0001023731-21-000243 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38312
Entity Registrant Name	8x8, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0142404
Entity Address, Address Line One	675 Creekside Way
Entity Address, City or Town	Campbell
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95008
City Area Code	408
Local Phone Number	727-1885
Title of 12(b) Security	COMMON STOCK, PAR VALUE $.001 PER SHARE
Trading Symbol	EGHT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,949,810
Entity Central Index Key	0001023731
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 102,989	$ 112,531
Restricted cash, current	8,179	8,179
Short-term investments	44,607	40,337
Accounts receivable, net	51,178	51,150
Deferred sales commission costs, current	33,026	30,241
Other current assets	32,896	34,095
Total current assets	272,875	276,533
Property and equipment, net	86,860	93,076
Operating lease, right-of-use assets	62,379	66,664
Intangible assets, net	14,580	17,130
Goodwill	130,869	131,520
Restricted cash, non-current	462	462
Long-term investments	10,245	0
Deferred sales commission costs, non-current	75,668	72,427
Other assets	18,904	20,597
Total assets	672,842	678,409
Current liabilities:
Accounts payable	29,618	31,236
Accrued compensation	30,575	29,879
Accrued taxes	12,065	12,129
Operating lease liabilities, current	13,271	12,942
Deferred revenue, current	22,362	20,737
Other accrued liabilities	13,049	14,455
Total current liabilities	120,940	121,378
Operating lease liabilities, non-current	77,156	82,456
Convertible senior notes, net	317,291	308,435
Other liabilities, non-current	4,904	5,636
Total liabilities	520,291	517,905
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock	113	109
Additional paid-in capital	835,830	755,643
Accumulated other comprehensive loss	(6,107)	(4,193)
Accumulated deficit	(677,285)	(591,055)
Total stockholders' equity	152,551	160,504
Total liabilities and stockholders' equity	$ 672,842	$ 678,409

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total revenue	$ 151,557	$ 129,133	$ 299,884	$ 250,940
Operating Expenses [Abstract]
Research and development	28,498	21,567	53,890	43,061
Sales and marketing	76,726	61,399	152,641	121,549
General and administrative	24,023	22,769	50,114	48,559
Total operating expenses	188,714	162,231	375,868	321,798
Loss from operations	(37,157)	(33,098)	(75,984)	(70,858)
Other expense, net	(4,934)	(5,178)	(9,757)	(9,103)
Loss before provision for income taxes	(42,091)	(38,276)	(85,741)	(79,961)
Provision for income taxes	233	137	489	365
Net loss	$ (42,324)	$ (38,413)	$ (86,230)	$ (80,326)
Net loss per share:
Basic (in dollars per share)	$ (0.38)	$ (0.37)	$ (0.78)	$ (0.77)
Diluted (in dollars per share)	$ (0.38)	$ (0.37)	$ (0.78)	$ (0.77)
Weighted-average common shares outstanding:
Basic (in shares)	112,422	104,620	111,180	104,116
Diluted (in shares)	112,422	104,620	111,180	104,116
Service
Total revenue	$ 142,376	$ 120,942	$ 280,172	$ 235,125
Operating Expenses [Abstract]
Cost of revenue	47,198	44,803	93,208	85,799
Other
Total revenue	9,181	8,191	19,712	15,815
Operating Expenses [Abstract]
Cost of revenue	$ 12,269	$ 11,693	$ 26,015	$ 22,830

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (42,324)	$ (38,413)	$ (86,230)	$ (80,326)
Other comprehensive loss, net of tax
Unrealized (loss) gain on investments in securities	(15)	(43)	(48)	379
Foreign currency translation adjustment	(2,149)	2,945	(1,866)	3,830
Comprehensive loss	$ (44,488)	$ (35,511)	$ (88,144)	$ (76,117)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Cumulative effect, period of adoption, adjustment	Cumulative effect, period of adoption, adjustment Accumulated Deficit
Beginning balance (in shares) at Mar. 31, 2020		103,179
Beginning balance at Mar. 31, 2020	$ 190,731	$ 103	$ 625,474	$ (12,176)	$ (422,670)	$ (2,800)	$ (2,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		688
Issuance of common stock under stock plans	(66)	$ 1	(67)
Stock-based compensation expense	23,118		23,118
Issuance of common stock related to acquisition	8,489		8,489
Unrealized investment (loss) gain	422			422
Foreign currency translation adjustment	885			885
Net loss	(41,913)				(41,913)
Ending balance (in shares) at Jun. 30, 2020		103,867
Ending balance at Jun. 30, 2020	178,866	$ 104	657,014	(10,869)	(467,383)
Beginning balance (in shares) at Mar. 31, 2020		103,179
Beginning balance at Mar. 31, 2020	190,731	$ 103	625,474	(12,176)	(422,670)	$ (2,800)	$ (2,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized investment (loss) gain	379
Foreign currency translation adjustment	3,830
Net loss	(80,326)
Ending balance (in shares) at Sep. 30, 2020		105,986
Ending balance at Sep. 30, 2020	174,459	$ 106	688,116	(7,967)	(505,796)
Beginning balance (in shares) at Jun. 30, 2020		103,867
Beginning balance at Jun. 30, 2020	178,866	$ 104	657,014	(10,869)	(467,383)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		2,119
Issuance of common stock under stock plans	4,708	$ 2	4,706
Stock-based compensation expense	26,396		26,396
Unrealized investment (loss) gain	(43)			(43)
Foreign currency translation adjustment	2,945			2,945
Net loss	(38,413)				(38,413)
Ending balance (in shares) at Sep. 30, 2020		105,986
Ending balance at Sep. 30, 2020	174,459	$ 106	688,116	(7,967)	(505,796)
Beginning balance (in shares) at Mar. 31, 2021		109,135
Beginning balance at Mar. 31, 2021	160,504	$ 109	755,643	(4,193)	(591,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		1,562
Issuance of common stock under stock plans	3,440	$ 2	3,438
Stock-based compensation expense	36,508		36,508
Unrealized investment (loss) gain	(33)			(33)
Foreign currency translation adjustment	283			283
Net loss	(43,906)				(43,906)
Ending balance (in shares) at Jun. 30, 2021		110,697
Ending balance at Jun. 30, 2021	156,796	$ 111	795,589	(3,943)	(634,961)
Beginning balance (in shares) at Mar. 31, 2021		109,135
Beginning balance at Mar. 31, 2021	160,504	$ 109	755,643	(4,193)	(591,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized investment (loss) gain	(48)
Foreign currency translation adjustment	(1,866)
Net loss	(86,230)
Ending balance (in shares) at Sep. 30, 2021		113,416
Ending balance at Sep. 30, 2021	152,551	$ 113	835,830	(6,107)	(677,285)
Beginning balance (in shares) at Jun. 30, 2021		110,697
Beginning balance at Jun. 30, 2021	156,796	$ 111	795,589	(3,943)	(634,961)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		2,721
Issuance of common stock under stock plans	6,760	$ 2	6,758
Stock-based compensation expense	33,483		33,483
Issuance of common stock related to acquisitions (in shares)		(1)
Issuance of common stock related to acquisition	0
Unrealized investment (loss) gain	(15)
Foreign currency translation adjustment	(2,149)
Net loss	(42,324)
Ending balance (in shares) at Sep. 30, 2021		113,416
Ending balance at Sep. 30, 2021	$ 152,551	$ 113	$ 835,830	$ (6,107)	$ (677,285)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (86,230)	$ (80,326)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	5,771	5,690
Amortization of intangible assets	2,551	4,055
Amortization of capitalized internal-use software costs	14,713	12,893
Amortization of debt discount and issuance costs	8,855	8,317
Amortization of deferred sales commission costs	16,857	12,764
Allowance for credit losses	645	2,994
Operating lease expense, net of accretion	6,795	7,585
Stock-based compensation expense	72,422	48,101
Other	853	467
Changes in assets and liabilities:
Accounts receivable	(1,100)	(6,290)
Deferred sales commission costs	(23,489)	(26,811)
Other current and non-current assets	(835)	(7,532)
Accounts payable and accruals	(9,860)	1,350
Deferred revenue	1,183	3,675
Net cash provided by (used in) operating activities	9,131	(13,068)
Cash flows from investing activities:
Purchases of property and equipment	(2,358)	(4,171)
Capitalized internal-use software costs	(11,613)	(16,158)
Purchases of investments	(56,049)	(17,968)
Sales of investments	10,299	219
Proceeds from maturities of investments	30,967	30,071
Acquisition of businesses, net of cash acquired	0	(3,459)
Net cash used in investing activities	(28,754)	(11,466)
Cash flows from financing activities:
Finance lease payments	(8)	(70)
Tax-related withholding of common stock	(128)	(69)
Proceeds from issuance of common stock under employee stock plans	10,328	4,710
Net cash provided by financing activities	10,192	4,571
Effects of currency exchange rates on cash, cash equivalent, and restricted cash	(111)	958
Net decrease in cash, cash equivalents, and restricted cash	(9,542)	(19,005)
Cash, cash equivalents, and restricted cash at the beginning of the period	121,172	156,411
Cash, cash equivalents, and restricted cash at the end of the period	111,630	137,406
Supplemental information:
Cash paid for income taxes	578	406
Cash paid for interest	906	906
Reconciliation Of Cash Cash Equivalents And Restricted Cash [Abstract]
Cash and cash equivalents	102,989	121,848
Restricted cash, current	8,179	6,917
Restricted cash, non-current	462	8,641
Total cash, cash equivalents, and restricted cash	$ 111,630	$ 137,406

DESCRIPTION OF BUSINESS	6 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS 8x8, Inc. ("8x8" or the "Company") was incorporated in California in February 1987, and was reincorporated in Delaware in December 1996. The Company is a leading Software-as-a-Service ("SaaS") provider of contact center, voice, video, chat, and API solutions powered by one global cloud communications platform. 8x8 empowers workforces worldwide by connecting individuals and teams so they can collaborate faster and work smarter from anywhere. 8x8 provides real-time business analytics and intelligence, giving its customers unique insights across all interactions and channels on our platform, so they can support a distributed and hybrid working model while delighting their end-customers and accelerating their business. A majority of all revenue is generated from communication services subscriptions and platform usage. The Company also generates revenue from sales of hardware and professional services, which complement the delivery of our integrated technology platform.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND CONSOLIDATION The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2021, and notes thereto included in the Company's fiscal 2021 Annual Report on Form 10-K ("Form 10-K"). There were no material changes during the three and six months ended September 30, 2021, to our significant accounting policies as described in the Company's Form 10-K for the fiscal year ended March 31, 2021. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company conducts its operations through one reportable segment. In the opinion of the Company's management, these condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company's financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2022. USE OF ESTIMATES The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, and disclosure of contingent assets and liabilities at the reporting date. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to allowance for credit losses, reserve for expected customer credits or cancellations, fair value of and/or evaluation for impairment of goodwill and other long-lived assets, capitalization of internally developed software, benefit period for deferred sales commission costs, stock-based compensation expense, discount rate used to calculate operating lease liabilities, income and sales tax liabilities, fair value of convertible senior notes, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which enhanced and simplified various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The amendment was effective for public companies with fiscal years beginning after December 15, 2020, which is fiscal 2022 for the Company. The adoption of this guidance in the first quarter of the Company's fiscal 2022 did not have a material impact on the Company's financial statements. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies accounting for convertible instruments by eliminating two of the three accounting models available for convertible debt instruments and convertible preferred stock. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation. The guidance is effective for fiscal years beginning after December 15, 2021, which is fiscal 2023 for the Company. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.

REVENUE RECOGNITION

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates its revenue by geographic region. See Note 12. Geographical Information.

Contract Balances

The following table provides amounts of receivables, contract assets, and deferred revenues from contracts with customers:


	September 30, 2021		March 31, 2021
Accounts receivable, net	$	51,178	$	51,150
Contract assets, current	$	11,714	$	12,840
Contract assets, non-current	$	17,045	$	17,987
Deferred revenue, current	$	22,362	$	20,737
Deferred revenue, non-current	$	2,296	$	2,999

Contract assets, current, contract assets, non-current, and deferred revenue, non-current are recorded on the Condensed Consolidated Balance Sheets in Other current assets, Other assets, and Other liabilities, non-current, respectively.

Contract assets represent recognition of revenue, for fulfillment of performance obligations, that has not yet been billed; the net decrease in contract assets was primarily driven by the billing of revenue previously recognized. The net increase in deferred revenue was due to billings in advance of performance obligations being satisfied. During the six months ended September 30, 2021, the Company recognized revenues of approximately $12.2 million, which was included in the deferred revenue balance at the beginning of the period.

Remaining Performance Obligations

The Company's subscription terms typically range from one to five years. Contract revenue from remaining performance obligations that had not yet been recognized as of September 30, 2021, was approximately $550.0 million. This amount excludes contracts with an original expected length of less than one year. The Company expects to recognize revenue on approximately 75% of the remaining performance obligations over the next 36 months and approximately 25% thereafter.

Deferred Sales Commission Costs

Amortization of deferred sales commission costs for the three and six months ended September 30, 2021 was $8.6 million and $16.9 million, respectively. Amortization of deferred sales commission costs for the three and six months ended September 30, 2020 was $6.7 million and $12.8 million, respectively. There were no material write-offs of deferred sales commission costs during the three and six months ended September 30, 2021 and 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following tables presents estimated fair values of cash, cash equivalents, restricted cash, and available-for-sale investments:


September 30, 2021	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-Current)		Short-Term Investments		Long-Term Investments
Cash	$	43,131	$	—	$	—	$	43,131	$	43,131	$	—	$	—	$	—
Level 1:
Money market funds	58,458		—		—		58,458		58,458		—		—		—

Subtotal	101,589		—		—		101,589		101,589		—		—		—
Level 2:
Certificate of deposit	8,641		—		—		8,641		—		8,641		—		—

Commercial paper	27,412		1		(1)		27,412		1,400		—		26,012		—
Corporate debt	28,828		17		(5)		28,840		—		—		18,595		10,245
Subtotal	64,881		18		(6)		64,893		1,400		8,641		44,607		10,245
Total assets	$	166,470	$	18	$	(6)	$	166,482	$	102,989	$	8,641	$	44,607	$	10,245


March 31, 2021	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-Current)		Short-Term Investments		Long-Term Investments
Cash	$	39,070	$	—	$	—	$	39,070	$	39,070	$	—	$	—	$	—
Level 1:
Money market funds	67,712		—		—		67,712		67,712		—		—		—
Treasury securities	6,177		17		—		6,194		—		—		6,194		—
Subtotal	112,959		17		—		112,976		106,782		—		6,194		—
Level 2:
Certificate of deposit	8,641		—		—		8,641		—		8,641		—		—
Commercial paper	17,656		42		—		17,698		700		—		16,998		—
Corporate debt	22,193		1		—		22,194		5,049		—		17,145		—
Subtotal	48,490		43		—		48,533		5,749		8,641		34,143		—
Total assets	$	161,449	$	60	$	—	$	161,509	$	112,531	$	8,641	$	40,337	$	—

Certificates of deposit represent the Company's letters of credit securing leases for office facilities, the balances of which are included in Restricted cash, current and Restricted cash, non-current on the Company's Condensed Consolidated Balance Sheets.

The Company considers its investments available to support its current operations and has classified all investments as available-for-sale securities. The Company does not intend to sell any of its investments that are in unrealized loss positions and, as of September 30, 2021, has determined that it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost bases.

The Company regularly reviews the changes to the rating of its securities at the individual security level by rating agencies and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of September 30, 2021, the Company did not have any risk of expected credit losses on its investments.

As of September 30, 2021 and March 31, 2021, the estimated fair value of the Company's outstanding convertible senior notes ("Notes") was $407.9 million and $502.9 million, respectively, which was determined based on the closing price for the Notes on the last trading day of the reporting period and is categorized within Level 2 of the fair value hierarchy due to limited trading activity of the Notes. See Note 8, Convertible Senior Notes and Capped Call.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Sep. 30, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The carrying value of intangible assets consisted of the following:


	September 30, 2021						March 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	27,225	$	(16,833)	$	10,392	$	33,960	$	(21,458)	$	12,502
Customer relationships	6,426		(2,238)		4,188		11,969		(7,341)		4,628
Trade and domain names	82		(82)		—		988		(988)		—
Total acquired identifiable intangible assets	$	33,733	$	(19,153)	$	14,580	$	46,917	$	(29,787)	$	17,130

During the six months ended September 30, 2021, the Company determined certain of its fully amortized intangible assets were no longer in use. As a result, the Company wrote off $6.7 million in gross carrying value of developed technology, $5.5 million of customer relationships, and $0.9 million of trade and domain names. Such intangibles had been fully amortized in prior periods, thus there was no net impact to the Company's consolidated financial statements.

As of September 30, 2021, the weighted average remaining useful life of developed technology and customer relationships was 4.4 years and 4.7 years, respectively.

As of September 30, 2021, the expected future amortization expense of the intangible assets was as follows:


Remainder of fiscal 2022	$	2,158
Fiscal 2023	3,156
Fiscal 2024	2,851
Fiscal 2025	2,851
Fiscal 2026	2,851
Thereafter	713
Total	$	14,580

Goodwill

The following table provides a summary of the change in the carrying amount of goodwill:


Balance at March 31, 2021	$	131,520
Foreign currency translation adjustments	(651)
Balance at September 30, 2021	$	130,869

LEASES

6 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

Operating Leases

The following table provides balance sheet information related to the Company's operating leases:


	September 30, 2021		March 31, 2021
Assets
Operating lease, right-of-use assets	$	62,379	$	66,664

Liabilities
Operating lease liabilities, current	$	13,271	$	12,942
Operating lease liabilities, non-current	77,156		82,456
Total operating lease liabilities	$	90,427	$	95,398

The following table presents the components of lease expense and cash outflows from operating leases:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Operating lease expense	$	3,336	$	3,834	$	6,795	$	7,585
Variable lease expense	757		857		1,507		1,639
Cash outflows from operating leases	4,254		2,100		8,454		4,200

Short-term lease expense was immaterial for the three and six months ended September 30, 2021 and 2020.

The following table presents supplemental lease information:

September 30,
2021

March 31,
2021

Weighted average remaining lease term

8.0 years

8.4 years

Weighted average discount rate

4.0%

The following table presents maturity of lease liabilities under the Company's non-cancellable operating leases as of September 30, 2021:


Remainder of fiscal 2022	$	8,448
Fiscal 2023	15,511
Fiscal 2024	12,175
Fiscal 2025	11,703
Fiscal 2026	10,681
Thereafter	47,818
Total lease payments	106,336
Less: imputed interest	(15,909)
Present value of lease liabilities	$	90,427

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may be involved in various claims, lawsuits, investigations and other legal proceedings, including intellectual property, commercial, regulatory compliance, securities and employment matters that arise in the normal course of business. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company regularly evaluates current information to determine whether any accruals should be adjusted and whether new accruals are required. Actual claims could settle or be adjudicated against the Company in the future for materially different amounts than the Company has accrued due to the inherently unpredictable nature of litigation. Legal costs are expensed as incurred. The Company believes it has recorded adequate provisions for any such lawsuits and claims and proceedings as of September 30, 2021. The Company believes that damage amounts claimed in these matters are not meaningful indicators of potential liability. Some of the matters pending against the Company involve potential compensatory, punitive or treble damage claims or sanctions, that, if granted, could require the Company to pay damages or make other expenditures in amounts that could have a material adverse effect on its Consolidated Financial Statements. Given the inherent uncertainties of litigation, the ultimate outcome of the ongoing matters described herein cannot be predicted, and the Company believes it has valid defenses with respect to the legal matters pending against it. Nevertheless, the Consolidated Financial Statements could be materially adversely affected in a particular period by the resolution of one or more of these contingencies. Wage and Hour Litigation. On September 21, 2020, the Company received a copy of a letter filed by a former employee, Plaintiff Denise Rivas, with the California Labor and Workforce Development Agency (“LWDA”) providing notice of the Plaintiff’s intent to bring a Private Attorney General Act (“PAGA”) claim, on behalf of the Company’s non-exempt employees based in California, for alleged California wage and hour practices violations. On September 25, 2020, the Plaintiff filed a separate class action complaint (“Class Complaint”) in Santa Clara County Superior Court against the Company in which she alleges 10 causes of action, on behalf of herself and all of the Company’s non-exempt employees based in California for the last four years, related to violations of California state wage and hour practices and the federal Fair Credit Reporting Act. The Class Complaint was served on the Company on September 29, 2020. On October 28, 2020, the Company filed a general denial of all claims and asserted various affirmative defenses. On October 29, 2020, the Company removed the matter to Federal Court. On December 1, 2020, Plaintiff filed a companion PAGA lawsuit complaint (“PAGA Complaint”) in Santa Clara County Superior Court against the Company, in which she alleges 6 violations of California state wage and hour practices for all of the Company's current and former non-exempt employees based in California from September 16, 2019 to the present. The PAGA Complaint was served on the Company on December 11, 2020. On January 26, 2021, the Company filed a general denial of all claims and asserted various affirmative defenses to the PAGA Complaint. A joint mediation for both actions was held in September 2021 and the parties reached a preliminary settlement of all claims. Discovery is stayed in both actions pending completion of the settlement. Other Commitments, Indemnifications, and Contingencies State and Local Taxes and Surcharges. From time to time, the Company has received inquiries from a number of state and local taxing agencies with respect to the remittance of sales, use, telecommunications, excise, and income taxes. Several jurisdictions currently are conducting tax audits of the Company's records. The Company collects or has accrued for taxes that it believes are required to be remitted. The amounts that have been remitted have historically been within the accruals established by the Company. The Company adjusts its accrual when facts relating to specific exposures warrant such adjustment. During the second quarter of fiscal 2019, the Company conducted a periodic review of the taxability of its services and determined that certain services may be subject to sales, use, telecommunications or other similar indirect taxes in certain jurisdictions. Accordingly, the Company recorded contingent indirect tax liabilities. As of September 30, 2021 and March 31, 2021, the Company had accrued contingent indirect tax liabilities of $2.5 million and $3.1 million, respectively.

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS

6 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS

Convertible Senior Notes

In February 2019, the Company issued $287.5 million aggregate principal amount of 0.50% convertible senior notes (the "Initial Notes") due 2024 in a private placement, including the exercise in full of the initial purchasers' option to purchase additional notes. The total net proceeds from the debt offering, after deducting initial purchase discounts, debt issuance costs, and costs of the capped call transactions described below, were approximately $245.8 million.

In November 2019, the Company issued an additional $75.0 million aggregate principal amount of 0.50% convertible senior notes (the "Additional Notes" and together with the Initial Notes, the "Notes") due 2024 in a registered offering under the same indenture as the Initial Notes. The total net proceeds from the Additional Notes, after deducting underwriting discounts, debt issuance costs and costs of the capped call transactions described below, were approximately $64.6 million. The Additional Notes constitute a further issuance of, and form a single series with, the Initial Notes. Immediately after giving effect to the issuance of the Additional Notes, the Company had $362.5 million aggregate principal amount of convertible senior notes.

The Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2019. The Notes will mature on February 1, 2024, unless earlier repurchased, redeemed, or converted.

Each $1,000 principal amount of the Notes is initially convertible into 38.9484 shares of the Company’s common stock, par value $0.001, which is equivalent to an initial conversion price of approximately $25.68 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid interest. In addition, upon the occurrence of certain corporate events that occur prior to the maturity date or following the Company's issuance of a notice of redemption, in each case as described in the Indenture, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Notes in connection with such a corporate event or during the relevant redemption period.

Prior to the close of business on the business day immediately preceding October 1, 2023, the Notes will be convertible only under the following circumstances:

1.At any time during any calendar quarter commencing after the fiscal quarter ending on June 30, 2019 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2.During the five business day period immediately after any ten consecutive trading day period (the measurement period), if the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock on each such trading day and the conversion rate on each such trading day;

3.If the Company calls any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4.Upon the occurrence of specified corporate events (as set forth in the indenture governing the Notes).

On or after October 1, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, regardless of the foregoing circumstances. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company's election. The Company’s current intent is to settle the principal amount of the Notes in cash upon conversion. During the three months ended September 30, 2021, the conditions allowing holders of the Notes to convert were not met.

The Company may not redeem the Notes prior to February 4, 2022. On or after February 4, 2022, the Company may redeem for cash all or part of the Notes, at the redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides a redemption notice. If a fundamental change (as defined in the indenture governing the notes) occurs at any time, holders of Notes may require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The Notes are senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment with the Company’s existing and future liabilities that are not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of current or future subsidiaries of the Company.

The following table presents the net carrying amount of the liability component of the Notes:


	September 30, 2021		March 31, 2021
Principal	$	362,500	$	362,500
Unamortized debt discount	(44,589)		(53,323)
Unamortized issuance costs	(620)		(742)
Net carrying amount	$	317,291	$	308,435

The following table presents interest expense related to the Notes:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Contractual interest expense	$	453	$	453	$	906	$	906
Amortization of debt discount	4,401		4,133		8,733		8,201
Amortization of issuance costs	62		58		122		115
Total interest expense	$	4,916	$	4,644	$	9,761	$	9,222

Capped Call

In connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions ("Capped Calls") with certain counterparties. The Capped Calls each have an initial strike price of approximately $25.68 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have initial cap prices of $39.50 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s Common Stock upon any conversion of the Notes, with such offset subject to a cap based on the cap price. The Capped Calls cover, subject to anti-dilution adjustments, approximately 14.1 million shares of the Company’s Common Stock. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers, and announcement events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings, and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The following table presents stock-based compensation expense:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of service revenue	$	2,345	$	2,410	$	4,313	$	4,224
Cost of other revenue	1,203		1,113		2,274		1,900
Research and development	9,458		8,255		18,156		14,800
Sales and marketing	12,724		7,054		27,050		12,793
General and administrative	10,105		6,490		20,629		14,384
Total	$	35,835	$	25,322	$	72,422	$	48,101

Stock Options

The following table presents stock option activity (shares in thousands):


	Number of Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	1,813	$	9.46	2.86 years	$	41,673
Granted	—	—
Exercised	(640)	8.60
Cancelled/Forfeited	(18)	21.94
Outstanding at September 30, 2021	1,155	$	9.74	2.70 years	$	15,770

Vested and expected to vest at September 30, 2021	1,155	$	9.73	2.70 years	$	15,766
Exercisable at September 30, 2021	1,136	$	9.57	2.63 years	$	15,697

The total intrinsic value of options exercised during the six months ended September 30, 2021 and 2020, was $13.3 million and $0.3 million, respectively.

As of September 30, 2021, there was $0.1 million of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of approximately 0.74 years.

Restricted Stock Units (RSUs)

The following table presents RSU activity (shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	8,646	$	19.27	1.85 years	$	280,467
Granted	4,119	26.07
Vested and released	(3,099)	18.67
Forfeited	(1,126)	20.13
Outstanding at September 30, 2021	8,539	$	22.66	1.07 years	$	199,726

As of September 30, 2021, there was $138.7 million of total unrecognized compensation cost related to RSUs.

Performance Stock Units (PSUs)

The Company has granted PSUs to certain of its executives with vesting that is contingent on continued service and either Company or market performance. PSUs issued during the three and six months ended September 30, 2021, consist of three tranches: the first tranche vests on the 1st anniversary and is based on the Non-GAAP Gross Profit of the Company; the remaining two tranches vest on the 2nd and 3rd anniversaries, respectively, and are based on the Total Shareholder Return ("TSR") of the Company, as measured relative to a specified market index during the specified periods. For the first tranche, a range of 90% to 110% attainment of the target Non-GAAP Gross Profit over the vesting period will result in a range from 0% to 200% of the target number of shares being earned. For the awards based on TSR, a 2x multiplier will be applied for each percentage point of positive or negative relative TSR over the specified vesting periods, such that the number of shares of common stock earned will increase or decrease by 2% of the target number of shares, subject to a maximum of 200% of the target number of shares. In the event that the Company’s relative TSR performance is less than negative 30%, relative to the specified index, no shares will be earned for the applicable performance period. The amount of compensation expense related to the first tranche is based on the estimated grant date fair value and probable attainment of the performance target as of the balance sheet date. The amount of compensation expense related to the second and third tranches is determined based on the estimated fair value per the Monte Carlo simulation performed as of the grant date.

The following table presents the per share fair values of the first tranche based on the closing price of the Company's common stock on the grant date:


Per share fair values			$24.21			-			$25.78

The following table presents the estimated grant date fair values, and valuation assumptions used in the Monte Carlo pricing model, of the second and third tranches:


Second tranche per share fair values	$27.66		-	$33.32
Third tranche per share fair values	$29.59		-	$34.48
Valuation assumptions:
Expected volatility	58.7	%	-	59.7%
Risk-free interest rates	0.3	%	-	0.4%
Dividend rate	—%

The following table presents PSU activity (shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	1,576	$	27.33	1.24 years	$	51,116
Granted	497	30.41
Granted for performance achievement1	20	16.12
Vested and released	(206)	16.12
Cancelled/Forfeited	(605)	22.80
Outstanding at September 30, 2021	1,282	$	33.24	1.32 years	$	29,986

1 Represents additional PSUs awarded as a result of the achievement of performance goals above the performance targets established at grant.

As of September 30, 2021, there was $24.8 million of total unrecognized compensation cost related to PSUs.

Employee Stock Purchase Plan (ESPP)

As of September 30, 2021, there was approximately $3.6 million of unrecognized cost related to employee stock purchases. This cost is expected to be recognized over a weighted average period of 0.6 years. As of September 30, 2021, a total of 2,522,952 shares were available for issuance under the ESPP.

Salary and Bonus Stock Program

In March 2021, the Company offered its employees an opportunity to receive a portion of their base cash salary and/or cash bonus for fiscal 2022 in shares of the Company's common stock. Participants that choose to receive stock in place of base cash salary will be subject to reduced cash payroll starting July 2021 through March 2022. The number of shares received by the employee is based on the lower of the closing price of the common stock as of one of two specified look-back dates.

The estimated fair value of the shares issued has two components: 1) the value of the base cash salary and/or cash bonus opted to be received as shares, and 2) the grant date fair value of the look-back feature. The estimated fair value of the stock awards will be recognized in stock based compensation expense over the requisite service period of the participants, which may differ from the period in which their original cash compensation is earned. The look-back features are valued as options using the Black-Scholes model, applied to the total number of shares would have been granted under the program based on the closing price of our common stock on the grant date.

The following table presents the estimated fair value on the date of grant of each of the look-back features and the assumptions used in the Black-Scholes pricing model:


Fair value of look-back options	$3.88		-	$8.24
Valuation assumptions:
Expected volatility	58.7%
Risk-free interest rates	0.05	%	-	0.07%
Expected terms (in years)	0.38		-	1.21
Dividend rate	—%

The risk-free rates were determined based on published treasury rates over terms consistent with those of the share exchange program. The volatility rate was determined based on historic volatility of the Company's stock and is consistent with the rate used for valuation of the PSU awards granted in June 2021.

As of September 30, 2021, there was $4.5 million of total unrecognized compensation cost related to the salary and bonus stock program.

Stock Repurchases

There were no stock repurchases during the six months ended September 30, 2021 and September 30, 2020.

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's effective tax rate was (0.6)% and (0.4)% for the three months ended September 30, 2021 and 2020, respectively, and (0.6)% and (0.5)% for the six months ended September 30, 2021 and 2020, respectively. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance the Company maintains against its deferred tax assets. The effective tax rate is calculated by dividing the Provision for income taxes by the Loss before provision for income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

NET LOSS PER SHARE

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table presents the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (dollars in thousands, except per share data):


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net loss	$	(42,324)	$	(38,413)	$	(86,230)	$	(80,326)
Weighted average common shares outstanding - basic and diluted	112,422		104,620		111,180		104,116

Net loss per share:
Basic and diluted	$	(0.38)	$	(0.37)	$	(0.78)	$	(0.77)

The following potentially dilutive common shares were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive (shares in thousands):


	Three and Six Months Ended September 30,
	2021	2020
Stock options	1,155	2,210
Restricted stock units	9,821	11,472
Potential shares attributable to the ESPP	567	529
Total potential anti-dilutive shares	11,543	14,211

GEOGRAPHICAL INFORMATION

6 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

GEOGRAPHICAL INFORMATION

The following tables present information by geographic area:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenue by geographic area:	2021		2020		2021		2020
United States	$	104,607	$	96,105	$	208,265	$	189,349
International	46,950		33,028		91,619		61,591
Total revenue	$	151,557	$	129,133	$	299,884	$	250,940


Property and equipment by geographic area:	September 30, 2021		March 31, 2021
United States	$	82,265	$	87,945
International	4,595		5,131
Total property and equipment, net	$	86,860	$	93,076

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2021, and notes thereto included in the Company's fiscal 2021 Annual Report on Form 10-K ("Form 10-K"). There were no material changes during the three and six months ended September 30, 2021, to our significant accounting policies as described in the Company's Form 10-K for the fiscal year ended March 31, 2021. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company conducts its operations through one reportable segment. In the opinion of the Company's management, these condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company's financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2022.
Use of Estimates	The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, and disclosure of contingent assets and liabilities at the reporting date. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to allowance for credit losses, reserve for expected customer credits or cancellations, fair value of and/or evaluation for impairment of goodwill and other long-lived assets, capitalization of internally developed software, benefit period for deferred sales commission costs, stock-based compensation expense, discount rate used to calculate operating lease liabilities, income and sales tax liabilities, fair value of convertible senior notes, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions.
Recently Adopted Accounting Pronouncements, Recent Accounting Pronouncements Not Yet Adopted	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which enhanced and simplified various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The amendment was effective for public companies with fiscal years beginning after December 15, 2020, which is fiscal 2022 for the Company. The adoption of this guidance in the first quarter of the Company's fiscal 2022 did not have a material impact on the Company's financial statements. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies accounting for convertible instruments by eliminating two of the three accounting models available for convertible debt instruments and convertible preferred stock. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation. The guidance is effective for fiscal years beginning after December 15, 2021, which is fiscal 2023 for the Company. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.

REVENUE RECOGNITION (Tables)

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table provides amounts of receivables, contract assets, and deferred revenues from contracts with customers:


	September 30, 2021		March 31, 2021
Accounts receivable, net	$	51,178	$	51,150
Contract assets, current	$	11,714	$	12,840
Contract assets, non-current	$	17,045	$	17,987
Deferred revenue, current	$	22,362	$	20,737
Deferred revenue, non-current	$	2,296	$	2,999

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following tables presents estimated fair values of cash, cash equivalents, restricted cash, and available-for-sale investments:


September 30, 2021	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-Current)		Short-Term Investments		Long-Term Investments
Cash	$	43,131	$	—	$	—	$	43,131	$	43,131	$	—	$	—	$	—
Level 1:
Money market funds	58,458		—		—		58,458		58,458		—		—		—

Subtotal	101,589		—		—		101,589		101,589		—		—		—
Level 2:
Certificate of deposit	8,641		—		—		8,641		—		8,641		—		—

Commercial paper	27,412		1		(1)		27,412		1,400		—		26,012		—
Corporate debt	28,828		17		(5)		28,840		—		—		18,595		10,245
Subtotal	64,881		18		(6)		64,893		1,400		8,641		44,607		10,245
Total assets	$	166,470	$	18	$	(6)	$	166,482	$	102,989	$	8,641	$	44,607	$	10,245


March 31, 2021	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-Current)		Short-Term Investments		Long-Term Investments
Cash	$	39,070	$	—	$	—	$	39,070	$	39,070	$	—	$	—	$	—
Level 1:
Money market funds	67,712		—		—		67,712		67,712		—		—		—
Treasury securities	6,177		17		—		6,194		—		—		6,194		—
Subtotal	112,959		17		—		112,976		106,782		—		6,194		—
Level 2:
Certificate of deposit	8,641		—		—		8,641		—		8,641		—		—
Commercial paper	17,656		42		—		17,698		700		—		16,998		—
Corporate debt	22,193		1		—		22,194		5,049		—		17,145		—
Subtotal	48,490		43		—		48,533		5,749		8,641		34,143		—
Total assets	$	161,449	$	60	$	—	$	161,509	$	112,531	$	8,641	$	40,337	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Sep. 30, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

Schedule of Carrying Value of Intangible Assets

The carrying value of intangible assets consisted of the following:


	September 30, 2021						March 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	27,225	$	(16,833)	$	10,392	$	33,960	$	(21,458)	$	12,502
Customer relationships	6,426		(2,238)		4,188		11,969		(7,341)		4,628
Trade and domain names	82		(82)		—		988		(988)		—
Total acquired identifiable intangible assets	$	33,733	$	(19,153)	$	14,580	$	46,917	$	(29,787)	$	17,130

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 30, 2021, the expected future amortization expense of the intangible assets was as follows:


Remainder of fiscal 2022	$	2,158
Fiscal 2023	3,156
Fiscal 2024	2,851
Fiscal 2025	2,851
Fiscal 2026	2,851
Thereafter	713
Total	$	14,580

Schedule of Goodwill

The following table provides a summary of the change in the carrying amount of goodwill:


Balance at March 31, 2021	$	131,520
Foreign currency translation adjustments	(651)
Balance at September 30, 2021	$	130,869

LEASES (Tables)

6 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Assets and Liabilities, Leases

The following table provides balance sheet information related to the Company's operating leases:


	September 30, 2021		March 31, 2021
Assets
Operating lease, right-of-use assets	$	62,379	$	66,664

Liabilities
Operating lease liabilities, current	$	13,271	$	12,942
Operating lease liabilities, non-current	77,156		82,456
Total operating lease liabilities	$	90,427	$	95,398

Schedule of Lease, Cost

The following table presents the components of lease expense and cash outflows from operating leases:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Operating lease expense	$	3,336	$	3,834	$	6,795	$	7,585
Variable lease expense	757		857		1,507		1,639
Cash outflows from operating leases	4,254		2,100		8,454		4,200

The following table presents supplemental lease information:

September 30,
2021

March 31,
2021

Weighted average remaining lease term

8.0 years

8.4 years

Weighted average discount rate

4.0%

Schedule of Lessee, Operating Leases, Liability, Maturity

The following table presents maturity of lease liabilities under the Company's non-cancellable operating leases as of September 30, 2021:


Remainder of fiscal 2022	$	8,448
Fiscal 2023	15,511
Fiscal 2024	12,175
Fiscal 2025	11,703
Fiscal 2026	10,681
Thereafter	47,818
Total lease payments	106,336
Less: imputed interest	(15,909)
Present value of lease liabilities	$	90,427

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS (Tables)

6 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The following table presents the net carrying amount of the liability component of the Notes:


	September 30, 2021		March 31, 2021
Principal	$	362,500	$	362,500
Unamortized debt discount	(44,589)		(53,323)
Unamortized issuance costs	(620)		(742)
Net carrying amount	$	317,291	$	308,435

Schedule of Interest Income and Interest Expense Disclosure

The following table presents interest expense related to the Notes:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Contractual interest expense	$	453	$	453	$	906	$	906
Amortization of debt discount	4,401		4,133		8,733		8,201
Amortization of issuance costs	62		58		122		115
Total interest expense	$	4,916	$	4,644	$	9,761	$	9,222

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following table presents stock-based compensation expense:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of service revenue	$	2,345	$	2,410	$	4,313	$	4,224
Cost of other revenue	1,203		1,113		2,274		1,900
Research and development	9,458		8,255		18,156		14,800
Sales and marketing	12,724		7,054		27,050		12,793
General and administrative	10,105		6,490		20,629		14,384
Total	$	35,835	$	25,322	$	72,422	$	48,101

Schedule of Stock Option Activity

The following table presents stock option activity (shares in thousands):


	Number of Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	1,813	$	9.46	2.86 years	$	41,673
Granted	—	—
Exercised	(640)	8.60
Cancelled/Forfeited	(18)	21.94
Outstanding at September 30, 2021	1,155	$	9.74	2.70 years	$	15,770

Vested and expected to vest at September 30, 2021	1,155	$	9.73	2.70 years	$	15,766
Exercisable at September 30, 2021	1,136	$	9.57	2.63 years	$	15,697

Schedule of Nonvested Restricted Stock Units Activity

The following table presents RSU activity (shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	8,646	$	19.27	1.85 years	$	280,467
Granted	4,119	26.07
Vested and released	(3,099)	18.67
Forfeited	(1,126)	20.13
Outstanding at September 30, 2021	8,539	$	22.66	1.07 years	$	199,726

Schedule of Nonvested Performance-based Units Activity

The following table presents PSU activity (shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2021	1,576	$	27.33	1.24 years	$	51,116
Granted	497	30.41
Granted for performance achievement1	20	16.12
Vested and released	(206)	16.12
Cancelled/Forfeited	(605)	22.80
Outstanding at September 30, 2021	1,282	$	33.24	1.32 years	$	29,986

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following table presents the per share fair values of the first tranche based on the closing price of the Company's common stock on the grant date:


Per share fair values			$24.21			-			$25.78

The following table presents the estimated grant date fair values, and valuation assumptions used in the Monte Carlo pricing model, of the second and third tranches:


Second tranche per share fair values	$27.66		-	$33.32
Third tranche per share fair values	$29.59		-	$34.48
Valuation assumptions:
Expected volatility	58.7	%	-	59.7%
Risk-free interest rates	0.3	%	-	0.4%
Dividend rate	—%

The following table presents the estimated fair value on the date of grant of each of the look-back features and the assumptions used in the Black-Scholes pricing model:


Fair value of look-back options	$3.88		-	$8.24
Valuation assumptions:
Expected volatility	58.7%
Risk-free interest rates	0.05	%	-	0.07%
Expected terms (in years)	0.38		-	1.21
Dividend rate	—%

NET LOSS PER SHARE (Tables)

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net loss	$	(42,324)	$	(38,413)	$	(86,230)	$	(80,326)
Weighted average common shares outstanding - basic and diluted	112,422		104,620		111,180		104,116

Net loss per share:
Basic and diluted	$	(0.38)	$	(0.37)	$	(0.78)	$	(0.77)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three and Six Months Ended September 30,
	2021	2020
Stock options	1,155	2,210
Restricted stock units	9,821	11,472
Potential shares attributable to the ESPP	567	529
Total potential anti-dilutive shares	11,543	14,211

GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present information by geographic area:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenue by geographic area:	2021		2020		2021		2020
United States	$	104,607	$	96,105	$	208,265	$	189,349
International	46,950		33,028		91,619		61,591
Total revenue	$	151,557	$	129,133	$	299,884	$	250,940


Property and equipment by geographic area:	September 30, 2021		March 31, 2021
United States	$	82,265	$	87,945
International	4,595		5,131
Total property and equipment, net	$	86,860	$	93,076

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2021 segment
Accounting Policies [Abstract]
Number of reportable segments	1

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 51,178	$ 51,150
Contract assets, current	11,714	12,840
Contract assets, non-current	17,045	17,987
Deferred revenue, current	22,362	20,737
Deferred revenue, non-current	$ 2,296	$ 2,999

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, revenue recognized			$ 12,200
Amortization of deferred sales commission costs	$ 8,600	$ 6,700	$ 16,857	$ 12,764

REVENUE RECOGNITION - Remaining Performance Obligation (Details) $ in Millions	6 Months Ended
	Sep. 30, 2021 USD ($)
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription term	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 550.0
Revenue, remaining performance obligation, percentage	75.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	25.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	$ 102,989	$ 112,531	$ 121,848
Accumulated gross unrealized gain, before tax	18	60
Accumulated gross unrealized loss, before tax	(6)	0
Cash, cash equivalents and debt securities available-for-sale, amortized cost	166,470	161,449
Cash, cash equivalents and debt securities available-for-sale	166,482	161,509
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accumulated gross unrealized gain, before tax	0	17
Accumulated gross unrealized loss, before tax	0	0
Cash, cash equivalents and debt securities available-for-sale, amortized cost	101,589	112,959
Cash, cash equivalents and debt securities available-for-sale	101,589	112,976
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	64,881	48,490
Accumulated gross unrealized gain, before tax	18	43
Accumulated gross unrealized loss, before tax	(6)	0
Debt securities, available-for-sale	64,893	48,533
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	43,131	39,070
Cash and cash equivalents, fair value	43,131	39,070
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	58,458	67,712
Cash and cash equivalents, fair value	58,458	67,712
Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost		6,177
Accumulated gross unrealized gain, before tax		17
Accumulated gross unrealized loss, before tax		0
Debt securities, available-for-sale		6,194
Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	8,641	8,641
Cash and cash equivalents, fair value	8,641	8,641
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	27,412	17,656
Accumulated gross unrealized gain, before tax	1	42
Accumulated gross unrealized loss, before tax	(1)	0
Debt securities, available-for-sale	27,412	17,698
Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	28,828	22,193
Accumulated gross unrealized gain, before tax	17	1
Accumulated gross unrealized loss, before tax	(5)	0
Debt securities, available-for-sale	28,840	22,194
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	102,989	112,531
Cash and Cash Equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	101,589	106,782
Cash and Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	1,400	5,749
Cash and Cash Equivalents \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	43,131	39,070
Cash and Cash Equivalents \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	58,458	67,712
Cash and Cash Equivalents \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	1,400	700
Cash and Cash Equivalents \| Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	5,049
Restricted Cash (Current & Non-Current)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	8,641	8,641
Restricted Cash (Current & Non-Current) \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	0	0
Restricted Cash (Current & Non-Current) \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	8,641	8,641
Restricted Cash (Current & Non-Current) \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Restricted Cash (Current & Non-Current) \| Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	8,641	8,641
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	44,607	40,337
Short-Term Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	6,194
Short-Term Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	44,607	34,143
Short-Term Investments \| Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale		6,194
Short-Term Investments \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	26,012	16,998
Short-Term Investments \| Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	18,595	17,145
Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	10,245	0
Long-Term Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Long-Term Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	10,245	0
Long-Term Investments \| Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale		0
Long-Term Investments \| Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0
Long-Term Investments \| Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 10,245	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021
Convertible Debt \| Initial Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value	$ 407.9	$ 502.9

INTANGIBLE ASSETS AND GOODWILL - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 33,733	$ 46,917
Accumulated Amortization	(19,153)	(29,787)
Net Carrying Amount	14,580	17,130
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27,225	33,960
Accumulated Amortization	(16,833)	(21,458)
Net Carrying Amount	10,392	12,502
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,426	11,969
Accumulated Amortization	(2,238)	(7,341)
Net Carrying Amount	4,188	4,628
Trade and domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	82	988
Accumulated Amortization	(82)	(988)
Net Carrying Amount	$ 0	$ 0

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2021 USD ($)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible asset written off	$ 6.7
Finite-lived intangible assets, remaining amortization period	4 years 4 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible asset written off	$ 5.5
Finite-lived intangible assets, remaining amortization period	4 years 8 months 12 days
Trade and domain names
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible asset written off	$ 0.9

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Intangible Assets, Net (Including Goodwill) [Abstract]
2022	$ 2,158
2023	3,156
2024	2,851
2025	2,851
2026	2,851
Thereafter	713
Net Carrying Amount	$ 14,580	$ 17,130

INTANGIBLE ASSETS AND GOODWILL - Summary of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 131,520
Foreign currency translation adjustments	(651)
Goodwill, ending balance	$ 130,869

LEASES - Components of Lease Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Assets
Operating lease, right-of-use assets	$ 62,379	$ 66,664
Liabilities
Operating lease liabilities, current	13,271	12,942
Operating lease liabilities, non-current	77,156	82,456
Total operating lease liabilities	$ 90,427	$ 95,398

LEASES - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease expense	$ 3,336	$ 3,834	$ 6,795	$ 7,585
Variable lease expense	757	857	1,507	1,639
Cash outflows from operating leases	$ 4,254	$ 2,100	$ 8,454	$ 4,200

LEASES - Supplemental Information (Details)	Sep. 30, 2021	Mar. 31, 2021
Leases [Abstract]
Weighted average remaining lease term	8 years	8 years 4 months 24 days
Weighted average discount rate	4.00%	4.00%

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Leases [Abstract]
2022	$ 8,448
2023	15,511
2024	12,175
2025	11,703
2026	10,681
Thereafter	47,818
Total lease payments	106,336
Less: imputed interest	(15,909)
Present value of lease liabilities	$ 90,427	$ 95,398

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021
State And Local Taxes And Surcharges
Loss Contingencies [Line Items]
Accrued contingent indirect tax liabilities	$ 2.5	$ 3.1

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS - Narrative (Details) - Convertible Debt $ / shares in Units, shares in Millions	1 Months Ended
	Nov. 30, 2019 USD ($)	Feb. 28, 2019 USD ($) day $ / shares shares	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 01, 2019 USD ($)
Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, face value		$ 287,500,000
Debt instrument, interest rate		0.50%
Proceeds from issuance of debt		$ 245,800,000
Debt instrument, convertible, conversion ratio		0.0389484
Common stock, par value per share (in dollars per share) \| $ / shares		$ 0.001
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares		$ 25.68
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, measurement period \| day		5
Debt instrument, convertible, threshold consecutive trading days preceding measurement period \| day		10
Debt instrument, threshold percentage of sales price per share		98.00%
Debt instrument, redemption price, percentage		100.00%
Debt instrument, strike price per share (in dollars per share) \| $ / shares		$ 25.68
Debt instrument, initial cap price per share (in dollars per share) \| $ / shares		$ 39.50
Additional Notes
Debt Instrument [Line Items]
Debt instrument, face value	$ 75,000,000
Debt instrument, interest rate	0.50%
Proceeds from issuance of debt	$ 64,600,000
Aggregate Notes
Debt Instrument [Line Items]
Debt instrument, face value			$ 362,500,000	$ 362,500,000	$ 362,500,000
Debt instrument, redemption price, percentage		100.00%
Call Option \| Convertible Senior Notes
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) \| shares		14.1

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS - Carrying Amount of the Liability Component (Details) - Convertible Debt - Aggregate Notes - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Dec. 01, 2019
Debt Instrument [Line Items]
Principal	$ 362,500,000	$ 362,500,000	$ 362,500,000
Unamortized debt discount	(44,589,000)	(53,323,000)
Unamortized issuance costs	(620,000)	(742,000)
Net carrying amount	$ 317,291,000	$ 308,435,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

CONVERTIBLE SENIOR NOTES AND CAPPED CALLS - Interest Expense (Details) - Convertible Debt - Aggregate Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Contractual interest expense	$ 453	$ 453	$ 906	$ 906
Amortization of debt discount	4,401	4,133	8,733	8,201
Amortization of issuance costs	62	58	122	115
Total interest expense	$ 4,916	$ 4,644	$ 9,761	$ 9,222

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 35,835	$ 25,322	$ 72,422	$ 48,101
Cost of Sales \| Service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,345	2,410	4,313	4,224
Cost of Sales \| Other revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,203	1,113	2,274	1,900
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	9,458	8,255	18,156	14,800
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	12,724	7,054	27,050	12,793
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,105	$ 6,490	$ 20,629	$ 14,384

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	1,813
Granted (in shares)	0
Exercised (in shares)	(640)
Cancelled/Forfeited (in shares)	(18)
Outstanding, ending balance (in shares)		1,813
Vested and expected to vest at June 30, 2021 (in shares)	1,155
Exercisable at June 30, 2021 (in shares)	1,136
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in dollars per share)	$ 9.46
Granted (in dollars per share)	0
Exercised (in dollars per share)	8.60
Cancelled/Forfeited (in dollars per share)	21.94
Outstanding, ending balance (in dollars per share)	9.74	$ 9.46
Vested and expected to vest, ending balance (in dollars per share)	9.73
Exercisable, end of period (in dollars per share)	$ 9.57
Weighted Average Remaining Contractual Term (in Years)	2 years 8 months 12 days	2 years 10 months 9 days
Vested and expected to vest at June 30, 2021 (in years)	2 years 8 months 12 days
Exercisable at June 30, 2021 (in years)	2 years 7 months 17 days
Options outstanding, Aggregate Intrinsic Value	$ 15,770	$ 41,673
Vested and expected to vest at June 30, 2021, Aggregate Intrinsic Value	15,766
Exercisable at June 30, 2021, Aggregate Intrinsic Value	$ 15,697

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2021 USD ($) tranche shares	Sep. 30, 2021 USD ($) tranche shares	Sep. 30, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche	3	3
Number of shares repurchased (in shares) \| shares		0	0
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised		$ 13.3	$ 0.3
Unrecognized compensation cost	$ 0.1	$ 0.1
Weighted average period of recognition for unrecognized compensation expense		8 months 26 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	138.7	$ 138.7
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	24.8	$ 24.8
Change in number of shares earned		2.00%
Maximum percentage of awards to be earned		200.00%
Number of shares earned (in shares) \| shares		0
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period percentage		0.00%
Total shareholder return performance, lowest percentage to still earn awards		(30.00%)
Volatility factors		58.70%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period percentage		200.00%
Volatility factors		59.70%
Performance Shares \| Tranche One \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period percentage		90.00%
Performance Shares \| Tranche One \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period percentage		110.00%
Salary and Bonus Stock Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	4.5	$ 4.5
Volatility factors		58.70%
Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 3.6	$ 3.6
Weighted average period of recognition for unrecognized compensation expense		7 months 6 days
Number of shares reserved for future issuance (in shares) \| shares	2,522,952	2,522,952

STOCK-BASED COMPENSATION - Restricted Stock Units and Performance Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares)	8,646
Granted (in shares)	4,119
Vested and released (in shares)	(3,099)
Cancelled/forfeited (in shares)	(1,126)
Ending balance (in shares)	8,539	8,646
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 19.27
Granted (in dollars per share)	26.07
Vested and released (in dollars per share)	18.67
Cancelled/Forfeited (in dollars per share)	20.13
Ending balance (in dollars per share)	$ 22.66	$ 19.27
Weighted Average Remaining Contractual Term (in years)	1 year 25 days	1 year 10 months 6 days
Outstanding balance, Aggregate Intrinsic Value	$ 199,726	$ 280,467
Performance Shares
Number of Shares
Beginning balance (in shares)	1,576
Granted (in shares)	497
Granted for performance achievement (in shares)	20
Vested and released (in shares)	(206)
Cancelled/forfeited (in shares)	(605)
Ending balance (in shares)	1,282	1,576
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 27.33
Granted (in dollars per share)	30.41
Granted for performance achievement (in dollars per share)	16.12
Vested and released (in dollars per share)	16.12
Cancelled/Forfeited (in dollars per share)	22.80
Ending balance (in dollars per share)	$ 33.24	$ 27.33
Weighted Average Remaining Contractual Term (in years)	1 year 3 months 25 days	1 year 2 months 26 days
Outstanding balance, Aggregate Intrinsic Value	$ 29,986	$ 51,116

STOCK-BASED COMPENSATION - Assumptions Used In Black-Scholes Model (Details)	6 Months Ended
	Sep. 30, 2021 $ / shares
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.30%
Risk-free interest rate, maximum	0.40%
Dividend rate	0.00%
Salary and Bonus Stock Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	58.70%
Risk-free interest rate, minimum	0.05%
Risk-free interest rate, maximum	0.07%
Dividend rate	0.00%
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	58.70%
Minimum \| Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	$ 24.21
Minimum \| Performance Shares \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	27.66
Minimum \| Performance Shares \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	29.59
Minimum \| Salary and Bonus Stock Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	$ 3.88
Expected terms (in years)	4 months 17 days
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	59.70%
Maximum \| Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	$ 25.78
Maximum \| Performance Shares \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	33.32
Maximum \| Performance Shares \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	34.48
Maximum \| Salary and Bonus Stock Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards (in dollars per share)	$ 8.24
Expected terms (in years)	1 year 2 months 15 days

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.60%)	(0.40%)	(0.60%)	(0.50%)

NET LOSS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (42,324)	$ (43,906)	$ (38,413)	$ (41,913)	$ (86,230)	$ (80,326)
Weighted average common shares outstanding - basic (in shares)	112,422		104,620		111,180	104,116
Weighted average common shares outstanding - diluted (in shares)	112,422		104,620		111,180	104,116
Net loss per share:
Basic (in dollars per share)	$ (0.38)		$ (0.37)		$ (0.78)	$ (0.77)
Diluted (in dollars per share)	$ (0.38)		$ (0.37)		$ (0.78)	$ (0.77)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares (in shares)	11,543	14,211	11,543	14,211
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares (in shares)	1,155	2,210	1,155	2,210
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares (in shares)	9,821	11,472	9,821	11,472
Potential shares attributable to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares (in shares)	567	529	567	529

GEOGRAPHICAL INFORMATION - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 151,557	$ 129,133	$ 299,884	$ 250,940
Total property and equipment, net	86,860		86,860		$ 93,076
United States
Segment Reporting Information [Line Items]
Total revenue	104,607	96,105	208,265	189,349
Total property and equipment, net	82,265		82,265		87,945
International
Segment Reporting Information [Line Items]
Total revenue	46,950	$ 33,028	91,619	$ 61,591
Total property and equipment, net	$ 4,595		$ 4,595		$ 5,131

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details