Mimecast (MIME) 10-Q 3 Aug 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	MIME
Title of 12(b) Security	Ordinary Shares, par value $0.012 per share
Security Exchange Name	NASDAQ
Entity Registrant Name	MIMECAST LIMITED
Entity Central Index Key	0001644675
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		65,738,818
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-37637
Entity Incorporation, State or Country Code	Y9
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1 Finsbury Avenue
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	EC2M 2PF
City Area Code	781
Local Phone Number	996-5340

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 338,433	$ 292,949
Accounts receivable, net	101,217	114,280
Deferred contract costs, net	16,952	16,165
Prepaid expenses and other current assets	21,778	20,031
Total current assets	478,380	443,425
Property and equipment, net	92,858	92,891
Operating lease right-of-use assets	122,739	128,063
Intangible assets, net	41,447	43,193
Goodwill	176,908	173,952
Deferred contract costs, net of current portion	50,853	50,086
Other assets	2,601	3,097
Total assets	965,786	934,707
Current liabilities
Accounts payable	12,576	10,487
Accrued expenses and other current liabilities	48,843	54,676
Deferred revenue	232,645	237,749
Current portion of finance lease obligations	50	323
Current portion of operating lease liabilities	33,237	33,447
Current portion of long-term debt	9,722	9,090
Total current liabilities	337,073	345,772
Deferred revenue, net of current portion	12,595	12,936
Operating lease liabilities	107,669	112,316
Long-term debt	92,238	94,671
Other non-current liabilities	7,527	8,143
Total liabilities	557,102	573,838
Commitments and contingencies (Note 13)
Shareholders' equity
Ordinary shares, $0.012 par value, 300,000,000 shares authorized; 65,661,585 and 64,562,222 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively	788	775
Additional paid-in capital	440,801	408,249
Accumulated deficit	(43,843)	(53,915)
Accumulated other comprehensive income	10,938	5,760
Total shareholders' equity	408,684	360,869
Total liabilities and shareholders' equity	$ 965,786	$ 934,707

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement Of Financial Position [Abstract]
Ordinary shares, par value	$ 0.012	$ 0.012
Ordinary shares, authorized	300,000,000	300,000,000
Ordinary shares, issued	65,661,585	64,562,222
Ordinary shares, outstanding	65,661,585	64,562,222

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 142,549	$ 115,176
Cost of revenue	33,549	28,469
Gross profit	109,000	86,707
Operating expenses
Research and development	31,486	22,802
Sales and marketing	48,262	44,043
General and administrative	17,923	17,168
Total operating expenses	97,671	84,013
Income from operations	11,329	2,694
Other income (expense)
Interest income	158	177
Interest expense	(536)	(883)
Foreign exchange (expense) income and other, net	(514)	1,763
Total other income (expense), net	(892)	1,057
Income before income taxes	10,437	3,751
Provision for income taxes	365	613
Net income	$ 10,072	$ 3,138
Net income per ordinary share
Basic	$ 0.15	$ 0.05
Diluted	$ 0.15	$ 0.05
Weighted-average number of ordinary shares outstanding
Basic	65,198	63,019
Diluted	66,934	64,676

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 10,072	$ 3,138
Other comprehensive income:
Change in foreign currency translation adjustment	5,178	3,900
Total other comprehensive income	5,178	3,900
Comprehensive income	$ 15,250	$ 7,038

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Mar. 31, 2020	$ 232,055	$ 754	$ 325,808	$ (83,660)	$ (10,847)
Beginning balance, Shares at Mar. 31, 2020		62,792,000
Net income	3,138			3,138
Foreign currency translation adjustment	3,900				3,900
Issuance of ordinary shares upon exercise of share options	5,040	$ 3	5,037
Issuance of ordinary shares upon exercise of share options, Shares		249,000
Share-based compensation	13,666		13,666
ESPP purchase	3,095	$ 1	3,094
ESPP purchase, Shares		87,000
Tax withholding on ESPP purchases and vesting of RSUs	(2,575)	$ (1)	(2,574)
Tax withholding on ESPP purchases and vesting of RSUs, Shares		(76,000)
Vesting of RSUs		$ 2	(2)
Vesting of RSUs, Shares		217,000
Ending balance at Jun. 30, 2020	258,319	$ 759	345,029	(80,522)	(6,947)
Ending balance, Shares at Jun. 30, 2020		63,269,000
Beginning balance at Mar. 31, 2021	$ 360,869	$ 775	408,249	(53,915)	5,760
Beginning balance, Shares at Mar. 31, 2021	64,562,222	64,562,000
Net income	$ 10,072			10,072
Foreign currency translation adjustment	5,178				5,178
Issuance of ordinary shares upon exercise of share options	$ 18,967	$ 8	18,959
Issuance of ordinary shares upon exercise of share options, Shares	672,024	672,000
Share-based compensation	$ 17,396		17,396
ESPP purchase	3,374	$ 1	3,373
ESPP purchase, Shares		75,000
Tax withholding on ESPP purchases and vesting of RSUs	(7,172)	$ (2)	(7,170)
Tax withholding on ESPP purchases and vesting of RSUs, Shares		(174,000)
Vesting of RSUs		$ 6	(6)
Vesting of RSUs, Shares		527,000
Ending balance at Jun. 30, 2021	$ 408,684	$ 788	$ 440,801	$ (43,843)	$ 10,938
Ending balance, Shares at Jun. 30, 2021	65,661,585	65,662,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 10,072	$ 3,138
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,876	8,852
Share-based compensation expense	17,388	13,653
Amortization of deferred contract costs	4,161	2,869
Amortization of debt issuance costs	111	114
Amortization of operating lease right-of-use assets	8,330	7,111
Deferred income tax expense (benefit)	117	(178)
Unrealized currency losses (gains) on foreign denominated transactions	83	(2,733)
Changes in assets and liabilities:
Accounts receivable	13,935	12,405
Prepaid expenses and other current assets	(1,218)	(497)
Deferred contract costs	(5,403)	(5,203)
Other assets	405	217
Accounts payable	4,368	(2,037)
Deferred revenue	(6,599)	(5,645)
Operating lease liabilities	(8,045)	(8,221)
Accrued expenses and other liabilities	(6,881)	5,460
Net cash provided by operating activities	40,700	29,305
Investing activities
Purchases of property, equipment and capitalized software	(9,095)	(10,771)
Net cash used in investing activities	(9,095)	(10,771)
Financing activities
Proceeds from issuance of ordinary shares	21,926	8,135
Withholding taxes related to net share settlement of ESPP purchases and vesting of RSUs	(7,172)	(2,575)
Payments on debt	(1,875)	(1,250)
Payments on finance lease obligations	(273)	(347)
Net cash provided by financing activities	12,606	3,963
Effect of foreign exchange rates on cash	1,273	2,086
Net increase in cash and cash equivalents	45,484	24,583
Cash and cash equivalents at beginning of period	292,949	173,958
Cash and cash equivalents at end of period	338,433	198,541
Supplemental disclosure of cash flow information
Cash paid during the period for interest	426	763
Cash paid during the period for income taxes	225	82
Supplemental disclosure of non-cash investing and financing activities
Unpaid purchases of property, equipment and capitalized software	4,279	8,731
Operating lease right-of-use assets exchanged for lease obligations	2,000	$ 1,004
Proceeds receivable from issuance of ordinary shares	$ 415

Summary of Business and Signifi

Summary of Business and Significant Accounting Policies	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Business and Significant Accounting Policies	1. Summary of Business and Significant Accounting Policies Description of Business Mimecast Limited (Mimecast or the Company) is a public limited company organized under the laws of the Bailiwick of Jersey on July 28, 2015 and is headquartered in London, England. The principal activity of the Company is the provision of cloud security and risk management services for email and corporate information. The Company’s Email Security 3.0 and Cyber Resilience Extension offerings are designed to protect customers from today’s rapidly changing security environment. The Email Security 3.0 strategy addresses threats in three distinct zones: at the email perimeter (Zone 1); inside the network and the organization (Zone 2); and beyond the perimeter (Zone 3). The Company’s Cyber Resilience Extensions expand resilience to other critical elements of an organization’s digital infrastructure. The Company’s primary offerings include: email security; email continuity and sync & recover; email archiving; awareness training; web security; DMARC analyzer; CyberGraph; brand exploit protection; and threat intelligence and our API ecosystem The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, customer concentration, security risks, management of international activities, protection of proprietary rights, patent litigation, and dependence on key individuals. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These financial statements and notes should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2021 and related notes, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on May 27, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the financial information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended March 31, 2021 contained in the Company’s Annual Report on Form 10-K and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of June 30, 2021, and for the three months ended June 30, 2021 and 2020. These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year. The Company reclassified certain amounts within its condensed consolidated statement of cash flows to conform to current period presentation. The reclassifications include $0.1 million from other assets and $0.1 million from accrued expenses and other liabilities to deferred income tax benefit for the three months ended June 30, 2020. These reclassifications had no impact on the Company’s previously reported results of operations or balance sheets. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates relied upon in preparing these condensed consolidated financial statements include revenue recognition, variable consideration, valuation at fair value of assets acquired or sold, including intangible assets, goodwill, tangible assets, and liabilities assumed, amortization periods, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, determination of incremental borrowing rates, restructuring liabilities, expensing and capitalization of research and development costs for internal-use software, the determination of the fair value of share-based awards issued, the average period of benefit associated with costs capitalized to obtain revenue contracts and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Due to the global COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of June 30, 2021. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Changes in estimates are recorded in the period in which they become known. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions, other events, and circumstances from non-owner sources. Comprehensive income consists of net income and other comprehensive income, which includes certain changes in equity that are excluded from net income. As of June 30, 2021 and March 31, 2021, accumulated other comprehensive income is presented separately on the condensed consolidated balance sheets and consists of cumulative foreign currency translation adjustments. Accounting Policies The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the condensed consolidated financial statements. As of June 30, 2021, the Company’s significant accounting policies and estimates, which are detailed in the Company’s Annual Report on Form 10-K, have not changed.

Revenue and Deferred Revenue

Revenue and Deferred Revenue	3 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue and Deferred Revenue	2. Revenue and Deferred Revenue Revenue recognized during the three months ended June 30, 2021 and 2020 from amounts included in deferred revenue at the beginning of the respective periods was approximately $99.9 million and $80.8 million, respectively. Revenue recognized during the three months ended June 30, 2021 and 2020 from performance obligations satisfied or partially satisfied in previous periods was not material. Contracted revenue as of June 30, 2021 and March 31, 2021 that has not yet been recognized (contracted and not recognized) was $ 116.6 million and $ 117.5 million, respectively, which includes deferred revenue and non-cancellable amounts that will be invoiced and recognized as revenue in future periods and excludes contracts with an original expected length of one year or less. The Company expects % of contracted and not recognized revenue to be recognized over the next year , % in years two and three , with the remaining balance recognized thereafter.

Concentration of Credit Risk an

Concentration of Credit Risk and Off-Balance Sheet Risk	3 Months Ended
	Jun. 30, 2021
Risks And Uncertainties [Abstract]
Concentration of Credit Risk and Off-Balance Sheet Risk	3. Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, investments and accounts receivable. The Company maintains its cash, cash equivalents and investments with major financial institutions of high-credit quality. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Credit risk with respect to accounts receivable is dispersed due to the Company’s large number of customers. The Company’s accounts receivable are derived from revenue earned from customers primarily located in the United States, the United Kingdom, and South Africa. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company estimates credit losses at the reporting date resulting from the inability of its customers to make required payments, including its historical experience of actual losses and the aging of such receivables. These receivables have been pooled by shared risk characteristics. Based on known information the Company may also establish specific allowances for customers in an adverse financial condition or adjust its expectations of changes in conditions that may impact the collectability of outstanding receivables. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. The Company will continue to actively monitor the impact of the global COVID-19 pandemic on expected credit losses. As of June 30, 2021 and March 31, 2021, no individual customer represented more than 10% of the Company’s accounts receivable. During the three months ended June 30, 2021 and 2020, no individual customer represented more than 10% of the Company’s revenue. When investments are held the Company diversifies its investment portfolio by investing in multiple types of investment-grade securities and attempts to mitigate the risk of loss by using a third-party investment manager. As of June 30, 2021 and March 31, 2021, the Company did not hold any investments.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Jun. 30, 2021
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	4. Cash, Cash Equivalents and Investments The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks, amounts held in interest-bearing money market funds and investments with maturities of 90 days or less from the date of purchase. Cash equivalents are carried at cost, which approximates their fair market value. Investments not classified as cash equivalents are presented as either short-term or long-term investments based on both their stated maturities as well as the time period the Company intends to hold such securities. The Company determines the appropriate classification of investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the condensed consolidated statements of operations. As of June 30, 2021 and March 31, 2021, cash and cash equivalents of $338.4 million and $292.9 million, respectively, were carried at amortized cost, which approximates their market value.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments The Company’s financial instruments include cash, cash equivalents, investments, accounts receivable, accounts payable, accrued expenses and borrowings under the Company’s long-term debt arrangements. The carrying amount of the Company’s long-term debt arrangements approximates its fair values due to the interest rates the Company believes it could obtain for arrangements with similar terms. The carrying amount of the remainder of the Company’s financial instruments approximated their fair values as of June 30, 2021 and March 31, 2021, due to the short-term nature of those instruments. The Company has evaluated the estimated fair value of financial instruments using available market information. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. Fair values determined using “Level 1 inputs” utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined using “Level 2 inputs” utilize quoted prices that are directly or indirectly observable. Fair values determined using “Level 3 inputs” utilize unobservable inputs for determining fair values of assets or liabilities that reflect an entity's own assumptions in pricing assets or liabilities. As of June 30, 2021 and March 31, 2021, the Company did not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The Company measures eligible assets and liabilities at fair value, with changes in value recognized in earnings. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets or liabilities and did not elect the fair value option for any financial assets and liabilities transacted in the three months ended June 30, 2021 and the year ended March 31, 2021. The following table summarizes financial assets measured and recorded at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of June 30, 2021 and March 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Assets: Money market funds $ 15,808 March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Assets: Money market funds $ 15,366

Leases

Leases	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	6. Leases The Company has operating leases for data centers and facilities and finance leases for certain equipment. The leases have remaining lease terms of less than one year to 8 years, some of which include options to extend the leases for up to 10 years. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. Variable costs, which are based on actual usage, are not included in the measurement of right-of-use assets (ROUA) and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. Amortization expense of the ROUA for finance leases is recognized on a straight-line basis over the lease term and interest expense for finance leases is recognized based on the effective interest method using an incremental borrowing rate. The components of lease expense were as follows: Three months ended June 30, 2021 2020 Short-term lease cost $ 26 $ 67 Variable lease cost 1,411 1,743 Operating lease cost 9,946 8,377 Finance lease cost: Amortization of lease assets 250 250 Interest on lease liabilities 3 16 Total finance lease cost $ 253 $ 266 Supplemental cash flow information related to leases was as follows: Three months ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 9,672 $ 9,637 Operating cash outflows from finance leases $ 3 $ 20 Financing cash outflows from finance leases $ 273 $ 347 Weighted-average remaining lease term and discount rate: As of June 30, As of March 31, 2021 2021 Weighted-average remaining lease term (in years) Operating leases 5.58 5.76 Finance leases 0.39 0.35 Weighted-average discount rate Operating leases 4.57 % 4.58 % Finance leases 4.83 % 4.83 % Maturities of lease liabilities as of June 30, 2021 were as follows: Year Ending March 31, Operating Leases Finance Leases Remainder of 2022 $ 30,453 $ 51 2023 32,842 — 2024 24,023 — 2025 22,095 — 2026 17,558 — Thereafter 32,515 — Total lease payments 159,486 51 Less: imputed interest (18,580 ) (1 ) Total lease liabilities $ 140,906 $ 50 As of June 30, 2021, the Company had additional leases with future lease payments of $8.9 million, the terms of which have not yet commenced. These leases are expected to commence in the current fiscal year with lease terms of approximately five years.

Internal-use Software Costs

Internal-use Software Costs	3 Months Ended
	Jun. 30, 2021
Research And Development [Abstract]
Internal-use Software Costs	7. Internal-use Software Costs Software Development Costs Costs incurred to develop software applications used in the Company’s SaaS platform consist of certain direct costs of materials and services incurred in developing or obtaining internal-use computer software, and payroll and payroll-related costs for employees who are directly associated with, and who devote time to, the project. These costs generally consist of internal labor during configuration, coding, and testing activities. Research and development costs incurred during the preliminary project stage or costs incurred for data conversion activities, training, maintenance and general and administrative or overhead costs are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the application is substantially complete and ready for its intended use. Qualified costs incurred during the operating stage of the Company’s software applications relating to upgrades and enhancements are capitalized to the extent it is probable that they will result in added functionality, while costs incurred for maintenance of, and minor upgrades and enhancements to, internal-use software are expensed as incurred. During the three months ended June 30, 2021 and 2020, the Company believes the substantial majority of its development efforts were either in the preliminary project stage of development or in the operation stage (post-implementation), and accordingly, no costs have been capitalized during these periods. These costs are included in the accompanying condensed consolidated statements of operations as research and development expense. Implementation Costs on Cloud-computing Arrangements As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized implementation costs related to hosting arrangements that were incurred during the application development stage were $2.7 million and $2.9 million, respectively. These capitalized implementation costs will be amortized over the expected term of the arrangement and are amortized in the same line item in the condensed consolidated statements of operations as the expense for fees for the associated hosting arrangement.

Net Income Per Ordinary Share

Net Income Per Ordinary Share	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Ordinary Share	8. Net Income Per Ordinary Share The Company calculates basic and diluted net income per ordinary share by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except per share data): Three months ended June 30, 2021 2020 Numerator: Net income $ 10,072 $ 3,138 Denominator: Weighted-average number of ordinary shares used in computing net income per share applicable to ordinary shareholders – basic 65,198 63,019 Dilutive effect of share equivalents resulting from share options, RSUs and ESPP shares 1,736 1,657 Weighted-average number of ordinary shares used in computing net income per share – diluted 66,934 64,676 Net income per share applicable to ordinary shareholders: Basic $ 0.15 $ 0.05 Diluted $ 0.15 $ 0.05 The following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive for the periods presented (in thousands): Three months ended June 30, 2021 2020 Share options outstanding 2,554 4,406 Unvested RSUs 131 520 ESPP shares 72 85

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	9. Share-Based Compensation For the three months ended June 30, 2021 and 2020, all grants of share-based awards have been made under the Mimecast Limited 2015 Share Option and Incentive Plan (the 2015 Plan) and the 2015 Employee Share Purchase Plan (the ESPP). Additionally, the Company has two pre-IPO share-based compensation plans including the Mimecast Limited 2010 EMI Share Option Scheme (the 2010 Plan), and the Mimecast Limited Approved Share Option Plan (the Approved Plan) (the 2010 Plan and the Approved Plan, collectively, the Historical Plans). Subsequent to November 19, 2015, the IPO date, no further grants under the Historical Plans were permitted. The 2015 Plan allows the compensation committee of the board of directors to make equity-based incentive awards to the Company’s officers, employees, non-employee directors and consultants. Initially a total of 5.5 million ordinary shares were reserved for the issuance of awards under the 2015 Plan. This number is subject to adjustment in the event of a share split, share dividend or other change in our capitalization. The 2015 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1st by 5% of the outstanding number of ordinary shares on the immediately preceding December 31 or such lesser number of shares as determined by the board of directors. Under the 2015 Plan, the share option price may not be less than the fair market value of the ordinary shares on the date of grant and the term of each share option may not exceed 10 years from the date of grant. Share options typically vest over 4 years, but vesting provisions can vary based on the discretion of the board of directors. The Company settles share option exercises and RSU releases under the 2015 Plan through newly issued shares. The Company’s ordinary shares underlying any awards that are forfeited, canceled, withheld upon exercise of an option, or settlement of an award to cover the exercise price or tax withholding, or otherwise terminated other than by exercise will be added back to the shares available for issuance under the 2015 Plan. Initially, a total of 1.1 million shares of the Company's ordinary shares were reserved for future issuance under the ESPP. This number is subject to change in the event of a share split, share dividend or other change in capitalization. The ESPP may be terminated or amended by the board of directors at any time. The ESPP permits eligible employees to purchase shares by authorizing payroll deductions from 1% to 10% of his or her eligible compensation during each six-month Share Options The fair value of each share option issued under the 2015 Plan was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: Three months ended June 30, 2021 2020 Expected term (in years) 6.1 6.1 Risk-free interest rate 1.4 % 0.6 % Expected volatility 46.7 % 44.6 % Expected dividend yield — % — % Grant date fair value per ordinary share $ 41.55 $ 33.43 The weighted-average per share fair value of options granted to employees during the three months ended June 30, 2021 and 2020 was $19.10 and $14.31, respectively. As of June 30, 2021, the number of options and awards available for future grant under the 2015 Plan was 9,600,728. Share option activity under the 2015 Plan and the Historical Plans for the three months ended June 30, 2021 was as follows: Number of Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 5,322,599 $ 34.13 6.81 $ 43,683 Options granted 718,423 $ 41.55 Options exercised (672,024 ) $ 28.23 Options forfeited and cancelled (228,711 ) $ 39.98 Outstanding as of June 30, 2021 5,140,287 $ 35.68 7.33 $ 89,286 Exercisable as of June 30, 2021 2,620,341 $ 30.72 6.33 $ 58,510 For the three months ended June 30, 2021 and 2020, the total intrinsic value of options exercised was $13.7 million and $5.4 million, respectively. For the three months ended June 30, 2021 and 2020, total cash proceeds from option exercises was $18.6 million and $5.0 million, respectively. As of June 30, 2021, there was approximately $40.0 million of unrecognized share-based compensation related to unvested share options, which is expected to be recognized over a weighted-average period of 2.58 years. RSUs The Company grants RSUs to its non-employee directors and its employees. Non-employee directors receive an initial RSU grant upon joining the board of directors that vests over three years and an annual grant each year thereafter that vests fully on the one-year anniversary of the grant date. RSUs granted to employees generally vest in four equal annual installments. RSU activity under the 2015 Plan for the three months ended June 30, 2021 was as follows: Number of Awards Weighted Average Grant Date Fair Value Intrinsic Value (in thousands) Unvested RSUs as of March 31, 2021 2,630,359 $ 38.62 $ 105,767 RSUs granted 1,609,373 $ 41.17 RSUs vested (526,561 ) $ 37.10 RSUs forfeited (325,680 ) $ 38.99 Unvested RSUs as of June 30, 2021 3,387,491 $ 40.03 $ 179,706 As of June 30, 2021, there was approximately $121.0 million of unrecognized share-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.19 years. ESPP In the three months ended June 30, 2021 and 2020, the Company recognized $0.5 million and $0.5 million of share-based compensation expense under the ESPP, respectively. In the three months ended June 30, 2021 and 2020, total cash proceeds from shares purchased under the ESPP were $3.4 million and $3.1 million, respectively. As of June 30, 2021, there were 0.5 million shares of the Company's ordinary shares available for future issuance under the ESPP. Share-based compensation expense recognized under the 2015 Plan, Historical Plans and ESPP in the accompanying condensed consolidated statements of operations was as follows: Three months ended June 30, 2021 2020 Cost of revenue $ 1,507 $ 1,125 Research and development 6,462 3,884 Sales and marketing 5,084 4,437 General and administrative 4,335 4,207 Total share-based compensation expense $ 17,388 $ 13,653

Acquisitions

Acquisitions	3 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	10. Acquisitions The following acquisition has been accounted for as a business combination in accordance with ASC 805, Business Combinations Fiscal 2021 Acquisition eTorch Inc. On July 29, 2020, the Company acquired eTorch Inc. (MessageControl), a company incorporated under the laws of the State of Delaware, for cash consideration of approximately $17.0 million, net of cash acquired of $0.4 million. MessageControl is a messaging security provider with solutions designed to help stop social engineering and human identity attacks with the use of machine learning technology. The purchase price allocation primarily consisted of $3.8 million of identifiable intangible assets and approximately $14.1 million of goodwill that is not deductible for tax purposes. The identifiable intangible assets primarily include developed technology of $3.5 million, customer relationships of $0.2 million, and patent licenses of $0.1 million, with estimated useful lives of 9.7 years, 6.7 years, and 5.0 years respectively. The goodwill reflects the value of the synergies the Company expects to realize and the assembled workforce. The Company has not presented pro forma results of operations for the MessageControl acquisition because it is not material to the Company's condensed consolidated results of operations, financial position, or cash flows.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	11. Goodwill and Intangible Assets The following is a rollforward of the Company’s goodwill balance: Three months ended June 30, 2021 Beginning balance $ 173,952 Effect of foreign exchange rates 2,956 Ending balance $ 176,908 Purchased intangible assets consisted of the following: Weighted- Average June 30, 2021 Remaining Gross Net Useful Life Carrying Accumulated Carrying (in years) Value Amortization Value Developed technology 7 $ 39,887 $ (10,387 ) $ 29,500 Customer relationships 4 997 (362 ) 635 Capitalized software and other (1) (2) 3 25,414 (14,102 ) 11,312 $ 66,298 $ (24,851 ) $ 41,447 Weighted- Average March 31, 2021 Remaining Gross Net Useful Life Carrying Accumulated Carrying (in years) Value Amortization Value Developed technology 7 $ 39,180 $ (9,114 ) $ 30,066 Customer relationships 4 984 (318 ) 666 Capitalized software and other (1) (2) 3 25,161 (12,700 ) 12,461 $ 65,325 $ (22,132 ) $ 43,193 (1) As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized software and other included $2.0 million and $2.1 million, respectively, of costs capitalized related to video production costs. (2) As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized software and other included $0.3 million and $0.3 million of costs capitalized related to IP addresses. For the three months ended June 30, 2021 and 2020, the Company recorded amortization expense of $2.4 million and $2.1 million, respectively. Amortization relating to developed technology and capitalized software was recorded within cost of revenue and amortization of customer relationships was recorded within sales and marketing expenses. Future estimated amortization expense of intangible assets as of June 30, 2021, is as follows: Purchased Intangible Assets Capitalized Software Remainder of 2022 $ 3,430 $ 3,778 2023 4,573 3,876 2024 4,511 2,101 2025 4,433 1,130 2026 4,355 358 Thereafter 8,833 69 Total $ 30,135 $ 11,312

Debt

Debt	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	12. Debt In July 2018, the Company entered into a credit agreement (the Credit Agreement) that provided the Company with a $100.0 million senior secured term loan (the Term Loan) and a $50.0 million senior secured revolving credit facility (the Revolving Facility). In June 2020, the Credit Agreement was amended to permit the Company to issue letters of credit in certain additional foreign currencies beyond the U.S. dollar and the British pound (as amended, the Credit Agreement, the Term Loan and the Revolving Facility are referred to herein as the Credit Facility). The term of the Credit Facility is five years, maturing on July 23, 2023. As of June 30, 2021 and March 31, 2021, the effective interest rate under the Credit Facility was LIBOR plus 1.375%. The Credit Facility requires the Company to maintain compliance with certain debt covenants, all of which the Company was in compliance with as of June 30, 2021. As of June 30, 2021 and March 31, 2021, the Company had $85.0 million and $86.9 million, respectively, outstanding on the Term Loan and had $17.5 million outstanding borrowings under the Revolving Facility. As of June 30, 2021 and March 31, 2021, total availability under the Revolving Facility was reduced by outstanding letters of credit of $2.2 million. As of June 30, 2021 and March 31, 2021, total availability under the Revolving Facility was $30.3 million. Future minimum principal payment obligations under the Term Loan and Revolving Facility are as follows: Fiscal Year Ending March 31, Debt Remainder of 2022 $ 7,500 2023 10,000 2024 85,000 Total minimum debt payments 102,500 Less: Debt issuance costs (540 ) Less: Current portion of long-term debt (9,722 ) Long-term debt $ 92,238 As of June 30, 2021 and March 31, 2021, the balance of debt issuance costs recorded as a reduction of debt was $0.5 million and $0.6 million, respectively. As of June 30, 2021 and March 31, 2021, the balance of debt issuance costs recorded in other assets was $0.3

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Litigation On September 10, 2019, ZapFraud, Inc. (ZapFraud), filed a complaint in the U.S. District Court for the District of Delaware against the Company’s wholly owned subsidiaries, Mimecast North America, Inc., Mimecast Services Limited and Mimecast UK Limited. The complaint alleges that certain elements of the Company’s email security technology infringe a patent held by ZapFraud. ZapFraud seeks an award for damages in an unspecified amount, attorney’s fees and injunctive relief. On November 22, 2019, the Company filed a Motion to Dismiss for Failure to State a Claim. On April 24, 2020, ZapFraud amended its complaint by alleging that the Company’s email security technology infringes an additional patent that was recently issued to ZapFraud. On May 22, 2020, the Company filed a revised Motion to Dismiss for Failure to State a Claim that responds to ZapFraud’s amended complaint. On September 18, 2020, the court held a hearing on the motion and on November 20, 2020 the magistrate judge issued a recommendation that the court grant the Company’s motion. On December 11, 2020, ZapFraud filed objections to the magistrate judge’s recommendation and the Company responded to those objections on January 4, 2021. On March 25, 2021, the court adopted the recommendation of the magistrate judge, and granted the Company’s motion to dismiss. There are no pending motions and no appeal has been filed. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and potential settlement costs, diversion of management resources and other factors. From time to time, the Company may be involved in legal proceedings and subject to claims in the ordinary course of business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company does not believe the ultimate cost to resolve these matters would individually, or taken together, have a material adverse effect on the Company’s business, operating results, cash flows or financial condition. Regardless of the outcome, such proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained. Except as described above, the Company was not subject to any material legal proceedings during the three months ended June 30, 2021 and 2020 , and, to the best of its knowledge, except as described above, no material legal proceedings are currently pending or threatened. Indemnification In the ordinary course of business, the Company provides indemnifications of varying scope and terms to customers, business partners, vendors, lessors, directors, officers, employees, and other parties with respect to certain matters. Indemnification may include losses from intellectual property infringement claims made by third parties, the Company’s breach of certain agreements, and other liabilities relating to or arising from the Company’s acts or omissions. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular indemnification. Based on historical experience and information known as of June 30, 2021 and March 31, 2021, the Company has not incurred any costs for the above indemnities. In certain circumstances, the Company warrants that its services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the services to the customer for the term of the agreement. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial. Security Incident In January 2021, the Company became aware of a security incident later determined to be conducted by the same sophisticated threat actor responsible for the SolarWinds supply chain attack. The Company immediately launched an internal forensic investigation. The investigation was supported by leading third-party forensics and cyber incident response experts at Mandiant, a division of FireEye, Inc., and in coordination with law enforcement to aid their investigation into this threat actor. During the investigation, the Company learned that the threat actor used the SolarWinds supply-chain compromise to gain access to part of its production grid environment. Using this entry point, the threat actor accessed certain Mimecast-issued certificates and related customer server connection information. The threat actor also accessed a subset of email addresses and other contact information, as well as encrypted and/or hashed and salted credentials. In addition, the threat actor accessed and downloaded a limited number of the Company’s source code repositories, but the Company found no evidence of any modifications to its source code nor does it believe there was any impact on its products. As the investigation progressed, the Company issued a series of advisories to affected customers, including recommended precautionary steps to mitigate risk and, in some cases, to address regulatory requirements. The forensic investigation was completed in March 2021 and the Company has eliminated the threat actor’s access to its environment. The Company has taken a number of actions to prevent future access to its environment and will continue to monitor for threats and take precautionary steps as needed. The Company is subject to risk and significant uncertainties as a result of this security incident, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. While the investigation is complete, there can be no assurance as to what the overall impact of these events will be. These types of events often have cascading impacts that unfold over time and may result in a loss of revenue, a diminution of the Company’s business prospects and incremental costs, including costs associated with litigation or investigations by regulatory authorities, any of which may adversely impact the Company’s financial results. The Company has incurred and expects to incur significant costs related to the security incident. For the year ended March 31, 2021, the Company recorded $0.8 million of pre-tax expenses related to the security incident, net of anticipated insurance recoveries. For the three months ended June 30, 2021, expenses related to the security incident were not material. Expenses include costs of the forensic investigation, remediation costs, and legal and other professional services. It is also expected that the Company will continue to incur costs related to its response, remediation, and investigatory efforts relating to this security incident. While the Company has cyber insurance coverage, the amount of such insurance may be insufficient to compensate for any expenses or losses that may result from the security incident or the insurance carrier may refuse to reimburse the Company for certain costs under the terms of the policy. The full scope of the costs and related impacts of the security incident, including the availability of insurance to offset some of these costs, cannot be estimated at this time.

Restructuring

Restructuring	3 Months Ended
	Jun. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring	14. Restructuring Fiscal 2021 Restructuring On January 28, 2021, the Board of Directors of the Company approved a restructuring plan designed to align the Company’s resources with its strategy. The restructuring plan, which included a reduction of the Company’s workforce by approximately 4%, permitted the Company to increase investment in strategic growth areas. During the year ended March 31, 2021, the Company recognized total pre-tax restructuring charges of $3.3 million, consisting of $3.7 million of severance and other one-time termination benefits, and other restructuring related costs, partially offset by $0.4 million of other adjustments. These charges were primarily cash-based and were recognized in the fourth quarter of fiscal 2021 in Restructuring in the consolidated statements of operations. Restructuring charges during the three months ended June 30, 2021 were not material. The actions associated with the restructuring plan are expected to be completed by the end of the second quarter of fiscal 2022 and the Company does not expect any material costs to be incurred in fiscal 2022. The following is a rollforward of the Company’s restructuring liability balance: Severance and related costs Balance as of March 31, 2021 $ 398 Cash payments (297 ) Balance as of June 30, 2021 $ 101

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	15. Segment and Geographic Information Geographic Data The Company allocates, for the purpose of geographic data reporting, its revenue based upon the location of the contracting subsidiary. Total revenue by geographic area was as follows: Three months ended June 30, 2021 2020 United States $ 70,916 $ 60,747 United Kingdom 40,343 33,090 South Africa 15,402 11,175 Other 15,888 10,164 Total revenue $ 142,549 $ 115,176 Property and equipment, net, by geographic location consists of the following: As of June 30, As of March 31, 2021 2021 United States $ 40,753 $ 40,129 United Kingdom 28,233 28,892 South Africa 7,682 7,942 Other 16,190 15,928 Total $ 92,858 $ 92,891

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes The provision for income taxes for the three months ended June 30, 2021 and 2020 was $0.4 million and $0.6 million, respectively, on income before income taxes of $10.4 million and $3.8 million, respectively. The provision for income taxes for the three months ended June 30, 2021 was primarily attributable to the provision recorded on the earnings of the Company’s profitable entities, partially offset by discrete tax benefits of $1.3 million related to excess tax benefits on share-based compensation realized by U.S. and U.K. employees. The provision for income taxes for the three months ended June 30, 2020 was primarily attributable to the tax provision recorded on the earnings of the Company’s profitable entities, partially offset by the discrete tax benefit of $0.4 million related to excess tax benefits on non-qualified share option exercises by U.S. employees. In assessing the Company’s ability to realize its net deferred tax assets, the Company considered various factors including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations to determine whether it is more likely than not that some portion or all of its net deferred tax assets will not be realized. Based upon these factors, the Company has determined that the uncertainty regarding the realization of these assets is sufficient to warrant the need for a full valuation allowance against its net deferred tax assets as of June 30, 2021. During the first quarter of fiscal 2022, the Finance Act 2021 (the Act) was enacted in the United Kingdom. The Act increases the corporate income tax rate from 19% to 25% effective April 1, 2023 and enhances the first-year capital allowance on qualifying new plant and machinery assets effective April 1, 2021. The effects on the Company’s existing deferred tax balances will be immaterial as a result of the valuation allowance maintained against the Company’s U.K. net deferred tax assets During the three months ended June 30, 2021, the Company did not have a material change to the Company’s liabilities for uncertain tax positions. As of June 30, 2021, the Company did not have any material uncertain tax positions that would impact the effective tax rate if recognized. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying condensed consolidated statements of operations. As of June 30, 2021 and March 31, 2021, accrued interest or penalties related to uncertain tax positions were immaterial.

Summary of Business and Signi_2

Summary of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These financial statements and notes should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2021 and related notes, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on May 27, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the financial information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements and notes have been prepared on the same basis as the audited consolidated financial statements for the year ended March 31, 2021 contained in the Company’s Annual Report on Form 10-K and include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of June 30, 2021, and for the three months ended June 30, 2021 and 2020. These interim periods are not necessarily indicative of the results to be expected for any other interim period or the full year. The Company reclassified certain amounts within its condensed consolidated statement of cash flows to conform to current period presentation. The reclassifications include $0.1 million from other assets and $0.1 million from accrued expenses and other liabilities to deferred income tax benefit for the three months ended June 30, 2020. These reclassifications had no impact on the Company’s previously reported results of operations or balance sheets.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates relied upon in preparing these condensed consolidated financial statements include revenue recognition, variable consideration, valuation at fair value of assets acquired or sold, including intangible assets, goodwill, tangible assets, and liabilities assumed, amortization periods, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, determination of incremental borrowing rates, restructuring liabilities, expensing and capitalization of research and development costs for internal-use software, the determination of the fair value of share-based awards issued, the average period of benefit associated with costs capitalized to obtain revenue contracts and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Due to the global COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of June 30, 2021. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Changes in estimates are recorded in the period in which they become known.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions, other events, and circumstances from non-owner sources. Comprehensive income consists of net income and other comprehensive income, which includes certain changes in equity that are excluded from net income. As of June 30, 2021 and March 31, 2021, accumulated other comprehensive income is presented separately on the condensed consolidated balance sheets and consists of cumulative foreign currency translation adjustments.
Revenue and Deferred Revenue	Revenue and Deferred Revenue Revenue recognized during the three months ended June 30, 2021 and 2020 from amounts included in deferred revenue at the beginning of the respective periods was approximately $99.9 million and $80.8 million, respectively. Revenue recognized during the three months ended June 30, 2021 and 2020 from performance obligations satisfied or partially satisfied in previous periods was not material. Contracted revenue as of June 30, 2021 and March 31, 2021 that has not yet been recognized (contracted and not recognized) was $ 116.6 million and $ 117.5 million, respectively, which includes deferred revenue and non-cancellable amounts that will be invoiced and recognized as revenue in future periods and excludes contracts with an original expected length of one year or less. The Company expects % of contracted and not recognized revenue to be recognized over the next year , % in years two and three , with the remaining balance recognized thereafter.
Concentration of Credit Risk and Off-Balance Sheet Risk	Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, investments and accounts receivable. The Company maintains its cash, cash equivalents and investments with major financial institutions of high-credit quality. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Credit risk with respect to accounts receivable is dispersed due to the Company’s large number of customers. The Company’s accounts receivable are derived from revenue earned from customers primarily located in the United States, the United Kingdom, and South Africa. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company estimates credit losses at the reporting date resulting from the inability of its customers to make required payments, including its historical experience of actual losses and the aging of such receivables. These receivables have been pooled by shared risk characteristics. Based on known information the Company may also establish specific allowances for customers in an adverse financial condition or adjust its expectations of changes in conditions that may impact the collectability of outstanding receivables. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable. The Company will continue to actively monitor the impact of the global COVID-19 pandemic on expected credit losses. As of June 30, 2021 and March 31, 2021, no individual customer represented more than 10% of the Company’s accounts receivable. During the three months ended June 30, 2021 and 2020, no individual customer represented more than 10% of the Company’s revenue. When investments are held the Company diversifies its investment portfolio by investing in multiple types of investment-grade securities and attempts to mitigate the risk of loss by using a third-party investment manager. As of June 30, 2021 and March 31, 2021, the Company did not hold any investments.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks, amounts held in interest-bearing money market funds and investments with maturities of 90 days or less from the date of purchase. Cash equivalents are carried at cost, which approximates their fair market value. Investments not classified as cash equivalents are presented as either short-term or long-term investments based on both their stated maturities as well as the time period the Company intends to hold such securities. The Company determines the appropriate classification of investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the condensed consolidated statements of operations. As of June 30, 2021 and March 31, 2021, cash and cash equivalents of $338.4 million and $292.9 million, respectively, were carried at amortized cost, which approximates their market value.
Internal-use Software Costs	Internal-use Software Costs Software Development Costs Costs incurred to develop software applications used in the Company’s SaaS platform consist of certain direct costs of materials and services incurred in developing or obtaining internal-use computer software, and payroll and payroll-related costs for employees who are directly associated with, and who devote time to, the project. These costs generally consist of internal labor during configuration, coding, and testing activities. Research and development costs incurred during the preliminary project stage or costs incurred for data conversion activities, training, maintenance and general and administrative or overhead costs are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the application is substantially complete and ready for its intended use. Qualified costs incurred during the operating stage of the Company’s software applications relating to upgrades and enhancements are capitalized to the extent it is probable that they will result in added functionality, while costs incurred for maintenance of, and minor upgrades and enhancements to, internal-use software are expensed as incurred. During the three months ended June 30, 2021 and 2020, the Company believes the substantial majority of its development efforts were either in the preliminary project stage of development or in the operation stage (post-implementation), and accordingly, no costs have been capitalized during these periods. These costs are included in the accompanying condensed consolidated statements of operations as research and development expense. Implementation Costs on Cloud-computing Arrangements As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized implementation costs related to hosting arrangements that were incurred during the application development stage were $2.7 million and $2.9 million, respectively. These capitalized implementation costs will be amortized over the expected term of the arrangement and are amortized in the same line item in the condensed consolidated statements of operations as the expense for fees for the associated hosting arrangement.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis	The following table summarizes financial assets measured and recorded at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of June 30, 2021 and March 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Assets: Money market funds $ 15,808 March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Assets: Money market funds $ 15,366

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2021 2020 Short-term lease cost $ 26 $ 67 Variable lease cost 1,411 1,743 Operating lease cost 9,946 8,377 Finance lease cost: Amortization of lease assets 250 250 Interest on lease liabilities 3 16 Total finance lease cost $ 253 $ 266
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Three months ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 9,672 $ 9,637 Operating cash outflows from finance leases $ 3 $ 20 Financing cash outflows from finance leases $ 273 $ 347
Schedule of Weighted-average Remaining Lease Term and Discount Rate	Weighted-average remaining lease term and discount rate: As of June 30, As of March 31, 2021 2021 Weighted-average remaining lease term (in years) Operating leases 5.58 5.76 Finance leases 0.39 0.35 Weighted-average discount rate Operating leases 4.57 % 4.58 % Finance leases 4.83 % 4.83 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of June 30, 2021 were as follows: Year Ending March 31, Operating Leases Finance Leases Remainder of 2022 $ 30,453 $ 51 2023 32,842 — 2024 24,023 — 2025 22,095 — 2026 17,558 — Thereafter 32,515 — Total lease payments 159,486 51 Less: imputed interest (18,580 ) (1 ) Total lease liabilities $ 140,906 $ 50

Net Income Per Ordinary Share (

Net Income Per Ordinary Share (Tables)	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule for Calculation of Basic and Diluted Net Income Per Share	The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except per share data): Three months ended June 30, 2021 2020 Numerator: Net income $ 10,072 $ 3,138 Denominator: Weighted-average number of ordinary shares used in computing net income per share applicable to ordinary shareholders – basic 65,198 63,019 Dilutive effect of share equivalents resulting from share options, RSUs and ESPP shares 1,736 1,657 Weighted-average number of ordinary shares used in computing net income per share – diluted 66,934 64,676 Net income per share applicable to ordinary shareholders: Basic $ 0.15 $ 0.05 Diluted $ 0.15 $ 0.05
Dilutive Ordinary Shares Excluded from Calculation of Diluted Weighted Average Shares Outstanding	The following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive for the periods presented (in thousands): Three months ended June 30, 2021 2020 Share options outstanding 2,554 4,406 Unvested RSUs 131 520 ESPP shares 72 85

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Weighted Average Assumption Utilized to Determine Fair Value of Option	The fair value of each share option issued under the 2015 Plan was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: Three months ended June 30, 2021 2020 Expected term (in years) 6.1 6.1 Risk-free interest rate 1.4 % 0.6 % Expected volatility 46.7 % 44.6 % Expected dividend yield — % — % Grant date fair value per ordinary share $ 41.55 $ 33.43
Schedule of Share-Based Compensation, Stock Options, Activity	Share option activity under the 2015 Plan and the Historical Plans for the three months ended June 30, 2021 was as follows: Number of Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 5,322,599 $ 34.13 6.81 $ 43,683 Options granted 718,423 $ 41.55 Options exercised (672,024 ) $ 28.23 Options forfeited and cancelled (228,711 ) $ 39.98 Outstanding as of June 30, 2021 5,140,287 $ 35.68 7.33 $ 89,286 Exercisable as of June 30, 2021 2,620,341 $ 30.72 6.33 $ 58,510
Schedule of Share-Based Compensation, RSUs, Activity	RSU activity under the 2015 Plan for the three months ended June 30, 2021 was as follows: Number of Awards Weighted Average Grant Date Fair Value Intrinsic Value (in thousands) Unvested RSUs as of March 31, 2021 2,630,359 $ 38.62 $ 105,767 RSUs granted 1,609,373 $ 41.17 RSUs vested (526,561 ) $ 37.10 RSUs forfeited (325,680 ) $ 38.99 Unvested RSUs as of June 30, 2021 3,387,491 $ 40.03 $ 179,706
Share-Based Compensation Expense Recognized in Statements of Operations	Share-based compensation expense recognized under the 2015 Plan, Historical Plans and ESPP in the accompanying condensed consolidated statements of operations was as follows: Three months ended June 30, 2021 2020 Cost of revenue $ 1,507 $ 1,125 Research and development 6,462 3,884 Sales and marketing 5,084 4,437 General and administrative 4,335 4,207 Total share-based compensation expense $ 17,388 $ 13,653

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Balance	The following is a rollforward of the Company’s goodwill balance: Three months ended June 30, 2021 Beginning balance $ 173,952 Effect of foreign exchange rates 2,956 Ending balance $ 176,908
Schedule of Purchased Intangible Assets	Purchased intangible assets consisted of the following: Weighted- Average June 30, 2021 Remaining Gross Net Useful Life Carrying Accumulated Carrying (in years) Value Amortization Value Developed technology 7 $ 39,887 $ (10,387 ) $ 29,500 Customer relationships 4 997 (362 ) 635 Capitalized software and other (1) (2) 3 25,414 (14,102 ) 11,312 $ 66,298 $ (24,851 ) $ 41,447 Weighted- Average March 31, 2021 Remaining Gross Net Useful Life Carrying Accumulated Carrying (in years) Value Amortization Value Developed technology 7 $ 39,180 $ (9,114 ) $ 30,066 Customer relationships 4 984 (318 ) 666 Capitalized software and other (1) (2) 3 25,161 (12,700 ) 12,461 $ 65,325 $ (22,132 ) $ 43,193 (1) As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized software and other included $2.0 million and $2.1 million, respectively, of costs capitalized related to video production costs. (2) As of June 30, 2021 and March 31, 2021, the net carrying value of capitalized software and other included $0.3 million and $0.3 million of costs capitalized related to IP addresses.
Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets	Future estimated amortization expense of intangible assets as of June 30, 2021, is as follows: Purchased Intangible Assets Capitalized Software Remainder of 2022 $ 3,430 $ 3,778 2023 4,573 3,876 2024 4,511 2,101 2025 4,433 1,130 2026 4,355 358 Thereafter 8,833 69 Total $ 30,135 $ 11,312

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Future Minimum Principal Payment Obligations	Future minimum principal payment obligations under the Term Loan and Revolving Facility are as follows: Fiscal Year Ending March 31, Debt Remainder of 2022 $ 7,500 2023 10,000 2024 85,000 Total minimum debt payments 102,500 Less: Debt issuance costs (540 ) Less: Current portion of long-term debt (9,722 ) Long-term debt $ 92,238

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Jun. 30, 2021
Restructuring And Related Activities [Abstract]
Schedule of Restructuring Liability Balance	The following is a rollforward of the Company’s restructuring liability balance: Severance and related costs Balance as of March 31, 2021 $ 398 Cash payments (297 ) Balance as of June 30, 2021 $ 101

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Revenue by Geographic Area	The Company allocates, for the purpose of geographic data reporting, its revenue based upon the location of the contracting subsidiary. Total revenue by geographic area was as follows: Three months ended June 30, 2021 2020 United States $ 70,916 $ 60,747 United Kingdom 40,343 33,090 South Africa 15,402 11,175 Other 15,888 10,164 Total revenue $ 142,549 $ 115,176
Summary of Property and Equipment, Net by Geographic Location	Property and equipment, net, by geographic location consists of the following: As of June 30, As of March 31, 2021 2021 United States $ 40,753 $ 40,129 United Kingdom 28,233 28,892 South Africa 7,682 7,942 Other 16,190 15,928 Total $ 92,858 $ 92,891

Summary of Business and Signi_3

Summary of Business and Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Reclassified from other assets to deferred income tax benefit	$ 0.1
Reclassified from accrued expenses and other liabilities to deferred income tax benefit	$ 0.1

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue recognized included in deferred revenue	$ 99.9	$ 80.8
Contracted revenue not yet recognized	$ 116.6		$ 117.5
Contracted revenue not yet recognized, expected timing of satisfaction, explanation	The Company expects 53% of contracted and not recognized revenue to be recognized over the next year, 46% in years two and three, with the remaining balance recognized thereafter.

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Additional Information (Detail 1)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	53.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	46.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months

Concentration of Credit Risk _2

Concentration of Credit Risk and Off-Balance Sheet Risk - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2021USD ($)Customer	Jun. 30, 2020Customer	Mar. 31, 2021USD ($)Customer
Risks And Uncertainties [Abstract]
Number of customers representing more than 10% of accounts receivable	0		0
Number of customers representing more than 10% of revenue	0	0
Investments | $	$ 0		$ 0

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 338,433	$ 292,949

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets measured at fair value on a recurring basis	$ 0	$ 0
Liabilities measured at fair value on a recurring basis	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) [Member] | Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Total assets	$ 15,808	$ 15,366

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)
Lessee Lease Description [Line Items]
Operating and finance leases, existence of option to extend [true false]	true
Operating and finance leases, option to extend, description	some of which include options to extend the leases for up to 10 years.
Leases not yet commenced, description	the Company had additional leases with future lease payments of $8.9 million, the terms of which have not yet commenced. These leases are expected to commence in the current fiscal year with lease terms of approximately five years.
Leases not yet commenced, value	$ 8.9
Leases, expected to commence, lease term	5 years
Minimum [Member]
Lessee Lease Description [Line Items]
Operating and finance leases, remaining lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating and finance leases, remaining lease term	8 years
Operating and finance leases, renewal term	10 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Short-term lease cost	$ 26	$ 67
Variable lease cost	1,411	1,743
Operating lease cost	9,946	8,377
Finance lease cost:
Amortization of lease assets	250	250
Interest on lease liabilities	3	16
Total finance lease cost	$ 253	$ 266

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 9,672	$ 9,637
Operating cash outflows from finance leases	3	20
Financing cash outflows from finance leases	$ 273	$ 347

Leases - Schedule of Weighted-a

Leases - Schedule of Weighted-average Remaining Lease Term and Discount Rate (Detail)	Jun. 30, 2021	Mar. 31, 2021
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	5 years 6 months 29 days	5 years 9 months 3 days
Finance leases, Weighted-average remaining lease term	4 months 20 days	4 months 6 days
Operating leases, Weighted-average discount rate	4.57%	4.58%
Finance leases, Weighted-average discount rate	4.83%	4.83%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Operating Leases
Remainder of 2022	$ 30,453
2023	32,842
2024	24,023
2025	22,095
2026	17,558
Thereafter	32,515
Total lease payments	159,486
Less: imputed interest	(18,580)
Total lease liabilities	140,906
Finance Leases
Remainder of 2022	51
Total lease payments	51
Less: imputed interest	(1)
Total lease liabilities	$ 50

Internal-use Software Costs - A

Internal-use Software Costs - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Research And Development [Abstract]
Capitalized costs	$ 0	$ 0
Implementation costs capitalized	$ 2,700,000		$ 2,900,000

Net Income Per Ordinary Share -

Net Income Per Ordinary Share - Schedule for Calculation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 10,072	$ 3,138
Weighted-average number of ordinary shares used in computing net income per share applicable to ordinary shareholders – basic	65,198	63,019
Dilutive effect of share equivalents resulting from share options, RSUs and ESPP shares	1,736	1,657
Weighted-average number of ordinary shares used in computing net income per share – diluted	66,934	64,676
Net income per share applicable to ordinary shareholders:
Basic	$ 0.15	$ 0.05
Diluted	$ 0.15	$ 0.05

Net Income Per Ordinary Share_2

Net Income Per Ordinary Share - Dilutive Ordinary Shares Excluded from Calculation of Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive ordinary share equivalents excluded from calculation of diluted weighted-average shares outstanding	2,554	4,406
Unvested Restricted Share Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive ordinary share equivalents excluded from calculation of diluted weighted-average shares outstanding	131	520
ESPP Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive ordinary share equivalents excluded from calculation of diluted weighted-average shares outstanding	72	85

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)CompensationPlanInstallment$ / sharesshares	Jun. 30, 2020USD ($)$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share-based compensation plans | CompensationPlan	2
Weighted average per share fair value of options granted to employees | $ / shares	$ 19.10	$ 14.31
Total intrinsic value of options exercised	$ 13,700	$ 5,400
Proceeds from exercises of share-based awards	18,600	5,000
Share-based compensation expense recognized	17,388	13,653
Share Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 40,000
Unrecognized share-based compensation expense, net of estimated forfeiture, period for recognition	2 years 6 months 29 days
Unvested Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 121,000
Unrecognized share-based compensation expense, net of estimated forfeiture, period for recognition	3 years 2 months 8 days
Unvested Restricted Share Units [Member] | Non-Employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period	3 years
Unvested Restricted Share Units [Member] | Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of vesting installment for equity granted | Installment	4
2015 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options available for future grant | shares	9,600,728
2015 Plan [Member] | Share Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares reserved for future issuance | shares	5,500,000
Increase in number of shares reserved and available for issuance, percentage	5.00%
Share-based compensation arrangement by share-based payment award, term	10 years
Share-based compensation arrangement by share-based payment award, vesting period	4 years
2015 Employee Share Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, term	6 months
Ordinary shares reserved and authorized for issuance | shares	1,100,000
Authorized payroll deductions percentage	10.00%
Percentage of fair market value of shares to be considered as share price	85.00%
Number of options available for future grant | shares	500,000
Share-based compensation expense recognized	$ 500	500
Cash proceeds from shares purchased in connection with ESPP	$ 3,400	$ 3,100
2015 Employee Share Purchase Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized payroll deductions percentage	1.00%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Weighted-Average Assumption Utilized to Determine Fair Value of Option (Detail) - Share Options [Member] - $ / shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	1.40%	0.60%
Expected volatility	46.70%	44.60%
Grant date fair value per ordinary share	$ 41.55	$ 33.43

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation, Stock Options, Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Awards, Beginning balance	5,322,599
Number of Awards, Options granted	718,423
Number of Awards, Options exercised	(672,024)
Number of Awards, Options forfeited and cancelled	(228,711)
Number of Awards, Ending balance	5,140,287	5,322,599
Number of Awards, Exercisable	2,620,341
Weighted Average Exercise Price, Beginning balance	$ 34.13
Weighted Average Exercise Price, Options granted	41.55
Weighted Average Exercise Price, Options exercised	28.23
Weighted Average Exercise Price, Options forfeited and cancelled	39.98
Weighted Average Exercise Price, Ending balance	35.68	$ 34.13
Weighted Average Exercise Price Exercisable	$ 30.72
Weighted Average Remaining Contractual Term, Outstanding	7 years 3 months 29 days	6 years 9 months 21 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 3 months 29 days
Aggregate Intrinsic Value, Outstanding	$ 89,286	$ 43,683
Aggregate Intrinsic Value, Exercisable	$ 58,510

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation, RSUs, Activity (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Awards Unvested, RSUs Beginning balance | shares	2,630,359
Number of Awards, RSUs granted | shares	1,609,373
Number of Awards, RSUs vested | shares	(526,561)
Number of Awards, RSUs forfeited | shares	(325,680)
Number of Awards, Unvested RSUs, Ending balance | shares	3,387,491
Weighted Average Grant Date Fair Value, Unvested RSUs, Beginning balance | $ / shares	$ 38.62
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares	41.17
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares	37.10
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares	38.99
Weighted Average Grant Date Fair Value, Unvested RSUs, Ending balance | $ / shares	$ 40.03
Intrinsic Value, Unvested RSUs, Beginning balance | $	$ 105,767
Intrinsic Value, Unvested RSUs, Ending Balance | $	$ 179,706

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense Recognized in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 17,388	$ 13,653
Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	1,507	1,125
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	6,462	3,884
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	5,084	4,437
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 4,335	$ 4,207

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 29, 2020	Jun. 30, 2021	Mar. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 176,908	$ 173,952
Developed Technology [Member]
Business Acquisition [Line Items]
Estimated Useful Life (in years)		7 years	7 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Useful Life (in years)		4 years	4 years
eTorch Inc. [Member]
Business Acquisition [Line Items]
Estimated fair values of identifiable intangible assets, amount	$ 3,800
Goodwill	14,100
eTorch Inc. [Member] | Developed Technology [Member]
Business Acquisition [Line Items]
Estimated fair values of identifiable intangible assets, amount	$ 3,500
Estimated Useful Life (in years)	9 years 8 months 12 days
eTorch Inc. [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated fair values of identifiable intangible assets, amount	$ 200
Estimated Useful Life (in years)	6 years 8 months 12 days
eTorch Inc. [Member] | Patent Licenses [Member]
Business Acquisition [Line Items]
Estimated fair values of identifiable intangible assets, amount	$ 100
Estimated Useful Life (in years)	5 years
eTorch Inc. [Member] | Delaware [Member]
Business Acquisition [Line Items]
Business acquisition, effective date of acquisition	Jul. 29, 2020
Cash payment	$ 17,000
Net of cash acquired	$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill Balance (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Goodwill Roll Forward
Beginning balance	$ 173,952
Effect of foreign exchange rates	2,956
Ending balance	$ 176,908

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Finite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Value	$ 66,298	$ 65,325
Accumulated Amortization	(24,851)	(22,132)
Finite-Lived Intangible Assets, Net Carrying Value	$ 41,447	$ 43,193
Developed Technology [Member]
Finite Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	7 years	7 years
Finite-Lived Intangible Assets, Gross Carrying Value	$ 39,887	$ 39,180
Accumulated Amortization	(10,387)	(9,114)
Finite-Lived Intangible Assets, Net Carrying Value	$ 29,500	$ 30,066
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	4 years	4 years
Finite-Lived Intangible Assets, Gross Carrying Value	$ 997	$ 984
Accumulated Amortization	(362)	(318)
Finite-Lived Intangible Assets, Net Carrying Value	$ 635	$ 666
Capitalized Software and Other [Member]
Finite Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (in years)	3 years	3 years
Finite-Lived Intangible Assets, Gross Carrying Value	$ 25,414	$ 25,161
Accumulated Amortization	(14,102)	(12,700)
Finite-Lived Intangible Assets, Net Carrying Value	$ 11,312	$ 12,461

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021
Video Production Costs [Member]
Finite Lived Intangible Assets [Line Items]
Capitalized software and other cost	$ 2	$ 2.1
IP Addresses [Member]
Finite Lived Intangible Assets [Line Items]
Capitalized software and other cost	$ 0.3	$ 0.3

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.4	$ 2.1

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Finite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net Carrying Value	$ 41,447	$ 43,193
Purchased Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Remainder of 2022	3,430
2023	4,573
2024	4,511
2025	4,433
2026	4,355
Thereafter	8,833
Finite-Lived Intangible Assets, Net Carrying Value	30,135
Capitalized Software [Member]
Finite Lived Intangible Assets [Line Items]
Remainder of 2022	3,778
2023	3,876
2024	2,101
2025	1,130
2026	358
Thereafter	69
Finite-Lived Intangible Assets, Net Carrying Value	$ 11,312

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jul. 23, 2018	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding borrowings		$ 85,000,000		$ 86,900,000
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt issuance costs		500,000		600,000
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowings		17,500,000		17,500,000
Amount available under credit facility		30,300,000		30,300,000
Interest expense		400,000	$ 700,000
Senior Secured Revolving Credit Facility [Member] | Other Assets [Member]
Debt Instrument [Line Items]
Debt issuance costs		300,000		300,000
Senior Secured Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Outstanding borrowings		$ 2,200,000		$ 2,200,000
Credit Agreement with Certain Lenders [Member]
Debt Instrument [Line Items]
Credit facility term	5 years
Credit facility maturity date	Jul. 23, 2023
Credit Agreement with Certain Lenders [Member] | Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Credit facility amount	$ 100,000,000
Credit Agreement with Certain Lenders [Member] | Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount	$ 50,000,000
Credit Agreement with Certain Lenders [Member] | LIBOR Plus [Member]
Debt Instrument [Line Items]
Credit facility current interest rate		1.375%		1.375%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Principal Payment Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Less: Current portion of long-term debt	$ (9,722)	$ (9,090)
Long-term debt	92,238	$ 94,671
Senior Secured Term Loan and Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Remainder of 2022	7,500
2023	10,000
2024	85,000
Total minimum debt payments	102,500
Less: Debt issuance costs	(540)
Less: Current portion of long-term debt	(9,722)
Long-term debt	$ 92,238

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2020
Security Incident [Member]
Commitments And Contingencies [Line Items]
Pre-tax expenses of security incident, net of anticipated insurance recoveries	$ 0	$ 800,000

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($)	Jan. 28, 2021	Jun. 30, 2021	Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Restructuring plan, percentage reduction in workforce	4.00%
Total pre-tax restructuring charges			$ 3,300,000
Restructuring charges		$ 0	3,700,000
Restructuring charges, other adjustments			$ 400,000

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Liability Balance (Detail) - Severance and Related Costs [Member] $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Restructuring Cost And Reserve [Line Items]
Balance as of March 31, 2021	$ 398
Cash payments	(297)
Balance as of June 30, 2021	$ 101

Segment and Geographic Inform_3

Segment and Geographic Information - Summary of Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 142,549	$ 115,176
United States [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	70,916	60,747
United Kingdom [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	40,343	33,090
South Africa [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	15,402	11,175
Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 15,888	$ 10,164

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Property and Equipment, Net by Geographic Location (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	$ 92,858	$ 92,891
United States [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	40,753	40,129
United Kingdom [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	28,233	28,892
South Africa [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	7,682	7,942
Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	$ 16,190	$ 15,928

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Income Taxes [Line Items]
Provision for income taxes	$ 365,000	$ 613,000
Income (loss) before income taxes	10,437,000	3,751,000
Excess tax benefits on non-qualified share option realized	1,300,000	$ 400,000
Liabilities for uncertain tax positions	0
Liabilities for uncertain tax positions that would impact effective tax rate if recognized	$ 0
U. K. [Member]
Income Taxes [Line Items]
Tax at statutory rate	25.00%		19.00%
Finance Act of 2021, change in corporate income tax rate, effective date	Apr. 1, 2023
Finance Act of 2021, enhancement of first-year capital allowance on qualifying new plant and machinery assets, effective date	Apr. 1, 2021