and Peer. As an example, the Company’s Awareness modules may include: • A sponsored article, including a headline that appears in the targeted member’s newsfeed. • Short, animated videos that are presented in targeted members’ newsfeeds. • Short-form content that is presented within the targeted members’ newsfeeds. Each module targets a consistent number of Doximity members per month for the duration of the subscription period. The Company treats each subscription to a specific module as a distinct performance obligation because each module is capable of being distinct as the customer can benefit from the subscription to each module on their own and each subscription can be sold standalone. Furthermore, the subscriptions to individual modules are distinct in the context of the contract as (1) the Company is not integrating the services with other services promised in the contract into a bundle of services that represent a combined output, (2) the subscriptions to specific modules do not significantly modify or customize the subscription to another module, and (3) the specific modules are not highly interdependent or highly interrelated. The subscription to each module is treated as a series of distinct performance obligations because it is distinct and substantially the same, satisfied over time, and has the same measure of progress. Marketing Solutions customers may also purchase integrated subscriptions for a fixed subscription fee that are not tied to a single module but allow customers to utilize any combination of modules during the subscription period subject to limits on the total number of modules active at any given time and members targeted. These represent stand-ready obligations in that the delivery of the underlying sponsored content is within the control of the customer and the extent of use in any given period does not diminish the remaining services. Some customers have negotiated to receive credits to purchase additional services at no extra cost if certain metrics have not been achieved. These credits are accounted for as material rights. Subscriptions to Hiring Solutions provide customers access to the platform to place targeted job postings and send a fixed number of monthly messages. Each subscription is treated as a series of distinct performance obligations that are satisfied over time. 3) Determine the transaction price The transaction price is determined based on the consideration the Company expects to be entitled to in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company may generate sales through the use of third-party media agencies that are authorized to enter into contracts on behalf of an end customer. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the customer and is primarily responsible for the fulfillment that occurs through the Company’s platform. The Company records revenue for the amount to which it is entitled from the third-party media agencies as the Company does not know and expects not to know the price charged by the third-party media agencies to its customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price (“SSP”). The determination of a SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the type of services being sold, and other factors. The estimate of standalone selling price is based on historical sales of standalone services. The Company estimates standalone selling price for arrangements where standalone sales do not provide sufficient evidence of standalone selling price. The Company believes the use of its estimation approach and allocation of the transaction price on a relative SSP basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. 5) Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized when or as control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Subscriptions represent a series of distinct goods or services because the performance obligations are satisfied over time as customers simultaneously receive and consume the benefits related to the services as the Company performs. In the case of module specific subscriptions, a consistent level of service is provided during each monthly period the sponsored content is available on the Company’s platform. The Company commences revenue recognition when the first content is launched on the platform for the initial monthly period and revenue is recognized over time as each subsequent content period is delivered. The Company’s obligation for its integrated subscriptions is to stand-ready throughout the subscription period; therefore, the Company considers an output method of time to measure progress towards satisfaction of its obligations with revenue commencing upon the beginning of the subscription period. The Company treats Hiring Solutions subscriptions as a single performance obligation that represents a series of distinct performance obligations that is satisfied over time. Revenue recognition commences when the customer receives access to the services. Revenue Disaggregation Revenue consisted of the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Subscription $ 74,069 $ 41,085 $ 142,444 $ 74,107 Other 5,281 4,028 9,575 7,394 Total revenue $ 79,350 $ 45,113 $ 152,019 $ 81,501 Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. A majority of customers are invoiced throughout the contract while others are billed upfront. The Company’s contracts do not contain significant financing components. The Company records unbilled revenue when revenue is recognized in amounts for which it is contractually entitled but exceeds the amounts the Company has a right to bill as of the end of the period. The Company records unbilled revenue on the consolidated balance sheets within prepaid expenses and other current assets. The Company’s unbilled revenue balances were $1.9 million and $0.7 million as of September 30, 2021 and March 31, 2021, respectively. Deferred revenue consists of non-cancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Revenue recognized for the three months ended September 30, 2021 and 2020 from amounts included in deferred revenue as of the beginning of the period was $53.0 million and $31.6 million, respectively. Revenue recognized for the six months ended September 30, 2021 and 2020 from amounts included in deferred revenue as of as of the beginning of the period was $70.6 million and $35.1 million, respectively. Deferred Contract Costs The Company capitalizes sales commissions that are considered to be incremental and recoverable costs of obtaining a contract with a customer. Sales commissions earned for the renewal of Marketing Solutions contracts are commensurate with commissions earned for a new or expansion Marketing Solutions contract, whereas commissions earned for the renewal of Hiring Solutions subscription contracts are at a lower rate than for new and expansion Hiring Solutions subscription contracts. Deferred commissions for Marketing Solutions contracts and for Hiring Solutions renewal contracts are recorded in deferred contract costs and amortized over the weighted-average contractual terms ranging from 7 months to 13 months. Sales commissions tied to new and expansion Hiring Solutions contracts are recorded in deferred contract costs and amortized on a straight-line basis over a longer period of benefit. Based on the nature of the Company’s technology and services, the rate at which the Company continually enhances and updates its technology, and its historical customer retention, the expected period of benefit for new and expansion Hiring Solutions contracts is determined to be 4 years. Certain sales commissions that are not considered incremental costs are expensed in the same period as they are earned. Amortized costs are included in sales and marketing expense in the condensed consolidated statements of operations. The Company capitalized $1.5 million and $3.0 million of contract acquisition costs for the three and six months ended September 30, 2021, respectively, and $1.3 million and $2.8 million of contract acquisition costs for the three and six months ended September 30, 2020, respectively. Amortization of deferred contract costs was $2.5 million and $5.7 million for the three and six months ended September 30, 2021, respectively, and $1.6 million and $3.1 million for the three and six months ended September 30, 2020, respectively. Amounts expected to be recognized within one year of the balance sheet date are recorded as deferred contract costs, current, and the remaining portion is recorded as deferred contract costs, non-current, on the condensed consolidated balance sheets. Deferred contract costs are periodically analyzed for impairment. There were no impairment losses relating to deferred contract costs during the three and six months ended September 30, 2021 and 2020. |
Investments
Investments | 6 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The cost, gross unrealized gains and losses, and fair value of investments as of September 30, 2021 are as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Money market funds $ 15,105 $ — $ — $ 15,105 Total cash equivalents 15,105 — — 15,105 Marketable securities: Asset-backed securities 5,708 1 (5) 5,704 Certificates of deposit 230 — — 230 Commercial paper 499 9 (1) 507 Corporate notes and bonds 26,671 5 (32) 26,644 Sovereign bonds 8,780 — (15) 8,765 U.S. government and agency securities 622,027 10 (747) 621,290 Total marketable securities 663,915 25 (800) 663,140 Total cash equivalents and marketable securities $ 679,020 $ 25 $ (800) $ 678,245 As of September 30, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 36,213 Due in one year to three years 642,032 Total $ 678,245 The cost, gross unrealized gains and losses, and fair value of investments as of March 31, 2021 were as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,290 $ — $ — $ 2,290 Corporate notes and bonds 3,517 — (1) 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit 1,301 — — 1,301 Total cash equivalents 16,946 — (1) 16,945 Marketable securities: Asset-backed securities 3,264 — (1) 3,263 Certificates of deposit 4,867 1 — 4,868 Commercial paper 16,411 1 — 16,412 Corporate notes and bonds 46,662 3 (24) 46,641 Sovereign bonds 1,100 — (1) 1,099 U.S. government and agency securities 3,857 1 — 3,858 Total marketable securities 76,161 6 (26) 76,141 Total cash equivalents and marketable securities $ 93,107 $ 6 $ (27) $ 93,086 As of March 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 72,307 Due in one year to three years 20,779 Total $ 93,086 As of September 30, 2021 and March 31, 2021, the Company has recognized accrued interest of $1.5 million and $0.3 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 15,105 $ — $ — $ 15,105 Total cash equivalents 15,105 — — 15,105 Marketable securities: Asset-backed securities — 5,704 — 5,704 Certificates of deposit — 230 — 230 Commercial paper — 507 — 507 Corporate notes and bonds — 26,644 — 26,644 Sovereign bonds — 8,765 — 8,765 U.S. government and agency securities 619,794 1,496 — 621,290 Total marketable securities 619,794 43,346 — 663,140 Total cash equivalents and marketable securities $ 634,899 $ 43,346 $ — $ 678,245 As of March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,290 $ — $ 2,290 Corporate notes and bonds — 3,516 — 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit — 1,301 — 1,301 Total cash equivalents 9,838 7,107 — 16,945 Marketable securities: Asset-backed securities — 3,263 — 3,263 Certificates of deposit — 4,868 — 4,868 Commercial paper — 16,412 — 16,412 Corporate notes and bonds — 46,641 — 46,641 Sovereign bonds — 1,099 — 1,099 U.S. government and agency securities 3,858 — — 3,858 Total marketable securities 3,858 72,283 — 76,141 Total cash equivalents and marketable securities $ 13,696 $ 79,390 $ — $ 93,086 During the six months ended September 30, 2021 and 2020, the Company had no transfers between levels of the fair value hierarchy. Fair Value Measurements of Other Financial Instruments The carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value due to their relatively short maturities. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2021 March 31, 2021 Furniture and fixtures $ 315 $ 299 Computers 773 704 Leasehold improvements 833 549 Capitalized internal-use software 12,646 10,908 Total property and equipment 14,567 12,460 Less: accumulated depreciation and amortization (6,563) (4,862) Total property and equipment, net $ 8,004 $ 7,598 Depreciation and amortization expense on property and equipment for the three and six months ended September 30, 2021 was $0.8 million and $1.7 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of $0.8 million and $1.6 million for the three and six months ended September 30, 2021, respectively. Depreciation and amortization expense on property and equipment for the three and six months ended September 30, 2020 was $0.6 million and $1.1 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of $0.6 million and $1.0 million for the three and six months ended September 30, 2020, respectively. The amortization of the capitalized internal-use software costs is included in cost of revenue in the condensed consolidated statements of operations. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2021 March 31, 2021 Accrued commissions $ 3,255 $ 5,864 Accrued payroll, bonus, and related expenses 6,780 5,006 Rebate liabilities 1,509 1,458 Other accrued expenses 4,120 3,957 Total accrued expenses $ 15,664 $ 16,285 |
Business Combinations, Intangib
Business Combinations, Intangible Assets, and Goodwill | 6 Months Ended |
Sep. 30, 2021 | |
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract] | |
Business Combinations, Intangible Assets, and Goodwill | Business Combinations, Intangible Assets, and Goodwill Curative Talent Acquisition On April 1, 2020, the Company completed the acquisition of THMED, LLC (subsequently renamed Curative Talent, LLC, “Curative Talent” or “Curative”), which was accounted for as a business combination. Curative provides temporary and permanent healthcare staffing services to hospitals, medical groups, and other healthcare facilities across the United States. The acquisition-date fair value of the consideration transferred was $34.7 million, consisting of $33.6 million in cash and 689,656 shares of common stock valued at $1.1 million. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands): Assets acquired: Cash and cash equivalents $ 1,972 Accounts receivable 4,075 Other assets 1,503 Customer relationships 10,280 Total assets acquired $ 17,830 Liabilities assumed: Accounts payable and accrued liabilities $ 2,030 Net assets acquired, excluding goodwill 15,800 Goodwill $ 18,915 Total purchase consideration $ 34,715 Goodwill represents the excess of purchase price over future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce of Curative. In addition, goodwill represents the future benefits as a result of the acquisition that will enhance the Company’s product available to both new and existing customers and increase the Company’s competitive position. The goodwill is deductible for income tax purposes. The Company’s acquisition-related costs were $1.2 million and were recorded as general and administrative expense in the Company’s consolidated statements of operations during the year ended March 31, 2020. Intangible assets acquired are comprised of customer relationships with an estimated useful life of 10 years. The fair value assigned to the customer relationship was determined primarily using the multiple period excess earnings method cost approach, which estimates the direct cash flows expected to be generated from the existing customers acquired. The results of operations of this business combination have been included in the Company’s condensed consolidated financial statements from the acquisition date. Intangible Assets Intangible assets, net consisted of the following (in thousands): September 30, 2021 March 31, 2021 Customer relationships $ 10,280 $ 10,280 Domain names 436 436 Total intangible assets 10,716 10,716 Less: accumulated amortization (1,649) (1,120) Total intangible assets, net $ 9,067 $ 9,596 Amortization expense for intangible assets was $0.3 million and $0.6 million for the three and six months ended September 30, 2021, respectively. Amortization expense for intangible assets was $0.3 million and $0.6 million for the three and six months ended September 30, 2020, respectively. As of September 30, 2021, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2022 $ 529 2023 1,059 2024 1,059 2025 1,059 2026 1,059 2027 1,056 Thereafter 3,246 Total future amortization expense $ 9,067 Goodwill |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred StockAs of March 31, 2021, there were 76,286,618 shares of redeemable convertible preferred stock issued and outstanding. Upon completion of the IPO in June 2021, all shares of the Company’s redeemable convertible preferred stock outstanding, totaling 76,286,618, were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. The carrying value of redeemable convertible preferred stock of $81.5 million was reclassified into stockholders’ equity. As of September 30, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding. |
Equity
Equity | 6 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity | Equity Preferred Stock In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors. As of September 30, 2021, there were no shares of preferred stock issued and outstanding. Common Stock and Creation of Dual-Class Structure On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation effecting a 2-for-1 forward split of the Company’s issued and outstanding stock, including outstanding stock-based instruments and redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the stock split. As such, the Company reclassified amounts from additional paid-in capital to common stock. All issued and outstanding shares of common stock, stock-based instruments, redeemable convertible preferred stock, and per-share amounts included in the accompanying condensed consolidated financial statements have been adjusted to reflect this stock split for all periods presented. The Company has two classes of common stock authorized: Class A common stock and Class B common stock, and are collectively referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation which authorized 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common Stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends as may be declared by the board of directors. Each of the Company’s 85,523,836 shares of existing common stock outstanding was reclassified into Class B common stock. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. As of September 30, 2021, there were 53,249,705 shares of Class A common stock, and 133,721,051 shares of Class B common stock outstanding. Common Stock Warrants In March 2017, the Company issued warrants to purchase 250,000 shares of common stock at an exercise price of $0.72 per share in connection with a contract signed between the Company and U.S. News & World Report, L.P (“U.S. News”). The warrants vest on a monthly basis over a 5-year term starting on March 1, 2017. The Company recognizes the fair value of the warrants as stock-based compensation expense and additional paid-in capital over the vesting term of the warrants. On June 14, 2021, the Company issued a warrant (the “U.S. News Warrant”) to U.S. News to purchase 1,200,000 shares of Class A common stock with an exercise price of $12.56 per share, contingent on the execution of a commercial agreement with the U.S. News (the “Commercial Agreement”) prior to September 10, 2021. The U.S. News Warrant will vest on a monthly basis over 6 years, with the first tranche vesting on May 1, 2022. On September 3, 2021, the deadline to execute the Commercial Agreement was amended to October 10, 2021. On October 8, 2021, the Company signed an amended agreement to revise and extend the existing partnership with the U.S. News (See Note 15, Subsequent Events, for further details). The U.S. News Warrant was concurrently amended to remove the contingency related to the execution of the Commercial Agreement and the number of shares of Class A common stock issuable upon exercise of the U.S. News Warrant was revised from 1,200,000 shares to 516,000 shares. Other terms of the U.S. News Warrant remained the same. The fair value of the U.S. News Warrant is estimated to be approximately $35 million, which will be recognized as an expense on a straight-line basis over its vesting term. Equity Incentive Plans In April 2010, the Company’s board of directors and stockholders approved the adoption of the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company. Options may be granted at a price per share not less than 100% of the fair market value at date of grant. If the incentive stock option is granted to a 10% stockholder, then the purchase or exercise price per share shall not be less than 110% of the fair market value per share of common stock on the grant date. Options granted under the 2010 Plan continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. Stock awards may also be granted for services performed by external consultants and vest according to an award-specific schedule as approved by the board of directors. In June 2021, the Company’s Board of Directors approved the adoption of the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which became effective upon the Company’s initial public offering. The 2021 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company. Any shares of Class B common stock that would have otherwise returned to the Company’s 2010 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder shall be returned to the share reserve under the 2021 Plan after being automatically converted from shares of Class B common stock to Class A common stock. The 2010 Plan and the 2021 Plan are collectively referred to as the “Plans” in the notes to the condensed consolidated financial statements, unless otherwise noted. The Company’s Board of Directors approved the adoption of the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective upon the Company’s initial public offering. A total of 4,500,000 shares of Class A common stock was initially reserved for the ESPP. The number of shares reserved and available for issuance for the ESPP will automatically increase each April 1, beginning on April 1, 2022 and continuing through April 1, 2031, by the lesser of 6,750,000 shares of Class A common stock, 1% of the outstanding number of shares of our Class A and Class B common stock on the immediately preceding March 31, or such lesser number of shares as determined by the Company’s compensation committee. The Company grants stock options under terms of the Plans, as well as options outside of the Plans as approved by the board of directors. The Company granted 4,682,582 options during the year ended March 31, 2018 outside of the Plans, of which 1,973,332 options were exercised as of September 30, 2021. As of September 30, 2021, 2,709,250 options issued outside of the Plans were outstanding. The Company has shares of common stock reserved for issuance as follows (in thousands): September 30, 2021 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 1,450 250 2010 Equity Incentive Plan Options outstanding 30,054 33,856 Shares available for future grant — 1,550 2021 Stock Option and Incentive Plan Performance-based restricted stock units outstanding 15 — Restricted stock units outstanding 220 — Shares available for future grant 22,397 — 2021 ESPP 4,500 — Options outstanding outside the Plans 2,709 2,720 Total 61,345 114,663 Stock Options Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information): Number of Shares Weighted- Average Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (5,446) 0.93 Options forfeited or expired (333) 3.24 Balance, September 30, 2021 32,763 3.69 7.80 2,523,152 Vested and exercisable as of September 30, 2021 10,232 1.18 5.84 813,709 Vested and expected to vest as of September 30, 2021 29,765 3.55 7.67 2,296,324 The intrinsic value of the stock options exercised is the difference between the fair value of the Company’s common stock and the exercise price for in-the-money options. The aggregate intrinsic value of options exercised during the six months ended September 30, 2021 and 2020 was $207.0 million and $13.8 million, respectively. The weighted-average grant-date fair value of options granted for the six months ended September 30, 2021 and 2020 was $10.73 and $1.70, respectively. As of September 30, 2021, unamortized compensation expense, net of estimated forfeitures, related to unvested stock options was $62.8 million, which is expected to be recognized over a weighted-average period of 3.31 years. The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Six Months Ended September 30, 2021 2020 Fair value of common stock $ 18.41 – $ 21.41 $ 2.06 – $ 4.09 Volatility 46.5 % – 47.0 % 51.3 % – 58.3 % Risk-free interest rate 0.77 % – 1.02 % 0.26 % – 0.46 % Expected term (in years) 5.00 – 6.09 5.00 – 7.50 Expected dividend —% —% Performance-Based Options In March 2018, the Board of Directors or the Company granted 1,792,000 options to the Chief Executive Officer with an exercise price of $0.97 per share under the 2010 Plan (the “2018 CEO Grant”) with a liquidity-event performance-based vesting condition based on the occurrence of a qualifying liquidity event, including an IPO, as well as stock price target after the consummation of the IPO. In September 2020, the 2018 CEO Grant was modified to extend the stock price target achievement cutoff date. The fair value of the 2018 CEO Grant was determined using a Monte Carlo simulation approach on the modification date. The achievement of the qualifying event was not considered to be probable prior to the Company’s IPO. Upon the Company's IPO, the liquidity-event performance-based condition was met. During the three and six months ended September 30, 2021, $0.3 million and $1.2 million was recognized as stock-based compensation expense relating to the 2018 CEO Grant. As the grant consists of a single tranche, the Company will amortize the remaining unrecognized compensation expense of $0.7 million on a straight-line basis over the remaining term of 0.67 years. As of September 30, 2021, the Company has 480,000 outstanding options with performance-based vesting conditions that are satisfied upon meeting certain financial performance and sales targets. During the three and six months ended September 30, 2021, the stock-based compensation expense in relation to these options was immaterial. For the options of which the achievement of the performance vesting conditions is considered probable, the remaining unrecognized compensation expense is $0.7 million, which will be amortized using accelerated attribution method over the remainder of the performance periods. The amount to be recognized may change based upon actual performance achieved and updates to estimates of future performance. Restricted Stock Units ("RSUs") During the six months ended September 30, 2021, the Company granted 224,123 RSUs under the 2021 Plan. 28,250 of the RSUs granted shall vest 50% on November 15, 2021 and 50% on February 15, 2022. The remaining RSUs granted during the six months ended September 30, 2021 will generally vest over four years, at the rate of 25% on the first anniversary of the vest commencement date and ratably on a quarterly basis over the remaining 36-month period thereafter, based on continued service. The RSUs are valued using the closing stock price of its common stock, which is traded on the NYSE, on the day of grant. The following table summarizes RSU activity during the six months ended September 30, 2021 (in thousands, except per share information): Number of Shares Weighted- Unvested Balance, March 31, 2021 — $ — Granted 224 76.60 Vested (4) 80.00 Unvested Balance, September 30, 2021 220 76.58 As of September 30, 2021, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to non-vested RSUs was $15.4 million, and is expected to be recognized over a weighted-average period of approximately 3.43 years. Performance-Based Restricted Stock Units (“PSUs”) During the six months ended September 30, 2021, the Company granted 15,239 PSUs under the 2021 Plan, which had a weighted-average grant date fair value of $80.00. During the six months ended September 30, 2021, 600 PSUs were forfeited. The PSUs have performance-based vesting conditions that are satisfied upon meeting certain financial performance targets. As of September 30, 2021, 14,639 PSUs were unvested. No stock-based compensation expense was recognized for these PSUs during the six months ended September 30, 2021 as the performance-based vesting condition was not deemed probable. The PSUs are valued using the closing stock price of its common stock, which is traded on the NYSE, on the day of grant. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three and six months ended September 30, 2021 and 2020 was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 793 $ 99 $ 1,061 $ 189 Research and development 1,859 281 2,829 545 Sales and marketing 1,866 376 2,894 671 General and administrative 2,154 423 5,015 757 Total stock-based compensation expense $ 6,672 $ 1,179 $ 11,799 $ 2,162 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases In June 2021, the Company entered into an 8-year lease for office space in Irving, Texas. This lease will commence on or around June 1, 2022, with total undiscounted lease payments of $17.9 million. In accordance with ASC 842, Leases, the classification of the lease will be determined and the lease right-of-use assets and lease liabilities will be recognized on the lease commencement date based on the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Indemnification The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, clients, business partners, landlords, and other parties involved in the performance of the Company’s services. Pursuant to these arrangements, the Company has agreed to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company maintains commercial general liability insurance and product liability insurance that may offset certain of its potential liabilities under these indemnification provisions. In addition, the Company has agreed to indemnify its officers and directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under these indemnification provisions. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material effect on its results of operations, financial position, or cash flows. No loss contingencies were recorded for the three and six months ended September 30, 2021 and 2020. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company’s effective tax rate of (42.2)% and (24.1)% for the three and six months ended September 30, 2021, respectively, was lower than the U.S. federal statutory rate, primarily due to stock-based compensation related tax benefits, which are subject to limitations for certain executive officers under IRC section 162(m). The Company’s effective tax rate of 3.6% and 6.9% for the three and six months ended September 30, 2020, respectively, was lower than the U.S. federal statutory rate, primarily due to state tax expense and partially offset by the U.S. Research and Development Tax Credit. The Company’s effective tax rate is based on forecasted annual income before income taxes ("pre-tax earnings") which may fluctuate through the rest of the year. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic InformationThe Company considers operating segments to be components of the Company in which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The chief operating decision maker reviews financial information on a consolidated basis to make decisions about how to allocate resources and how to measure the Company’s performance. As such, the Company has determined that it has one operating and reportable segment.Substantially all of the Company’s long-lived assets were based in the United States as of September 30, 2021 and March 31, 2021. No country outside of the United States accounted for more than 10% of total revenue for the three and six months ended September 30, 2021 and 2020. Substantially all of the Company’s revenue was derived in the United States for the three and six months ended September 30, 2021 and 2020. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Stockholders | 6 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Common Stockholders | Net Income Per Share Attributable to Common Stockholders The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Numerator Net income $ 36,088 $ 10,037 $ 62,410 $ 11,496 Less: undistributed earnings attributable to participating securities — (8,354) (18,326) (9,122) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 36,088 $ 1,683 $ 44,084 $ 2,374 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 186,171 70,591 137,154 69,988 Dilutive effect of assumed exercise of options to purchase common stock 30,250 21,069 28,685 18,381 Dilutive effect of assumed exercise of common stock warrants 240 170 221 129 Dilutive effect of restricted stock units 11 — 6 — Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 216,672 91,830 166,066 88,498 Net income per share attributable to Class A and Class B common stockholders, basic $ 0.19 $ 0.02 $ 0.32 $ 0.03 Net income per share attributable to Class A and Class B common stockholders, diluted $ 0.17 $ 0.02 $ 0.27 $ 0.03 Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 76,287 — 76,287 Stock options — 905 — 4,063 RSUs 98 — 49 — Total 98 77,192 49 80,350 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventOn October 8, 2021, the Company signed an amended agreement to revise and extend the existing partnership with the U.S. News for six years. This agreement can be terminated after three years by either party. Under this amended agreement, the Company pays the U.S. News a portion of the revenue generated with the end customers, with an annual minimum guarantee amount ranging from $2.5 million to $6.2 million. The total minimum guarantee amount for the initial noncancelable period of three years is $9.1 million. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the end customers and is primarily responsible for the fulfillment of the performance obligation to the end customers. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of ConsolidationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Final Prospectus. |
Principles of Consolidation | The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of Doximity’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2021, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2022. |
Reclassification | We reclassified certain prior year amounts, as applicable, to conform to the current year presentation. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on March 31 st . Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, the determination of revenue recognition, fair values of acquired intangible assets and goodwill, useful lives of long-lived assets, internal-use software development costs, the valuation of the Company’s common stock, the valuation of stock-based awards, allowance for doubtful accounts, expected period of benefit for deferred commissions, and deferred income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and best estimates and judgments routinely require adjustment. Actual results could differ from those estimates. The World Health Organization declared in March 2020 that the recent outbreak of the coronavirus disease (“COVID-19”) constituted a pandemic. The COVID-19 pandemic has had, and continues to have, a significant impact on the U.S. economy and the markets in which the Company operates. The Company has not experienced significant adverse impacts on its business and workforce and the Company’s results of operations, cash flows, and financial condition have not been adversely impacted to date. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s results of operations, cash flows, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of the condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company performs ongoing assessments and credit evaluations of its customers to assess the collectability of the accounts receivable based on a number of factors, including past transaction experience, age of the receivable, review of the invoicing terms of the contracts, and recent communications with customers. The Company has |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including stock options with service-based, performance-based and market-based vesting conditions, restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) granted to employees, directors, and non-employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. For awards that vest based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. The Company reassesses the probability of achieving the performance condition at each reporting date. For awards with market-based vesting conditions, stock-based compensation expense is recognized on a graded vesting basis over the requisite service period, even if the market condition is not satisfied. |
Accounting Pronouncements Recently Adopted and Not Yet Adopted | Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify how entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test consists of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for the Company for its interim and annual period beginning April 1, 2023, and early adoption is permitted. The Company early adopted this new guidance effective April 1, 2021, using a prospective approach. The Company will perform its annual impairment assessment in the fourth quarter of fiscal 2022 under this new guidance. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by removing certain exceptions to the general principles in such areas as intraperiod tax allocation, year-to-date losses in interim periods, and deferred tax liabilities related to outside basis differences. Amendments also include simplifications in other areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements, and interim recognition of enactment of tax laws or rate changes. This guidance is effective for the Company for its fiscal year beginning April 1, 2022 and interim periods within its fiscal year beginning April 1, 2023. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. |
Fair Value Measurements | Fair Value Measurements The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net | The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows: Revenue Accounts Receivable, Net Three Months Ended September 30, Six Months Ended September 30, September 30, 2021 March 31, 2021 2021 2020 2021 2020 Customer A * 10 % 10 % * * 25 % Customer B * 10 % * * * * |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue consisted of the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Subscription $ 74,069 $ 41,085 $ 142,444 $ 74,107 Other 5,281 4,028 9,575 7,394 Total revenue $ 79,350 $ 45,113 $ 152,019 $ 81,501 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments | The cost, gross unrealized gains and losses, and fair value of investments as of September 30, 2021 are as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Money market funds $ 15,105 $ — $ — $ 15,105 Total cash equivalents 15,105 — — 15,105 Marketable securities: Asset-backed securities 5,708 1 (5) 5,704 Certificates of deposit 230 — — 230 Commercial paper 499 9 (1) 507 Corporate notes and bonds 26,671 5 (32) 26,644 Sovereign bonds 8,780 — (15) 8,765 U.S. government and agency securities 622,027 10 (747) 621,290 Total marketable securities 663,915 25 (800) 663,140 Total cash equivalents and marketable securities $ 679,020 $ 25 $ (800) $ 678,245 The cost, gross unrealized gains and losses, and fair value of investments as of March 31, 2021 were as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,290 $ — $ — $ 2,290 Corporate notes and bonds 3,517 — (1) 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit 1,301 — — 1,301 Total cash equivalents 16,946 — (1) 16,945 Marketable securities: Asset-backed securities 3,264 — (1) 3,263 Certificates of deposit 4,867 1 — 4,868 Commercial paper 16,411 1 — 16,412 Corporate notes and bonds 46,662 3 (24) 46,641 Sovereign bonds 1,100 — (1) 1,099 U.S. government and agency securities 3,857 1 — 3,858 Total marketable securities 76,161 6 (26) 76,141 Total cash equivalents and marketable securities $ 93,107 $ 6 $ (27) $ 93,086 |
Contractual Maturities of Available-For-Sale Debt Securities | As of September 30, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 36,213 Due in one year to three years 642,032 Total $ 678,245 As of March 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 72,307 Due in one year to three years 20,779 Total $ 93,086 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 15,105 $ — $ — $ 15,105 Total cash equivalents 15,105 — — 15,105 Marketable securities: Asset-backed securities — 5,704 — 5,704 Certificates of deposit — 230 — 230 Commercial paper — 507 — 507 Corporate notes and bonds — 26,644 — 26,644 Sovereign bonds — 8,765 — 8,765 U.S. government and agency securities 619,794 1,496 — 621,290 Total marketable securities 619,794 43,346 — 663,140 Total cash equivalents and marketable securities $ 634,899 $ 43,346 $ — $ 678,245 As of March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,290 $ — $ 2,290 Corporate notes and bonds — 3,516 — 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit — 1,301 — 1,301 Total cash equivalents 9,838 7,107 — 16,945 Marketable securities: Asset-backed securities — 3,263 — 3,263 Certificates of deposit — 4,868 — 4,868 Commercial paper — 16,412 — 16,412 Corporate notes and bonds — 46,641 — 46,641 Sovereign bonds — 1,099 — 1,099 U.S. government and agency securities 3,858 — — 3,858 Total marketable securities 3,858 72,283 — 76,141 Total cash equivalents and marketable securities $ 13,696 $ 79,390 $ — $ 93,086 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, 2021 March 31, 2021 Furniture and fixtures $ 315 $ 299 Computers 773 704 Leasehold improvements 833 549 Capitalized internal-use software 12,646 10,908 Total property and equipment 14,567 12,460 Less: accumulated depreciation and amortization (6,563) (4,862) Total property and equipment, net $ 8,004 $ 7,598 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, 2021 March 31, 2021 Accrued commissions $ 3,255 $ 5,864 Accrued payroll, bonus, and related expenses 6,780 5,006 Rebate liabilities 1,509 1,458 Other accrued expenses 4,120 3,957 Total accrued expenses $ 15,664 $ 16,285 |
Business Combinations, Intang_2
Business Combinations, Intangible Assets, and Goodwill (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchase Consideration Allocation | The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands): Assets acquired: Cash and cash equivalents $ 1,972 Accounts receivable 4,075 Other assets 1,503 Customer relationships 10,280 Total assets acquired $ 17,830 Liabilities assumed: Accounts payable and accrued liabilities $ 2,030 Net assets acquired, excluding goodwill 15,800 Goodwill $ 18,915 Total purchase consideration $ 34,715 |
Intangible Assets, Net | Intangible assets, net consisted of the following (in thousands): September 30, 2021 March 31, 2021 Customer relationships $ 10,280 $ 10,280 Domain names 436 436 Total intangible assets 10,716 10,716 Less: accumulated amortization (1,649) (1,120) Total intangible assets, net $ 9,067 $ 9,596 |
Future Amortization Expense | As of September 30, 2021, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2022 $ 529 2023 1,059 2024 1,059 2025 1,059 2026 1,059 2027 1,056 Thereafter 3,246 Total future amortization expense $ 9,067 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands): September 30, 2021 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 1,450 250 2010 Equity Incentive Plan Options outstanding 30,054 33,856 Shares available for future grant — 1,550 2021 Stock Option and Incentive Plan Performance-based restricted stock units outstanding 15 — Restricted stock units outstanding 220 — Shares available for future grant 22,397 — 2021 ESPP 4,500 — Options outstanding outside the Plans 2,709 2,720 Total 61,345 114,663 |
Stock Option Activity | Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information): Number of Shares Weighted- Average Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (5,446) 0.93 Options forfeited or expired (333) 3.24 Balance, September 30, 2021 32,763 3.69 7.80 2,523,152 Vested and exercisable as of September 30, 2021 10,232 1.18 5.84 813,709 Vested and expected to vest as of September 30, 2021 29,765 3.55 7.67 2,296,324 |
Stock Options Valuation Assumptions | The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Six Months Ended September 30, 2021 2020 Fair value of common stock $ 18.41 – $ 21.41 $ 2.06 – $ 4.09 Volatility 46.5 % – 47.0 % 51.3 % – 58.3 % Risk-free interest rate 0.77 % – 1.02 % 0.26 % – 0.46 % Expected term (in years) 5.00 – 6.09 5.00 – 7.50 Expected dividend —% —% |
Restricted Stock Unit Activity | The following table summarizes RSU activity during the six months ended September 30, 2021 (in thousands, except per share information): Number of Shares Weighted- Unvested Balance, March 31, 2021 — $ — Granted 224 76.60 Vested (4) 80.00 Unvested Balance, September 30, 2021 220 76.58 |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three and six months ended September 30, 2021 and 2020 was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 793 $ 99 $ 1,061 $ 189 Research and development 1,859 281 2,829 545 Sales and marketing 1,866 376 2,894 671 General and administrative 2,154 423 5,015 757 Total stock-based compensation expense $ 6,672 $ 1,179 $ 11,799 $ 2,162 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share, Basic and Diluted | The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Numerator Net income $ 36,088 $ 10,037 $ 62,410 $ 11,496 Less: undistributed earnings attributable to participating securities — (8,354) (18,326) (9,122) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 36,088 $ 1,683 $ 44,084 $ 2,374 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 186,171 70,591 137,154 69,988 Dilutive effect of assumed exercise of options to purchase common stock 30,250 21,069 28,685 18,381 Dilutive effect of assumed exercise of common stock warrants 240 170 221 129 Dilutive effect of restricted stock units 11 — 6 — Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 216,672 91,830 166,066 88,498 Net income per share attributable to Class A and Class B common stockholders, basic $ 0.19 $ 0.02 $ 0.32 $ 0.03 Net income per share attributable to Class A and Class B common stockholders, diluted $ 0.17 $ 0.02 $ 0.27 $ 0.03 |
Antidilutive Securities Excluded from Computation of Net Income Per Share | Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 76,287 — 76,287 Stock options — 905 — 4,063 RSUs 98 — 49 — Total 98 77,192 49 80,350 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions | Jun. 08, 2021 | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 25, 2021USD ($) | Mar. 31, 2021USD ($) |
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of stock, conversion ratio | 1 | |||
Capitalized deferred offering costs | $ | $ 5.5 | $ 2.3 | ||
Forward split ratio | 2 | |||
Redeemable Convertible Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of stock, shares converted (in shares) | 76,286,618 | |||
Common Class B | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of stock, shares issued (in shares) | 76,286,618 | |||
Initial Public Offering, Including Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued and sold in initial public offering | 22,505,750 | |||
Initial public offering price (in dollars per share) | $ / shares | $ 26 | |||
Aggregate net proceeds from initial public offering | $ | $ 548.5 | |||
Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued and sold in initial public offering | 3,495,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | |
Customer A | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 10.00% | |
Customer A | Accounts Receivable, Net | |||
Concentration Risk [Line Items] | |||
Concentration risk | 25.00% | ||
Customer B | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Unbilled revenue | $ 1,900,000 | $ 1,900,000 | $ 700,000 | ||
Revenue recognized from deferred revenue | 53,000,000 | $ 31,600,000 | 70,600,000 | $ 35,100,000 | |
Capitalized contract acquisition costs | 1,500,000 | 1,300,000 | 3,000,000 | 2,800,000 | |
Deferred contract costs, amortization | 2,500,000 | 1,600,000 | 5,656,000 | 3,140,000 | |
Deferred contract costs, impairment losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Minimum | |||||
Disaggregation of Revenue [Line Items] | |||||
Deferred contract costs, amortization period | 7 months | 7 months | |||
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Maximum | |||||
Disaggregation of Revenue [Line Items] | |||||
Deferred contract costs, amortization period | 13 months | 13 months | |||
Sales Commissions For Subscriptions Of New And Expansion Hiring Solutions Contracts | |||||
Disaggregation of Revenue [Line Items] | |||||
Deferred contract costs, amortization period | 4 years | 4 years | |||
Subscription, Marketing Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Contractual term | 12 months | ||||
Contract cancellation, notice period | 30 days | ||||
Subscription, Hiring Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Contractual term | 12 months |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 79,350 | $ 45,113 | $ 152,019 | $ 81,501 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 74,069 | 41,085 | 142,444 | 74,107 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,281 | $ 4,028 | $ 9,575 | $ 7,394 |
Investments - Cost, Gross Unrea
Investments - Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | $ 679,020 | $ 93,107 |
Gross Unrealized Gains | 25 | 6 |
Gross Unrealized Losses | (800) | (27) |
Fair Value | 678,245 | 93,086 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 15,105 | 16,946 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 15,105 | 16,945 |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 663,915 | 76,161 |
Gross Unrealized Gains | 25 | 6 |
Gross Unrealized Losses | (800) | (26) |
Fair Value | 663,140 | 76,141 |
Commercial paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 2,290 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,290 | |
Corporate notes and bonds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 3,517 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 3,516 | |
Corporate notes and bonds | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 26,671 | 46,662 |
Gross Unrealized Gains | 5 | 3 |
Gross Unrealized Losses | (32) | (24) |
Fair Value | 26,644 | 46,641 |
Money market funds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 15,105 | 9,838 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 15,105 | 9,838 |
Certificates of deposit | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 1,301 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1,301 | |
Certificates of deposit | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 230 | 4,867 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 230 | 4,868 |
Asset-backed securities | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 5,708 | 3,264 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (5) | (1) |
Fair Value | 5,704 | 3,263 |
Commercial paper | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 499 | 16,411 |
Gross Unrealized Gains | 9 | 1 |
Gross Unrealized Losses | (1) | 0 |
Fair Value | 507 | 16,412 |
Sovereign bonds | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 8,780 | 1,100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (15) | (1) |
Fair Value | 8,765 | 1,099 |
U.S. government and agency securities | Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 622,027 | 3,857 |
Gross Unrealized Gains | 10 | 1 |
Gross Unrealized Losses | (747) | 0 |
Fair Value | $ 621,290 | $ 3,858 |
Investments - Contractual Matur
Investments - Contractual Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 36,213 | $ 72,307 |
Due in one year to three years | 642,032 | 20,779 |
Total | $ 678,245 | $ 93,086 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Accrued interest | $ 1,500,000 | $ 1,500,000 | $ 300,000 | ||
Debt securities credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | $ 678,245 | $ 93,086 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 16,945 |
Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 663,140 | 76,141 |
Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 2,290 | |
Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 9,838 |
Certificates of deposit | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 1,301 | |
Certificates of deposit | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 230 | 4,868 |
Asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 5,704 | 3,263 |
Commercial paper | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 507 | 16,412 |
Corporate notes and bonds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 3,516 | |
Corporate notes and bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 26,644 | 46,641 |
Sovereign bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 8,765 | 1,099 |
U.S. government and agency securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 621,290 | 3,858 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 678,245 | 93,086 |
Fair Value, Recurring | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 16,945 |
Fair Value, Recurring | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 663,140 | 76,141 |
Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 2,290 | |
Fair Value, Recurring | Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 9,838 |
Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 1,301 | |
Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 230 | 4,868 |
Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 5,704 | 3,263 |
Fair Value, Recurring | Commercial paper | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 507 | 16,412 |
Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 3,516 | |
Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 26,644 | 46,641 |
Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 8,765 | 1,099 |
Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 621,290 | 3,858 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 634,899 | 13,696 |
Level 1 | Fair Value, Recurring | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 9,838 |
Level 1 | Fair Value, Recurring | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 619,794 | 3,858 |
Level 1 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 1 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 15,105 | 9,838 |
Level 1 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 1 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 1 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 619,794 | 3,858 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 43,346 | 79,390 |
Level 2 | Fair Value, Recurring | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 7,107 |
Level 2 | Fair Value, Recurring | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 43,346 | 72,283 |
Level 2 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 2,290 | |
Level 2 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 2 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 1,301 | |
Level 2 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 230 | 4,868 |
Level 2 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 5,704 | 3,263 |
Level 2 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 507 | 16,412 |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 3,516 | |
Level 2 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 26,644 | 46,641 |
Level 2 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 8,765 | 1,099 |
Level 2 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 1,496 | 0 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 3 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 3 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | |
Level 3 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and marketable securities | $ 0 | $ 0 |
Property and Equipment, Net - T
Property and Equipment, Net - Total Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,567 | $ 12,460 |
Less: accumulated depreciation and amortization | (6,563) | (4,862) |
Total property and equipment, net | 8,004 | 7,598 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 315 | 299 |
Computers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 773 | 704 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 833 | 549 |
Capitalized internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 12,646 | $ 10,908 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 0.8 | $ 0.6 | $ 1.7 | $ 1.1 |
Amortization of internal-use software development costs | 0.8 | 0.6 | 1.6 | 1 |
Capitalized internal-use software development costs | $ 1 | $ 1.4 | $ 1.8 | $ 2.6 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued commissions | $ 3,255 | $ 5,864 |
Accrued payroll, bonus, and related expenses | 6,780 | 5,006 |
Rebate liabilities | 1,509 | 1,458 |
Other accrued expenses | 4,120 | 3,957 |
Total accrued expenses | $ 15,664 | $ 16,285 |
Business Combinations, Intang_3
Business Combinations, Intangible Assets, and Goodwill - Narrative (Details) - USD ($) | Apr. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 |
Business Acquisition [Line Items] | |||||||
Amortization of intangible assets | $ 300,000 | $ 300,000 | $ 600,000 | $ 600,000 | |||
Goodwill | 18,915,000 | 18,915,000 | $ 18,915,000 | ||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | |||
Curative Talent | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 34,700,000 | ||||||
Payments to acquire businesses | $ 33,600,000 | ||||||
Number of shares issued | 689,656 | ||||||
Value of shares issued | $ 1,100,000 | ||||||
Acquisition related costs | $ 1,200,000 | ||||||
Goodwill | $ 18,915,000 | ||||||
Curative Talent | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired, useful life | 10 years |
Business Combinations, Intang_4
Business Combinations, Intangible Assets, and Goodwill - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 10,716 | $ 10,716 |
Less: accumulated amortization | (1,649) | (1,120) |
Total intangible assets, net | 9,067 | 9,596 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 10,280 | 10,280 |
Domain names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 436 | $ 436 |
Business Combinations, Intang_5
Business Combinations, Intangible Assets, and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Business Combination and Asset Acquisition [Abstract] | ||
Remainder of 2022 | $ 529 | |
2023 | 1,059 | |
2024 | 1,059 | |
2025 | 1,059 | |
2026 | 1,059 | |
2027 | 1,056 | |
Thereafter | 3,246 | |
Total intangible assets, net | $ 9,067 | $ 9,596 |
Business Combinations, Intang_6
Business Combinations, Intangible Assets, and Goodwill - Purchase Consideration Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Apr. 01, 2020 |
Liabilities assumed: | |||
Goodwill | $ 18,915 | $ 18,915 | |
Curative Talent | |||
Assets acquired: | |||
Cash and cash equivalents | $ 1,972 | ||
Accounts receivable | 4,075 | ||
Other assets | 1,503 | ||
Customer relationships | 10,280 | ||
Total assets acquired | 17,830 | ||
Liabilities assumed: | |||
Accounts payable and accrued liabilities | 2,030 | ||
Net assets acquired, excluding goodwill | 15,800 | ||
Goodwill | 18,915 | ||
Total purchase consideration | $ 34,715 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Details) $ in Millions | 1 Months Ended | |||||
Jun. 30, 2021USD ($)shares | Sep. 30, 2021shares | Mar. 31, 2021shares | Sep. 30, 2020shares | Jun. 30, 2020shares | Mar. 31, 2020shares | |
Temporary Equity [Line Items] | ||||||
Redeemable convertible preferred stock issued (in shares) | 0 | 76,286,618 | ||||
Redeemable convertible preferred stock outstanding (in shares) | 0 | 0 | 76,286,618 | 76,287,000 | 76,287,000 | 76,287,000 |
Conversion of stock, conversion ratio | 1 | |||||
Conversion of redeemable convertible preferred stock upon initial public offering | $ | $ 81.5 | |||||
Redeemable Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of stock, shares converted (in shares) | 76,286,618 | |||||
Common Class B | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of stock, shares issued (in shares) | 76,286,618 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Jun. 08, 2021vote$ / sharesshares | Mar. 31, 2018$ / sharesshares | Apr. 30, 2010 | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Mar. 31, 2018shares | Oct. 08, 2021USD ($)shares | Jun. 30, 2021$ / sharesshares | Jun. 14, 2021$ / sharesshares | Mar. 31, 2021$ / sharesshares | Mar. 31, 2017$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 0 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, issued (in shares) | 0 | 0 | 0 | ||||||||||
Preferred stock, outstanding (in shares) | 0 | 0 | 0 | ||||||||||
Forward split ratio | 2 | ||||||||||||
Common stock, authorized (in shares) | 1,500,000,000 | 1,500,000,000 | 198,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Common stock, outstanding (in shares) | 186,971,000 | 186,971,000 | 82,910,000 | ||||||||||
Number of shares called by warrants | 1,450,000 | 1,450,000 | 250,000 | ||||||||||
Number of shares reserved for future issuance | 61,345,000 | 61,345,000 | 114,663,000 | ||||||||||
Options granted in period (in shares) | 1,966,000 | ||||||||||||
Options outstanding in period (in shares) | 32,763,000 | 32,763,000 | 36,576,000 | ||||||||||
Aggregate intrinsic value of options | $ | $ 207,000,000 | $ 13,800,000 | |||||||||||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ / shares | $ 10.73 | $ 1.70 | |||||||||||
Unamortized compensation expense, option | $ | $ 62,800,000 | $ 62,800,000 | |||||||||||
Granted (in dollars per share) | $ / shares | $ 12.56 | ||||||||||||
Stock based compensation expense | $ | $ 6,672,000 | $ 1,179,000 | $ 11,799,000 | $ 2,162,000 | |||||||||
Share-based Payment Arrangement, Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unamortized compensation expense, weighted average period of recognition | 3 years 3 months 21 days | ||||||||||||
Performance Shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding in period (in shares) | 480,000 | 480,000 | |||||||||||
Unamortized compensation expense, option | $ | $ 700,000 | $ 700,000 | |||||||||||
Performance Shares | Chief Executive Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options granted in period (in shares) | 1,792,000 | ||||||||||||
Unamortized compensation expense, option | $ | 700,000 | $ 700,000 | |||||||||||
Unamortized compensation expense, weighted average period of recognition | 8 months 1 day | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 0.97 | ||||||||||||
Stock based compensation expense | $ | 300,000 | $ 1,200,000 | |||||||||||
Restricted Stock Units (RSUs) | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unamortized compensation expense, weighted average period of recognition | 3 years 5 months 4 days | ||||||||||||
Other than options granted in period (in shares) | 224,123 | ||||||||||||
Unrecognized stock-based compensation, excluding option | $ | $ 15,400,000 | $ 15,400,000 | |||||||||||
Granted (in dollars per share) | $ / shares | $ 76.60 | ||||||||||||
Unvested (in shares) | 220,000 | 220,000 | 0 | ||||||||||
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche One And Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of vesting shares | 28,250 | ||||||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 50.00% | ||||||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 50.00% | ||||||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period | 4 years | ||||||||||||
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche Three, First Anniversary Of Vest Commencement Date | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 25.00% | ||||||||||||
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche Three, Quarterly Basis Based On Continued Service | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period | 36 months | ||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock based compensation expense | $ | $ 0 | ||||||||||||
Other than options granted in period (in shares) | 15,239 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 80 | ||||||||||||
Forfeited (in shares) | 600 | ||||||||||||
Unvested (in shares) | 14,639 | 14,639 | |||||||||||
2010 Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding in period (in shares) | 30,054,000 | 30,054,000 | 33,856,000 | ||||||||||
2010 Plan | Share-based Payment Arrangement, Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period | 4 years | ||||||||||||
Expiration period from the date of grant | 10 years | ||||||||||||
2010 Plan | Individuals With Voting Interest Less Than Threshold | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Grant exercise price, percentage of estimated fair value of common stock on date of grant (not less than) | 100.00% | ||||||||||||
2010 Plan | Individuals With Voting Interest At Threshold | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Grant exercise price, percentage of estimated fair value of common stock on date of grant (not less than) | 110.00% | ||||||||||||
Voting interests threshold | 10.00% | ||||||||||||
ESPP | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares reserved for future issuance | 4,500,000 | ||||||||||||
Maximum annual increase of shares reserved for future issuance (in shares) | 6,750,000 | ||||||||||||
Maximum annual increase of shares reserved for future issuance as a percentage of common stock outstanding | 1.00% | ||||||||||||
Approved by Board of Directors, Outside of Plans | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options granted in period (in shares) | 4,682,582 | ||||||||||||
Options exercised (in shares) | 1,973,332 | 1,973,332 | |||||||||||
Options outstanding in period (in shares) | 2,709,250 | 2,709,250 | 2,720,000 | ||||||||||
Contract With U.S. News & World Report, L.P. | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares called by warrants | 250,000 | ||||||||||||
Exercise price called by warrants (in dollars per share) | $ / shares | $ 0.72 | ||||||||||||
Warrant outstanding, term | 5 years | ||||||||||||
U.S. News Warrant | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares called by warrants | 1,200,000 | ||||||||||||
Exercise price called by warrants (in dollars per share) | $ / shares | $ 12.56 | ||||||||||||
Warrant outstanding, term | 6 years | ||||||||||||
U.S. News Warrant | Subsequent Event | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares called by warrants | 516,000 | ||||||||||||
Fair value of warrant | $ | $ 35,000,000 | ||||||||||||
Class A and Class B Common Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Conversion of stock (in shares) | 85,523,836 | ||||||||||||
Common Class A | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock, authorized (in shares) | 1,000,000,000 | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||
Common stock, number of votes per share | vote | 1 | ||||||||||||
Common stock, outstanding (in shares) | 53,249,705 | 53,249,705 | |||||||||||
Common Class B | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock, authorized (in shares) | 500,000,000 | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||
Common stock, number of votes per share | vote | 10 | ||||||||||||
Common stock, outstanding (in shares) | 133,721,051 | 133,721,051 |
Equity - Common Stock Reserved
Equity - Common Stock Reserved for Issuance (Details) - shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Redeemable convertible preferred stock (in shares) | 0 | 0 | 76,286,618 | 76,287,000 | 76,287,000 | 76,287,000 |
Common stock warrants (in shares) | 1,450,000 | 250,000 | ||||
Options outstanding (in shares) | 32,763,000 | 36,576,000 | ||||
Total | 61,345,000 | 114,663,000 | ||||
2010 Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options outstanding (in shares) | 30,054,000 | 33,856,000 | ||||
Shares available for future grant (in shares) | 0 | 1,550,000 | ||||
2021 Stock Option and Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for future grant (in shares) | 22,397,000 | 0 | ||||
2021 Stock Option and Incentive Plan | Performance-Based Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units outstanding (in shares) | 15,000 | 0 | ||||
2021 Stock Option and Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units outstanding (in shares) | 220,000 | 0 | ||||
2021 ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for future grant (in shares) | 4,500,000 | 0 | ||||
Total | 4,500,000 | |||||
Options outstanding outside the Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options outstanding (in shares) | 2,709,250 | 2,720,000 |
Equity - Stock Option Activity
Equity - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Shares | ||
Beginning balance (in shares) | shares | 36,576 | |
Options granted (in shares) | shares | 1,966 | |
Options exercised (in shares) | shares | (5,446) | |
Options forfeited or expired (in shares) | shares | (333) | |
Ending balance (in shares) | shares | 32,763 | 36,576 |
Vested and exercisable, at end of period (in shares) | shares | 10,232 | |
Vested and expected to vest, at end of period (in shares) | shares | 29,765 | |
Weighted- Average Exercise Price | ||
Beginning balance (in dollars per share) | $ / shares | $ 2.80 | |
Granted (in dollars per share) | $ / shares | 12.56 | |
Exercised (in dollars per share) | $ / shares | 0.93 | |
Forfeited or expired (in dollars per share) | $ / shares | 3.24 | |
Ending balance (in dollars per share) | $ / shares | 3.69 | $ 2.80 |
Weighted average exercise price, vested and exercisable at period end (in dollars per share) | $ / shares | 1.18 | |
Weighted average exercise price, vested and expected to vest at period end (in dollars per share) | $ / shares | $ 3.55 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Average remaining contractual term, outstanding | 7 years 9 months 18 days | 7 years 10 months 9 days |
Average remaining contractual term, vested and exercisable at period end | 5 years 10 months 2 days | |
Average remaining contractual term, vested and expected to vest at period end | 7 years 8 months 1 day | |
Aggregate intrinsic value, outstanding | $ | $ 2,523,152 | $ 357,366 |
Aggregate intrinsic value, vested and exercisable at period end | $ | 813,709 | |
Aggregate intrinsic value, vested and expected to vest at period end | $ | $ 2,296,324 |
Equity - Stock Options Valuatio
Equity - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option - $ / shares | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 46.50% | 51.30% |
Expected volatility, maximum | 47.00% | 58.30% |
Risk free interest rate, minimum | 0.77% | 0.26% |
Risk free interest rate, maximum | 1.02% | 0.46% |
Expected dividend | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of common stock (in dollars per share) | $ 18.41 | $ 2.06 |
Expected term (in years) | 5 years | 5 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of common stock (in dollars per share) | $ 21.41 | $ 4.09 |
Expected term (in years) | 6 years 1 month 2 days | 7 years 6 months |
Equity - Restricted Stock Unit
Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 224,123 |
Vested (in shares) | shares | (4,000) |
Ending balance (in shares) | shares | 220,000 |
Weighted- Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 76.60 |
Vested (in dollars per share) | $ / shares | 80 |
Ending balance (in dollars per share) | $ / shares | $ 76.58 |
Equity - Stock-Based Compensati
Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 6,672 | $ 1,179 | $ 11,799 | $ 2,162 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 793 | 99 | 1,061 | 189 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 1,859 | 281 | 2,829 | 545 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 1,866 | 376 | 2,894 | 671 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 2,154 | $ 423 | $ 5,015 | $ 757 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Lease term for lease not yet commenced | 8 years | ||||
Total undiscounted lease payments for lease not yet commenced | $ 17,900,000 | ||||
Loss contingency | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | (42.20%) | 3.60% | (24.10%) | 6.90% | |
Unrecognized tax benefits | $ 3.5 | $ 3.5 | $ 3.2 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 2.1 | $ 2.1 |
Segment and Geographic Inform_2
Segment and Geographic Information (Details) | 6 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Common Stockholders - Net Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||
Net income | $ 36,088 | $ 10,037 | $ 62,410 | $ 11,496 |
Undistributed earnings attributable to participating securities, diluted | 0 | (8,354) | (18,326) | (9,122) |
Undistributed earnings attributable to participating securities, basic | 0 | (8,354) | (18,326) | (9,122) |
Net income attributable to Class A and Class B common stockholders, basic | 36,088 | 1,683 | 44,084 | 2,374 |
Net income attributable to Class A and Class B common stockholders, diluted | $ 36,088 | $ 1,683 | $ 44,084 | $ 2,374 |
Denominator | ||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) | 186,171 | 70,591 | 137,154 | 69,988 |
Dilutive effect of assumed exercise of common stock warrants (in shares) | 240 | 170 | 221 | 129 |
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares) | 216,672 | 91,830 | 166,066 | 88,498 |
Net income per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ 0.19 | $ 0.02 | $ 0.32 | $ 0.03 |
Net income per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.27 | $ 0.03 |
Share-based Payment Arrangement, Option | ||||
Denominator | ||||
Dilutive effect of share-based payment (in shares) | 30,250 | 21,069 | 28,685 | 18,381 |
Restricted Stock Units (RSUs) | ||||
Denominator | ||||
Dilutive effect of share-based payment (in shares) | 11 | 0 | 6 | 0 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation of Net Income Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of net income per share (in shares) | 98 | 77,192 | 49 | 80,350 |
Redeemable convertible preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of net income per share (in shares) | 0 | 76,287 | 0 | 76,287 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of net income per share (in shares) | 0 | 905 | 0 | 4,063 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of net income per share (in shares) | 98 | 0 | 49 | 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | Oct. 08, 2021USD ($) |
Subsequent Event [Line Items] | |
Partnership agreement, extension period | 6 years |
Partnerships agreement, period before termination is permitted | 3 years |
Partnership agreement, noncancelable period | 3 years |
Partnership agreement, revenue guarantee during noncancelable period | $ 9.1 |
Minimum | |
Subsequent Event [Line Items] | |
Partnership agreement, annual revenue guarantee to partnering company | 2.5 |
Maximum | |
Subsequent Event [Line Items] | |
Partnership agreement, annual revenue guarantee to partnering company | $ 6.2 |