Doximity (DOCS) 10-Q 10 Nov 22 2023 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40508
Entity Registrant Name	Doximity, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2485512
Entity Address, Address Line One	500 3rd St.
Entity Address, Address Line Two	Suite 510
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	650
Local Phone Number	549-4330
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	DOCS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001516513
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		113,525,677
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		78,962,550

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 73,674	$ 112,809
Marketable securities	676,317	685,304
Accounts receivable, net of allowance for doubtful accounts of $427 and $359 at September 30, 2022 and March 31, 2022, respectively	79,236	81,073
Prepaid expenses and other current assets	15,691	19,439
Deferred contract costs, current	2,999	5,512
Total current assets	847,917	904,137
Property and equipment, net	11,647	8,488
Deferred income tax assets	50,583	48,558
Operating lease right-of-use assets	14,894	1,087
Intangible assets, net	34,232	7,909
Goodwill	67,940	18,915
Other assets	1,130	2,263
Total assets	1,028,343	991,357
Current liabilities:
Accounts payable	1,106	463
Accrued expenses and other current liabilities	26,408	25,270
Deferred revenue, current	89,616	84,907
Operating lease liabilities, current	1,013	642
Total current liabilities	118,143	111,282
Deferred revenue, non-current	166	78
Operating lease liabilities, non-current	14,625	447
Contingent earn-out consideration liability, non-current	15,422	0
Other liabilities, non-current	1,023	956
Total liabilities	149,379	112,763
Commitments and contingencies (Note 12)
Stockholders' Equity
Preferred stock, $0.001 par value; 100,000 shares authorized as of September 30, 2022 and March 31, 2022, respectively; zero shares issued and outstanding as of September 30, 2022 and March 31, 2022, respectively	0	0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of September 30, 2022 and March 31, 2022, respectively; 192,302 and 192,398 shares issued and outstanding as of September 30, 2022 and March 31, 2022, respectively	192	192
Additional paid-in capital	730,582	702,589
Accumulated other comprehensive loss	(21,559)	(15,294)
Retained earnings	169,749	191,107
Total stockholders’ equity	878,964	878,594
Total liabilities and stockholders’ equity	$ 1,028,343	$ 991,357

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 427	$ 359
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
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	1,500,000,000
Common stock, issued (in shares)	192,302,000	192,398,000
Common stock, outstanding (in shares)	192,302,000	192,398,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 102,185	$ 79,350	$ 192,824	$ 152,019
Cost of revenue	13,210	8,951	26,287	16,937
Gross profit	88,975	70,399	166,537	135,082
Operating expenses:
Research and development	19,104	15,460	38,126	28,701
Sales and marketing	29,021	21,161	57,155	40,532
General and administrative	8,749	8,827	17,473	16,023
Total operating expenses	56,874	45,448	112,754	85,256
Income from operations	32,101	24,951	53,783	49,826
Other income, net	908	420	1,712	465
Income before income taxes	33,009	25,371	55,495	50,291
Provision for (benefit from) income taxes	6,710	(10,717)	6,813	(12,119)
Net income	26,299	36,088	48,682	62,410
Undistributed earnings attributable to participating securities, basic	0	0	0	(18,326)
Undistributed earnings attributable to participating securities, diluted	0	0	0	(18,326)
Net income attributable to Class A and Class B common stockholders, basic	26,299	36,088	48,682	44,084
Net income attributable to Class A and Class B common stockholders, diluted	$ 26,299	$ 36,088	$ 48,682	$ 44,084
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.14	$ 0.19	$ 0.25	$ 0.32
Diluted (in dollars per share)	$ 0.12	$ 0.17	$ 0.23	$ 0.27
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic (in shares)	193,137	186,171	193,042	137,154
Diluted (in shares)	213,949	216,672	214,452	166,066

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 26,299	$ 36,088	$ 48,682	$ 62,410
Other comprehensive loss
Change in unrealized loss on available-for-sale-securities, net of tax of $1,235, $0, $2,130, and $0, respectively	(3,634)	(706)	(6,265)	(754)
Comprehensive income	$ 22,665	$ 35,382	$ 42,417	$ 61,656

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Change in unrealized loss on available-for-sale-securities, tax	$ 1,235	$ 0	$ 2,130	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Mar. 31, 2021	76,287,000
Beginning balance at Mar. 31, 2021	$ 81,458
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock upon initial public offering (in shares)	(76,287,000)
Conversion of redeemable convertible preferred stock upon initial public offering	$ (81,458)
Ending balance (in shares) at Sep. 30, 2021	0
Ending balance at Sep. 30, 2021	$ 0
Beginning balance (in shares) at Mar. 31, 2021		82,910,000
Beginning balance at Mar. 31, 2021	66,743	$ 83	$ 30,357	$ (21)	$ 36,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11,916		11,916
Exercise of stock options (in shares)		5,446,000
Exercise of stock options	5,065	$ 6	5,059
Vesting of restricted stock units (in shares)		3,000
Tax withholding on shares under stock-based compensation awards	(56)		(56)
Repurchase and retirement of common stock (in shares)		(181,000)
Repurchase and retirement of common stock	(2,698)		(2,698)
Common stock warrant expense	24		24
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 offering costs (in shares)		22,506,000
Issuance of common stock upon initial public offering, net of offering costs	548,452	$ 22	548,430
Other comprehensive loss	(754)			(754)
Net income	62,410				62,410
Ending balance (in shares) at Sep. 30, 2021		186,971,000
Ending balance at Sep. 30, 2021	$ 772,560	$ 187	674,414	(775)	98,734
Beginning balance (in shares) at Jun. 30, 2021	0
Beginning balance at Jun. 30, 2021	$ 0
Ending balance (in shares) at Sep. 30, 2021	0
Ending balance at Sep. 30, 2021	$ 0
Beginning balance (in shares) at Jun. 30, 2021		185,207,000
Beginning balance at Jun. 30, 2021	728,452	$ 185	665,690	(69)	62,646
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,740		6,740
Exercise of stock options (in shares)		1,761,000
Exercise of stock options	2,030	$ 2	2,028
Vesting of restricted stock units (in shares)		3,000
Tax withholding on shares under stock-based compensation awards	(56)		(56)
Common stock warrant expense	12		12
Other comprehensive loss	(706)			(706)
Net income	36,088				36,088
Ending balance (in shares) at Sep. 30, 2021		186,971,000
Ending balance at Sep. 30, 2021	$ 772,560	$ 187	674,414	(775)	98,734
Beginning balance (in shares) at Mar. 31, 2022	0
Beginning balance at Mar. 31, 2022	$ 0
Ending balance (in shares) at Sep. 30, 2022	0
Ending balance at Sep. 30, 2022	$ 0
Beginning balance (in shares) at Mar. 31, 2022		192,398,000
Beginning balance at Mar. 31, 2022	878,594	$ 192	702,589	(15,294)	191,107
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	18,622		18,622
Exercise of stock options and common stock warrants (in shares)		1,912,000
Exercise of stock options and common stock warrants	$ 5,608	$ 2	5,606
Exercise of stock options (in shares)	1,787,000
Vesting of restricted stock units (in shares)		69,000
Tax withholding on shares under stock-based compensation awards	$ (1,261)		(1,261)
Repurchase and retirement of common stock (in shares)	(2,150,982)	(2,151,000)
Repurchase and retirement of common stock	$ (70,042)	$ (2)			(70,040)
Common stock warrant expense	2,685		2,685
Issuance of common stock in connection with the employee stock purchase plan (in shares)		74,000
Issuance of common stock in connection with the employee stock purchase plan	2,341		2,341
Other comprehensive loss	(6,265)			(6,265)
Net income	48,682				48,682
Ending balance (in shares) at Sep. 30, 2022		192,302,000
Ending balance at Sep. 30, 2022	$ 878,964	$ 192	730,582	(21,559)	169,749
Beginning balance (in shares) at Jun. 30, 2022	0
Beginning balance at Jun. 30, 2022	$ 0
Ending balance (in shares) at Sep. 30, 2022	0
Ending balance at Sep. 30, 2022	$ 0
Beginning balance (in shares) at Jun. 30, 2022		193,336,000
Beginning balance at Jun. 30, 2022	902,166	$ 193	715,282	(17,925)	204,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,177		10,177
Exercise of stock options (in shares)		708,000
Exercise of stock options	2,585	$ 1	2,584
Vesting of restricted stock units (in shares)		61,000
Tax withholding on shares under stock-based compensation awards	(1,152)		(1,152)
Repurchase and retirement of common stock (in shares)		(1,877,000)
Repurchase and retirement of common stock	(61,168)	$ (2)			(61,166)
Common stock warrant expense	1,350		1,350
Issuance of common stock in connection with the employee stock purchase plan (in shares)		74,000
Issuance of common stock in connection with the employee stock purchase plan	2,341		2,341
Other comprehensive loss	(3,634)			(3,634)
Net income	26,299				26,299
Ending balance (in shares) at Sep. 30, 2022		192,302,000
Ending balance at Sep. 30, 2022	$ 878,964	$ 192	$ 730,582	$ (21,559)	$ 169,749

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 48,682	$ 62,410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,959	2,311
Deferred income taxes	105	0
Stock-based compensation, net of amounts capitalized	20,859	11,799
Non-cash lease expense	952	569
Amortization of premium on marketable securities, net	2,673	1,561
Loss (gain) on sale of marketable securities	500	(70)
Amortization of deferred contract costs	4,839	5,656
Other	7	195
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable	2,194	(5,556)
Prepaid expenses and other assets	3,651	(17,728)
Deferred contract costs	(2,342)	(2,975)
Accounts payable, accrued expenses and other liabilities	(4,474)	(780)
Deferred revenue	1,872	(4,427)
Operating lease liabilities	(211)	(638)
Net cash provided by operating activities	84,266	52,327
Cash flows from investing activities
Cash paid for acquisition	(53,500)	0
Purchases of property and equipment	(1,476)	(241)
Internal-use software development costs	(2,466)	(1,671)
Purchases of marketable securities	(91,177)	(1,156,143)
Maturities of marketable securities	24,438	35,551
Sales of marketable securities	64,158	531,076
Net cash used in investing activities	(60,023)	(591,428)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions	0	553,905
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants	5,584	5,060
Proceeds from issuance of common stock in connection with the employee stock purchase plan	2,341	0
Taxes paid related to net share settlement of equity awards	(1,261)	(56)
Repurchase of common stock	(70,042)	(2,698)
Payments of deferred offering costs	0	(3,982)
Net cash provided by (used in) financing activities	(63,378)	552,229
Net increase (decrease) in cash and cash equivalents	(39,135)	13,128
Cash and cash equivalents, beginning of period	112,809	66,393
Cash and cash equivalents, end of period	73,674	79,521
Supplemental disclosures of cash flow information
Cash paid for taxes	123	180
Non-cash financing and investing activities
Conversion of redeemable convertible preferred stock to common stock	0	81,458
Capitalized stock-based compensation for internal-use software development costs	448	141
Property and equipment included in accounts payable and accrued expenses	109	134
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 14,759	$ 0

Description of Business

Description of Business	6 Months Ended
	Sep. 30, 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, monitor their work schedules, and manage their careers. The Company’s customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company’s digital Marketing and Hiring Solutions. Marketing Solutions provide customers with the ability to share tailored content on the network. Hiring Solutions enable customers to identify, connect with, and hire from the network of both active and passive potential physician candidates. Initial Public Offering In June 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 22,505,750 shares of its Class A common stock at $26.00 per share, including 3,495,000 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The Company received proceeds of $548.5 million after deducting underwriting discounts and commissions as well as deferred offering costs. In connection with the IPO, all 76,286,618 shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. Deferred offering costs, which consist of direct incremental legal, consulting, banking, and accounting fees relating to the Company’s planned initial public offering, were capitalized. Upon the consummation of the IPO, $5.5 million of deferred offering costs were offset against proceeds. Stock Split

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies of the Company as compared to those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and filed with the SEC on May 27, 2022. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022. The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2022, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2023. 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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, 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, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and 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 Three Months Ended September 30, Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 2022 2021 Customer A * * * 10 % * 21 % _______________ * Less than 10% For the purpose of assessing the 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. Accounting Pronouncements Recently 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. Most amendments within this guidance are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted this guidance on April 1, 2022, and the adoption of this guidance did not have a material impact on the condensed consolidated financial statements. 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,

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from the sale of subscriptions for the following solutions: • Marketing Solutions : Hosting of customer-sponsored content on the Doximity platform and providing access to the Company’s professional database of healthcare professionals for referral or marketing purposes during the subscription period. • Hiring Solutions : Providing customers access to the Company’s professional tools where recruiters can access the Company’s database of healthcare professionals, allowing customers to send messages for talent sourcing and to share job postings during the subscription period. The Company determines revenue recognition in accordance with ASC 606, Revenue from Contracts with Customers , through the following five steps: 1) Identify the contract with a customer The Company considers the terms and conditions of its contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined that the customer has 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, the customer’s credit and financial information. 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. Hiring Solutions contracts 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 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. Subscriptions to Hiring Solutions provide customers access to the platform to place targeted job postings and send a fixed number of monthly messages. Each subscription is treated as a series of distinct performance obligations that are satisfied over time. 3) Determine the transaction price The transaction price is determined based on the consideration the Company expects to be entitled to in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company may generate sales through the use of third-party media agencies that are authorized to enter into contracts on behalf of an end customer. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the customer and is primarily responsible for the fulfillment that occurs through the Company’s platform. The Company records revenue for the amount to which it is entitled from the third-party media agencies as the Company does not know and expects not to know the price charged by the third-party media agencies to its customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price (“SSP”). The determination of a SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the type of services being sold, and other factors. The estimate of SSP is based on historical sales of standalone services. The Company estimates the SSP for arrangements where standalone sales do not provide sufficient evidence of the SSP. The Company believes the use of its estimation approach and allocation of the transaction price on a relative SSP basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. 5) Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized when or as control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Subscriptions represent a series of distinct goods or services because the performance obligations are satisfied over time as customers simultaneously receive and consume the benefits related to the services as the Company performs. In the case of module specific subscriptions, a consistent level of service is provided during each monthly period the sponsored content is available on the Company’s platform. The Company commences revenue recognition when the first content is launched on the platform for the initial monthly period and revenue is recognized over time as each subsequent content period is delivered. The Company’s obligation for its integrated subscriptions is to stand-ready throughout the subscription period; therefore, the Company considers an output method of time to measure progress towards satisfaction of its obligations, with revenue commencing upon the beginning of the subscription period. The Company treats Hiring Solutions subscriptions as a single performance obligation that represents a series of distinct performance obligations that is satisfied over time. Revenue recognition commences when the customer receives access to the services. Revenue Disaggregation Revenue consisted of the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Subscription $ 95,333 $ 74,069 $ 179,048 $ 142,444 Other 6,852 5,281 13,776 9,575 Total revenue $ 102,185 $ 79,350 $ 192,824 $ 152,019 Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. A majority of customers are invoiced throughout the contract, while others are billed upfront. 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 condensed consolidated balance sheets within prepaid expenses and other current assets. The Company’s unbilled revenue balances were $1.8 million and $1.4 million as of September 30, 2022 and March 31, 2022, respectively. 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. Revenue recognized for the three months ended September 30, 2022 and 2021 from amounts included in deferred revenue as of the beginning of the period was $64.3 million and $53.0 million, respectively. Revenue recognized for the six months ended September 30, 2022 and 2021 from amounts included in deferred revenue as of the beginning of the period was $75.6 million and $70.6 million, respectively. Deferred Contract Costs The Company capitalizes sales compensation that is considered to be incremental and recoverable costs of obtaining a contract with a customer. Sales compensation earned for the renewal of Marketing Solutions contracts is commensurate with compensation earned for a new or expansion Marketing Solutions contract, whereas compensation for the renewal of Hiring Solutions subscription contracts is 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. The portion of deferred compensation expected to be recognized within one year of the balance sheet date is recorded as deferred contract costs, current, and the remaining portion is recorded as other assets on the condensed consolidated balance sheets. Amortized costs are included in cost of revenue and sales and marketing expense in the condensed consolidated statements of operations. Sales compensation that are not considered incremental costs are expensed in the same period as they are earned. The Company capitalized $1.5 million and $2.3 million of contract acquisition costs for the three and six months ended September 30, 2022, respectively, and $1.5 million and $3.0 million of contract acquisition costs for the three and six months ended September 30, 2021, respectively. Amortization of deferred contract costs was $2.1 million and $4.8 million for the three and six months ended September 30, 2022, respectively, and $2.5 million and $5.7 million for the three and six months ended September 30, 2021, respectively.

Investments

Investments	6 Months Ended
	Sep. 30, 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 September 30, 2022 Cost or Gross Gross Fair Value Cash equivalents: Money market funds $ 4,412 $ — $ — $ 4,412 Total cash equivalents 4,412 — — 4,412 Marketable securities: Asset-backed securities 6,568 — (116) 6,452 Certificates of deposit 15,414 — (77) 15,337 Commercial paper 44,112 — (112) 44,000 Corporate notes and bonds 131,504 — (2,376) 129,128 Sovereign bonds 7,741 — (488) 7,253 U.S. government and agency securities 499,867 — (25,720) 474,147 Total marketable securities 705,206 — (28,889) 676,317 Total cash equivalents and marketable securities $ 709,618 $ — $ (28,889) $ 680,729 As of September 30, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 248,716 Due in one year to three years 427,601 Total $ 676,317 The cost, gross unrealized gains and losses, and fair value of investments were 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 September 30, 2022 and March 31, 2022, the Company has recognized accrued interest of $2.0 million and $2.1 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Available-for-sale debt securities are recorded at fair value on the condensed 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. The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,412 $ — $ — $ 4,412 Total cash equivalents 4,412 — — 4,412 Marketable securities: Asset-backed securities — 6,452 — 6,452 Certificates of deposit — 15,337 — 15,337 Commercial paper — 44,000 — 44,000 Corporate notes and bonds — 129,128 — 129,128 Sovereign bonds — 7,253 — 7,253 U.S. government and agency securities 474,147 — — 474,147 Total marketable securities 474,147 202,170 — 676,317 Total cash equivalents and marketable securities $ 478,559 $ 202,170 $ — $ 680,729 Liabilities: Contingent earn-out consideration liability $ — $ — $ 21,040 $ 21,040 Total contingent earn-out consideration liability $ — $ — $ 21,040 $ 21,040 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 During the six months ended September 30, 2022 and 2021, the Company had no transfers between levels of the fair value hierarchy. Contingent Earn-out Consideration Liability The following table summarizes the changes in the contingent earn-out consideration liability (in thousands): Six Months Ended September 30, 2022 Beginning fair value $ — Additions in the period 21,134 Change in fair value (94) Ending fair value $ 21,040 The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the condensed consolidated statements of operations. To determine the fair value of the contingent earn-out consideration liability, the Company used the discounted cash flow method. The significant inputs used in the fair value measurement of the contingent earn-out consideration liability are the discount rate and the timing and amounts of the future payments, which are based upon estimates of future achievement of the performance metrics. As these inputs are not based on observable market data, they represent a Level 3 measurement within the fair value hierarchy. Changes in the significant inputs used would significantly impact the fair value of the contingent earn-out consideration liability.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2022 March 31, 2022 Furniture and equipment $ 2,701 $ 336 Computers and software 745 769 Leasehold improvements 888 796 Internal-use software development costs 17,971 15,057 Total property and equipment 22,305 16,958 Less: accumulated depreciation and amortization (10,658) (8,470) Total property and equipment, net $ 11,647 $ 8,488 Depreciation and amortization expense on property and equipment for the three and six months ended September 30, 2022 was $1.4 million and $2.6 million, respectively. Included in these amounts was amortization expense for internal-use software development costs of $1.2 million and $2.3 million for the three and six months ended September 30, 2022, respectively. Depreciation and amortization expense on property and equipment for the three and six months ended September 30, 2021 was $0.8 million and $1.7 million, respectively. Included in these amounts was amortization expense for internal-use software development costs of $0.8 million and $1.6 million for the three and six months ended September 30, 2021, respectively. The amortization of the internal-use software development costs is included in cost of revenue in the condensed consolidated statements of operations. During the three and six months ended September 30, 2022, the Company capitalized $1.2 million and $2.9 million, respectively, and, during the three and six months ended September 30, 2021, capitalized $1.0 million and $1.8 million, respectively, of internal-use software development costs, which are included in property and equipment, net in the condensed consolidated balance sheets. No impairment was recognized on property and equipment during the three and six months ended September 30, 2022 and 2021.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Sep. 30, 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): September 30, 2022 March 31, 2022 Accrued commissions $ 3,692 $ 6,653 Accrued payroll, bonus, and related expenses 7,756 8,015 Employee contributions under employee stock purchase plan 633 621 Rebate liabilities 702 4,933 Income and other tax liabilities 4,581 785 Current portion of contingent earn-out consideration liability 5,618 — Other 3,426 4,263 Total accrued expenses and other current liabilities $ 26,408 $ 25,270

Business Combinations

Business Combinations	6 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations AMiON Acquisition On April 1, 2022, the Company completed the acquisition of the assets of the AMiON on-call scheduling and messaging application used by scheduling staff and physicians (“the AMiON acquisition”) to further expand our physician cloud platform. The acquisition-date fair value of the consideration was $74.6 million, consisting of $53.5 million in cash and $21.1 million in fair value of contingent earn-out consideration. Under the definitive agreement for the AMiON acquisition, the Company will pay contingent earn-out consideration of up to $24.0 million, of which $4.0 million is a minimum guarantee and the remaining $20.0 million is subject to the achievement of certain operational performance metrics over the next four years. The contingent earn-out consideration is payable in cash in annual installments over the next four years. The contingent earn-out consideration is classified as a liability, the short-term portion of which is included in accrued expenses and other current liabilities and the long-term portion is in contingent earn-out consideration liability, non-current in the condensed consolidated balance sheets. See Note 5—Fair Value Measurements for additional information regarding the valuation of the contingent earn-out consideration liability. Additionally, in May 2022, 93,458 restricted stock units (“RSUs”) with a grant date fair value of $32.99 per share were granted to the eligible employees joining the Company in connection with the AMiON acquisition. The shares will vest on a quarterly basis over four years based on continued service. The aggregate grant date fair value of these RSUs will be accounted for as post-acquisition stock-based compensation expense and will be recognized on a straight-line basis over the requisite service period. The AMiON acquisition was accounted for as a business combination. 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: Accounts receivable $ 447 Customer relationships 27,200 Software technology 820 Trademark 700 Total assets acquired $ 29,167 Liabilities assumed: Deferred revenue $ 2,925 Other liabilities 633 Net assets acquired, excluding goodwill 25,609 Goodwill $ 49,025 Total purchase consideration $ 74,634 Goodwill generated from the AMiON acquisition represents the future benefits from the development of future customer relationships and the assembled workforce. Goodwill from this business combination is deductible for income tax purposes. Intangible assets acquired are comprised of customer relationships, trademarks, and software technology with estimated useful lives of 9 years, 3 years, and 18 months, respectively. The fair value assigned to the customer relationships 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 condensed consolidated financial statements from the acquisition date. The acquisition-related costs were not material and were recorded as general and administrative expense in the condensed consolidated statements of operations.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets Intangible assets, net consisted of the following (in thousands): September 30, 2022 March 31, 2022 Customer relationships $ 37,069 $ 9,869 Other intangibles 1,531 11 Total intangible assets 38,600 9,880 Less: accumulated amortization (4,368) (1,971) Total intangible assets, net $ 34,232 $ 7,909 Amortization expense for intangible assets was $1.2 million and $2.4 million for the three and six months ended September 30, 2022, respectively. Amortization expense for intangible assets was $0.3 million and $0.6 million for the three and six months ended September 30, 2021, respectively. No impairment charges on intangible assets were recorded during the three and six months ended September 30, 2022 and 2021. As of September 30, 2022, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2023 $ 2,396 2024 4,519 2025 4,245 2026 4,012 2027 4,010 2028 4,010 Thereafter 11,040 Total future amortization expense $ 34,232 Goodwill The changes in the carrying amount of goodwill were as follows (in thousands): Six Months Ended September 30, 2022 Balance, beginning of period $ 18,915 Goodwill acquired 49,025 Balance, end of period $ 67,940

Equity

Equity	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity	Equity Preferred Stock In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of September 30, 2022 and 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 condensed consolidated financial statements, unless otherwise noted. On June 8, 2021, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation which authorized 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends, as may be declared by the board of directors. Each of the Company’s 85,523,836 shares of then-existing common stock outstanding was reclassified into Class B common stock. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. As of September 30, 2022, there were 111,262,831 shares of Class A common stock, and 81,039,460 shares of Class B common stock outstanding. Stock Repurchase Program On May 12, 2022, the Company’s board of directors authorized a program to repurchase up to $70 million of the Company’s Class A common stock. The repurchases could be executed from time to time for a period of 12 months through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares were to be retired by the Company and automatically returned to the status of authorized but unissued shares of Class A common stock. During the six months ended September 30, 2022 the Company repurchased and retired 2,150,982 shares of Class A common stock, respectively, for an aggregate purchase price of $70.0 million. As of September 30, 2022, the Company has completed that share repurchase program. 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 expires 10 years from the date of grant. As of September 30, 2022, the warrant was fully vested. During the six months ended September 30, 2022, the warrant for 125,000 shares were exercised with an intrinsic value of $4.0 million. The remaining warrant for 125,000 shares was outstanding as of September 30, 2022. In October 2021, the Company issued a warrant to U.S. News (the “U.S. News Warrant”) to purchase 516,000 shares of Class A common stock with an exercise price of $12.56 per share in connection with the execution of a commercial agreement with the U.S. News (the “Commercial Agreement”). The U.S. News Warrant expires 10 years from the date of grant. The first tranche of the U.S. News Warrant vested on May 1, 2022 and the remainder will vest on a monthly basis over approximately 6 years. 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 is recognized as expense in cost of revenue in the condensed consolidated statements of operations on a straight-line basis over its vesting term of 6.48 years. During the six months ended September 30, 2022, $2.7 million was recognized as stock-based compensation expense relating to the U.S. News Warrant. As of September 30, 2022, unamortized compensation expense, net of estimated forfeitures, related to the unvested warrants was $29.5 million, which is expected to be recognized over the remaining vesting period of 5.50 years. Equity Incentive Plans The Company maintains three equity incentive plans: the 2010 Equity Incentive Plan (the “2010 Plan”), the 2021 Stock Option and Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “ESPP”). Upon IPO, the 2021 Plan became effective and the 2010 Plan was terminated. The 2010 Plan continues to govern the terms of outstanding awards that were granted prior to the termination of the 2010 Plan. 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. On May 27, 2022, the Company filed a Registration Statement on Form S-8 which registered an additional 9,619,921 shares of Class A common stock issuable under the 2021 Plan and 1,923,984 shares of its Class A common stock issuable under the ESPP. The Company grants stock options under the terms of the Plans and outside of the Plans, as approved by the board of directors. During fiscal 2018, the Company granted 4,682,582 options outside of the Plans, of which 2,027,917 options were exercised and 2,654,665 were outstanding as of September 30, 2022. The Company has shares of common stock reserved for issuance as follows (in thousands): September 30, 2022 Common stock warrants 641 2010 Plan Options outstanding 22,134 2021 Plan Awards outstanding 1,491 Shares available for future grant 31,480 2021 ESPP 6,321 Options outstanding outside the plans 2,655 Total 64,722 Stock Options Stock options granted generally vest over four years with service-based, performance-based, and/or market-based conditions and expire ten years from the date of grant. Stock option activities within the Plans as well as outside of the Plans were as follows: Number of Shares Weighted-Average Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance, March 31, 2022 26,983 $ 4.15 7.63 $ 1,293,545 Options exercised (1,787) 3.09 Options forfeited or expired (407) 5.78 Balance, September 30, 2022 24,789 4.20 7.17 644,960 Vested and exercisable as of September 30, 2022 11,186 2.12 6.05 314,388 Vested and expected to vest as of September 30, 2022 23,204 4.11 7.11 605,967 The aggregate intrinsic value of options exercised during the six months ended September 30, 2022 and 2021 was $60.2 million and $207.0 million, respectively. As of September 30, 2022, unamortized compensation expense, net of estimated forfeitures, related to unvested stock options was $45.5 million, which is expected to be recognized over a weighted-average period of 3.11 years. The weighted-average grant-date fair value of options granted for the six months ended September 30, 2021 was $10.73. The Company has not granted any stock options since the first quarter of fiscal 2022. The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Six Months Ended September 30, 2021 Fair value of common stock $18.41 - $21.41 Volatility 46.5% - 47.0% Risk-free interest rate 0.77% - 1.02% Expected term (in years) 5.00 - 6.09 Expected dividend —% Restricted Stock Units ("RSUs") RSUs granted by the Company are valued using the closing stock price of the company’s Class A common stock, which is traded on the NYSE, on the day of grant and will generally vest over four years based on continued service. The following table summarizes RSU activity during the six months ended September 30, 2022 (in thousands, except per share information): Number of Shares Weighted- Unvested balance, March 31, 2022 534 $ 68.23 Granted 900 34.78 Vested (91) 62.76 Forfeited (47) 41.14 Unvested balance, September 30, 2022 1,296 46.37 The total fair value of RSUs vested during the six months ended September 30, 2022 and 2021 was $3.3 million and $0.3 million, respectively. As of September 30, 2022, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested RSUs was $45.3 million, and is expected to be recognized over a weighted-average period of approximately 3.24 years. In September 2022, the Company announced a plan to grant RSUs with an aggregate value of $11.6 million to employees in November 2022, with the number of RSUs to be determined using the average closing market price of its common stock for the trailing 30-day period ending on the day immediately prior to the effective date of grant. The RSUs will vest quarterly over four years. Performance-Based Restricted Stock Units ("PSUs") As of September 30, 2022, the Company had 195,048 PSUs outstanding, of which 78,830 were probable of vesting. The PSUs have performance-based vesting conditions that are satisfied upon meeting certain financial performance targets. The PSUs are valued using the closing stock price of the Company’s Class A common stock, which is traded on the NYSE, on the day of grant. As of September 30, 2022, the remaining unrecognized compensation expense relating to the PSUs probable of vesting, net of estimated forfeitures, was $2.5 million. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 2,392 $ 793 $ 4,514 $ 1,061 Research and development 2,862 1,859 5,414 2,829 Sales and marketing 3,982 1,866 7,056 2,894 General and administrative 2,117 2,154 3,875 5,015 Total stock-based compensation expense $ 11,353 $ 6,672 $ 20,859 $ 11,799

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	6 Months Ended
	Sep. 30, 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): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Numerator Net income $ 26,299 $ 36,088 $ 48,682 $ 62,410 Less: undistributed earnings attributable to participating securities — — — (18,326) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 26,299 $ 36,088 $ 48,682 $ 44,084 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 193,137 186,171 193,042 137,154 Dilutive effect of stock options 20,595 30,250 21,178 28,685 Dilutive effect of common stock warrants 123 240 155 221 Dilutive effect of other share-based awards 94 11 77 6 Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 213,949 216,672 214,452 166,066 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.14 $ 0.19 $ 0.25 $ 0.32 Diluted $ 0.12 $ 0.17 $ 0.23 $ 0.27 Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Other share-based awards 511 98 512 49 Common stock warrants 516 — 516 — Total 1,027 98 1,028 49

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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, subject to an annual minimum guarantee. As of September 30, 2022, the remaining annual minimum guarantee ranged from $3.0 million to $6.2 million. The total minimum guarantee for the remaining noncancelable period of 2 years was $6.6 million. Other Contractual Commitments The Company has a web hosting arrangement for 3 years ending December 31, 2024, with an annual commitment of $5.2 million. As of September 30, 2022, the total remaining commitment was $10.4 million. 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

Leases

Leases	6 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company has non-cancelable operating leases for the rental of office space with various expiration dates through 2030. During the first quarter of fiscal 2023, a portion of the office space lease in Irving, Texas with an approximately 8-year term commenced and the related right-of-use asset and lease liability of $10.9 million was recognized. In the second quarter of fiscal 2023, the remaining portion of the office space lease in Irving, Texas commenced and has an 8-year term. Upon commencement, a right-of-use asset and lease liability of $3.9 million was recognized. The components of lease expense were as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 701 $ 285 $ 1,190 $ 560 Variable lease cost 133 14 173 49 Total lease cost $ 834 $ 299 $ 1,363 $ 609 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended September 30, 2022 2021 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 389 $ 619 Supplemental balance sheet information related to leases was as follows: September 30, 2022 March 31, 2022 Weighted-average remaining lease term (in years) 7.37 1.64 Weighted-average discount rate 4.18 % 3.95 % Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): Remainder of 2023 $ 329 2024 2,238 2025 2,411 2026 2,458 2027 2,497 Thereafter 8,657 Total future lease payments $ 18,590 Less: imputed interest (2,952) Present value of lease liabilities $ 15,638

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for (benefit from) income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company’s effective tax rate of 20.3% and 12.3% for the three and six months ended September 30, 2022, respectively, was lower than the U.S. federal statutory rate, primarily due to stock-based compensation related tax benefits, which are subject to limitations for certain executive officers under IRC section 162(m), and federal and state research and development tax credits. The Company’s effective tax rate of (42.2)% and (24.1)% for the three and six months ended September 30, 2021, respectively, was lower than the U.S. federal statutory rate, primarily due to stock-based compensation related tax benefits, which are subject to limitations for certain executive officers under IRC section 162(m). The Company’s effective tax rate is based on forecasted annual income before income taxes which may fluctuate through the rest of the year.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Sep. 30, 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 September 30, 2022 and March 31, 2022. No country outside of the United States accounted for more than 10% of total revenue for the three and six months ended September 30, 2022 and 2021. Substantially all of the Company’s revenue was derived in the United States for the three and six months ended September 30, 2022 and 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Stock Repurchase Program On October 28, 2022, the Company’s board of directors authorized a program to repurchase up to $70.0 million of the Company’s Class A common stock. The repurchases may be executed from time to time over the next 12 months, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares shall be retired by the Company and shall automatically return to the status of authorized but unissued shares of Class A common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022.
Principles of Consolidation	The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2022, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2023.
Reclassification	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 . Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, 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, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and 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	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.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently 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. Most amendments within this guidance are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted this guidance on April 1, 2022, and the adoption of this guidance did not have a material impact on the condensed consolidated financial statements. 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,
Fair Value Measurements	Fair Value Measurements Available-for-sale debt securities are recorded at fair value on the condensed 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 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 Three Months Ended September 30, Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 2022 2021 Customer A * * * 10 % * 21 % _______________ * Less than 10%

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue consisted of the following (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Subscription $ 95,333 $ 74,069 $ 179,048 $ 142,444 Other 6,852 5,281 13,776 9,575 Total revenue $ 102,185 $ 79,350 $ 192,824 $ 152,019

Investments (Tables)

Investments (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 2022 Cost or Gross Gross Fair Value Cash equivalents: Money market funds $ 4,412 $ — $ — $ 4,412 Total cash equivalents 4,412 — — 4,412 Marketable securities: Asset-backed securities 6,568 — (116) 6,452 Certificates of deposit 15,414 — (77) 15,337 Commercial paper 44,112 — (112) 44,000 Corporate notes and bonds 131,504 — (2,376) 129,128 Sovereign bonds 7,741 — (488) 7,253 U.S. government and agency securities 499,867 — (25,720) 474,147 Total marketable securities 705,206 — (28,889) 676,317 Total cash equivalents and marketable securities $ 709,618 $ — $ (28,889) $ 680,729 The cost, gross unrealized gains and losses, and fair value of investments were 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
Contractual Maturities of Available-For-Sale Debt Securities	As of September 30, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 248,716 Due in one year to three years 427,601 Total $ 676,317

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 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 and liabilities measured at fair value on a recurring basis (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,412 $ — $ — $ 4,412 Total cash equivalents 4,412 — — 4,412 Marketable securities: Asset-backed securities — 6,452 — 6,452 Certificates of deposit — 15,337 — 15,337 Commercial paper — 44,000 — 44,000 Corporate notes and bonds — 129,128 — 129,128 Sovereign bonds — 7,253 — 7,253 U.S. government and agency securities 474,147 — — 474,147 Total marketable securities 474,147 202,170 — 676,317 Total cash equivalents and marketable securities $ 478,559 $ 202,170 $ — $ 680,729 Liabilities: Contingent earn-out consideration liability $ — $ — $ 21,040 $ 21,040 Total contingent earn-out consideration liability $ — $ — $ 21,040 $ 21,040 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
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in the contingent earn-out consideration liability (in thousands): Six Months Ended September 30, 2022 Beginning fair value $ — Additions in the period 21,134 Change in fair value (94) Ending fair value $ 21,040

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2022 March 31, 2022 Furniture and equipment $ 2,701 $ 336 Computers and software 745 769 Leasehold improvements 888 796 Internal-use software development costs 17,971 15,057 Total property and equipment 22,305 16,958 Less: accumulated depreciation and amortization (10,658) (8,470) Total property and equipment, net $ 11,647 $ 8,488

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, 2022 March 31, 2022 Accrued commissions $ 3,692 $ 6,653 Accrued payroll, bonus, and related expenses 7,756 8,015 Employee contributions under employee stock purchase plan 633 621 Rebate liabilities 702 4,933 Income and other tax liabilities 4,581 785 Current portion of contingent earn-out consideration liability 5,618 — Other 3,426 4,263 Total accrued expenses and other current liabilities $ 26,408 $ 25,270

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Purchase Consideration Allocation	The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands): Assets acquired: Accounts receivable $ 447 Customer relationships 27,200 Software technology 820 Trademark 700 Total assets acquired $ 29,167 Liabilities assumed: Deferred revenue $ 2,925 Other liabilities 633 Net assets acquired, excluding goodwill 25,609 Goodwill $ 49,025 Total purchase consideration $ 74,634

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible assets, net consisted of the following (in thousands): September 30, 2022 March 31, 2022 Customer relationships $ 37,069 $ 9,869 Other intangibles 1,531 11 Total intangible assets 38,600 9,880 Less: accumulated amortization (4,368) (1,971) Total intangible assets, net $ 34,232 $ 7,909
Future Amortization Expense	As of September 30, 2022, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2023 $ 2,396 2024 4,519 2025 4,245 2026 4,012 2027 4,010 2028 4,010 Thereafter 11,040 Total future amortization expense $ 34,232
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows (in thousands): Six Months Ended September 30, 2022 Balance, beginning of period $ 18,915 Goodwill acquired 49,025 Balance, end of period $ 67,940

Equity (Tables)

Equity (Tables)	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Common Stock Reserved for Issuance	The Company has shares of common stock reserved for issuance as follows (in thousands): September 30, 2022 Common stock warrants 641 2010 Plan Options outstanding 22,134 2021 Plan Awards outstanding 1,491 Shares available for future grant 31,480 2021 ESPP 6,321 Options outstanding outside the plans 2,655 Total 64,722
Stock Option Activity	Stock option activities within the Plans as well as outside of the Plans were as follows: Number of Shares Weighted-Average Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance, March 31, 2022 26,983 $ 4.15 7.63 $ 1,293,545 Options exercised (1,787) 3.09 Options forfeited or expired (407) 5.78 Balance, September 30, 2022 24,789 4.20 7.17 644,960 Vested and exercisable as of September 30, 2022 11,186 2.12 6.05 314,388 Vested and expected to vest as of September 30, 2022 23,204 4.11 7.11 605,967
Stock Options Valuation Assumptions	The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Six Months Ended September 30, 2021 Fair value of common stock $18.41 - $21.41 Volatility 46.5% - 47.0% Risk-free interest rate 0.77% - 1.02% Expected term (in years) 5.00 - 6.09 Expected dividend —%
Restricted Stock Unit Activity	The following table summarizes RSU activity during the six months ended September 30, 2022 (in thousands, except per share information): Number of Shares Weighted- Unvested balance, March 31, 2022 534 $ 68.23 Granted 900 34.78 Vested (91) 62.76 Forfeited (47) 41.14 Unvested balance, September 30, 2022 1,296 46.37
Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 2,392 $ 793 $ 4,514 $ 1,061 Research and development 2,862 1,859 5,414 2,829 Sales and marketing 3,982 1,866 7,056 2,894 General and administrative 2,117 2,154 3,875 5,015 Total stock-based compensation expense $ 11,353 $ 6,672 $ 20,859 $ 11,799

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share, Basic and Diluted	The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Numerator Net income $ 26,299 $ 36,088 $ 48,682 $ 62,410 Less: undistributed earnings attributable to participating securities — — — (18,326) Net income attributable to Class A and Class B common stockholders, basic and diluted $ 26,299 $ 36,088 $ 48,682 $ 44,084 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 193,137 186,171 193,042 137,154 Dilutive effect of stock options 20,595 30,250 21,178 28,685 Dilutive effect of common stock warrants 123 240 155 221 Dilutive effect of other share-based awards 94 11 77 6 Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 213,949 216,672 214,452 166,066 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.14 $ 0.19 $ 0.25 $ 0.32 Diluted $ 0.12 $ 0.17 $ 0.23 $ 0.27
Antidilutive Securities Excluded from Computation of Net Income Per Share	Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Other share-based awards 511 98 512 49 Common stock warrants 516 — 516 — Total 1,027 98 1,028 49

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 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): Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 701 $ 285 $ 1,190 $ 560 Variable lease cost 133 14 173 49 Total lease cost $ 834 $ 299 $ 1,363 $ 609 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended September 30, 2022 2021 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 389 $ 619 Supplemental balance sheet information related to leases was as follows: September 30, 2022 March 31, 2022 Weighted-average remaining lease term (in years) 7.37 1.64 Weighted-average discount rate 4.18 % 3.95 %
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): Remainder of 2023 $ 329 2024 2,238 2025 2,411 2026 2,458 2027 2,497 Thereafter 8,657 Total future lease payments $ 18,590 Less: imputed interest (2,952) Present value of lease liabilities $ 15,638

Description of Business (Detail

Description of Business (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Jun. 08, 2021	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 25, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, conversion ratio		1
Capitalized deferred offering costs | $			$ 5.5
Forward split ratio	2
Redeemable Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares converted (in shares)		76,286,618
Common Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares issued (in shares)		76,286,618
Conversion of stock, conversion ratio	1
Initial Public Offering, Including Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold in initial public offering		22,505,750
Initial public offering price (in dollars per share) | $ / shares		$ 26
Aggregate net proceeds from initial public offering | $		$ 548.5
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold in initial public offering		3,495,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer A - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022
Revenue
Concentration Risk [Line Items]
Concentration risk	10%
Accounts Receivable, Net
Concentration Risk [Line Items]
Concentration risk		21%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Unbilled revenue	$ 1,800,000		$ 1,800,000		$ 1,400,000
Revenue recognized from deferred revenue	64,300,000	$ 53,000,000	75,600,000	$ 70,600,000
Capitalized contract acquisition costs	1,500,000	1,500,000	2,300,000	3,000,000
Deferred contract costs, amortization	2,100,000	2,500,000	4,839,000	5,656,000
Deferred contract costs, impairment losses	$ 0	$ 0	$ 0	$ 0
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Minimum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	7 months		7 months
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Maximum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	13 months		13 months
Sales Commissions For Subscriptions Of New And Expansion Hiring Solutions Contracts
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	4 years		4 years
Subscription, Marketing Solutions
Disaggregation of Revenue [Line Items]
Contractual term			12 months
Contract cancellation, notice period			30 days
Subscription, Hiring Solutions
Disaggregation of Revenue [Line Items]
Contractual term			12 months

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 102,185	$ 79,350	$ 192,824	$ 152,019
Subscription
Disaggregation of Revenue [Line Items]
Revenue	95,333	74,069	179,048	142,444
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 6,852	$ 5,281	$ 13,776	$ 9,575

Investments - Cost, Gross Unrea

Investments - Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	$ 0	$ 0
Gross Unrealized Losses	(28,889)	(20,494)
Fair Value	676,317
Cost or Amortized Cost, money market funds	73,674	112,809
Cost or Amortized Cost, cash equivalents and marketable securities	709,618	728,556
Fair Value, cash equivalents and marketable securities	680,729	708,062
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	4,412
Cost or Amortized Cost, cash equivalents and marketable securities	4,412	22,758
Fair Value, cash equivalents and marketable securities		22,758
Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	705,206	705,798
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(28,889)	(20,494)	$ 0
Fair Value	676,317	685,304
Commercial paper | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost		2,686
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		2,686
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost, money market funds	4,412	20,072
Fair Value, money market funds	4,412	20,072
Asset-backed securities | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	6,568	7,791
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(116)	(51)
Fair Value	6,452	7,740
Certificates of deposit | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	15,414
Gross Unrealized Gains	0
Gross Unrealized Losses	(77)
Fair Value	15,337
Commercial paper | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	44,112	9,436
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(112)	(53)
Fair Value	44,000	9,383
Corporate notes and bonds | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	131,504	129,900
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,376)	(1,796)
Fair Value	129,128	128,104
Sovereign bonds | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	7,741	8,770
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(488)	(334)
Fair Value	7,253	8,436
U.S. government and agency securities | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	499,867	549,901
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(25,720)	(18,260)
Fair Value	$ 474,147	$ 531,641

Investments - Contractual Matur

Investments - Contractual Maturities of Available-For-Sale Debt Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 248,716
Due in one year to three years	427,601
Total	$ 676,317

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Accrued interest	$ 2,000,000		$ 2,000,000		$ 2,100,000
Unrealized losses of debt securities	28,889,000		28,889,000		20,494,000
Impairment on debt securities	0		0
Debt securities credit losses	0	$ 0	0	$ 0
Fair value of debt securities which no credit losses were recognized	658,000,000		658,000,000
Impairment on debt securities during period		0		0
Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized losses of debt securities	$ 28,889,000	$ 0	$ 28,889,000	$ 0	$ 20,494,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	$ 676,317
Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	4,412
Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	676,317	$ 685,304
Commercial paper | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities		2,686
Asset-backed securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	6,452	7,740
Certificates of deposit | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	15,337
Commercial paper | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	44,000	9,383
Corporate notes and bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	129,128	128,104
Sovereign bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	7,253	8,436
U.S. government and agency securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	474,147	531,641
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	680,729	708,062
Liabilities:
Contingent earn-out consideration liability	21,040
Total contingent earn-out consideration liability	21,040
Fair Value, Recurring | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	4,412	22,758
Fair Value, Recurring | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	676,317	685,304
Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities		2,686
Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	4,412	20,072
Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	6,452	7,740
Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	15,337
Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	44,000	9,383
Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	129,128	128,104
Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	7,253	8,436
Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	474,147	531,641
Level 1 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	478,559	550,246
Liabilities:
Contingent earn-out consideration liability	0
Total contingent earn-out consideration liability	0
Level 1 | Fair Value, Recurring | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	4,412	20,072
Level 1 | Fair Value, Recurring | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	474,147	530,174
Level 1 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities		0
Level 1 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	4,412	20,072
Level 1 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0
Level 1 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	474,147	530,174
Level 2 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	202,170	157,816
Liabilities:
Contingent earn-out consideration liability	0
Total contingent earn-out consideration liability	0
Level 2 | Fair Value, Recurring | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	2,686
Level 2 | Fair Value, Recurring | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	202,170	155,130
Level 2 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities		2,686
Level 2 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 2 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	6,452	7,740
Level 2 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	15,337
Level 2 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	44,000	9,383
Level 2 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	129,128	128,104
Level 2 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	7,253	8,436
Level 2 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	1,467
Level 3 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Liabilities:
Contingent earn-out consideration liability	21,040
Total contingent earn-out consideration liability	21,040
Level 3 | Fair Value, Recurring | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities		0
Level 3 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0
Level 3 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Assets, Fair Value Disclosure [Abstract]
Cash equivalents and marketable securities	$ 0	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Earn-Out Consideration Liability (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 0
Additions in the period	21,134
Change in fair value	(94)
Ending fair value	$ 21,040

Property and Equipment, Net - T

Property and Equipment, Net - Total Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,305	$ 16,958
Less: accumulated depreciation and amortization	(10,658)	(8,470)
Total property and equipment, net	11,647	8,488
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,701	336
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	745	769
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	888	796
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,971	$ 15,057

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,400,000	$ 800,000	$ 2,600,000	$ 1,700,000
Amortization of internal-use software development costs	1,200,000	800,000	2,300,000	1,600,000
Capitalized internal-use software development costs	1,200,000	1,000,000	2,900,000	1,800,000
Impairment charges	$ 0	$ 0	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued commissions	$ 3,692	$ 6,653
Accrued payroll, bonus, and related expenses	7,756	8,015
Employee contributions under employee stock purchase plan	633	621
Rebate liabilities	702	4,933
Income and other tax liabilities	4,581	785
Current portion of contingent earn-out consideration liability	5,618	0
Other	3,426	4,263
Total accrued expenses and other current liabilities	$ 26,408	$ 25,270

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Apr. 01, 2022	May 31, 2022	Sep. 30, 2022
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Other than options granted in period (in shares)			900,000
Granted (in dollars per share)			$ 34.78
Award vesting period			4 years
AMiON
Business Acquisition [Line Items]
Consideration transferred	$ 74.6
Payments to acquire businesses	53.5
Contingent earn-out consideration liability	21.1
Contingent earn-out consideration (up to)	24
Contingent earn-out consideration liability, minimum guarantee	4
Contingent earn-out consideration liability, subject to performance	$ 20
Contingent earnout consideration performance period	4 years
Contingent earnout consideration payable period	4 years
Award vesting period		4 years
AMiON | Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Other than options granted in period (in shares)		93,458
Granted (in dollars per share)		$ 32.99
AMiON | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles, useful life	9 years
AMiON | Trademark
Business Acquisition [Line Items]
Finite-lived intangibles, useful life	3 years
AMiON | Software technology
Business Acquisition [Line Items]
Finite-lived intangibles, useful life	18 months

Business Combinations - Purchas

Business Combinations - Purchase Consideration Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Apr. 01, 2022	Mar. 31, 2022
Liabilities assumed:
Goodwill	$ 67,940		$ 18,915
AMiON
Assets acquired:
Accounts receivable		$ 447
Total assets acquired		29,167
Liabilities assumed:
Deferred revenue		2,925
Other liabilities		633
Net assets acquired, excluding goodwill		25,609
Goodwill		49,025
Total purchase consideration		74,634
AMiON | Customer relationships
Assets acquired:
Finite-lived intangibles		27,200
AMiON | Software technology
Assets acquired:
Finite-lived intangibles		820
AMiON | Trademark
Assets acquired:
Finite-lived intangibles		$ 700

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 38,600	$ 9,880
Less: accumulated amortization	(4,368)	(1,971)
Intangible assets, net	34,232	7,909
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	37,069	9,869
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,531	$ 11

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,200,000	$ 300,000	$ 2,400,000	$ 600,000
Impairment of intangible assets	0	0	0	0
Goodwill impairment	$ 0	$ 0	$ 0	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 2,396
2024	4,519
2025	4,245
2026	4,012
2027	4,010
2028	4,010
Thereafter	11,040
Intangible assets, net	$ 34,232	$ 7,909

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 18,915
Goodwill acquired	49,025
Balance, end of period	$ 67,940

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 28, 2022 USD ($)	May 27, 2022 shares	May 12, 2022 USD ($)	Jun. 08, 2021 vote $ / shares shares	Nov. 30, 2022 USD ($)	Oct. 31, 2021 USD ($) $ / shares Year shares	Jun. 30, 2021 $ / shares shares	Sep. 30, 2022 USD ($) equity_incentive_plan $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) equity_incentive_plan $ / shares shares	Sep. 30, 2021 USD ($) $ / shares	Mar. 31, 2018 shares	Mar. 31, 2022 $ / shares shares	Mar. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)							100,000,000	100,000,000		100,000,000			100,000,000
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.001	$ 0.001		$ 0.001			$ 0.001
Preferred stock, issued (in shares)								0		0			0
Preferred stock, outstanding (in shares)								0		0			0
Common stock, authorized (in shares)								1,500,000,000		1,500,000,000			1,500,000,000
Common stock, par value (in dollars per share) | $ / shares								$ 0.001		$ 0.001			$ 0.001
Conversion of stock, conversion ratio							1
Common stock, outstanding (in shares)								192,302,000		192,302,000			192,398,000
Stock repurchase program, authorized amount | $			$ 70,000
Stock repurchase program, period in force			12 months
Repurchase and retirement of common stock (in shares)										2,150,982
Repurchase and retirement of common stock | $								$ 61,168		$ 70,042	$ 2,698
Number of shares called by warrants								641,000		641,000
Stock based compensation expense | $								$ 11,353	$ 6,672	$ 20,859	11,799
Number of equity incentive plans | equity_incentive_plan								3		3
Options outstanding in period (in shares)								24,789,000		24,789,000			26,983,000
Aggregate intrinsic value of options | $										$ 60,200	$ 207,000
Unamortized compensation expense, option | $								$ 45,500		$ 45,500
Weighted-average grant-date fair value of options granted (in dollars per share) | $ / shares											$ 10.73
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount | $	$ 70,000
Stock repurchase program, period in force	12 months
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, weighted average period of recognition										3 years 1 month 9 days
Award vesting period										4 years
Expiration period from the date of grant										10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense excluding option | $								$ 45,300		$ 45,300
Unamortized compensation expense, weighted average period of recognition										3 years 2 months 26 days
Award vesting period										4 years
Total fair value of non-option instrument | $										$ 3,300	$ 300
Outstanding unvested (in shares)								1,296,000		1,296,000			534,000
Restricted Stock Units (RSUs) | Subsequent Event | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Non-option instrument, grants in period, amount | $					$ 11,600
Non-option instrument, average closing market price, trailing period					30 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense excluding option | $								$ 2,500		$ 2,500
Outstanding unvested (in shares)								195,048		195,048
Outstanding unvested, probable to vest (in shares)								78,830		78,830
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized		9,619,921
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized		1,923,984
Approved by Board of Directors, Outside of Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)												4,682,582
Options exercised (in shares)								2,027,917		2,027,917
Options outstanding in period (in shares)								2,654,665		2,654,665
Contract With U.S. News & World Report, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants														250,000
Exercise price called by warrants (in dollars per share) | $ / shares														$ 0.72
Warrant outstanding, term														10 years
Warrants exercised in period (in shares)										125,000
Warrants exercised in period , intrinsic value | $										$ 4,000
Warrant outstanding (in shares)								125,000		125,000
U.S. News Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants						516,000
Exercise price called by warrants (in dollars per share) | $ / shares						$ 12.56
Warrant outstanding, term						10 years
Warrants outstanding, vesting period						6 years 5 months 23 days
Fair value of warrant | $						$ 34,700
Stock based compensation expense | $										$ 2,700
Unamortized compensation expense excluding option | $								$ 29,500		$ 29,500
Unamortized compensation expense, weighted average period of recognition										5 years 6 months
U.S. News Warrant | Share-Based Payment Arrangement, Subsequent to Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding, vesting period						6 years
U.S. News Warrant | Measurement Input, Share Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant, measurement input | $ / shares						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]
Warrant, measurement input | Year						10
U.S. News Warrant | Measurement Input, Expected Dividend Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant, measurement input						0
Class A and Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock (in shares)				85,523,836
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)				1,000,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.001
Common stock, number of votes per share | vote				1
Common stock, outstanding (in shares)								111,262,831		111,262,831
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)								81,039,460		81,039,460

Equity - Common Stock Reserved

Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock warrants (in shares)	641,000
Options outstanding (in shares)	24,789,000	26,983,000
Total (in shares)	64,722,000
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	22,134,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	31,480,000
Units outstanding (in shares)	1,491,000
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	6,321,000
Options outstanding outside the plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	2,654,665

Equity - Stock Option Activity

Equity - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares
Number of Shares (in thousands)
Beginning balance (in shares) | shares	26,983
Options exercised (in shares) | shares	(1,787)
Options forfeited or expired (in shares) | shares	(407)
Ending balance (in shares) | shares	24,789	26,983
Vested and exercisable, at end of period (in shares) | shares	11,186
Vested and expected to vest, at end of period (in shares) | shares	23,204
Weighted-Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 4.15
Exercised (in dollars per share) | $ / shares	3.09
Forfeited or expired (in dollars per share) | $ / shares	5.78
Ending balance (in dollars per share) | $ / shares	4.20	$ 4.15
Weighted average exercise price, vested and exercisable at period end (in dollars per share) | $ / shares	2.12
Weighted average exercise price, vested and expected to vest at period end (in dollars per share) | $ / shares	$ 4.11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Average remaining contractual term, outstanding	7 years 2 months 1 day	7 years 7 months 17 days
Average remaining contractual term, vested and exercisable at period end	6 years 18 days
Average remaining contractual term, vested and expected to vest at period end	7 years 1 month 9 days
Aggregate intrinsic value, outstanding | $	$ 644,960	$ 1,293,545
Aggregate intrinsic value, vested and exercisable at period end | $	314,388
Aggregate intrinsic value, vested and expected to vest at period end | $	$ 605,967

Equity - Stock Options Valuatio

Equity - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option	6 Months Ended
	Sep. 30, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	46.50%
Expected volatility, maximum	47%
Risk free interest rate, minimum	0.77%
Risk free interest rate, maximum	1.02%
Expected dividend	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 18.41
Expected term (in years)	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 21.41
Expected term (in years)	6 years 1 month 2 days

Equity - Restricted Stock Unit

Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	534
Granted (in shares) | shares	900
Vested (in shares) | shares	(91)
Forfeited (in shares) | shares	(47)
Ending balance (in shares) | shares	1,296
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 68.23
Granted (in dollars per share) | $ / shares	34.78
Vested (in dollars per share) | $ / shares	62.76
Forfeited (in dollars per share) | $ / shares	41.14
Ending balance (in dollars per share) | $ / shares	$ 46.37

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 11,353	$ 6,672	$ 20,859	$ 11,799
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	2,392	793	4,514	1,061
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	2,862	1,859	5,414	2,829
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	3,982	1,866	7,056	2,894
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 2,117	$ 2,154	$ 3,875	$ 5,015

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Net Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income	$ 26,299	$ 36,088	$ 48,682	$ 62,410
Undistributed earnings attributable to participating securities, diluted	0	0	0	(18,326)
Undistributed earnings attributable to participating securities, basic	0	0	0	(18,326)
Net income attributable to Class A and Class B common stockholders, basic	26,299	36,088	48,682	44,084
Net income attributable to Class A and Class B common stockholders, diluted	$ 26,299	$ 36,088	$ 48,682	$ 44,084
Denominator
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares)	193,137	186,171	193,042	137,154
Dilutive effect of common stock warrants (in shares)	123	240	155	221
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares)	213,949	216,672	214,452	166,066
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.14	$ 0.19	$ 0.25	$ 0.32
Diluted (in dollars per share)	$ 0.12	$ 0.17	$ 0.23	$ 0.27
Share-based Payment Arrangement, Option
Denominator
Dilutive effect of share-based payment (in shares)	20,595	30,250	21,178	28,685
Other share-based awards
Denominator
Dilutive effect of share-based payment (in shares)	94	11	77	6

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation of Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	1,027	98	1,028	49
Other share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	511	98	512	49
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	516	0	516	0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)		3 Months Ended		6 Months Ended
	Oct. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Commitments [Line Items]
Partnership agreement, extension period	6 years
Partnerships agreement, period before termination is permitted	3 years
Partnership agreement, noncancelable period				2 years
Partnership agreement, revenue guarantee during noncancelable period				$ 6,600,000
Hosting arrangement period				3 years
Hosting arrangement annual commitment		$ 5,200,000		$ 5,200,000
Hosting arrangement remaining commitment		10,400,000		10,400,000
Loss contingency		0	$ 0	0	$ 0
Minimum
Other Commitments [Line Items]
Partnership agreement, annual revenue guarantee to partnering company		3,000,000		3,000,000
Maximum
Other Commitments [Line Items]
Partnership agreement, annual revenue guarantee to partnering company		$ 6,200,000		$ 6,200,000

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 701	$ 285	$ 1,190	$ 560
Variable lease cost	133	14	173	49
Total lease cost	$ 834	$ 299	$ 1,363	$ 609

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows	$ 389	$ 619

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details)	Sep. 30, 2022	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	7 years 4 months 13 days	1 year 7 months 20 days
Weighted-average discount rate	4.18%	3.95%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2023	$ 329
2024	2,238
2025	2,411
2026	2,458
2027	2,497
Thereafter	8,657
Total future lease payments	18,590
Less: imputed interest	(2,952)
Present value of lease liabilities	$ 15,638

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 14,894		$ 1,087
Present value of lease liabilities	$ 15,638
Portion of Office Space
Lessee, Lease, Description [Line Items]
Operating lease, term of contract		8 years
Operating lease right-of-use assets		$ 10,900
Present value of lease liabilities		$ 10,900
Remaining Portion of Office Space
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	8 years
Operating lease right-of-use assets	$ 3,900
Present value of lease liabilities	$ 3,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	20.30%	(42.20%)	12.30%	(24.10%)
Unrecognized tax benefits	$ 7		$ 7		$ 6.2
Unrecognized tax benefits that would impact effective tax rate	$ 4.9		$ 4.9

Segment and Geographic Inform_2

Segment and Geographic Information (Details)	6 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 28, 2022	May 12, 2022
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 70
Stock repurchase program, period in force		12 months
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 70
Stock repurchase program, period in force	12 months