Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2022 | May 20, 2022 | Sep. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
Current Fiscal Year End Date | --03-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to the 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended March 31, 2022. | ||
Entity Central Index Key | 0001516513 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 110,086,201 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 83,022,658 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and Cash Equivalents, at Carrying Value | $ 112,809 | $ 66,393 |
Marketable securities | 685,304 | 76,141 |
Accounts receivable, net of allowance for doubtful accounts of $359 and $955 as of March 31, 2022 and 2021, respectively | 81,073 | 50,319 |
Prepaid expenses and other current assets | 19,439 | 10,692 |
Deferred contract costs, current | 5,512 | 5,856 |
Total current assets | 904,137 | 209,401 |
Property and equipment, net | 8,488 | 7,598 |
Deferred income tax assets | 48,558 | 2,112 |
Operating lease right-of-use assets | 1,087 | 1,339 |
Intangible assets, net | 7,909 | 9,596 |
Goodwill | 18,915 | 18,915 |
Other assets | 2,263 | 2,758 |
Total assets | 991,357 | 251,719 |
Current liabilities: | ||
Accounts payable | 463 | 1,515 |
Accrued expenses and other current liabilities | 25,270 | 16,285 |
Deferred revenue, current | 84,907 | 83,272 |
Operating lease liabilities, current | 642 | 970 |
Total current liabilities | 111,282 | 102,042 |
Deferred revenue, non-current | 78 | 220 |
Operating lease liabilities, non-current | 447 | 284 |
Other liabilities, non-current | 956 | 972 |
Total liabilities | 112,763 | 103,518 |
Commitments and contingencies (Note 13) | ||
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, $0.001 par value; zero and 76,350 shares authorized as of March 31, 2022 and 2021, respectively; zero and 76,287 shares issued and outstanding as of March 31, 2022 and 2021, respectively; liquidation preference of zero and $81,672 as of March 31, 2022 and 2021, respectively | 0 | 81,458 |
Stockholders’ Equity | ||
Preferred stock, $0.001 par value; 100,000 and zero shares authorized as of March 31, 2022 and 2021, respectively; zero shares issued and outstanding as of March 31, 2022 and 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 March 31, 2022 and 2021, respectively; 192,398 and 82,910 shares issued and outstanding as of March 31, 2022 and 2021, respectively | 192 | 83 |
Additional paid-in capital | 702,589 | 30,357 |
Accumulated other comprehensive loss | (15,294) | (21) |
Retained earnings | 191,107 | 36,324 |
Total stockholders' equity | 878,594 | 66,743 |
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ 991,357 | $ 251,719 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 359 | $ 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 | 76,287,000 |
Redeemable convertible preferred stock outstanding (in shares) | 0 | 76,287,000 |
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) | 192,398,000 | 82,910,000 |
Common stock, outstanding (in shares) | 192,398,000 | 82,910,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 343,548 | $ 206,897 | $ 116,388 |
Cost of revenue | 39,787 | 31,196 | 14,900 |
Gross profit | 303,761 | 175,701 | 101,488 |
Operating expenses: | |||
Research and development | 62,350 | 43,873 | 32,435 |
Sales and marketing | 92,129 | 62,033 | 39,448 |
General and administrative | 35,746 | 16,492 | 7,442 |
Total operating expenses | 190,225 | 122,398 | 79,325 |
Income from operations | 113,536 | 53,303 | 22,163 |
Other income, net | 469 | 4,466 | 1,351 |
Income before income taxes | 114,005 | 57,769 | 23,514 |
Provision for (benefit from) income taxes | (40,778) | 7,559 | (6,223) |
Net income | 154,783 | 50,210 | 29,737 |
Undistributed earnings attributable to participating securities, basic | (21,526) | (28,654) | (18,908) |
Undistributed earnings attributable to participating securities, diluted | (21,526) | (28,654) | (18,908) |
Net income attributable to Class A and Class B common stockholders, basic | 133,257 | 21,556 | 10,829 |
Net income attributable to Class A and Class B common stockholders, diluted | $ 133,257 | $ 21,556 | $ 10,829 |
Net income per share attributable to Class A and Class B common stockholders: | |||
Basic (in dollars per share) | $ 0.82 | $ 0.29 | $ 0.16 |
Diluted (in dollars per share) | $ 0.70 | $ 0.23 | $ 0.13 |
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: | |||
Basic (in shares) | 163,484 | 74,342 | 66,758 |
Diluted (in shares) | 191,017 | 95,134 | 81,710 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 154,783 | $ 50,210 | $ 29,737 |
Other comprehensive loss | |||
Change in unrealized loss on available-for-sale-securities, net of tax of $5,199, $0, and $0, respectively | (15,273) | (21) | 0 |
Total other comprehensive loss | (15,273) | (21) | 0 |
Comprehensive income | $ 139,510 | $ 50,189 | $ 29,737 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Change in unrealized loss on available-for-sale-securities, tax | $ 5,199 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF REDE
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) |
Beginning balance (in shares) at Mar. 31, 2019 | 76,249,000 | ||||
Beginning balance at Mar. 31, 2019 | $ 81,433 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Exercise of Series B redeemable convertible preferred stock warrants (in shares) | 38,000 | ||||
Exercise of Series B redeemable convertible preferred stock warrants | $ 25 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 76,287,000 | ||||
Ending balance at Mar. 31, 2020 | $ 81,458 | ||||
Beginning balance (in shares) at Mar. 31, 2019 | 65,526,000 | ||||
Beginning balance at Mar. 31, 2019 | (32,935) | $ 65 | $ 10,623 | $ 0 | $ (43,623) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 2,537 | 2,537 | |||
Exercise of stock options (in shares) | 3,040,000 | ||||
Exercise of stock options | 1,694 | $ 3 | 1,691 | ||
Common stock warrant expense | 57 | 57 | |||
Other comprehensive loss | 0 | ||||
Exercise of Series B redeemable convertible preferred stock warrants | 46 | 46 | |||
Net income | 29,737 | 29,737 | |||
Ending balance (in shares) at Mar. 31, 2020 | 68,566,000 | ||||
Ending balance at Mar. 31, 2020 | $ 1,136 | $ 68 | 14,954 | 0 | (13,886) |
Ending balance (in shares) at Mar. 31, 2021 | 76,287,000 | ||||
Ending balance at Mar. 31, 2021 | $ 81,458 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 7,398 | 7,398 | |||
Exercise of stock options (in shares) | 13,890,000 | ||||
Exercise of stock options | 8,897 | $ 14 | 8,883 | ||
Issuance of common stock in exchange for services (in shares) | 22,000 | ||||
Issuance of common stock in exchange for services | 34 | 34 | |||
Repurchase and retirement of common stock (in shares) | (258,000) | ||||
Repurchase and retirement of common stock | (2,022) | (2,022) | |||
Common stock warrant expense | 49 | 49 | |||
Other comprehensive loss | (21) | (21) | |||
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 | 50,210 | 50,210 | |||
Ending balance (in shares) at Mar. 31, 2021 | 82,910,000 | ||||
Ending balance at Mar. 31, 2021 | $ 66,743 | $ 83 | 30,357 | (21) | 36,324 |
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 Mar. 31, 2022 | 0 | ||||
Ending balance at Mar. 31, 2022 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | $ 29,341 | 29,341 | |||
Exercise of stock options (in shares) | 10,823,000 | 10,823,000 | |||
Exercise of stock options | $ 12,612 | $ 11 | 12,601 | ||
Vesting of restricted stock units (in shares) | 24,000 | ||||
Tax withholding on shares under stock-based compensation awards | (817) | (817) | |||
Repurchase and retirement of common stock (in shares) | (181,000) | ||||
Repurchase and retirement of common stock | (2,698) | (2,698) | |||
Common stock warrant expense | 2,598 | 2,598 | |||
Other comprehensive loss | (15,273) | (15,273) | |||
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 commissions and deferred 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 | ||
Issuance of common stock in connection with the employee stock purchase plan (in shares) | 29,000 | ||||
Issuance of common stock in connection with the employee stock purchase plan | 1,395 | 1,395 | |||
Net income | 154,783 | 154,783 | |||
Ending balance (in shares) at Mar. 31, 2022 | 192,398,000 | ||||
Ending balance at Mar. 31, 2022 | $ 878,594 | $ 192 | $ 702,589 | $ (15,294) | $ 191,107 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 154,783 | $ 50,210 | $ 29,737 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 5,040 | 3,702 | 900 |
Deferred income taxes | (41,247) | 4,987 | (7,099) |
Stock-based compensation, net of amounts capitalized | 31,442 | 7,252 | 2,353 |
Non-cash lease expense | 1,159 | 2,433 | 2,000 |
Amortization of premium (accretion of discount) on marketable securities, net | 4,332 | 197 | (441) |
Loss on sale of marketable securities | 1,231 | 0 | 0 |
Amortization of deferred contract costs | 9,755 | 6,883 | 5,070 |
Gain on sale of business | 0 | (4,698) | 0 |
Other | 410 | 403 | (52) |
Changes in operating assets and liabilities, net of effect of acquisition: | |||
Accounts receivable | (31,017) | (20,452) | (12,036) |
Prepaid expenses and other assets | (9,089) | (1,833) | (3,040) |
Deferred contract costs | (9,609) | (9,384) | (5,674) |
Accounts payable, accrued expenses and other liabilities | 8,664 | 7,285 | 5,056 |
Deferred revenue | 1,828 | 38,571 | 13,318 |
Operating lease liabilities | (1,107) | (2,583) | (3,893) |
Net cash provided by operating activities | 126,575 | 82,973 | 26,199 |
Cash flows from investing activities | |||
Purchases of property and equipment | (1,912) | (245) | (285) |
Internal-use software development costs | (3,785) | (4,365) | (3,959) |
Purchases of marketable securities | (1,317,193) | (78,880) | (79,107) |
Maturities of marketable securities | 47,919 | 40,537 | 70,256 |
Sales of marketable securities | 633,802 | 0 | 0 |
Cash paid for acquisition, net of cash acquired | 0 | (31,682) | 0 |
Proceeds from sale of business | 0 | 4,230 | 0 |
Other | 595 | (12) | 0 |
Net cash used in investing activities | (640,574) | (70,417) | (13,095) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions | 553,905 | 0 | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 12,612 | 8,897 | 1,694 |
Proceeds from issuance of common stock in connection with the employee stock purchase plan | 1,395 | 0 | 0 |
Taxes paid related to net share settlement of equity awards | (817) | 0 | 0 |
Repurchase of common stock | (2,698) | (2,022) | 0 |
Payments for deferred offering costs | (3,982) | (1,468) | 0 |
Proceeds from exercise of redeemable convertible preferred stock warrants | 0 | 0 | 25 |
Net cash provided by financing activities | 560,415 | 5,407 | 1,719 |
Net increase in cash and cash equivalents | 46,416 | 17,963 | 14,823 |
Cash and cash equivalents, beginning of period | 66,393 | 48,430 | 33,607 |
Cash and cash equivalents, end of period | 112,809 | 66,393 | 48,430 |
Supplemental disclosures of cash flow information | |||
Cash paid for taxes | 206 | 5,972 | 1,237 |
Non-cash financing and investing activities | |||
Conversion of redeemable convertible preferred stock to common stock | 81,458 | 0 | 0 |
Unpaid deferred offering costs | 0 | 782 | 0 |
Common stock issued in acquisition | 0 | 1,062 | 0 |
Capitalized stock-based compensation for internal-use software development costs | 497 | 195 | 184 |
Amounts held in escrow related to sale of business | 0 | 470 | 0 |
Operating lease right-of-use assets obtained in exchange for modified operating lease liabilities | $ 1,151 | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS 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, or 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. Upon the consummation of the IPO, the $5.5 million of deferred offering costs were offset against proceeds. Stock Split |
Summary Significant Accounting
Summary Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP. The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts were reclassified, 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. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, the valuation of the Company’s common stock and stock-based awards, and deferred income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates due to risks and uncertainties, including uncertainty in the current economic environment due to the potential long-term impact and duration of the ongoing COVID-19 pandemic. 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’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 Fiscal Year Ended March 31, As of March 31, 2022 2021 2020 2022 2021 Customer A * 12 % 12 % 21 % 25 % _______________ * Less than 10% For the purpose of assessing concentration of credit risk for significant customers, the Company defines a customer as an entity that purchases the Company’s services directly or indirectly through marketing agencies. The majority of marketing agencies have a pass-through arrangement for collection purposes, except one marketing agency which accounted for 17% and 18% of accounts receivable, net as of March 31, 2022 and 2021, respectively. 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 for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones. 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 noncancellable 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 launched in a given period of time, 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, or 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. Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Revenue is recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. 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. Marketing Solutions customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones, starting when the tailored content is first shared on the Doximity platform. 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. Deferred revenue consists of noncancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Since the majority of the Company’s contracts have a duration of one year or less, the Company has elected not to disclose remaining performance obligations in accordance with the optional exemption in ASC 606. Remaining performance obligations for contracts with an original duration greater than one year are not material. 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 compensation earned for the renewal of Marketing Solutions contracts are commensurate with commissions earned for a new or expansion Marketing Solutions contract, whereas commissions for the renewal of Hiring Solutions subscription contracts are earned at a lower rate than for new and expansion Hiring Solutions subscription contracts. Deferred compensation for Marketing Solutions contracts and Hiring Solutions renewal contracts is amortized over the weighted-average contractual term, ranging from 7 months to 13 months. Deferred compensation tied to new and expansion contracts for Hiring Solutions is amortized on a straight-line basis over the expected period of benefit of 4 years, which is determined by 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. Deferred compensation is recorded as deferred contract costs on the consolidated balance sheets. Amortized costs are included in cost of revenues and sales and marketing expense in the consolidated statements of operations. 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 other assets on the consolidated balance sheets. Certain sales commissions that are not considered incremental costs are expensed in the same period as they are earned. Fair Value of Financial Instruments Available-for-sale debt securities are recorded at fair value on the consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities. Valuation techniques used to measure fair value 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. Cash and Cash Equivalents and Marketable Securities The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. The Company’s marketable securities portfolio includes only debt securities. Marketable debt securities that the Company may sell prior to maturity in response to changes in the Company's investment strategy, liquidity needs, or for other reasons are classified as available-for-sale. The Company's portfolio as of March 31, 2022 and 2021 includes only available-for-sale securities. Available-for-sale securities are stated at fair value as of each balance sheet date. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity on the consolidated balance sheets. The Company’s marketable securities are available for use in current operations, even if the security matures beyond 12 months. The Company classifies its marketable securities as current assets on the consolidated balance sheets. Periodically, the Company assesses the available-for-sale securities for impairment. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The amortized cost of an investment will be written down to the fair value when the Company determines (i) it is more likely than not that management will be required to sell the impaired security before recovery of its amortized basis or (ii) management has the intention to sell the security. If neither of these conditions are met, the Company must determine whether the impairment is due to credit losses. A credit loss exists if the amortized cost basis of the security exceeds the present value of cash flows expected to be collected. All credit losses are recorded to other income, net and any remaining unrealized losses are recorded to other comprehensive loss. If the Company has the intent to sell an available-for-sale security in an unrealized loss position or it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis, any previously recorded allowance is reversed and the entire difference between the amortized cost basis of the security and its fair value is recognized in other income, net in the consolidated statements of operations. The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method and records them to other income, net. Amortization of premiums and accretion of discounts are recorded to other income, net. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates its allowance for doubtful accounts by evaluating the Company’s ability to collect outstanding receivable balances. The Company considers various factors, including the age of the balance, the creditworthiness of the customer, which is assessed based on ongoing credit evaluations and payment history, and the customer’s current financial condition. The Company had no material bad debt write offs for the years ending March 31, 2022, 2021, and 2020. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is recorded on a straight-line basis over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows: Furniture and equipment 3-5 years Computers and software 3 years Internal-use software development costs 3 years Leasehold improvements Shorter of useful life or remaining lease term When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are written off, and any resulting gain or loss is recorded in the consolidated statement of operations in the period realized. Maintenance and repairs are expensed as incurred. Internal-Use Software Development Costs The Company capitalizes certain costs to develop its website, mobile applications and internal-use software when preliminary planning efforts are successfully completed, management has committed project resourcing, and it is probable that the project will be completed. Costs incurred prior to meeting these criteria, as well as costs incurred for training, maintenance, and minor modifications or enhancements, are expensed as incurred. Capitalized costs include personnel and related expenses for employees and costs of third-party contractors who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended use. Capitalized costs are included in property and equipment, net on the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life. Business Combinations To determine whether a transaction is accounted for as an asset acquisition or business combination, the Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. When the Company acquires a business, the purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, particularly with respect to the valuation of intangible assets. Acquisition costs, such as legal and consulting fees, are expensed as incurred. Goodwill, Intangible Assets, and Long-Lived Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company has one reporting unit and evaluates goodwill for impairment at the entity level. If the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized for the excess of the carrying value of the reporting unit over its fair value, limited to the amount of goodwill allocated to the reporting unit. The Company performs its annual impairment test of goodwill in its fourth fiscal quarter and whenever events or circumstances indicate that the asset might be impaired. The intangible assets are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to intangible assets is included in sales and marketing expense. Management evaluates the recoverability of the Company’s property and equipment and intangible assets when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to the estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recognized for the amount by which the carrying amount exceeds the fair value for the asset or asset group. Stock-Based Compensation The Company measures compensation expense for all stock-based awards based on the estimated fair value of the awards on the date of grant. Stock-based awards include stock options with service-based, performance-based and market-based vesting conditions, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, and warrants granted to employees, directors, and non-employees, as well as stock purchase rights granted to employees under the 2021 Employee Stock Purchase Plan, or ESPP. For awards that vest based on continued service, stock-based compensation, net of estimated forfeitures, is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense, net of estimated forfeitures, 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, net of estimated forfeitures, is recognized on an accelerated attribution basis over the requisite service period, even if the market condition is not satisfied. 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. 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. The grant-date fair value of warrants, stock purchase rights granted to employees under the ESPP, 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 stock options with market-based vesting conditions 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 fair value of the Company’s common stock and assumptions regarding a number of other complex and subjective variables. These assumptions include the expected term of the award, the expected stock price volatility over the expected term of the award, the risk-free interest rate for the expected term of the award, and expected dividends. The assumptions used in the Black-Scholes models are determined as follows: Risk-Free Interest Rate —The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the options for each option group. Expected Volatility —Prior to the IPO when there was no public market for the Company’s common stock, the expected volatility was determined using the historical volatilities of several publicly listed peer companies over a period equivalent to the expected term of the awards. The Company has not issued any stock options subsequent to the IPO. After the IPO, for the Company’s ESPP, the expected volatility was determined using the historical stock volatilities of the common stock of the Company over a period equivalent to the duration of the offering period. Expected Term —The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. For stock options granted to employees prior to the completion of the IPO, the Company estimated the expected term using the simplified method as the Company’s historical share option exercise experience did not provide a reasonable basis upon which to estimate the expected term. The simplified method uses the average of the vesting period and contractual term. For stock options granted to non-employees prior to the completion of the IPO, the Company used the contractual term as the expected term. The Company has not issued any stock options subsequent to the IPO. For stock purchase rights granted to employees under the ESPP, the expected term is equivalent to the offering period. Expected Dividend Yield —The Company has not historically issued dividends and does not currently expect to issue a dividend in the future. Fair Value Per Share of the Company’s Common Stock —Because the Company’s common stock was not publicly traded until the completion of the IPO, the Company’s board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting during which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of common stock; (ii) the rights and preferences of the Company’s preferred stock relative to common stock; (iii) the lack of marketability of common stock; (iv) developments in the business; and (v) the likelihood of achieving a liquidity event, such as an IPO or sale of the Company, given prevailing market conditions. Leases The Company determines if a contract is or contains a lease at inception. All of the Company’s leases are operating leases. Operating lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term, discounted using the Company’s incremental borrowing rate. As none of the Company’s leases provide an implicit rate, the incremental borrowing rate used is estimated based on what the Company would be required to pay for a collateralized loan over a similar term as the lease. The Company amortizes the present value of each right-of-use asset on a straight-line basis over its remaining lease term. Leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the consolidated balance sheets. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that such options will be exercised. Our lease agreements may contain variable costs such as common area maintenance, insurance, property tax, and other operating costs. Variable lease costs are expensed as incurred in the consolidated statements of operations. The Company does not separate non-lease components from lease components for its facility asset portfolio. The Company does not recognize right-of-use assets and lease liabilities for short-term leases, which have a lease term of 12 months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. Net Income Per Share Attributable to Common Stockholders Basic and diluted net income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Holders of redeemable convertible preferred stock are each entitled to receive noncumulative dividends out of any funds legally available, when and if declared by the Company’s board |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue Disaggregation Revenue consisted of the following (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Subscription $ 319,298 $ 192,256 $ 116,388 Other 24,250 14,641 — Total revenue $ 343,548 $ 206,897 $ 116,388 Contract Balances Changes in the Company’s deferred revenue balances were as follows (in thousands): As of March 31, 2022 2021 Beginning balance $ 83,492 $ 44,586 Additions, net, during the period 345,041 245,803 Revenue recognized from the beginning balance (82,534) (43,054) Revenue recognized from contracts invoiced during the period (261,014) (163,843) Ending balance $ 84,985 $ 83,492 The Company’s unbilled revenue balances were $1.4 million, $0.7 million, and $0.2 million as of March 31, 2022, 2021 and 2020, respectively. Deferred Contract Costs The Company capitalized $9.6 million, $9.4 million, and $5.7 million of contract acquisition costs for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Amortization of deferred contract costs was $9.8 million, $6.9 million, and $5.1 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. Deferred contract costs are |
Investments
Investments | 12 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands): As of March 31, 2022 Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,686 $ — $ — $ 2,686 Money market funds 20,072 — — 20,072 Total cash equivalents 22,758 — — 22,758 Marketable securities: Asset-backed securities 7,791 — (51) 7,740 Commercial paper 9,436 — (53) 9,383 Corporate notes and bonds 129,900 — (1,796) 128,104 Sovereign bonds 8,770 — (334) 8,436 U.S. government and agency securities 549,901 — (18,260) 531,641 Total marketable securities 705,798 — (20,494) 685,304 Total cash equivalents and marketable securities $ 728,556 $ — $ (20,494) $ 708,062 As of March 31, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 157,948 Due in one year to three years 530,042 Total $ 687,990 The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands): As of March 31, 2021 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, 2022 and 2021, the Company has recognized accrued interest of $2.1 million and $0.3 million, respectively, which is included in prepaid expenses and other current assets in the consolidated balance sheets. The unrealized losses associated with the Company’s debt securities were $20.5 million as of March 31, 2022. As the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of March 31, 2022. The Company did not recognize any credit losses related to the Company’s debt securities during the fiscal year ended March 31, 2022. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $684.7 million as of March 31, 2022. The unrealized losses associated with the Company’s debt securities were not material as of March 31, 2021. The Company did not recognize any credit losses related to the Company’s debt securities during the fiscal year ended March 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,686 $ — $ 2,686 Money market funds 20,072 — — 20,072 Total cash equivalents 20,072 2,686 — 22,758 Marketable securities: Asset-backed securities — 7,740 — 7,740 Commercial paper — 9,383 — 9,383 Corporate notes and bonds — 128,104 — 128,104 Sovereign bonds — 8,436 — 8,436 U.S. government and agency securities 530,174 1,467 — 531,641 Total marketable securities 530,174 155,130 — 685,304 Total cash equivalents and marketable securities $ 550,246 $ 157,816 $ — $ 708,062 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 fiscal years ended March 31, 2022 and 2021, the Company had no transfers between levels of the fair value hierarchy. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 2021 Furniture and equipment $ 336 $ 299 Computers and software 769 704 Leasehold improvements 796 549 Internal-use software development costs 15,057 10,908 Total property and equipment 16,958 12,460 Less: accumulated depreciation and amortization (8,470) (4,862) Total property and equipment, net $ 8,488 $ 7,598 Depreciation and amortization expense on property and equipment for the fiscal years ended March 31, 2022, 2021, and 2020 was $4.0 million, $2.6 million and $0.9 million, respectively. Included in these amounts was amortization expense for internal-use software development costs of $3.5 million, $2.2 million and $0.7 million for the fiscal years ended March 31, 2022, 2021, and 2020, respectively. The amortization of the internal-use software development costs is included in cost of revenue in the consolidated statements of operations. During the years ended March 31, 2022, 2021, and 2020, the Company capitalized $4.3 million, $4.6 million, and $4.1 million, respectively, of internal-use software development costs, which are included in property and equipment, net on the consolidated balance sheets. No impairment was recognized on property and equipment during the years ended March 31, 2022, 2021, and 2020. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2022 2021 Accrued commissions $ 6,653 $ 5,864 Accrued payroll, bonus, and related expenses 8,015 5,006 Employee contributions under employee stock purchase plan 621 — Rebate liabilities 4,933 1,458 Sales and other tax liabilities 785 410 Other 4,263 3,547 Total accrued expenses and other current liabilities $ 25,270 $ 16,285 |
Business Combinations, Intangib
Business Combinations, Intangible Assets, and Goodwill | 12 Months Ended |
Mar. 31, 2022 | |
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”), 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 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. 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 fiscal 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 consolidated financial statements from the acquisition date. In October 2020, the Company sold a portion of Curative Talent’s business for total consideration of $4.7 million, of which $4.2 million has been received in cash and the remaining $0.5 million was held in escrow, subject to standard representations and warranties. The net assets of this business were not material. The Company recognized a gain on sale for the total consideration during the fiscal year ended March 31, 2021 as a result of this sale. Intangible Assets Intangible assets, net consisted of the following (in thousands): As of March 31, 2022 2021 Customer relationships $ 9,869 $ 10,280 Domain names 11 436 Total intangible assets 9,880 10,716 Less: accumulated amortization (1,971) (1,120) Total intangible assets, net $ 7,909 $ 9,596 Amortization expense for intangible assets was $1.0 million, $1.1 million and not material for the fiscal years ended March 31, 2022, 2021, and 2020 respectively. As of March 31, 2022, future amortization expense is as follows (in thousands): Years Ending March 31, Amount 2023 $ 990 2024 990 2025 990 2026 990 2027 988 Thereafter 2,961 Total future amortization expense $ 7,909 Goodwill |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock As of March 31, 2021, there were three outstanding series of redeemable convertible preferred stock, each with a par value of $0.001 per share. 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 March 31, 2022, there were no shares of redeemable convertible preferred stock issued or outstanding. A summary of the redeemable convertible preferred stock outstanding as of March 31, 2021 and other related information is as follows (in thousands): Series Shares Shares Carrying Liquidation A 27,636 27,636 $ 10,677 $ 10,756 B 26,314 26,314 17,014 17,075 C 22,400 22,337 53,767 53,841 Total 76,350 76,287 $ 81,458 $ 81,672 The rights, preferences, privileges, restrictions, and other matters relating to the redeemable convertible preferred stock are summarized as follows: Liquidation Preference —In the event of any liquidation event, either voluntary or involuntary, the holders of Series A, Series B, and Series C redeemable convertible preferred stock were entitled to receive, in priority and preference to common stockholders’ liquidation preference, $0.3892, $0.6488925 and $2.4104 per share, respectively. After paying the holders of the redeemable convertible preferred stock of their full respective preferential amounts, all of the remaining assets of the Company would be distributed on a pro rata basis among the holders of common stock. Redemption —The redeemable convertible preferred stock was classified as mezzanine equity on the consolidated balance sheets. The redeemable convertible preferred stock was not mandatorily redeemable; however, upon the event of a voluntary or involuntary liquidation, dissolution, change in control, or winding up of the Company, holders of the redeemable convertible preferred stock may have had the right to receive their liquidation preference under the terms of the preferred stockholder agreements. Accordingly, the preferred stockholders were entitled to redemption features that were not solely within the control of the Company. Dividends —The holders of Series A, Series B, and Series C redeemable convertible preferred stock were entitled to receive noncumulative dividends at the per annum rate of $0.03115, $0.0519, and $0.19285 per share, respectively, in preference and priority to any common stockholder, when and if declared by the board of directors. If, after such dividends above were paid or set apart for payment in any fiscal year, the board of directors declared additional dividends out of funds legally available, then such additional dividends would be set aside or paid among the holders of the redeemable convertible preferred stock and common stock on a pro-rata basis. No dividends on redeemable convertible preferred stock or common stock were declared by the board of directors from inception through the date the redeemable convertible preferred stock was converted into Class B common stock in June 2021. Voting —The holders of redeemable convertible preferred stock had the same voting rights as the holders of common stock. The holders of common stock and redeemable convertible preferred stock voted together as a single class. Each holder of common stock was entitled to one vote for each share of common stock held and each holder of redeemable convertible preferred stock was entitled to the number of votes equal to the number of shares of common stock into which such shares of redeemable convertible preferred stock could then be converted. So long as at least 2,000,000 shares of redeemable convertible preferred stock remained outstanding, the holders of redeemable convertible preferred stock were entitled to elect two members of the board of directors. The holders of a majority of the common stock were entitled to elect two members of the board of directors. Any additional member of the board of directors was elected by the holders of a majority of the then outstanding redeemable convertible preferred stock and common stock, each voting as separate classes (and, with respected to redeemable convertible preferred stock, on an as-converted basis). Conversion —Each share of redeemable convertible preferred stock was convertible to common stock at the option of the holder. Such conversion was determined by dividing the original issue price by the then effective conversion price (adjusted for any stock dividends, combinations, or splits with respect to such shares). Each share of redeemable convertible preferred stock would be automatically converted into shares of common stock at the conversion rate at the time in effect for such series of redeemable convertible preferred stock immediately upon the earlier of (i) the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, with a price per share of at least $2.41 (adjusted for any stock dividends, combinations, or splits with respect to such shares) and an aggregate offering price of at least $50 million or (ii) the date specified by written consent or agreement of the majority of the holders of redeemable convertible preferred stock, voting together as a single class on an as-converted basis. Redeemable Convertible Preferred Stock Warrants —In August 2012, the Company issued warrants to purchase 38,322 shares of Series B redeemable convertible preferred stock at an exercise price of $0.65 per share. The warrants were issued to investors in connection with the Series B redeemable convertible preferred stock warrants financing. The fair value of the warrants at issuance was $14,000 based on the Black-Scholes option-pricing model using the assumptions of dividend yield of 0%, volatility of 55%, risk-free interest rate of 1.13%, and contractual life of seven years. The warrants were exercised during the fiscal year ended March 31, 2020. |
Equity
Equity | 12 Months Ended |
Mar. 31, 2022 | |
Equity [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 March 31, 2022, there were no shares of preferred stock issued and outstanding. Common Stock and Creation of Dual-Class Structure 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 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 March 31, 2022, there were 109,322,383 shares of Class A common stock, and 83,076,040 shares of Class B common stock outstanding. Common Stock Warrants In March 2017, the Company issued a warrant 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., or U.S. News. The warrant vested on a monthly basis over a 5-year term starting on March 1, 2017 and expires 10 years from the date of grant. 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 warrant. As of March 31, 2022, the warrant was fully vested. 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, which was then extended to October 10, 2021. The first tranche of the U.S. News Warrant will vest on May 1, 2022 and the remainder will vest on a monthly basis over approximately 6 years. On October 8, 2021, the Company signed an amended agreement to revise and extend the existing partnership with the U.S. News. 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 grant-date fair value of the U.S. News Warrant was $34.7 million, which was determined using the Black-Scholes option-pricing model on the date of grant using the following assumptions: fair value of common stock of $76.50, volatility of 46.9%, risk-free interest rate of 1.61%, contractual term of 10 years, and an expected dividend of 0%. The fair value of the warrant will be recognized as expense in cost of revenue in the consolidated statements of operations on a straight-line basis over its vesting term of 6.48 years. The warrant expires 10 years from the date of grant. During the fiscal year ended March 31, 2022, $2.6 million was recognized as stock-based compensation expense relating to the U.S. News Warrant. As of March 31, 2022, unamortized compensation expense, net of estimated forfeitures, related to the unvested warrants was $32.1 million, which is expected to be recognized over the remaining vesting period of 6 years. 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. A total of 22,500,000 shares of Class A common stock was initially reserved for the 2021 Plan. The number of shares reserved and available for issuance for the 2021 Plan will automatically increase each April 1, beginning on April 1, 2022, by the lesser of 5% of the outstanding number of shares of the 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. Any shares of Class B common stock that would have otherwise been 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 consolidated financial statements, unless otherwise noted. The Company’s board of directors approved the adoption of 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 the 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 the terms of the Plans and outside of the Plans, as approved by the board of directors. The Company granted 4,682,582 options during the fiscal year ended March 31, 2018 outside of the Plans, of which 2,011,252 options were exercised as of March 31, 2022. As of March 31, 2022, 2,671,330 options issued outside of the Plans were outstanding. The Company has shares of common stock reserved for issuance as follows (in thousands): March 31, 2022 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 766 250 2010 Plan Options outstanding 24,312 33,856 Shares available for future grant — 1,550 2021 Plan Performance-based restricted stock units outstanding 12 — Restricted stock units outstanding 534 — Shares available for future grant 22,466 — 2021 ESPP 4,471 — Options outstanding outside the Plans 2,671 2,720 Total 55,232 114,663 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 Average Remaining Contractual Term Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (10,823) 1.17 Options forfeited or expired (736) 3.16 Balance, March 31, 2022 26,983 4.15 7.63 1,293,545 Vested and exercisable as of March 31, 2022 8,113 1.77 6.15 408,238 Vested and expected to vest as of March 31, 2022 25,021 4.02 7.55 1,202,634 The aggregate intrinsic value of options exercised during the fiscal years ended March 31, 2022, 2021, and 2020 was $521.6 million, $52.6 million, and $3.0 million respectively. The weighted-average grant-date fair value of options granted for the fiscal years ended March 31, 2022, 2021, and 2020 was $10.73, $3.18, and $0.77 respectively. As of March 31, 2022, unamortized compensation expense, net of estimated forfeitures, related to unvested stock options was $55.2 million, which is expected to be recognized over a weighted-average period of 3.04 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: Fiscal Year Ended March 31, 2022 2021 2020 Fair value of common stock $18.41 - $21.41 $2.06 - $10.51 $1.58 - $1.91 Volatility 46.5% - 47.0% 38.1% - 58.3% 39.2% - 46.5% Risk-free interest rate 0.77% - 1.02% 0.26% - 1.02% 0.68% - 2.36% Expected term (in years) 5.00 - 6.09 5.00 - 8.00 5.94 - 10.00 Expected dividend —% —% —% Performance-Based Options In March 2018, the board of directors of 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 fiscal year ended March 31, 2022, $1.7 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 $0.2 million on a straight-line basis over the remaining term of 0.17 years. As of March 31, 2022, the Company has 480,000 outstanding options with performance-based and service-based vesting conditions. The performance conditions are satisfied upon meeting certain financial performance and sales targets. During the fiscal year ended March 31, 2022, $1.7 million was recognized as stock-based compensation expense related to performance-based options whose performance condition have either been met or achievement of which is considered probable. For the options for which the achievement of the performance vesting conditions is met or is considered probable, the remaining unrecognized compensation expense is $1.4 million, which will be amortized using accelerated attribution method over the remainder of the vesting periods. The amount to be recognized may change based upon actual performance achieved and updates to estimates of future performance. During the fiscal year ended March 31, 2021 and 2020, the stock-based compensation expense related to performance options was immaterial. Restricted Stock Units During the fiscal year ended March 31, 2022, the Company granted 572,904 RSUs under the 2021 Plan. The Company granted 28,250 on June 24, 2021, 50% of which vested on November 15, 2021, with the remaining 50% vested on February 15, 2022. The remaining RSUs granted during the fiscal year ended March 31, 2022 will generally vest over four years based on continued service. The RSUs are valued using the closing stock price of the Company’s common stock, which is traded on the NYSE, on the day of grant. The following table summarizes RSU activity during the fiscal year ended March 31, 2022 (in thousands, except per share information): Number of Shares Weighted- Unvested Balance, March 31, 2021 — $ — Granted 573 67.60 Vested (38) 59.04 Forfeited (1) 54.59 Unvested Balance, March 31, 2022 534 68.23 The total fair value of RSUs vested during the fiscal year ended March 31, 2022 was $2.5 million. As of March 31, 2022, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to non-vested RSUs was $26.3 million, and is expected to be recognized over a weighted-average period of approximately 3.51 years. As of March 31, 2021 and 2020, no RSUs were outstanding. Performance-Based Restricted Stock Units During the fiscal year ended March 31, 2022, the Company granted 15,239 PSUs under the 2021 Plan, which had a weighted-average grant date fair value of $80.00. The PSUs have performance-based vesting conditions that are satisfied upon meeting certain financial performance targets. During the fiscal year ended March 31, 2022, 3,170 PSUs were forfeited. As of March 31, 2022, 12,069 PSUs were unvested. The performance conditions of these PSUs were met as of March 31, 2022. During the fiscal year ended March 31, 2022, $0.6 million was recognized as stock-based compensation expense related to these PSUs. As of March 31, 2022, the remaining unrecognized compensation expense was $0.3 million, which will be recognized on a straight-line basis over the remaining term of 0.38 years, as the PSUs consist of a single tranche. As of March 31, 2021 and 2020, no PSUs were outstanding. The PSUs are valued using the closing stock price of its common stock, which is traded on the NYSE, on the day of grant. ESPP The Company’s first offering period under the ESPP began on November 1, 2021 and ended on February 15, 2022. Subsequent offering periods will begin on the first business day occurring on or after each February 16th and August 16th, and will end on the last business day occurring on or before the following August 15th and February 15th, respectively, unless and until otherwise determined by the administrator of the ESPP. The price at which Class A common stock is purchased under the ESPP is equal to 85% of the fair market value of a share of the Company’s Class A common stock on the first or last day of the offering period, whichever is lower. The weighted-average grant-date fair value of ESPP stock purchase rights granted during the fiscal year ended March 31, 2022 was $23.84. The fair value of the ESPP stock purchase rights on the date of grant is determined using the Black-Scholes pricing model with the assumptions set forth in the following table: Fiscal Year Ended March 31, 2022 Fair value of common stock $57.44 - $73.73 Volatility 86.3% - 103.6% Risk-free interest rate 0.05% - 0.67% Expected term (in years) 0.29 - 0.49 Expected dividend —% As of March 31, 2022, unamortized compensation expense, net of estimated forfeitures, related to the ESPP was $0.9 million, which will be recognized on a straight-line basis over a weighted-average period of 0.38 years. During the fiscal year ended March 31, 2022, 28,812 shares of Class A common stock were purchased under the ESPP at a weighted average price of $48.40 per share. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the consolidated statement of operations for the fiscal years ended March 31, 2022, 2021, and 2020 was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cost of revenue $ 4,979 $ 600 $ 173 Research and development 7,065 1,975 710 Sales and marketing 8,108 1,998 847 General and administrative 11,290 2,679 623 Total stock-based compensation expense $ 31,442 $ 7,252 $ 2,353 |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Stockholders | 12 Months Ended |
Mar. 31, 2022 | |
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): Fiscal Year Ended March 31, 2022 2021 2020 Numerator Net income $ 154,783 $ 50,210 $ 29,737 Less: undistributed earnings attributable to participating securities (21,526) (28,654) (18,908) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 133,257 $ 21,556 $ 10,829 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 163,484 74,342 66,758 Dilutive effect of assumed exercise of options to purchase common stock 27,290 20,612 14,892 Dilutive effect of assumed exercise of common stock warrants 234 180 60 Dilutive effect of other share-based awards 9 — — Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 191,017 95,134 81,710 Net income per share attributable to Class A and Class B common stockholders, basic $ 0.82 $ 0.29 $ 0.16 Net income per share attributable to Class A and Class B common stockholders, diluted $ 0.70 $ 0.23 $ 0.13 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): Fiscal Year Ended March 31, 2022 2021 2020 Redeemable convertible preferred stock — 76,287 76,287 Stock options — — 578 Other share-based awards 217 — — Common stock warrants 247 — — Total 464 76,287 76,865 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes All of the Company’s income before income taxes was generated in the United States for the fiscal year ended March 31, 2022, 2021, and 2020. The Company’s provision for (benefit from) income taxes consisted of the following (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Current provision: Federal $ 160 $ 1,302 $ — State 309 1,270 876 Total 469 2,572 876 Deferred provision (benefit): Federal (34,852) 4,862 (6,458) State (6,395) 125 (641) Total (41,247) 4,987 (7,099) Total provision for (benefit from) income taxes $ (40,778) $ 7,559 $ (6,223) The following is a reconciliation of the income tax expense at the federal statutory tax rate to the Company’s provision for (benefit from) income taxes (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Income taxes at statutory rate $ 23,941 $ 12,131 $ 4,938 State income taxes, net of federal benefit 5,503 2,532 1,561 Research and development credits (8,332) (1,845) (1,842) Stock-based compensation (71,780) (5,796) 310 Change in valuation allowance 1,878 171 (11,995) Section 162(m) limitation 7,260 — — Other 752 366 805 Total provision for (benefit from) income taxes $ (40,778) $ 7,559 $ (6,223) Components of deferred tax assets and liabilities were as follows (in thousands): As of March 31, 2022 2021 Deferred tax assets: Accruals and deferred revenue $ 1,760 $ 1,257 Net operating loss carryforwards 32,215 486 Research & development credit carryforwards 12,310 4,516 Operating lease liabilities 276 315 Acquisition and other related expense 255 271 Stock-based compensation expense 3,847 431 Unrealized loss 5,199 — Gross deferred tax assets 55,862 7,276 Less: valuation allowance (4,731) (2,896) Deferred tax assets, net of valuation allowance 51,131 4,380 Deferred tax liabilities: Property and equipment (1,899) (1,701) Operating lease right-of-use assets (276) (336) Intangible assets (398) (231) Deferred tax liabilities (2,573) (2,268) Net deferred tax assets $ 48,558 $ 2,112 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was enacted and signed into law. The CARES Act did not have a material impact to the Company's consolidated financial statements. The Company maintains a valuation allowance related to specific net deferred tax assets where it is not more likely than not that the deferred tax assets will be realized, which include California research and development credits and capital loss carryforwards. The Company concluded, based upon the preponderance of positive evidence (i.e., a strong earnings history exclusive of the loss that created the future deductible amount, a history of taxable income in recent periods, the taxable loss is a result of excess tax benefit on stock exercises as a result of a non-recurring event (IPO), and the current forecast of income before taxes for the United States going forward) over negative evidence and the anticipated ability to use the deferred tax assets, that it was more likely than not that the deferred tax assets could be realized. If there are unfavorable changes to actual operating results or to projections of future income, the Company may determine that it is more likely than not such deferred tax assets may not be realizable. The valuation allowance was $4.7 million and $2.9 million as of March 31, 2022 and 2021, respectively, relating to the California research and development tax credits and capital loss carryforwards. The valuation allowance increased by $1.8 million during the fiscal year ended March 31, 2022, primarily due to the increase in California research and development credits generated during the year. The change in valuation allowance during the fiscal year ended March 31, 2021 was not material. As of March 31, 2022, the Company had net operating loss, or NOL, carryforwards for state tax purposes of $97.1 million and $124.1 million for federal tax purposes. If not utilized, $83.6 million of the state NOL carryforwards will expire at various dates beginning in the year 2027. The federal NOL carryforwards can be carried forward indefinitely. As of March 31, 2022, the Company had research and development tax credit carryforwards for federal and state tax purposes of $11.4 million and $8.4 million, respectively. The federal research and development tax credit carryforwards will expire at various dates beginning in the year 2040. If not utilized, $0.2 million of the state research and development tax credit carryforwards will expire at various dates beginning in the year 2032. Based on an assessment of the Company’s historical ownership changes through March 31, 2022, the Company does not anticipate a current limitation on the tax attributes. As of March 31, 2022 and 2021, the Company had unrecognized tax benefits, or UTBs, of $6.2 million and $3.2 million, respectively. If realized, $4.2 million would impact the effective tax rate while the remainder would reduce deferred tax assets subject to a full valuation allowance. The Company does not expect any material changes to its UTBs within the next 12 months. A reconciliation of the beginning and ending balances for gross UTBs is as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Beginning balance $ 3,162 $ 2,475 $ 2,900 Additions for tax positions related to the current year 2,995 687 670 Additions for tax positions related to prior years 36 — — Reductions for tax positions related to prior years — — (1,095) Reductions related to a lapse of statute (5) — — Ending balance $ 6,188 $ 3,162 $ 2,475 Interest and penalties were not material during the years ended March 31, 2022, 2021, and 2020. The Company files income tax returns in the U.S. federal and various state jurisdictions. With limited exceptions, all tax years for which the Company has filed a tax return remain subject to examination. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
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. Minimum Guarantees On 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. AMiON Acquisition On February 4, 2022, the Company entered into a definitive agreement to acquire the assets of the AMiON on-call scheduling and messaging application used by scheduling staff and physicians for cash consideration of $53.5 million paid at closing and earnout consideration of up to $24.0 million, payable over the next four years, subject to certain performance milestones. Under the definitive agreement, certain employees joining the Company as part of the acquisition are eligible for restricted stock unit awards, subject to future service-based vesting conditions. The acquisition closed and the cash consideration was paid on April 1, 2022. In May 2022, 93,458 restricted stock units with grant date fair value of $32.99 per share were granted to the eligible employees joining the Company as part of the acquisition. The acquisition will be accounted for as a business combination in fiscal 2023. Other Contractual Commitments In December 2021, the Company entered into a 3-year web hosting arrangement with an annual commitment of $5.2 million, starting January 1, 2022. 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 fiscal years ended March 31, 2022, 2021, and 2020. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has non-cancelable operating leases for the rental of office space, corporate housing, and laptops with various expiration dates through 2023. The components of lease expense were as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Operating lease cost $ 1,159 $ 2,372 $ 2,010 Variable lease cost 114 143 — Total lease cost $ 1,273 $ 2,515 $ 2,010 Supplemental cash flow information related to leases was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 1,107 $ 2,569 $ 2,069 Supplemental balance sheet information related to leases was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Weighted-average remaining lease term (in years) 1.64 1.37 1.15 Weighted-average discount rate 3.95 % 3.95 % 1.75 % Maturities of lease liabilities as of March 31, 2022 were as follows (in thousands): Operating Leases 2023 $ 673 2024 455 Total future lease payments 1,128 Less: imputed interest (39) Present value of lease liabilities 1,089 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2022 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company sponsors a 401(k) savings plan. All U.S. employees are eligible to participate in the 401(k) plan after meeting certain eligibility requirements. Participants may elect to have a portion of their salary deferred and contributed to the 401(k) plan up to the limit allowed by applicable income tax regulations. The Company matched a portion of employee contributions to the 401(k) plan totaling $2.1 million, $1.3 million, and $0.7 million for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. Both employee contributions and the Company’s matching contributions are fully vested upon contribution. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and 2021. No country outside of the United States accounted for more than 10% of total revenue for the fiscal years ended March 31, 2022, 2021, and 2020. Substantially all of the Company’s revenue was derived in the United States for the fiscal years ended March 31, 2022, 2021, and 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Equity Grants In May 2022, the Company’s compensation committee granted 563,689 RSUs with an effective date of May 15, 2022 and an estimated fair value of $18.6 million, including the RSUs granted to employees joining the Company as part of the AMiON acquisition. These RSUs will generally vest over four years based on continued service. Stock Repurchase Program |
Summary Significant Accountin_2
Summary Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP. |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts were reclassified, as applicable, to conform to the current year presentation. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on March 31 st |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, the valuation of the Company’s common stock and stock-based awards, and deferred income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual |
Concentration 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. |
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 for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones. 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 noncancellable 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 launched in a given period of time, 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, or 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. Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Revenue is recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. 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. Marketing Solutions customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones, starting when the tailored content is first shared on the Doximity platform. 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. Deferred revenue consists of noncancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Since the majority of the Company’s contracts have a duration of one year or less, the Company has elected not to disclose remaining performance obligations in accordance with the optional exemption in ASC 606. Remaining performance obligations for contracts with an original duration greater than one year are not material. 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 compensation earned for the renewal of Marketing Solutions contracts are commensurate with commissions earned for a new or expansion Marketing Solutions contract, whereas commissions for the renewal of Hiring Solutions subscription contracts are earned at a lower rate than for new and expansion Hiring Solutions subscription contracts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Available-for-sale debt securities are recorded at fair value on the consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities. Valuation techniques used to measure fair value 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. |
Cash and Cash Equivalent and Marketable Securities | Cash and Cash Equivalents and Marketable Securities The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. The Company’s marketable securities portfolio includes only debt securities. Marketable debt securities that the Company may sell prior to maturity in response to changes in the Company's investment strategy, liquidity needs, or for other reasons are classified as available-for-sale. The Company's portfolio as of March 31, 2022 and 2021 includes only available-for-sale securities. Available-for-sale securities are stated at fair value as of each balance sheet date. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity on the consolidated balance sheets. The Company’s marketable securities are available for use in current operations, even if the security matures beyond 12 months. The Company classifies its marketable securities as current assets on the consolidated balance sheets. Periodically, the Company assesses the available-for-sale securities for impairment. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The amortized cost of an investment will be written down to the fair value when the Company determines (i) it is more likely than not that management will be required to sell the impaired security before recovery of its amortized basis or (ii) management has the intention to sell the security. If neither of these conditions are met, the Company must determine whether the impairment is due to credit losses. A credit loss exists if the amortized cost basis of the security exceeds the present value of cash flows expected to be collected. All credit losses are recorded to other income, net and any remaining unrealized losses are recorded to other comprehensive loss. If the Company has the intent to sell an available-for-sale security in an unrealized loss position or it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis, any previously recorded allowance is reversed and the entire difference between the amortized cost basis of the security and its fair value is recognized in other income, net in the consolidated statements of operations. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates its allowance for doubtful accounts by evaluating the Company’s ability to collect outstanding receivable balances. The Company considers various factors, including the age of the balance, the creditworthiness of the customer, which is assessed based on ongoing credit evaluations and payment history, and the customer’s current financial condition. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is recorded on a straight-line basis over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows: Furniture and equipment 3-5 years Computers and software 3 years Internal-use software development costs 3 years Leasehold improvements Shorter of useful life or remaining lease term |
Internal-Use Software Development Costs | Internal-Use Software Development Costs The Company capitalizes certain costs to develop its website, mobile applications and internal-use software when preliminary planning efforts are successfully completed, management has committed project resourcing, and it is probable that the project will be completed. Costs incurred prior to meeting these criteria, as well as costs incurred for training, maintenance, and minor modifications or enhancements, are expensed as incurred. Capitalized costs include personnel and related expenses for employees and costs of third-party contractors who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended use. |
Business Combinations | Business CombinationsTo determine whether a transaction is accounted for as an asset acquisition or business combination, the Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. When the Company acquires a business, the purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, particularly with respect to the valuation of intangible assets. Acquisition costs, such as legal and consulting fees, are expensed as incurred. |
Goodwill Intangible Assets and Long-Lived Assets | Goodwill, Intangible Assets, and Long-Lived Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company has one reporting unit and evaluates goodwill for impairment at the entity level. If the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized for the excess of the carrying value of the reporting unit over its fair value, limited to the amount of goodwill allocated to the reporting unit. The Company performs its annual impairment test of goodwill in its fourth fiscal quarter and whenever events or circumstances indicate that the asset might be impaired. The intangible assets are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to intangible assets is included in sales and marketing expense. |
Stock-Based Compensation | Stock-Based Compensation The Company measures compensation expense for all stock-based awards based on the estimated fair value of the awards on the date of grant. Stock-based awards include stock options with service-based, performance-based and market-based vesting conditions, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, and warrants granted to employees, directors, and non-employees, as well as stock purchase rights granted to employees under the 2021 Employee Stock Purchase Plan, or ESPP. For awards that vest based on continued service, stock-based compensation, net of estimated forfeitures, is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense, net of estimated forfeitures, 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, net of estimated forfeitures, is recognized on an accelerated attribution basis over the requisite service period, even if the market condition is not satisfied. 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. 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. The grant-date fair value of warrants, stock purchase rights granted to employees under the ESPP, 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 stock options with market-based vesting conditions 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 fair value of the Company’s common stock and assumptions regarding a number of other complex and subjective variables. These assumptions include the expected term of the award, the expected stock price volatility over the expected term of the award, the risk-free interest rate for the expected term of the award, and expected dividends. The assumptions used in the Black-Scholes models are determined as follows: Risk-Free Interest Rate —The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the options for each option group. Expected Volatility —Prior to the IPO when there was no public market for the Company’s common stock, the expected volatility was determined using the historical volatilities of several publicly listed peer companies over a period equivalent to the expected term of the awards. The Company has not issued any stock options subsequent to the IPO. After the IPO, for the Company’s ESPP, the expected volatility was determined using the historical stock volatilities of the common stock of the Company over a period equivalent to the duration of the offering period. Expected Term —The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. For stock options granted to employees prior to the completion of the IPO, the Company estimated the expected term using the simplified method as the Company’s historical share option exercise experience did not provide a reasonable basis upon which to estimate the expected term. The simplified method uses the average of the vesting period and contractual term. For stock options granted to non-employees prior to the completion of the IPO, the Company used the contractual term as the expected term. The Company has not issued any stock options subsequent to the IPO. For stock purchase rights granted to employees under the ESPP, the expected term is equivalent to the offering period. Expected Dividend Yield —The Company has not historically issued dividends and does not currently expect to issue a dividend in the future. |
Leases | Leases The Company determines if a contract is or contains a lease at inception. All of the Company’s leases are operating leases. Operating lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term, discounted using the Company’s incremental borrowing rate. As none of the Company’s leases provide an implicit rate, the incremental borrowing rate used is estimated based on what the Company would be required to pay for a collateralized loan over a similar term as the lease. The Company amortizes the present value of each right-of-use asset on a straight-line basis over its remaining lease term. Leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the consolidated balance sheets. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that such options will be exercised. Our lease agreements may contain variable costs such as common area maintenance, insurance, property tax, and other operating costs. Variable lease costs are expensed as incurred in the consolidated statements of operations. The Company does not separate non-lease components from lease components for its facility asset portfolio. |
Net Income Per Share Attributable to Common Stockholders | Net Income Per Share Attributable to Common Stockholders Basic and diluted net income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Holders of redeemable convertible preferred stock are each entitled to receive noncumulative dividends out of any funds legally available, when and if declared by the Company’s board of directors, payable prior and in preference to any dividends on any shares of common stock based on the proportion of common stock that would be held if all shares of redeemable convertible preferred stock were converted at the then-effective conversion rate. Redeemable convertible preferred stock is therefore considered a participating security and is included in the computation of earnings per share under the two-class method. Holders of redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. Under the two-class method, net income attributable to common stockholders is determined by allocating undistributed earnings, calculated as net income, less (i) current period redeemable convertible preferred stock noncumulative dividends and (ii) earnings attributable to participating securities. Basic net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs, PSUs, ESPP, redeemable convertible preferred stock, redeemable convertible preferred stock warrants, and common stock warrants. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, converting, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the consolidated statements of operations in the period that includes the enactment date. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. |
Legal Contingencies | Legal ContingenciesThe Company may be subject to claims and other legal matters from time to time. The Company records a liability when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. When the Company believes that a loss is reasonably possible, it will disclose an estimate of the possible loss or range of loss. The Company expects to periodically evaluate developments in the legal matters that could affect the amount of liability that the Company accrues, if any, and adjust as appropriate. Until the final resolution of any such matter for which the Company may record a liability, there may be a loss exposure in excess of the liability recorded and such amount could be significant. Legal fees are expensed as incurred, other than amounts capitalized as deferred offering costs, as discussed above. |
Cost of Revenue | Cost of Revenue Cost of revenue consists primarily of expenses related to cloud hosting, personnel-related expenses for the Company’s customer success team, costs for third-party platform access, software services and contractors, and other services used in connection with |
Research and Development | Research and Development Research and development expense is primarily comprised of personnel-related expenses associated with the Company’s engineering and product teams who are responsible for building new products and improving existing products. Research and development expense also includes costs for third-party services and contractors, information technology and software-related costs, and allocated overhead. Other than internal-use software development costs that qualify for capitalization, research and development costs are expensed as incurred. |
Advertising Expenses | Advertising Expenses Advertising costs are expensed as incurred and are included in sales and marketing expense in the consolidated statements of operations. |
Accounting Pronouncements Recently Adopted/ Accounting Pronouncements 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 performed its annual impairment assessment in the fourth quarter of fiscal 2022 under this new guidance. The adoption of this guidance did not have a material impact on the 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 expects the impact on the consolidated financial statements from the adoption of this standard to be immaterial. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customer , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606, Revenue from Contracts with Customers, |
Summary Significant Accountin_3
Summary Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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 Fiscal Year Ended March 31, As of March 31, 2022 2021 2020 2022 2021 Customer A * 12 % 12 % 21 % 25 % _______________ * Less than 10% |
Schedule of Property and Equipment | The estimated useful life of each asset category is as follows: Furniture and equipment 3-5 years Computers and software 3 years Internal-use software development costs 3 years Leasehold improvements Shorter of useful life or remaining lease term Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 2021 Furniture and equipment $ 336 $ 299 Computers and software 769 704 Leasehold improvements 796 549 Internal-use software development costs 15,057 10,908 Total property and equipment 16,958 12,460 Less: accumulated depreciation and amortization (8,470) (4,862) Total property and equipment, net $ 8,488 $ 7,598 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue consisted of the following (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Subscription $ 319,298 $ 192,256 $ 116,388 Other 24,250 14,641 — Total revenue $ 343,548 $ 206,897 $ 116,388 |
Changes in Deferred Revenue Balance | Changes in the Company’s deferred revenue balances were as follows (in thousands): As of March 31, 2022 2021 Beginning balance $ 83,492 $ 44,586 Additions, net, during the period 345,041 245,803 Revenue recognized from the beginning balance (82,534) (43,054) Revenue recognized from contracts invoiced during the period (261,014) (163,843) Ending balance $ 84,985 $ 83,492 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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 are as follows (in thousands): As of March 31, 2022 Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,686 $ — $ — $ 2,686 Money market funds 20,072 — — 20,072 Total cash equivalents 22,758 — — 22,758 Marketable securities: Asset-backed securities 7,791 — (51) 7,740 Commercial paper 9,436 — (53) 9,383 Corporate notes and bonds 129,900 — (1,796) 128,104 Sovereign bonds 8,770 — (334) 8,436 U.S. government and agency securities 549,901 — (18,260) 531,641 Total marketable securities 705,798 — (20,494) 685,304 Total cash equivalents and marketable securities $ 728,556 $ — $ (20,494) $ 708,062 The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands): As of March 31, 2021 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 March 31, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 157,948 Due in one year to three years 530,042 Total $ 687,990 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,686 $ — $ 2,686 Money market funds 20,072 — — 20,072 Total cash equivalents 20,072 2,686 — 22,758 Marketable securities: Asset-backed securities — 7,740 — 7,740 Commercial paper — 9,383 — 9,383 Corporate notes and bonds — 128,104 — 128,104 Sovereign bonds — 8,436 — 8,436 U.S. government and agency securities 530,174 1,467 — 531,641 Total marketable securities 530,174 155,130 — 685,304 Total cash equivalents and marketable securities $ 550,246 $ 157,816 $ — $ 708,062 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) | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The estimated useful life of each asset category is as follows: Furniture and equipment 3-5 years Computers and software 3 years Internal-use software development costs 3 years Leasehold improvements Shorter of useful life or remaining lease term Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 2021 Furniture and equipment $ 336 $ 299 Computers and software 769 704 Leasehold improvements 796 549 Internal-use software development costs 15,057 10,908 Total property and equipment 16,958 12,460 Less: accumulated depreciation and amortization (8,470) (4,862) Total property and equipment, net $ 8,488 $ 7,598 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other liabilities, current | Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2022 2021 Accrued commissions $ 6,653 $ 5,864 Accrued payroll, bonus, and related expenses 8,015 5,006 Employee contributions under employee stock purchase plan 621 — Rebate liabilities 4,933 1,458 Sales and other tax liabilities 785 410 Other 4,263 3,547 Total accrued expenses and other current liabilities $ 25,270 $ 16,285 |
Business Combinations, Intang_2
Business Combinations, Intangible Assets, and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchase Consideration Allocation | 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): As of March 31, 2022 2021 Customer relationships $ 9,869 $ 10,280 Domain names 11 436 Total intangible assets 9,880 10,716 Less: accumulated amortization (1,971) (1,120) Total intangible assets, net $ 7,909 $ 9,596 |
Future Amortization Expense | As of March 31, 2022, future amortization expense is as follows (in thousands): Years Ending March 31, Amount 2023 $ 990 2024 990 2025 990 2026 990 2027 988 Thereafter 2,961 Total future amortization expense $ 7,909 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Convertible Preferred Stock | A summary of the redeemable convertible preferred stock outstanding as of March 31, 2021 and other related information is as follows (in thousands): Series Shares Shares Carrying Liquidation A 27,636 27,636 $ 10,677 $ 10,756 B 26,314 26,314 17,014 17,075 C 22,400 22,337 53,767 53,841 Total 76,350 76,287 $ 81,458 $ 81,672 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands): March 31, 2022 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 766 250 2010 Plan Options outstanding 24,312 33,856 Shares available for future grant — 1,550 2021 Plan Performance-based restricted stock units outstanding 12 — Restricted stock units outstanding 534 — Shares available for future grant 22,466 — 2021 ESPP 4,471 — Options outstanding outside the Plans 2,671 2,720 Total 55,232 114,663 |
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 Average Remaining Contractual Term Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (10,823) 1.17 Options forfeited or expired (736) 3.16 Balance, March 31, 2022 26,983 4.15 7.63 1,293,545 Vested and exercisable as of March 31, 2022 8,113 1.77 6.15 408,238 Vested and expected to vest as of March 31, 2022 25,021 4.02 7.55 1,202,634 |
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: Fiscal Year Ended March 31, 2022 2021 2020 Fair value of common stock $18.41 - $21.41 $2.06 - $10.51 $1.58 - $1.91 Volatility 46.5% - 47.0% 38.1% - 58.3% 39.2% - 46.5% Risk-free interest rate 0.77% - 1.02% 0.26% - 1.02% 0.68% - 2.36% Expected term (in years) 5.00 - 6.09 5.00 - 8.00 5.94 - 10.00 Expected dividend —% —% —% |
Restricted Stock Unit Activity | The following table summarizes RSU activity during the fiscal year ended March 31, 2022 (in thousands, except per share information): Number of Shares Weighted- Unvested Balance, March 31, 2021 — $ — Granted 573 67.60 Vested (38) 59.04 Forfeited (1) 54.59 Unvested Balance, March 31, 2022 534 68.23 |
Employee Stock Purchase Plan Valuation Assumptions | The fair value of the ESPP stock purchase rights on the date of grant is determined using the Black-Scholes pricing model with the assumptions set forth in the following table: Fiscal Year Ended March 31, 2022 Fair value of common stock $57.44 - $73.73 Volatility 86.3% - 103.6% Risk-free interest rate 0.05% - 0.67% Expected term (in years) 0.29 - 0.49 Expected dividend —% |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the consolidated statement of operations for the fiscal years ended March 31, 2022, 2021, and 2020 was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cost of revenue $ 4,979 $ 600 $ 173 Research and development 7,065 1,975 710 Sales and marketing 8,108 1,998 847 General and administrative 11,290 2,679 623 Total stock-based compensation expense $ 31,442 $ 7,252 $ 2,353 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings 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): Fiscal Year Ended March 31, 2022 2021 2020 Numerator Net income $ 154,783 $ 50,210 $ 29,737 Less: undistributed earnings attributable to participating securities (21,526) (28,654) (18,908) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 133,257 $ 21,556 $ 10,829 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 163,484 74,342 66,758 Dilutive effect of assumed exercise of options to purchase common stock 27,290 20,612 14,892 Dilutive effect of assumed exercise of common stock warrants 234 180 60 Dilutive effect of other share-based awards 9 — — Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 191,017 95,134 81,710 Net income per share attributable to Class A and Class B common stockholders, basic $ 0.82 $ 0.29 $ 0.16 Net income per share attributable to Class A and Class B common stockholders, diluted $ 0.70 $ 0.23 $ 0.13 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings 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): Fiscal Year Ended March 31, 2022 2021 2020 Redeemable convertible preferred stock — 76,287 76,287 Stock options — — 578 Other share-based awards 217 — — Common stock warrants 247 — — Total 464 76,287 76,865 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s provision for (benefit from) income taxes consisted of the following (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Current provision: Federal $ 160 $ 1,302 $ — State 309 1,270 876 Total 469 2,572 876 Deferred provision (benefit): Federal (34,852) 4,862 (6,458) State (6,395) 125 (641) Total (41,247) 4,987 (7,099) Total provision for (benefit from) income taxes $ (40,778) $ 7,559 $ (6,223) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the income tax expense at the federal statutory tax rate to the Company’s provision for (benefit from) income taxes (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Income taxes at statutory rate $ 23,941 $ 12,131 $ 4,938 State income taxes, net of federal benefit 5,503 2,532 1,561 Research and development credits (8,332) (1,845) (1,842) Stock-based compensation (71,780) (5,796) 310 Change in valuation allowance 1,878 171 (11,995) Section 162(m) limitation 7,260 — — Other 752 366 805 Total provision for (benefit from) income taxes $ (40,778) $ 7,559 $ (6,223) |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows (in thousands): As of March 31, 2022 2021 Deferred tax assets: Accruals and deferred revenue $ 1,760 $ 1,257 Net operating loss carryforwards 32,215 486 Research & development credit carryforwards 12,310 4,516 Operating lease liabilities 276 315 Acquisition and other related expense 255 271 Stock-based compensation expense 3,847 431 Unrealized loss 5,199 — Gross deferred tax assets 55,862 7,276 Less: valuation allowance (4,731) (2,896) Deferred tax assets, net of valuation allowance 51,131 4,380 Deferred tax liabilities: Property and equipment (1,899) (1,701) Operating lease right-of-use assets (276) (336) Intangible assets (398) (231) Deferred tax liabilities (2,573) (2,268) Net deferred tax assets $ 48,558 $ 2,112 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balances for gross UTBs is as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Beginning balance $ 3,162 $ 2,475 $ 2,900 Additions for tax positions related to the current year 2,995 687 670 Additions for tax positions related to prior years 36 — — Reductions for tax positions related to prior years — — (1,095) Reductions related to a lapse of statute (5) — — Ending balance $ 6,188 $ 3,162 $ 2,475 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Cash Flow/Balance Sheet Information Related to Leases | The components of lease expense were as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Operating lease cost $ 1,159 $ 2,372 $ 2,010 Variable lease cost 114 143 — Total lease cost $ 1,273 $ 2,515 $ 2,010 Supplemental cash flow information related to leases was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 1,107 $ 2,569 $ 2,069 Supplemental balance sheet information related to leases was as follows (in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Weighted-average remaining lease term (in years) 1.64 1.37 1.15 Weighted-average discount rate 3.95 % 3.95 % 1.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2022 were as follows (in thousands): Operating Leases 2023 $ 673 2024 455 Total future lease payments 1,128 Less: imputed interest (39) Present value of lease liabilities 1,089 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) $ / shares in Units, $ in Millions | Jun. 08, 2021 | Jun. 30, 2021USD ($)$ / sharesshares |
Subsidiary, Sale of Stock [Line Items] | ||
Conversion of stock conversion ratio | 1 | |
Capitalized deferred offering costs | $ | $ 5.5 | |
Forward split ratio | 2 | |
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 | |
Redeemable convertible preferred stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Conversion of stock, shares converted (in shares) | 76,286,618 |
Summary of Significant Accounti
Summary of Significant Accounting Policies- Narrative (Details) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022USD ($)reporting_unit | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Advertising expense | $ | $ 2.8 | $ 2.6 | $ 2 |
Number of reporting units | reporting_unit | 1 | ||
Credit Concentration Risk | Accounts Receivable | Marketing Agency One | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Concentration risk, percentage | 17.00% | 18.00% | |
Sales Commissions For Subscriptions Of New And Expansion Hiring Solutions Contracts | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization period | 4 years | ||
Minimum | Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization period | 7 months | ||
Maximum | Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization period | 13 months | ||
Subscription, Hiring Solutions | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contractual terms | 12 months | ||
Subscription, Marketing Solutions | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contractual terms | 12 months | ||
Contract with customer, cancellation period | 30 days |
Summary of significant Accoun_2
Summary of significant Accounting Policies- Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer A - Customer Concentration Risk | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 12.00% | |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21.00% | 25.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies- Property, plant and equipment (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Computers and software | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Internal-use software development costs | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 343,548 | $ 206,897 | $ 116,388 |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 319,298 | 192,256 | 116,388 |
Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 24,250 | $ 14,641 | $ 0 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue Contract Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Change in Contract with Customer, Liability [Abstract] | ||
Beginning balance | $ 83,492 | $ 44,586 |
Additions, net, during the period | 345,041 | 245,803 |
Revenue recognized from the beginning balance | (82,534) | (43,054) |
Revenue recognized from contracts invoiced during the period | (261,014) | (163,843) |
Ending balance | $ 84,985 | $ 83,492 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled revenue | $ 1,400,000 | $ 700,000 | $ 200,000 |
Capitalized contract acquisition costs | 9,600,000 | 9,400,000 | 5,700,000 |
Amortization of deferred contract costs | 9,755,000 | 6,883,000 | 5,070,000 |
Deferred contract costs, impairment losses | $ 0 | $ 0 | $ 0 |
Investments - Cost, Gross Unrea
Investments - Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | $ 93,107 | |
Gross Unrealized Gains | $ 0 | 6 |
Gross Unrealized Losses | (20,494) | (27) |
Fair Value | 687,990 | 93,086 |
Cost or Amortized Cost, money market funds | 112,809 | 66,393 |
Cost or Amortized Cost, cash equivalents and marketable securities | 728,556 | |
Fair Value, cash equivalents and marketable securities | 708,062 | |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost, money market funds | 20,072 | |
Fair Value, money market funds | 20,072 | |
Cash and cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 16,946 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 16,945 | |
Cost or Amortized Cost, cash equivalents and marketable securities | 22,758 | |
Fair Value, cash equivalents and marketable securities | 22,758 | |
Cash and cash equivalents | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 2,686 | 2,290 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,686 | 2,290 |
Cash and cash equivalents | Corporate notes and bonds | ||
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 | |
Cash and cash equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 9,838 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 9,838 | |
Cash and cash equivalents | Certificates of deposit | ||
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 | |
Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 705,798 | 76,161 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized Losses | (20,494) | (26) |
Fair Value | 685,304 | 76,141 |
Available-for-sale securities | Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 129,900 | 46,662 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (1,796) | (24) |
Fair Value | 128,104 | 46,641 |
Available-for-sale securities | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 4,867 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Fair Value | 4,868 | |
Available-for-sale securities | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 7,791 | 3,264 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (51) | (1) |
Fair Value | 7,740 | 3,263 |
Available-for-sale securities | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 9,436 | 16,411 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (53) | 0 |
Fair Value | 9,383 | 16,412 |
Available-for-sale securities | Sovereign bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 8,770 | 1,100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (334) | (1) |
Fair Value | 8,436 | 1,099 |
Available-for-sale securities | U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 549,901 | 3,857 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (18,260) | 0 |
Fair Value | $ 531,641 | $ 3,858 |
Investments - Contractual Matur
Investments - Contractual Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 157,948 | |
Due in one year to three years | 530,042 | |
Fair Value | $ 687,990 | $ 93,086 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Accrued interest | $ 2,100,000 | $ 300,000 |
Unrealized losses related to debt securities | 20,494,000 | 27,000 |
Debt securities impairments loss | 0 | |
Debt securities credit losses | 0 | $ 0 |
Fair value of debt securities which no credit losses were recognized | $ 684,700,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 687,990 | $ 93,086 |
Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 16,945 | |
Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 685,304 | 76,141 |
Money market funds | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9,838 | |
Asset-backed securities | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,740 | 3,263 |
Certificates of deposit | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,301 | |
Certificates of deposit | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,868 | |
Commercial paper | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,686 | 2,290 |
Corporate notes and bonds | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,516 | |
Corporate notes and bonds | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 128,104 | 46,641 |
Sovereign bonds | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,436 | 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] | ||
Fair Value | 531,641 | 3,858 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 708,062 | 93,086 |
Fair Value, Recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 22,758 | 16,945 |
Fair Value, Recurring | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 685,304 | 76,141 |
Fair Value, Recurring | Money market funds | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 20,072 | 9,838 |
Fair Value, Recurring | Asset-backed securities | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,740 | 3,263 |
Fair Value, Recurring | Certificates of deposit | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 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] | ||
Fair Value | 4,868 | |
Fair Value, Recurring | Commercial paper | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,686 | 2,290 |
Fair Value, Recurring | Commercial paper | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9,383 | 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] | ||
Fair Value | 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] | ||
Fair Value | 128,104 | 46,641 |
Fair Value, Recurring | Sovereign bonds | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,436 | 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] | ||
Fair Value | 531,641 | 3,858 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 550,246 | 13,696 |
Level 1 | Fair Value, Recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 20,072 | 9,838 |
Level 1 | Fair Value, Recurring | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 530,174 | 3,858 |
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] | ||
Fair Value | 20,072 | 9,838 |
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] | ||
Fair Value | 0 | 0 |
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] | ||
Fair Value | 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] | ||
Fair Value | 0 | |
Level 1 | Fair Value, Recurring | Commercial paper | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 530,174 | 3,858 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 157,816 | 79,390 |
Level 2 | Fair Value, Recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,686 | 7,107 |
Level 2 | Fair Value, Recurring | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 155,130 | 72,283 |
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] | ||
Fair Value | 0 | 0 |
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] | ||
Fair Value | 7,740 | 3,263 |
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] | ||
Fair Value | 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] | ||
Fair Value | 4,868 | |
Level 2 | Fair Value, Recurring | Commercial paper | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,686 | 2,290 |
Level 2 | Fair Value, Recurring | Commercial paper | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9,383 | 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] | ||
Fair Value | 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] | ||
Fair Value | 128,104 | 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] | ||
Fair Value | 8,436 | 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] | ||
Fair Value | 1,467 | 0 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Recurring | Available-for-sale securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | 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] | ||
Fair Value | $ 0 | $ 0 |
Property and Equipment, Net - T
Property and Equipment, Net - Total Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 16,958 | $ 12,460 |
Less: accumulated depreciation and amortization | (8,470) | (4,862) |
Property and equipment, net | 8,488 | 7,598 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 336 | 299 |
Computers and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 769 | 704 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 796 | 549 |
Internal-use software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 15,057 | $ 10,908 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 4,000 | $ 2,600 | $ 900 |
Amortization of internal-use software development costs | 3,500 | 2,200 | 700 |
Capitalized internal-use software development costs | 4,300 | 4,600 | 4,100 |
Impairment charges | $ 0 | $ 0 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued commissions | $ 6,653 | $ 5,864 |
Accrued payroll, bonus, and related expenses | 8,015 | 5,006 |
Employee contributions under employee stock purchase plan | 621 | 0 |
Rebate liabilities | 4,933 | 1,458 |
Sales and other tax liabilities | 785 | 410 |
Other | 4,263 | 3,547 |
Accrued expenses and other current liabilities | $ 25,270 | $ 16,285 |
Business Combinations, Intang_3
Business Combinations, Intangible Assets, and Goodwill - Narrative (Details) - USD ($) | Apr. 01, 2020 | Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||||
Proceeds from sale of business | $ 0 | $ 4,230,000 | $ 0 | ||
Amortization of intangible assets | 1,000,000 | 1,100,000 | 0 | ||
Goodwill | 18,915,000 | 18,915,000 | |||
Goodwill, impairment | $ 0 | $ 0 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portion Of Curative Talent, LLC | |||||
Business Acquisition [Line Items] | |||||
Sale of business consideration | $ 4,700,000 | ||||
Proceeds from sale of business | 4,200,000 | ||||
Sale of business consideration, held in escrow | $ 500,000 | ||||
THMED, LLC | |||||
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 | ||||
THMED, LLC | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired, useful life | 10 years |
Business Combinations, Intang_4
Business Combinations, Intangible Assets, and Goodwill - Purchase Consideration Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 01, 2020 |
Liabilities assumed: | |||
Goodwill | $ 18,915 | $ 18,915 | |
THMED, LLC | |||
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 |
Business Combinations, Intang_5
Business Combinations, Intangible Assets, and Goodwill - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 9,880 | $ 10,716 |
Less: accumulated amortization | (1,971) | (1,120) |
Intangible assets, net | 7,909 | 9,596 |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | 9,869 | 10,280 |
Domain names | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 11 | $ 436 |
Business Combinations, Intang_6
Business Combinations, Intangible Assets, and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract] | ||
2023 | $ 990 | |
2024 | 990 | |
2025 | 990 | |
2026 | 990 | |
2027 | 988 | |
Thereafter | 2,961 | |
Intangible assets, net | $ 7,909 | $ 9,596 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 08, 2021vote | Jun. 30, 2021USD ($)shares | Mar. 31, 2022$ / sharesshares | Mar. 31, 2021USD ($)voteboard_of_directorseries$ / sharesshares | Mar. 31, 2020shares | Mar. 31, 2019shares | Aug. 31, 2012USD ($)$ / sharesshares |
Temporary Equity [Line Items] | |||||||
Number of outstanding series of redeemable convertible preferred stock | series | 3 | ||||||
Redeemable convertible preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Conversion of stock conversion ratio | 1 | ||||||
Reclassifications of temporary to permanent equity | $ | $ 81,500 | ||||||
Redeemable convertible preferred stock issued (in shares) | 0 | 76,287,000 | |||||
Redeemable convertible preferred stock outstanding (in shares) | 0 | 76,287,000 | 76,287,000 | 76,249,000 | |||
Common stock, number of votes per share | vote | 1 | ||||||
Temporary equity, election of board members, shares outstanding threshold (in shares) | 2,000,000 | ||||||
Temporary equity, shares outstanding threshold met, number of board of director members entitled to elect | board_of_director | 2 | ||||||
Common stock, holding majority, number of board of director members entitled to elect | board_of_director | 2 | ||||||
Conversion price (in dollars per share) | $ / shares | $ 2.41 | ||||||
Aggregate offering price conversion trigger | $ | $ 50,000 | ||||||
Common stock warrants (in shares) | 766,000 | 250,000 | |||||
Redeemable convertible preferred stock warrants | |||||||
Temporary Equity [Line Items] | |||||||
Common stock warrants (in shares) | 38,322 | ||||||
Exercise price called by warrants (in dollars per share) | $ / shares | $ 0.65 | ||||||
Warrants and rights outstanding | $ | $ 14 | ||||||
Redeemable convertible preferred stock warrants | Measurement Input, Expected Dividend Rate | Valuation Technique, Option Pricing Model | |||||||
Temporary Equity [Line Items] | |||||||
Warrant, measurement input | 0 | ||||||
Redeemable convertible preferred stock warrants | Measurement Input, Price Volatility | Valuation Technique, Option Pricing Model | |||||||
Temporary Equity [Line Items] | |||||||
Warrant, measurement input | 0.55 | ||||||
Redeemable convertible preferred stock warrants | Measurement Input, Risk Free Interest Rate | Valuation Technique, Option Pricing Model | |||||||
Temporary Equity [Line Items] | |||||||
Warrant, measurement input | 0.0113 | ||||||
Redeemable convertible preferred stock warrants | Measurement Input, Expected Term | Valuation Technique, Option Pricing Model | |||||||
Temporary Equity [Line Items] | |||||||
Warrants and rights outstanding, term | 7 years | ||||||
Common Class B | |||||||
Temporary Equity [Line Items] | |||||||
Conversion of stock, shares issued (in shares) | 76,286,618 | ||||||
Conversion of stock conversion ratio | 1 | ||||||
Common stock, number of votes per share | vote | 10 | ||||||
Series A | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock issued (in shares) | 27,636,000 | ||||||
Redeemable convertible preferred stock outstanding (in shares) | 27,636,000 | ||||||
Temporary equity, liquidation preference per share (in dollars per share) | $ / shares | $ 0.3892 | ||||||
Temporary equity, dividend rate (in dollars per share) | $ / shares | $ 0.03115 | ||||||
Series B | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock issued (in shares) | 26,314,000 | ||||||
Redeemable convertible preferred stock outstanding (in shares) | 26,314,000 | ||||||
Temporary equity, liquidation preference per share (in dollars per share) | $ / shares | $ 0.6488925 | ||||||
Temporary equity, dividend rate (in dollars per share) | $ / shares | $ 0.0519 | ||||||
Series C | |||||||
Temporary Equity [Line Items] | |||||||
Redeemable convertible preferred stock issued (in shares) | 22,337,000 | ||||||
Redeemable convertible preferred stock outstanding (in shares) | 22,337,000 | ||||||
Temporary equity, liquidation preference per share (in dollars per share) | $ / shares | $ 2.4104 | ||||||
Temporary equity, dividend rate (in dollars per share) | $ / shares | $ 0.19285 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, authorized (in shares) | 0 | 76,350,000 | ||
Redeemable convertible preferred stock issued (in shares) | 0 | 76,287,000 | ||
Carrying Value | $ 0 | $ 81,458 | $ 81,458 | $ 81,433 |
Liquidation Preference | $ 0 | $ 81,672 | ||
Series A | ||||
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, authorized (in shares) | 27,636,000 | |||
Redeemable convertible preferred stock issued (in shares) | 27,636,000 | |||
Carrying Value | $ 10,677 | |||
Liquidation Preference | $ 10,756 | |||
Series B | ||||
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, authorized (in shares) | 26,314,000 | |||
Redeemable convertible preferred stock issued (in shares) | 26,314,000 | |||
Carrying Value | $ 17,014 | |||
Liquidation Preference | $ 17,075 | |||
Series C | ||||
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, authorized (in shares) | 22,400,000 | |||
Redeemable convertible preferred stock issued (in shares) | 22,337,000 | |||
Carrying Value | $ 53,767 | |||
Liquidation Preference | $ 53,841 |
Equity - Preferred Stock (Detai
Equity - Preferred Stock (Details) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 |
Equity [Abstract] | |||
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 |
Equity - Common Stock and Creat
Equity - Common Stock and Creation of Dual-Class Structure (Details) | Jun. 08, 2021vote$ / sharesshares | Jun. 30, 2021 | Mar. 31, 2022$ / sharesshares | Mar. 31, 2021vote$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, authorized (in shares) | 1,500,000,000 | 198,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock, number of votes per share | vote | 1 | |||
Conversion of stock conversion ratio | 1 | |||
Common stock, outstanding (in shares) | 192,398,000 | 82,910,000 | ||
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) | 109,322,383 | |||
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 | |||
Conversion of stock conversion ratio | 1 | |||
Common stock, outstanding (in shares) | 83,076,040 | |||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion of stock (in shares) | 85,523,836 |
Equity - Common Stock Warrants
Equity - Common Stock Warrants (Details) $ / shares in Units, $ in Thousands | Oct. 08, 2021USD ($)shares | Jun. 14, 2021$ / sharesshares | Mar. 31, 2017$ / sharesshares | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock warrants (in shares) | shares | 766,000 | 250,000 | ||||
Stock based compensation expense | $ 31,442 | $ 7,252 | $ 2,353 | |||
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days | |||||
Contract With U S News World Report L P | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock warrants (in shares) | shares | 250,000 | |||||
Exercise price called by warrants (in dollars per share) | $ / shares | $ 0.72 | |||||
Warrants and rights outstanding, vesting period | 5 years | |||||
Warrants and rights outstanding, term | 10 years | |||||
U S News Warrant | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock warrants (in shares) | shares | 516,000 | 1,200,000 | ||||
Exercise price called by warrants (in dollars per share) | $ / shares | $ 12.56 | |||||
Warrants and rights outstanding, vesting period | 6 years 5 months 23 days | 6 years | ||||
Warrants and rights outstanding, term | 10 years | |||||
Warrants and rights outstanding | $ 34,700 | |||||
Stock based compensation expense | $ 2,600 | |||||
Unamortized compensation expense excluding option | $ 32,100 | |||||
Unamortized compensation expense, weighted average period of recognition | 6 years | |||||
U S News Warrant | Measurement Input, Share Price | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrant, measurement input | 76.50 | |||||
U S News Warrant | Measurement Input, Price Volatility | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrant, measurement input | 0.469 | |||||
U S News Warrant | Measurement Input, Risk Free Interest Rate | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrant, measurement input | 0.0161 | |||||
U S News Warrant | Measurement Input, Expected Term | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants and rights outstanding, term | 10 years | |||||
U S News Warrant | Measurement Input, Expected Dividend Rate | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrant, measurement input | 0 |
Equity - Equity Incentive Plans
Equity - Equity Incentive Plans (Details) - shares | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2010 | Mar. 31, 2022 | Mar. 31, 2018 | Jun. 30, 2021 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for future issuance (in shares) | 55,232,000 | 114,663,000 | |||
Options granted (in shares) | 1,966,000 | ||||
Options outstanding (in shares) | 26,983,000 | 36,576,000 | |||
2010 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options outstanding (in shares) | 24,312,000 | 33,856,000 | |||
2010 Plan | Stock options | |||||
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% | ||||
2021 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for future issuance (in shares) | 22,500,000 | ||||
Maximum annual increase of shares reserved for future issuance as a percentage of common stock outstanding | 5.00% | ||||
2021 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for future issuance (in shares) | 4,500,000 | ||||
Maximum annual increase of shares reserved for future issuance as a percentage of common stock outstanding | 1.00% | ||||
Maximum annual increase of shares reserved for future issuance (in shares) | 6,750,000 | ||||
Options outstanding outside the Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | 4,682,582 | ||||
Options exercised (in shares) | 2,011,252 | ||||
Options outstanding (in shares) | 2,671,330 | 2,720,000 |
Equity - Common Stock Reserved
Equity - Common Stock Reserved for Issuance (Details) - shares | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subsidiary or Equity Method Investee [Line Items] | |||||
Redeemable convertible preferred stock outstanding (in shares) | 0 | 76,287,000 | 76,287,000 | 76,249,000 | |
Common stock warrants (in shares) | 766,000 | 250,000 | |||
Options outstanding (in shares) | 26,983,000 | 36,576,000 | |||
Total | 55,232,000 | 114,663,000 | |||
Performance-Based Restricted Stock Units | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Units outstanding (in shares) | 0 | 0 | |||
Restricted Stock Units (RSUs) | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Units outstanding (in shares) | 0 | 0 | |||
2010 Plan | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Options outstanding (in shares) | 24,312,000 | 33,856,000 | |||
Shares available for future grant (in shares) | 0 | 1,550,000 | |||
2021 Plan | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Shares available for future grant (in shares) | 22,466,000 | 0 | |||
Total | 22,500,000 | ||||
2021 Plan | Performance-Based Restricted Stock Units | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Units outstanding (in shares) | 12,000 | 0 | |||
2021 Plan | Restricted Stock Units (RSUs) | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Units outstanding (in shares) | 534,000 | 0 | |||
2021 ESPP | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Shares available for future grant (in shares) | 4,471,000 | 0 | |||
Total | 4,500,000 | ||||
Options outstanding outside the Plans | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Options outstanding (in shares) | 2,671,330 | 2,720,000 |
Equity - Stock Option Activity
Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Shares | ||
Beginning balance (in shares) | 36,576 | |
Options granted (in shares) | 1,966 | |
Options exercised (in shares) | (10,823) | |
Options forfeited and expired (in shares) | (736) | |
Ending balance (in shares) | 26,983 | 36,576 |
Vested and exercisable, at end of period (in shares) | 8,113 | |
Vested and expected to vest, at end of period (in shares) | 25,021 | |
Weighted-Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 2.80 | |
Granted (in dollars per share) | 12.56 | |
Exercised (in dollars per share) | 1.17 | |
Forfeited or expired (in dollars per share) | 3.16 | |
Ending balance (in dollars per share) | 4.15 | $ 2.80 |
Weighted average exercise price, vested and exercisable at period end (in dollars per share) | 1.77 | |
Weighted average exercise price, vested and expected to vest at period end (in dollars per share) | $ 4.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Average remaining contractual term, outstanding | 7 years 7 months 17 days | 7 years 10 months 9 days |
Average remaining contractual term, vested and exercisable at period end | 6 years 1 month 24 days | |
Average remaining contractual term, vested and expected to vest at period end | 7 years 6 months 18 days | |
Aggregate intrinsic value, outstanding | $ 1,293,545 | $ 357,366 |
Aggregate intrinsic value, vested and exercisable at period end | 408,238 | |
Aggregate intrinsic value, vested and expected to vest at period end | $ 1,202,634 |
Equity - Stock Options (Details
Equity - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | |||
Unamortized compensation expense, option | $ 521.6 | $ 52.6 | $ 3 |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 10.73 | $ 3.18 | $ 0.77 |
Unamortized compensation expense, option | $ 55.2 | ||
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days |
Equity - Stock Options Valuatio
Equity - Stock Options Valuation Assumptions (Details) - Stock options - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 46.50% | 38.10% | 39.20% |
Expected volatility, maximum | 47.00% | 58.30% | 46.50% |
Risk free interest rate, minimum | 0.77% | 0.26% | 0.68% |
Risk free interest rate, maximum | 1.02% | 1.02% | 2.36% |
Dividend yield (in percent) | 0.00% | 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 | $ 1.58 |
Expected term (in years) | 5 years | 5 years | 5 years 11 months 8 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of common stock (in dollars per share) | $ 21.41 | $ 10.51 | $ 1.91 |
Expected term (in years) | 6 years 1 month 2 days | 8 years | 10 years |
Equity - Performance-Based Opti
Equity - Performance-Based Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 1,966,000 | |||
Granted (in dollars per share) | $ 12.56 | |||
Stock based compensation expense | $ 31,442 | $ 7,252 | $ 2,353 | |
Unamortized compensation expense, option | $ 55,200 | |||
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days | |||
Options outstanding (in shares) | 26,983,000 | 36,576,000 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 1,700 | |||
Unamortized compensation expense, option | $ 1,400 | |||
Options outstanding (in shares) | 480,000 | |||
Chief Executive Officer | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 1,792,000 | |||
Granted (in dollars per share) | $ 0.97 | |||
Stock based compensation expense | $ 1,700 | |||
Unamortized compensation expense, option | $ 200 | |||
Unamortized compensation expense, weighted average period of recognition | 2 months 1 day |
Equity - Restricted Stock Units
Equity - Restricted Stock Units (Details) - USD ($) $ in Millions | Jun. 24, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 572,904 | |||
Total fair value of vested equity instruments | $ 2.5 | |||
Unamortized compensation expense excluding option | $ 26.3 | |||
Unamortized compensation expense, weighted average period of recognition | 3 years 6 months 3 days | |||
Units outstanding (in shares) | 0 | 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] | ||||
Granted (in 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 |
Equity - Restricted Stock Unit
Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 572,904 |
Vested (in shares) | shares | (38,000) |
Forfeited (in shares) | shares | (1,000) |
Ending balance (in shares) | shares | 534,000 |
Weighted- Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 67.60 |
Vested (in dollars per share) | $ / shares | 59.04 |
Forfeited (in dollars per share) | $ / shares | 54.59 |
Ending balance (in dollars per share) | $ / shares | $ 68.23 |
Equity - Performance-Based Rest
Equity - Performance-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 31,442 | $ 7,252 | $ 2,353 |
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days | ||
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 15,239 | ||
Granted (in dollars per share) | $ 80 | ||
Forfeited (in shares) | 3,170 | ||
Unvested (in shares) | 12,069 | ||
Stock based compensation expense | $ 600 | ||
Unamortized compensation expense excluding option | $ 300 | ||
Unamortized compensation expense, weighted average period of recognition | 4 months 17 days | ||
Units outstanding (in shares) | 0 | 0 |
Equity - Employee Stock Purchas
Equity - Employee Stock Purchase Plan (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unamortized compensation expense, weighted average period of recognition | 3 years 14 days |
Employee Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock under an employee stock purchase plan as a percentage of market price | 85.00% |
Granted (in dollars per share) | $ 23.84 |
Unamortized compensation expense excluding option | $ | $ 0.9 |
Unamortized compensation expense, weighted average period of recognition | 4 months 17 days |
Employee stock purchase plan (in shares) | shares | 28,812 |
Employee stock purchase plan price per share (in dollars per share) | $ 48.40 |
Equity - Employee Stock Purch_2
Equity - Employee Stock Purchase Plan Valuation Assumptions (Details) - Employee Stock | 12 Months Ended |
Mar. 31, 2022$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 86.30% |
Expected volatility, maximum | 103.60% |
Risk free interest rate, minimum | 0.05% |
Risk free interest rate, maximum | 0.67% |
Dividend yield (in percent) | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of common stock (in dollars per share) | $ 57.44 |
Expected term (in years) | 3 months 14 days |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of common stock (in dollars per share) | $ 73.73 |
Expected term (in years) | 5 months 26 days |
Equity - Stock-Based Compensati
Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 31,442 | $ 7,252 | $ 2,353 |
Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 4,979 | 600 | 173 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 7,065 | 1,975 | 710 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 8,108 | 1,998 | 847 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 11,290 | $ 2,679 | $ 623 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Common Stockholders- Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator | |||
Net income | $ 154,783 | $ 50,210 | $ 29,737 |
Undistributed earnings attributable to participating securities, basic | (21,526) | (28,654) | (18,908) |
Undistributed earnings attributable to participating securities, diluted | (21,526) | (28,654) | (18,908) |
Net income attributable to Class A and Class B common stockholders, basic | 133,257 | 21,556 | 10,829 |
Net income attributable to Class A and Class B common stockholders, diluted | $ 133,257 | $ 21,556 | $ 10,829 |
Denominator | |||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) | 163,484 | 74,342 | 66,758 |
Dilutive effect of assumed exercise of common stock warrants (in shares) | 234 | 180 | 60 |
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares) | 191,017 | 95,134 | 81,710 |
Net income per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ 0.82 | $ 0.29 | $ 0.16 |
Net income per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ 0.70 | $ 0.23 | $ 0.13 |
Stock options | |||
Denominator | |||
Dilutive effect of share-based payment (in shares) | 27,290 | 20,612 | 14,892 |
Other share-based awards | |||
Denominator | |||
Dilutive effect of share-based payment (in shares) | 9 | 0 | 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 | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 464 | 76,287 | 76,865 |
Redeemable convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 76,287 | 76,287 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 | 578 |
Other share-based awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 217 | 0 | 0 |
Common stock warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 247 | 0 | 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Current provision: | |||
Federal | $ 160 | $ 1,302 | $ 0 |
State | 309 | 1,270 | 876 |
Total | 469 | 2,572 | 876 |
Deferred provision (benefit): | |||
Federal | (34,852) | 4,862 | (6,458) |
State | (6,395) | 125 | (641) |
Total | (41,247) | 4,987 | (7,099) |
Provision for (benefit from) income taxes | $ (40,778) | $ 7,559 | $ (6,223) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rate | $ 23,941 | $ 12,131 | $ 4,938 |
State income taxes, net of federal benefit | 5,503 | 2,532 | 1,561 |
Research and development credits | (8,332) | (1,845) | (1,842) |
Stock-based compensation | (71,780) | (5,796) | 310 |
Change in valuation allowance | 1,878 | 171 | (11,995) |
Section 162(m) limitation | 7,260 | 0 | 0 |
Other | 752 | 366 | 805 |
Provision for (benefit from) income taxes | $ (40,778) | $ 7,559 | $ (6,223) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Deferred tax assets: | ||
Accruals and deferred revenue | $ 1,760 | $ 1,257 |
Net operating loss carryforwards | 32,215 | 486 |
Research & development credit carryforwards | 12,310 | 4,516 |
Operating lease liabilities | 276 | 315 |
Acquisition and other related expense | 255 | 271 |
Stock-based compensation expense | 3,847 | 431 |
Unrealized loss | 5,199 | 0 |
Gross deferred tax assets | 55,862 | 7,276 |
Less: valuation allowance | (4,731) | (2,896) |
Deferred tax assets, net of valuation allowance | 51,131 | 4,380 |
Deferred tax liabilities: | ||
Property and equipment | (1,899) | (1,701) |
Operating lease right-of-use assets | (276) | (336) |
Intangible assets | (398) | (231) |
Deferred tax liabilities | (2,573) | (2,268) |
Net deferred tax assets | $ 48,558 | $ 2,112 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance | $ 4,731 | $ 2,896 | ||
Increase in valuation allowance | 1,800 | 0 | ||
Net operating loss carryforwards, state | 97,100 | |||
Net operating loss carryforwards, federal | 124,100 | |||
State net operating loss carryforwards subject to expiration | 83,600 | |||
State research and development tax credit carryforwards subject to expiration | 200 | |||
Unrecognized tax benefits | 6,188 | $ 3,162 | $ 2,475 | $ 2,900 |
Effective tax rate | 4,200 | |||
Domestic Tax Authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards, research | 11,400 | |||
State and Local Jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards, research | $ 8,400 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 3,162 | $ 2,475 | $ 2,900 |
Additions for tax positions related to the current year | 2,995 | 687 | 670 |
Additions for tax positions related to prior years | 36 | 0 | 0 |
Reductions for tax positions related to prior years | 0 | 0 | (1,095) |
Reductions related to a lapse of statute | (5) | 0 | 0 |
Ending balance | $ 6,188 | $ 3,162 | $ 2,475 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) | May 15, 2022 | Apr. 01, 2022 | Oct. 08, 2021 | May 27, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 |
Other Commitments [Line Items] | |||||||||
Lease term for lease not yet commenced | 8 years | ||||||||
Total undiscounted lease payments for lease not yet commenced | $ 17,900,000 | ||||||||
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 | $ 9,100,000 | ||||||||
Hosting arrangement period | 3 years | ||||||||
Hosting arrangement annual commitment | $ 5,200,000 | ||||||||
Loss contingency | $ 0 | $ 0 | $ 0 | ||||||
Restricted Stock Units (RSUs) | |||||||||
Other Commitments [Line Items] | |||||||||
Granted (in shares) | 572,904 | ||||||||
Granted (in dollars per share) | $ 67.60 | ||||||||
Restricted Stock Units (RSUs) | Subsequent Event | |||||||||
Other Commitments [Line Items] | |||||||||
Granted (in shares) | 563,689 | 93,458 | |||||||
Granted (in dollars per share) | $ 32.99 | ||||||||
AMiON | Subsequent Event | |||||||||
Other Commitments [Line Items] | |||||||||
Payments to acquire businesses | $ 53,500,000 | ||||||||
Business combination, contingent consideration, liability | $ 24,000,000 | ||||||||
Business combination contingent consideration liability payable period | 4 years | ||||||||
Minimum | |||||||||
Other Commitments [Line Items] | |||||||||
Partnership agreement, annual revenue guarantee to partnering company | 2,500,000 | ||||||||
Maximum | |||||||||
Other Commitments [Line Items] | |||||||||
Partnership agreement, annual revenue guarantee to partnering company | $ 6,200,000 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 1,159 | $ 2,372 | $ 2,010 |
Variable lease cost | 114 | 143 | 0 |
Total lease cost | $ 1,273 | $ 2,515 | $ 2,010 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | |||
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows | $ 1,107 | $ 2,569 | $ 2,069 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | |||
Weighted-average remaining lease term (in years) | 1 year 7 months 20 days | 1 year 4 months 13 days | 1 year 1 month 24 days |
Weighted-average discount rate | 3.95% | 3.95% | 1.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2023 | $ 673 |
2024 | 455 |
Total future lease payments | 1,128 |
Less: imputed interest | (39) |
Present value of lease liabilities | $ 1,089 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Postemployment Benefits [Abstract] | |||
Employer discretionary contribution amount | $ 2.1 | $ 1.3 | $ 0.7 |
Segment and Geographic Inform_2
Segment and Geographic Information (Details) | 12 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of Reportable Segments | 1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | May 15, 2022 | May 12, 2022 | May 27, 2022 | Mar. 31, 2022 |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 70 | |||
Stock repurchase program, period in force | 12 months | |||
Restricted Stock Units (RSUs) | ||||
Subsequent Event [Line Items] | ||||
Granted (in shares) | 572,904 | |||
Restricted Stock Units (RSUs) | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Granted (in shares) | 563,689 | 93,458 | ||
Fair value of granted equity instruments | $ 18.6 | |||
Award vesting period | 4 years |