0001023731-23-000020 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Dec. 31, 2022	Jan. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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	NASDAQ
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		113,048,025
Entity Central Index Key	0001023731
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 92,960	$ 91,205
Restricted cash, current	511	8,691
Short-term investments	37,445	44,845
Accounts receivable, net	53,811	57,400
Deferred sales commission costs, current	37,401	35,482
Other current assets	32,449	37,999
Total current assets	254,577	275,622
Property and equipment, net	60,915	79,016
Operating lease, right-of-use assets	55,269	63,415
Intangible assets, net	112,236	128,213
Goodwill	265,578	266,867
Restricted cash, non-current	818	818
Long-term investments	0	2,671
Deferred sales commission costs, non-current	70,530	75,668
Other assets, non-current	16,184	17,978
Total assets	836,107	910,268
Current liabilities:
Accounts payable	40,632	49,721
Accrued compensation	29,797	36,319
Accrued taxes	31,079	32,573
Operating lease liabilities, current	12,537	15,485
Deferred revenue, current	34,207	34,262
Other accrued liabilities	16,517	23,167
Total current liabilities	164,769	191,527
Operating lease liabilities, non-current	68,358	74,518
Convertible senior notes	264,443	447,452
Term loan	231,202	0
Deferred revenue, non-current	10,480	11,430
Other liabilities, non-current	6,828	2,975
Total liabilities	746,080	727,902
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock		0
Common stock	113	118
Additional paid-in capital	888,123	956,599
Accumulated other comprehensive loss	(14,731)	(7,913)
Accumulated deficit	(783,478)	(766,438)
Total stockholders' equity	90,027	182,366
Total liabilities and stockholders' equity	$ 836,107	$ 910,268

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 184,400	$ 156,874	$ 559,409	$ 456,758
Operating expenses:
Research and development	38,791	27,911	109,765	81,801
Sales and marketing	79,021	76,797	243,035	229,438
General and administrative	27,158	29,950	90,212	80,064
Total operating expenses	202,481	194,492	629,234	570,360
Loss from operations	(18,081)	(37,618)	(69,825)	(113,602)
Other income (expense), net	(7,912)	(5,866)	7,154	(15,623)
Loss before provision for income taxes	(25,993)	(43,484)	(62,671)	(129,225)
Provision for income taxes	37	87	1,041	576
Net loss	$ (26,030)	$ (43,571)	$ (63,712)	$ (129,801)
Net loss per share:
Basic (in dollars per share)	$ (0.23)	$ (0.38)	$ (0.55)	$ (1.16)
Diluted (in dollars per share)	$ (0.23)	$ (0.38)	$ (0.55)	$ (1.16)
Weighted average number of shares:
Basic (in shares)	113,201	113,510	116,298	111,960
Diluted (in shares)	113,201	113,510	116,298	111,960
Service revenue
Total revenue	$ 175,765	$ 149,396	$ 533,482	$ 429,568
Operating expenses:
Cost of revenue	47,335	48,763	151,920	141,971
Other revenue
Total revenue	8,635	7,478	25,927	27,190
Operating expenses:
Cost of revenue	$ 10,176	$ 11,071	$ 34,302	$ 37,086

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Interest expense	$ (7,607)	$ (486)	$ (13,115)	$ (1,359)
Amortization of debt discount and issuance costs	(1,136)	(4,925)	(3,136)	(13,389)
Gain (loss) on warrants remeasurement	(771)	0	522	0
Gain on debt extinguishment	2,144	0	18,250	0
Gain (loss) on sale of assets	1,757	(5)	1,826	(5)
Gain (loss) on foreign exchange	(2,616)	(493)	1,984	(747)
Other income (expense)	317	43	823	(123)
Other income (expense), net	$ (7,912)	$ (5,866)	$ 7,154	$ (15,623)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (26,030)	$ (43,571)	$ (63,712)	$ (129,801)
Other comprehensive income (loss), net of tax
Unrealized loss on investments in securities	(31)	(63)	(130)	(111)
Foreign currency translation adjustment	10,244	895	(6,688)	(971)
Comprehensive loss	$ (15,817)	$ (42,739)	$ (70,530)	$ (130,883)

- 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	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
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, less withholding (in shares)			1,562
Issuance of common stock under stock plans, less withholding	3,440		$ 2	3,438
Stock-based compensation expense	36,508			36,508
Unrealized investment gain (loss)	(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 gain (loss)	(111)
Net loss	(129,801)
Ending balance (in shares) at Dec. 31, 2021			112,353
Ending balance at Dec. 31, 2021	117,173		$ 112	843,192		(5,275)	(720,856)
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)
Ending balance (in shares) at Mar. 31, 2022			117,863
Ending balance at Mar. 31, 2022	$ 182,366	$ (46,160)	$ 118	956,599	$ (92,832)	(7,913)	(766,438)	$ 46,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
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, less withholding (in shares)			2,721
Issuance of common stock under stock plans, less withholding	6,760		$ 2	6,758
Stock-based compensation expense	33,483			33,483
Issuance of common stock related to acquisition (in shares)			(1)
Unrealized investment gain (loss)	(15)					(15)
Foreign currency translation adjustment	(2,149)					(2,149)
Net loss	(42,324)						(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)			1,279
Issuance of common stock under stock plans, less withholding	127		$ 1	126
Stock-based compensation expense	36,611			36,611
Issuance of common stock related to acquisition (in shares)			(2)
Shares repurchase (in shares)			(2,340)
Shares repurchase	(29,377)		$ (2)	(29,375)
Unrealized investment gain (loss)	(63)					(63)
Foreign currency translation adjustment	895					895
Net loss	(43,571)						(43,571)
Ending balance (in shares) at Dec. 31, 2021			112,353
Ending balance at Dec. 31, 2021	117,173		$ 112	843,192		(5,275)	(720,856)
Beginning balance (in shares) at Mar. 31, 2022			117,863
Beginning balance at Mar. 31, 2022	182,366	(46,160)	$ 118	956,599	(92,832)	(7,913)	(766,438)	46,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)			1,796
Issuance of common stock under stock plans, less withholding	65		$ 2	63
Stock-based compensation expense	31,807			31,807
Unrealized investment gain (loss)	(94)					(94)
Foreign currency translation adjustment	(8,419)			(35)		(8,384)
Net loss	(26,043)						(26,043)
Ending balance (in shares) at Jun. 30, 2022			119,659
Ending balance at Jun. 30, 2022	133,522		$ 120	895,602		(16,391)	(745,809)
Beginning balance (in shares) at Mar. 31, 2022			117,863
Beginning balance at Mar. 31, 2022	182,366	$ (46,160)	$ 118	956,599	$ (92,832)	(7,913)	(766,438)	$ 46,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized investment gain (loss)	(130)
Net loss	(63,712)
Ending balance (in shares) at Dec. 31, 2022			112,834
Ending balance at Dec. 31, 2022	90,027		$ 113	888,123		(14,731)	(783,478)
Beginning balance (in shares) at Jun. 30, 2022			119,659
Beginning balance at Jun. 30, 2022	133,522		$ 120	895,602		(16,391)	(745,809)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)			1,047
Issuance of common stock under stock plans, less withholding	0		$ 1	(1)
ESPP share issuance (in shares)			419
ESPP share issuance	1,648			1,648
Stock-based compensation expense	24,936			24,936
Shares repurchase (in shares)			(10,695)
Shares repurchase	(60,214)		$ (11)	(60,203)
Shares issued for debt issuance (in shares)			1,015
Shares issued for debt issuance	5,082		$ 1	5,081
Unrealized investment gain (loss)	(5)					(5)
Foreign currency translation adjustment	(8,548)					(8,548)
Net loss	(11,639)						(11,639)
Ending balance (in shares) at Sep. 30, 2022			111,445
Ending balance at Sep. 30, 2022	84,782		$ 111	867,063		(24,944)	(757,448)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)			1,390
Issuance of common stock under stock plans, less withholding	1		$ 2	(1)
Stock-based compensation expense	21,061			21,061
Unrealized investment gain (loss)	(31)					(31)
Foreign currency translation adjustment	10,244					10,244
Net loss	(26,030)						(26,030)
Ending balance (in shares) at Dec. 31, 2022			112,834
Ending balance at Dec. 31, 2022	$ 90,027		$ 113	$ 888,123		$ (14,731)	$ (783,478)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (63,712)	$ (129,801)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	8,056	8,488
Amortization of intangible assets	15,954	3,630
Amortization of capitalized internal-use software costs	16,397	21,968
Impairment of capitalized software	3,729	0
Amortization of debt discount and issuance costs	3,136	13,780
Amortization of deferred sales commission costs	28,533	25,603
Allowance for credit losses	1,984	748
Operating lease expense, net of accretion	8,667	10,162
Stock-based compensation expense	73,516	106,159
Gain on debt extinguishment	(18,250)	0
Gain on remeasurement of warrants	(522)	0
Impairment of right-of-use assets	2,424	0
Gain on sale of assets	(1,826)	0
Other	(65)	1,305
Changes in assets and liabilities:
Accounts receivable	(236)	1,553
Deferred sales commission costs	(23,473)	(34,685)
Other current and non-current assets	4,715	476
Accounts payable and accruals	(22,858)	(13,210)
Deferred revenue	(1,005)	1,978
Net cash provided by operating activities	35,164	18,154
Cash flows from investing activities:
Purchases of property and equipment	(2,685)	(2,915)
Proceeds from sale of intangible assets	1,000	0
Capitalized internal-use software costs	(6,768)	(15,582)
Purchases of investments	(42,899)	(65,141)
Sales of investments	8,296	11,799
Proceeds from maturities of investments	44,739	41,717
Acquisition of businesses, net of cash acquired	(1,250)	0
Net cash provided by (used in) investing activities	433	(30,122)
Cash flows from financing activities:
Finance lease payments	0	(12)
Tax-related withholding of common stock	0	(310)
Proceeds from issuance of common stock under employee stock plans	1,710	10,637
Net proceeds from term loan	234,015	0
Repayment and exchange of convertible senior notes	(211,786)	0
Repurchase of common stock	(60,214)	(44,976)
Net proceeds from issuance of convertible senior notes	0	134,620
Net cash provided by (used in) financing activities	(36,275)	99,959
Effect of exchange rate changes on cash	(5,747)	(170)
Net increase (decrease) in cash, cash equivalents and restricted cash	(6,425)	87,821
Cash, cash equivalents and restricted cash, beginning of year	100,714	121,172
Cash, cash equivalents and restricted cash, end of year	94,289	208,993
Supplemental information:
Income taxes paid	1,518	1,032
Interest paid	9,063	906
Warrants issued in connection with term loan	5,915	0
Shares issued in connection with term loan and convertible senior notes	5,082	0
Reconciliation of cash, cash equivalents, and restricted cash at the end of the period:
Cash and cash equivalents	92,960	200,352
Restricted cash, current	511	8,179
Restricted cash, non-current	818	462
Total cash, cash equivalents and restricted cash	$ 94,289	$ 208,993

THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES	THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES THE COMPANY 8x8, Inc. ("8x8" or the "Company") was incorporated in California in February 1987 and was reincorporated in Delaware in December 1996. The Company trades under the symbol "EGHT" on the Nasdaq Global Select Market. The Company is a leading Software-as-a-Service ("SaaS") provider of contact center, voice, video, chat, and enterprise-class 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 its 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 are complementary to the delivery of its integrated technology platform. 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 ("U.S. GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the Company's annual consolidated financial statements prepared in accordance with U.S. 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, 2022 and notes thereto included in the Form 10-K. There were no material changes during the three and nine months ended December 31, 2022 to the Company's significant accounting policies as described in the Form 10-K. 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, 2023. All dollar amounts herein are in thousands of United States Dollars ("dollars") unless otherwise noted. USE OF ESTIMATES The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to current expected credit losses, returns reserve for expected cancellations, fair value of and/or potential impairment of goodwill and intangible assets, capitalized internal-use software costs, benefit period for deferred commissions, stock-based compensation, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, convertible senior notes fair value, 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. OUT OF PERIOD ADJUSTMENTS During the nine months ended December 31, 2022, the Company recorded out of period adjustments of approximately $2.5 million, including $1.3 million in subscription revenue related to two contracts with customers which was deferred in previous years, and $1.2 million of excess amounts reserved against bad debt during the fourth quarter of fiscal 2022. The impact of these adjustments was a $1.3 million increase in service revenue and decrease in contract assets and a $1.2 million decrease in provision for bad debts and reduction in reserves. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Effective April 1, 2022, the Company adopted ASU 2020-06 using a modified retrospective approach. Adoption of the new standard resulted in a decrease to accumulated deficit of $46.7 million, a decrease to additional paid-in capital of $92.8 million, and an increase to convertible senior notes, net of $46.2 million. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic 848 and clarifies some of its guidance. Effective April 1, 2022, the Company adopted ASU 2020-04 on a prospective basis. The impact of the adoption was immaterial to the Company's consolidated financial statements. Other recent accounting pronouncements that may be applicable to the Company are not expected to have a material impact on its present or future financial statements.

REVENUE RECOGNITION

9 Months Ended

Dec. 31, 2022

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 revenue from contracts with customers:


	December 31, 2022		March 31, 2022
Accounts receivable, net	$	53,811	$	57,400
Contract assets, current	12,392		10,514
Contract assets, non-current	11,060		15,171
Deferred revenue, current	34,207		34,262
Deferred revenue, non-current	10,480		11,430

Contract assets, current, contract assets, non-current, deferred revenue, 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.

During the nine months ended December 31, 2022, the Company recognized revenues of approximately $31.5 million that were included in deferred revenue at the beginning of the fiscal year.

Remaining Performance Obligations

The Company's subscription terms typically range from one to five years. Contract revenue from the remaining performance obligations that had not yet been recognized as of December 31, 2022 was approximately $750.0 million. This amount excludes contracts with an original expected length of less than one year. The Company expects to recognize revenue on approximately 80% of the remaining performance obligations over the next 36 months and approximately 20% over the remainder of the contract period.

For purposes of this disclosure, the Company excludes contracts with an original expected length of less than one year. Since the new and renewal contracts entered into with customers are generally for terms of one year or longer, updating this disclosure to include contracts with a term of one year or more presents a more appropriate measure of the Company's remaining performance obligations.

Deferred Sales Commission Costs

Amortization of deferred sales commission costs for the three and nine months ended December 31, 2022 was $9.7 million and $28.5 million, respectively. Amortization of deferred sales commission costs for the three and nine months ended December 31, 2021 was $8.7 million and $25.6 million, respectively. There were no material write-offs during the three and nine months ended December 31, 2022 and 2021.

- 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
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Cash, cash equivalents, and available-for-sale investments were as follows:


As of December 31, 2022	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	$	89,158	$	—	$	—	$	89,158	$	89,158	$	—	$	—	$	—
Level 1:
Money market funds	359		—		—		359		359		—		—		—
Treasury securities	3,514		—		(2)		3,512		—		—		3,512		—
Subtotal	93,031		—		(2)		93,029		89,517		—		3,512		—
Level 2:
Certificate of deposit	1,329		—		—		1,329		—		1,329		—		—
Commercial paper	18,826		—		(11)		18,815		3,443				15,372		—
Corporate debt	18,659				(98)		18,561						18,561		—
Subtotal	38,814		—		(109)		38,705		3,443		1,329		33,933		—
Total assets	$	131,845	$	—	$	(111)	$	131,734	$	92,960	$	1,329	$	37,445	$	—


As of March 31, 2022	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	$	70,095	$	—	$	—	$	70,095	$	70,095	$	—	$	—	$	—
Level 1:
Money market funds	12,865		—		—		12,865		12,865		—		—		—
Treasury securities	4,573		—		(7)		4,566		—		—		4,566		—
Subtotal	87,533		—		(7)		87,526		82,960		—		4,566		—
Level 2:
Certificate of deposit	9,509		—		—		9,509		—		9,509		—		—
Commercial paper	23,950		—		(34)		23,916		800		—		16,471		—
Corporate debt	27,442		—		(163)		27,279		7,445		—		23,808		2,671
Subtotal	60,901		—		(197)		60,704		8,245		9,509		40,279		2,671
Total assets	$	148,434	$	—	$	(204)	$	148,230	$	91,205	$	9,509	$	44,845	$	2,671

Certificate of deposit represents the Company's letters of credit securing leases for office facilities, the balance of which is included in Restricted cash, current and Restricted cash, non-current on the Company's Consolidated Balance Sheet.

The Company considers its investments available to support its current operations and has classified investments in debt securities 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 December 31, 2022, 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 basis.

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 December 31, 2022, the Company did not record any allowance for credit losses on its investments.

As of December 31, 2022 and March 31, 2022, the estimated fair value of the Company's Notes was $242.5 million and $470.5 million, respectively, which was determined based on the closing price for the Notes on the last trading day of the reporting period and is considered to be Level 2 in the fair value hierarchy due to limited trading activity of the Notes. See Note 8, Convertible Senior Notes, Term Loan and Capped Calls.

The following table presents additional information about valuation techniques and inputs used for the Warrants (See Note 8, Convertible Senior Notes, Term Loan and Capped Calls) that are measured at fair value and categorized within Level 3 as of December 31, 2022 (fair value amounts in thousands):

Fair Value

Valuation Technique

Unobservable Inputs

Inputs value

Warrants

$5,393

Black-Scholes option-pricing model

Stock volatility

60.5

Risk-free rate

4.0

Expected term

4.6 years

As of December 31, 2022 and March 31, 2022, the estimated fair value of the Company's 2024 Notes was $61.3 million and $470.5 million, respectively. As of December 31, 2022, the estimated fair value of the Company’s 2028 Notes (refer to Note 8, Convertible Senior Notes, Term Loan and Capped Calls) was $181.2 million. The fair value of the 2024 Notes and 2028 Notes was determined based on the closing price for the 2024 Notes and 2028 Notes, respectively, on the last trading day of the reporting period and is considered to be Level 2 in the fair value hierarchy due to limited trading activity of the 2024 Notes and 2028 Notes. As of December 31, 2022, the estimated fair value of the Company’s Term Loan was $224.3 million. The fair value of the Company’s Term Loan was estimated based on the quoted market prices for the same issues or on the current rates offered for debt of similar remaining maturities.

- 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

PROPERTY AND EQUIPMENT, NET	9 Months Ended
PROPERTY AND EQUIPMENT, NET	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NETDuring the three and nine months ended December 31, 2022, the Company wrote off certain internally developed software with a net book value of $3.7 million.

INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The carrying value of intangible assets consisted of the following:


	December 31, 2022						March 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Technology	$	46,457	$	(26,239)	$	20,218	$	46,727	$	(19,852)	$	26,875
Customer relationships	105,829		(13,836)		91,993		105,827		(4,889)		100,938
Trade names and domains	583		(558)		25		583		(183)		400

Total acquired identifiable intangible assets	$	152,869	$	(40,633)	$	112,236	$	153,137	$	(24,924)	$	128,213

As of December 31, 2022, the weighted average remaining useful life for technology, customer relationships, and trade names and domains was 2.6 years, 8.0 years, and 0.3 years, respectively; and the annual amortization of intangible assets, based upon existing intangible assets and current useful lives, is estimated to be as follows:


	Amount
2023	$	5,124
2024	20,395
2025	19,095
2026	13,895
2027	11,757
Thereafter	41,970
Total	$	112,236

During the three months ended December 31, 2022, the Company sold certain intangible assets with a net book value of $23,000 for $1.8 million. The gain of approximately $1.8 million was recorded as Other income in the Statement of Operations and includes $0.3 million to be received as future services.

The following table provides a summary of the changes in the carrying amounts of goodwill:


	Amount
Balance at March 31, 2022	$	266,867

Adjustments related to Fuze acquisition	(754)
Foreign currency translation	(535)
Balance at December 31, 2022	$	265,578

LEASES

9 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

Operating Leases

The following table provides balance sheet information related to operating leases:


	December 31, 2022		March 31, 2022
Assets
Operating lease, right-of-use assets	$	55,269	$	63,415

Liabilities
Operating lease liabilities, current	$	12,537	$	15,485
Operating lease liabilities, non-current	68,358		74,518
Total operating lease liabilities	$	80,895	$	90,003

The components of lease expense were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Operating lease expense	2,742		$	3,367	8,667		$	10,162
Variable lease expense	1,445		$	759	4,525		$	2,266
Cash outflows from operating leases	$	4,767	$	4,218	$	14,272	$	12,672

Short-term lease expense was immaterial during the three months ended December 31, 2022 and 2021.

The following table presents supplemental lease information:

December 31, 2022

March 31, 2022

Weighted average remaining lease term

7.1 years

7.4 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 December 31, 2022:


2023	$	4,709
2024	14,225
2025	13,077
2026	11,978
2027	10,695
Thereafter	38,659
Total lease payments	93,343
Less: imputed interest	(12,448)
Present value of lease liabilities	$	80,895

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Indemnifications In the normal course of business, the Company may agree to indemnify other parties, including customers, lessors, and parties to other transactions with the Company with respect to certain matters, such as breaches of representations or covenants or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, the Company has entered into indemnification agreements with its officers and directors. It is not possible to determine the maximum potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on the Company's operating results, financial position, or cash flows. Under some of these agreements, however, the Company's potential indemnification liability may not have a contractual limit. Operating Leases The Company's lease obligations consist of the Company's principal facility and various leased facilities under operating lease agreements. See Note 6. Leases for more information on the Company's leases and the future minimum lease payments. Purchase Obligations The Company's purchase obligations include contracts with third-party customer support vendors and third-party network service providers. These contracts include minimum monthly commitments and the requirements to maintain the service level for several months. 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 December 31, 2022. 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 (the “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 (the “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. Both actions were scheduled for a joint mediation in September 2021, and discovery was stayed in both actions pending completion of the mediation. A joint mediation for both actions was held in September 2021 and the parties reached a preliminary settlement of all claims, which was finalized on November 23, 2021. The parties have remanded the Class Complaint matter to Santa Clara County Superior Court in order to consolidate the matter with the PAGA Complaint matter for court approval and administration of the settlement. Plaintiff has filed an unopposed motion for preliminary approval of the settlement on May 17, 2022, and the court issued an order preliminarily approving the settlement on June 13, 2022. The parties gathered and provided class list information to the administrator for administration of the settlement, and the administrator issued notifications to class members in August 2022. Plaintiff filed an unopposed motion for final approval of the settlement on October 12, 2022, and the court issued its order granting final approval on November 4, 2022. On January 17, 2023, the Company deposited the total settlement amounts due with the settlement administrator, which will disburse the funds in accordance with the settlement agreement. The Court has set a deadline of May 22, 2023 for Plaintiff’s counsel and the settlement administrator to submit a summary accounting of distributions, and the Court has scheduled a compliance hearing on June 1, 2023. 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. A similar review was performed on the taxability of services provided by Fuze, Inc., and it was 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 December 31, 2022 and March 31, 2022, the Company had accrued contingent indirect tax liabilities of $16.2 million and $16.7 million, respectively.

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS

2024 Notes

In February 2019, the Company issued $287.5 million aggregate principal amount of 0.50% convertible senior notes (the "Initial 2024 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 "First Additional 2024 Notes") due 2024 in a registered offering under the same indenture as the Initial 2024 Notes. The total net proceeds from the First Additional 2024 Notes, after deducting underwriting discounts, debt issuance costs, and costs of the capped call transactions described below, were approximately $64.6 million.

In December 2021, the Company issued an additional $137.5 million aggregate principal amount of its currently outstanding 0.50% convertible senior notes (the "Second Additional 2024 Notes", and together with the Initial 2024 Notes and the First Additional 2024 Notes, the "2024 Notes") due 2024 in a private placement under the same indenture as the Initial 2024 Notes and the First Additional 2024 Notes. The total net proceeds from the Second Additional 2024 Notes, after deducting initial purchase discounts and debt issuance costs, were approximately $134.3 million. The Company did not enter into any capped calls in connection with this transaction. Both the First Additional 2024 Notes and Second Additional 2024 Notes constitute a further issuance of, and form a single series with, the Initial 2024 Notes. Immediately after giving effect to the issuance of the Second Additional 2024 Notes, the Company had $500.0 million aggregate principal amount of convertible senior notes. For details on the net carrying amount and fair value of the liability component of the 2024 Notes, as well as the interest expense recognized related to the 2024 Notes, see the section entitled “Exchange Transaction and 2028 Notes” below.

The 2024 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 2024 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 2024 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 2024 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 2024 Notes in cash upon conversion. During the three months ended December 31, 2022, the conditions allowing holders of the 2024 Notes to convert were not met.

Under the terms of the 2024 Notes, the Company could 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 2024 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 2024 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 2024 Notes to be repurchased, plus accrued and unpaid interest, but excluding, the fundamental change repurchase date.

The 2024 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.

Prior to April 1, 2022, the Company accounted for the 2024 Notes as separate liability and equity components. On issuance, the carrying amount of the equity components was recorded as a debt discount and subsequently amortized to interest expense. Effective April 1, 2022, the Company adopted ASU 2020-06 using a modified retrospective approach. As a result, the 2024 Notes are accounted for as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. Adoption of the new standard resulted in a decrease to accumulated deficit of $46.7 million, a decrease to additional paid-in capital of $92.8 million and an increase to convertible senior notes, net of $46.2 million. The 2024 Notes have no original issuance discounts. Unamortized debt discount and issuance costs will be amortized over the remaining life of the 2024 Notes, which is approximately 13 months.

Capped Calls

In connection with the pricing of the Initial 2024 Notes and the First Additional 2024 Notes, the Company entered into privately negotiated capped call transactions (the "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 correspond to the initial conversion price of the Initial 2024 Notes and the First Additional 2024 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 Initial 2024 Notes and the First Additional 2024 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 are not part of the terms of the Initial 2024 Notes and the First Additional 2024 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The Capped Calls will not be remeasured as long as they continue to meet the conditions for equity classification.

Term Loan and Warrants

On August 10, 2022, the Company borrowed $250.0 million in a senior secured term loan facility (the “Term Loan”) under a term loan credit agreement (the “Credit Agreement”) entered into on August 3, 2022 with Wilmington Savings Fund Society, FSB, as administrative agent, and certain affiliates of Francisco Partners (“FP”), with aggregate debt issuance costs and discount of approximately $20.0 million. The Term Loan matures on August 3, 2027 and will initially bear interest at an annual rate equal to the term Standard Overnight Financing Rate ("Term SOFR") (which will be subject to a floor of 1.00% and a credit spread adjustment of 0.10%), plus a margin of 6.50%.

The obligations under the Credit Agreement will be guaranteed by the Company’s wholly-owned subsidiaries, subject to certain customary exceptions, and secured by a perfected security interest in substantially all of the Company’s tangible and intangible assets, as well as substantially all of the tangible and intangible assets of the guarantors.

Mandatory prepayments of the Term Loan are required to be made upon the occurrence of certain events, including, without limitation, (i) sales of certain assets, (ii) receipt of certain casualty and condemnation awards proceeds, and (iii) the incurrence of non-permitted indebtedness, subject to certain thresholds and reinvestment rights. Voluntary prepayments are permitted at any time, subject to certain prepayment premiums.

The Credit Agreement contains a minimum adjusted cash Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) financial covenant, a minimum liquidity covenant and a maximum secured leverage ratio financial covenant and contains affirmative and negative covenants customary for transactions of this type, including limitations with respect to indebtedness, liens, investments, dividends, disposition of assets, change in business, and transactions with affiliates.

The Company used the proceeds from the issuance of the Term Loan to fund the cash portion of an exchange of the Company’s approximately $403.8 million principal amount of the 2024 Notes for cash plus approximately $201.9 million of the 2028 Notes (defined below), and the concurrent repurchase of approximately $60 million of the Company’s common stock with the counterparties to such exchange.

The debt discount and debt issuance costs are approximately $5.6 million, of which $2.8 million was paid in the form of shares of the Company's common stock, and are amortized to interest expense over the term of the Term Loan at an effective interest rate of 11.0%. Contractual interest expenses of $5.4 million and $8.8 million, and $0.8 million and $1.2 million in amortization of the debt discount and debt issuance costs, were related to the Term Loan and recorded for the three and nine months ended December 31, 2022, respectively.

In connection with the Credit Agreement, the Company issued detachable warrants (the “Warrants”) to affiliates of FP to purchase an aggregate of 3.1 million shares of the Company’s common stock with a five-year term and an exercise price of $7.15 per share (subject to adjustment) that represents a 27.5% premium over the closing price per share of the Company’s common stock on August 3, 2022. The Warrants are classified as liabilities as the Warrants contain certain terms that could result in cash settlement as a result of events outside of the Company’s control. Accordingly, the Company recognizes the Warrants as liabilities at fair value initially and adjusts the Warrants to fair value at each reporting period. The fair value of the Warrants was $5.9 million upon issuance, and $5.4 million at December 31, 2022, and was recorded within Other liabilities, non-current on the condensed consolidated balance sheets with a corresponding debt discount recorded against the Term Loan. The subsequent changes in fair value were recorded through Other income (expense), net on the Company’s condensed consolidated statement of operations.

The following table presents the net carrying amount of the Term Loan:


	December 31, 2022
Principal	$	250,000
Unamortized debt discount and issuance costs	(18,798)
Net carrying amount	$	231,202

Interest expense recognized related to the Term Loans was as follows:


	Three Months Ended December 31,		Nine Months Ended December 31,
	2022		2022
Contractual interest expense	$	5,432	$	8,835
Amortization of debt discount and issuance costs	788		1,221
Total interest expense	$	6,220	$	10,056

Exchange Transaction and 2028 Notes

Exchange Transaction

On August 11, 2022, the Company issued approximately $201.9 million aggregate principal amount of its 4.00% convertible senior notes due 2028 (the “2028 Notes”), pursuant to an indenture, dated as of August 11, 2022 (the “2028 Notes Indenture”), by and between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”).

The Company used the proceeds from the issuance of the 2028 Notes, together with approximately $181.8 million in cash consideration from borrowing of the Term Loan, in exchange for approximately $403.8 million aggregate principal amount of the Company’s outstanding 2024 Notes pursuant to privately negotiated agreements (the “Exchange Agreements”) with a limited number of existing holders of the 2024 Notes (the “Exchange Transaction”). In connection with the Exchange Transaction, the Company purchased an aggregate of approximately $60 million of the Company’s common stock in privately negotiated transactions from existing holders of the 2024 Notes who participated in the Exchange Transaction.

The Exchange Transaction was treated as a debt extinguishment. The difference between the consideration used to extinguish the 2024 Notes and the carrying value of the 2024 Notes (including unamortized debt discount and issuance costs) subject to the Exchange Transaction resulted in an extinguishment gain of $16.1 million recorded through Other income (expense), net on the Company’s condensed consolidated statement of operations.

The Capped Calls were not modified or settled as part of the Exchange Transaction and continue to be classified in stockholders' equity as long as they continue to meet the conditions for equity classification.

2028 Notes

As part of the Exchange Transaction, the Company issued $201.9 million aggregate principal amount of the 2028 Notes, with debt issuance costs of approximately $5.6 million, of which 50% was paid in the form of shares of the Company's common stock.

The 2028 Notes are senior obligations of the Company that accrue interest, payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2023. The 2028 Notes will mature on February 1, 2028, unless earlier converted, redeemed or repurchased. The initial conversion rate is 139.8064 shares of the Company’s common stock per $1,000 principal amount of the 2028 Notes (equivalent to an initial conversion price of approximately $7.15 per share), subject to customary adjustments. The 2028 Notes can be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s stock, at the Company’s election.

Prior to the close of business on the business day immediately preceding November 15, 2027, the 2028 Notes will be convertible only under the following circumstances:

1.At any time during any fiscal quarter commencing after the fiscal quarter ending on December 31, 2022 (and only during such fiscal 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, and including, the last trading day of the immediately preceding fiscal 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 five consecutive trading day period (the measurement period), if the trading price per $1,000 principal amount of the 2028 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 and the conversion rate on each such trading day;

3.If the Company calls any or all of the 2028 Notes for redemption prior to the close of business on the business day immediately preceding November 15, 2027; or

4.Upon the occurrence of specified corporate events (as set forth in the 2028 Notes Indenture).

On or after November 15, 2027, holders of the 2028 Notes may convert their 2028 Notes at their option at any time until the close of business on the second Scheduled Trading Day immediately preceding the maturity date.

Under the terms of the 2028 Notes, the Company cannot redeem the 2028 Notes prior to August 6, 2025. On or after August 6, 2025, the Company may, at its option, redeem for cash all or any portion of the 2028 Notes at a redemption price equal to 100% of the principal amount, plus accrued unpaid interest, only upon the satisfaction of certain conditions and during certain periods, including if the last reported sale price of the Company’s 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 2028 Notes Indenture) occurs at any time prior to February 1, 2028, holders of 2028 Notes may require the Company to repurchase for cash all or any portion of their 2028 Notes at a repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In addition, in connection with certain corporate events or if the Company issues a notice of redemption, a fundamental change will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2028 Notes in connection with such corporate event or during the relevant redemption period.

The 2028 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or holders of no less than 25% in aggregate principal amount of the 2028 Notes then outstanding may declare the entire principal amount of all the 2028 Notes, and the interest accrued on such 2028 Notes, if any, to become immediately due and payable. Upon events of default in connection with specified bankruptcy events involving the Company, the 2028 Notes will become due and payable immediately.

The debt discount and debt issuance costs are amortized to interest expense over the term of the 2028 Notes at an effective interest rate of 6.1% .

Interest expense recognized related to the 2028 Notes was as follows:


	Three Months Ended December 31, 2022		Nine Months Ended December 31, 2022
Contractual interest expense	$	2,037	$	3,181
Amortization of debt discount and issuance costs	247		350
Total interest expense	$	2,284	$	3,531

The following table presents the net carrying amount of the 2028 Notes:


	December 31, 2022
Principal	$	201,914
Unamortized debt discount and issuance costs	(5,291)
Net carrying amount	$	196,623

Repayment of 2024 Notes

In addition to the Exchange Transaction, the Company completed two repurchases of the 2024 Notes in the second and third quarter of fiscal 2023 for a total of approximately $27.8 million in aggregate principal amount.

In the second quarter, on September 28, 2022, the Company repurchased an aggregate principal amount of $6.0 million of the 2024 Notes through a privately negotiated transaction with one of the remaining 2024 Notes holders for an aggregate purchase price of $5.3 million. The aggregate purchase price was paid in cash and only partially settled the outstanding 2024 Notes with the holder; accordingly, the repurchase consideration was accounted for as a debt modification with no extinguishment gain or loss.

In the third quarter, on December 9, 2022, the Company repurchased an aggregate principal amount of $21.8 million of the 2024 Notes through privately negotiated transactions with two of the remaining 2024 Notes holders for an aggregate purchase price of $20.1 million in cash. The repurchase consideration was accounted for as a debt extinguishment, resulting in a $2.1 million gain.

The following table presents the net carrying amount and fair value of the liability component of the 2024 Notes:


	December 31, 2022		March 31, 2022
Principal	$	68,339	$	500,000
Unamortized debt discount(1) and issuance costs	(519)		(52,548)
Net carrying amount	$	67,820	$	447,452

(1) The debt discount as of March 31, 2022 represents the discount resulting from the allocation of the equity component (conversion option) from the liability component of the 2024 Notes, net of issuance premium, prior to the adoption of ASU 2020-06 on April 1, 2022. Upon the adoption of ASU 2020-06, the equity component was reversed. As a result, the December 31, 2022 debt discount represents only the issuance premium.

The debt discount and debt issuance costs are amortized to interest expense over the term of the 2024 Notes at an effective interest rate of 1.2%.

Interest expense recognized related to the 2024 Notes was as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Contractual interest expense	139		$	486	$	1,099	$	1,359
Amortization of debt discount and issuance costs	101		4,925		$	1,565	13,389
Total interest expense	$	240	$	5,411	$	2,664	$	14,748

- 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

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+ Details

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY

In July 2022, the Company's board of directors and the majority of the Company's stockholders approved increasing the number of authorized shares of the Company’s common stock from 200,000,000 authorized shares to 300,000,000 authorized shares. The additional shares of common stock authorized have rights identical to the Company’s outstanding common stock.

2022 Equity Incentive Plan

On May 26, 2022, the Company's board of directors approved the 2022 Equity Incentive Plan (the "2022 Plan"). The Company's stockholders subsequently adopted the 2022 Plan on July 12, 2022. The Company reserved 8.0 million shares of the Company's common stock for issuance under the 2022 Plan plus the number of shares subject to awards that were outstanding under the 2012 Plan as of 12:01 a.m. Pacific Time on June 22, 2022 (the “Prior Plan Expiration Time”), to the extent that, after the Prior Plan Expiration Time, such shares would have recycled back to the 2012 Plan (as defined below) in connection with the awards’ expiration, termination, cancellation, forfeiture, or repurchase, as described further below, and in each case, subject to adjustment upon certain changes in the Company’s capitalization. The 2022 Plan provides for the granting of incentive stock options to employees and non-statutory stock options to employees, directors or consultants, and granting of stock appreciation rights, restricted stock, restricted stock units and performance units, qualified performance-based awards, and stock grants. The stock option price of incentive stock options granted cannot be less than the fair market value on the effective date of the grant. Options, restricted stock, and restricted stock units generally vest over three or four years and expire ten years after the grant. As of December 31, 2022, 6.7 million shares remained available for future grants under the 2022 Plan.

2012 Equity Incentive Plan

In June 2012, the Company's board of directors approved the 2012 Equity Incentive Plan (the "2012 Plan"). The Company's stockholders subsequently adopted the 2012 Plan in July 2012, which became effective in August 2012. The 2012 Plan expired on June 22, 2022.

2017 New Employee Inducement Incentive Plan

For details on the 2017 New Employee Inducement Incentive Plan (the "2017 Plan"), please refer to the Form 10-K. No grants were made under the 2017 Plan during the three months ended December 31, 2022. As of December 31, 2022, 1.4 million shares remained available for future grants under the 2017 Plan.

Stock-Based Compensation

The following table presents stock-based compensation expense (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Cost of service revenue	$	2,137	$	2,293	$	7,237	$	6,606
Cost of other revenue	893		1,233		2,929		3,507
Research and development	7,139		8,472		22,894		26,628
Sales and marketing	6,582		11,626		21,498		38,676
General and administrative	4,330		10,113		18,958		30,742
Total	$	21,081	$	33,737	$	73,516	$	106,159

Stock Options

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


	Number of Shares	Weighted Average Exercise Price Per Share
Outstanding at March 31, 2022	867	$	10.67

Exercised	(11)	5.87
Canceled/Forfeited	(158)	10.97
Outstanding at December 31, 2022	698	$	10.68

Vested and expected to vest December 31, 2022	698	$	10.68
Exercisable at December 31, 2022	698	$	10.68

The total intrinsic value of options exercised in the nine months ended December 31, 2022 and 2021 was $40,000 and $14.0 million respectively.

As of December 31, 2022, there was no unrecognized compensation cost related to stock options.

The Company did not grant any stock options during the nine months ended December 31, 2022 and 2021.

The fair value of each of the Company's option grants has been estimated on the date of grant using the Black-Scholes pricing model.

Stock Purchase Rights

There were no activities related to stock purchase rights during the three months ended December 31, 2022 and 2021.

As of December 31, 2022, there was no unrecognized compensation cost related to stock purchase rights.

Restricted Stock Units

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


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022	9,375	$	20.41	2.11
Granted	13,096	5.71
Vested and released	(4,118)	19.91
Forfeited	(2,926)	13.67
Balance at December 31, 2022	15,427	$	9.35	2.03

As of December 31, 2022, there was $93.4 million of total unrecognized compensation cost related to RSUs.

Performance Stock Units

PSUs are issued to a group of executives with vesting that is contingent on both market performance and continued service. The PSUs generally vest over periods ranging from one to three years based on Total Shareholder Return ("TSR"), as measured relative to specified market indices during the period from grant date through vesting date. A 2x multiplier will be applied for each percentage point of positive or negative relative TSR, 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. All PSU awards vest at the end of the respective performance periods, for those executives with continued service.

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


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022	1,026	$	35.36	0.89
Granted	877	7.31
Granted for performance achievement1	—
Vested and released	(128)	25.65
Forfeited	(921)	31.56
Balance at December 31, 2022	854	$	12.11	1.67

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

Total unrecognized compensation cost related to PSUs was $10.6 million at December 31, 2022.

Employee Stock Purchase Plan ("ESPP")

As of December 31, 2022, there was approximately $2.1 million of unrecognized compensation cost related to employee stock purchases. This cost is expected to be recognized over a weighted average period of 0.3 years. In July 2022, the Company added 3.6 million shares to the ESPP for future issuances, and as of December 31, 2022, a total of 2.5 million shares were available for issuance under the ESPP.

Stock Repurchases

In August 2022, the Company repurchased in privately negotiated transactions with a limited number of holders 10,695,000 shares of its common stock for approximately $60 million. There were no stock repurchases during the nine months ended December 31, 2021.

Stock Issuance

On August 11, 2022, the Company issued 1,015,024 shares of the Company’s common stock to settle its financial advisory fee for services provided in connection with Exchange Transaction and the issuance of the Term Loan and Warrants. The fair value of the shares was allocated to the Exchange Transaction as third-party costs and the issuance of Term Loan and Warrants as debt issuance costs based on a systematic and rational approach.

INCOME TAXES	9 Months Ended
INCOME TAXES	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's effective tax rate was (0.1)% and (0.2)% for the three months ended December 31, 2022 and 2021, respectively; and was (1.7)% and (0.4)% for the nine months ended December 31, 2022 and 2021, 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 and driven by current tax liabilities of profitable foreign subsidiaries and state minimum taxes in the United States. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

NET LOSS PER SHARE

9 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following is a reconciliation of 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Net loss	$	(26,030)	$	(43,571)	$	(63,712)	$	(129,801)
Weighted average common shares outstanding - basic and diluted (in thousands)	113,201		113,510		116,298		111,960

Net loss per share - basic and diluted	$	(0.23)	$	(0.38)	$	(0.55)	$	(1.16)

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 Months Ended December 31,
	2022	2021
Stock options	698	1,097
Restricted stock units and Performance stock units	16,281	9,192
Potential shares attributable to the ESPP	2,487	564

Total anti-dilutive shares	19,466	10,853

GEOGRAPHICAL INFORMATION

9 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

GEOGRAPHICAL INFORMATION

The following tables set forth the geographic information for each period (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
United States	$	133,891	$	106,849	$	406,543	$	315,114
International	50,509		50,025		152,866		141,644
Total revenue	$	184,400	$	156,874	$	559,409	$	456,758


	Property and Equipment as of
	December 31, 2022		March 31, 2022
United States	$	56,998	$	73,967
International	3,917		5,049
Total property and equipment, net	$	60,915	$	79,016

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Fuze On January 18, 2022, the Company acquired 100% of the outstanding shares of common stock of Fuze, Inc. for a total consideration of $213.8 million, which consisted of $132.9 million in cash and $80.9 million in shares of common stock of the Company (based on $15.48 closing price of the Company's stock on January 18, 2022), of which approximately $1.3 million in cash and up to 1,153,523 shares were held back as part of the merger agreement, and 346,053 shares were held back (pursuant to indemnity obligations) and reserved for later issuance. Subsequently, in May 2022, the approximately $1.3 million in cash held back was released as part of the working capital adjustment. The results of Fuze, Inc.’s operations have been included in the Company's consolidated financial statements, including revenue for the three and nine months ended December 31, 2022.

THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2022
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 ("U.S. GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the Company's annual consolidated financial statements prepared in accordance with U.S. 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, 2022 and notes thereto included in the Form 10-K. There were no material changes during the three and nine months ended December 31, 2022 to the Company's significant accounting policies as described in the Form 10-K. 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, 2023. All dollar amounts herein are in thousands of United States Dollars ("dollars") unless otherwise noted.
Use of Estimates	The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to current expected credit losses, returns reserve for expected cancellations, fair value of and/or potential impairment of goodwill and intangible assets, capitalized internal-use software costs, benefit period for deferred commissions, stock-based compensation, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, convertible senior notes fair value, 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. OUT OF PERIOD ADJUSTMENTS During the nine months ended December 31, 2022, the Company recorded out of period adjustments of approximately $2.5 million, including $1.3 million in subscription revenue related to two contracts with customers which was deferred in previous years, and $1.2 million of excess amounts reserved against bad debt during the fourth quarter of fiscal 2022. The impact of these adjustments was a $1.3 million increase in service revenue and decrease in contract assets and a $1.2 million decrease in provision for bad debts and reduction in reserves.
Recently Adopted Accounting Pronouncements	In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Effective April 1, 2022, the Company adopted ASU 2020-06 using a modified retrospective approach. Adoption of the new standard resulted in a decrease to accumulated deficit of $46.7 million, a decrease to additional paid-in capital of $92.8 million, and an increase to convertible senior notes, net of $46.2 million. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic 848 and clarifies some of its guidance. Effective April 1, 2022, the Company adopted ASU 2020-04 on a prospective basis. The impact of the adoption was immaterial to the Company's consolidated financial statements. Other recent accounting pronouncements that may be applicable to the Company are not expected to have a material impact on its present or future financial statements.
Indemnifications	Indemnifications In the normal course of business, the Company may agree to indemnify other parties, including customers, lessors, and parties to other transactions with the Company with respect to certain matters, such as breaches of representations or covenants or intellectual property infringement or other claims made by third parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In addition, the Company has entered into indemnification agreements with its officers and directors. It is not possible to determine the maximum potential amount of the Company's exposure under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on the Company's operating results, financial position, or cash flows. Under some of these agreements, however, the Company's potential indemnification liability may not have a contractual limit.

REVENUE RECOGNITION (Tables)

9 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

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


	December 31, 2022		March 31, 2022
Accounts receivable, net	$	53,811	$	57,400
Contract assets, current	12,392		10,514
Contract assets, non-current	11,060		15,171
Deferred revenue, current	34,207		34,262
Deferred revenue, non-current	10,480		11,430

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

Cash, cash equivalents, and available-for-sale investments were as follows:


As of December 31, 2022	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	$	89,158	$	—	$	—	$	89,158	$	89,158	$	—	$	—	$	—
Level 1:
Money market funds	359		—		—		359		359		—		—		—
Treasury securities	3,514		—		(2)		3,512		—		—		3,512		—
Subtotal	93,031		—		(2)		93,029		89,517		—		3,512		—
Level 2:
Certificate of deposit	1,329		—		—		1,329		—		1,329		—		—
Commercial paper	18,826		—		(11)		18,815		3,443				15,372		—
Corporate debt	18,659				(98)		18,561						18,561		—
Subtotal	38,814		—		(109)		38,705		3,443		1,329		33,933		—
Total assets	$	131,845	$	—	$	(111)	$	131,734	$	92,960	$	1,329	$	37,445	$	—


As of March 31, 2022	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	$	70,095	$	—	$	—	$	70,095	$	70,095	$	—	$	—	$	—
Level 1:
Money market funds	12,865		—		—		12,865		12,865		—		—		—
Treasury securities	4,573		—		(7)		4,566		—		—		4,566		—
Subtotal	87,533		—		(7)		87,526		82,960		—		4,566		—
Level 2:
Certificate of deposit	9,509		—		—		9,509		—		9,509		—		—
Commercial paper	23,950		—		(34)		23,916		800		—		16,471		—
Corporate debt	27,442		—		(163)		27,279		7,445		—		23,808		2,671
Subtotal	60,901		—		(197)		60,704		8,245		9,509		40,279		2,671
Total assets	$	148,434	$	—	$	(204)	$	148,230	$	91,205	$	9,509	$	44,845	$	2,671

Summary of Assumptions Used in Determination of Fair Value

Fair Value

Valuation Technique

Unobservable Inputs

Inputs value

Warrants

$5,393

Black-Scholes option-pricing model

Stock volatility

60.5

Risk-free rate

4.0

Expected term

4.6 years

- 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)

9 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The carrying value of intangible assets consisted of the following:


	December 31, 2022						March 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Technology	$	46,457	$	(26,239)	$	20,218	$	46,727	$	(19,852)	$	26,875
Customer relationships	105,829		(13,836)		91,993		105,827		(4,889)		100,938
Trade names and domains	583		(558)		25		583		(183)		400

Total acquired identifiable intangible assets	$	152,869	$	(40,633)	$	112,236	$	153,137	$	(24,924)	$	128,213

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


	Amount
2023	$	5,124
2024	20,395
2025	19,095
2026	13,895
2027	11,757
Thereafter	41,970
Total	$	112,236

Schedule of Goodwill

The following table provides a summary of the changes in the carrying amounts of goodwill:


	Amount
Balance at March 31, 2022	$	266,867

Adjustments related to Fuze acquisition	(754)
Foreign currency translation	(535)
Balance at December 31, 2022	$	265,578

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LEASES (Tables)

9 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Assets and Liabilities, Leases

The following table provides balance sheet information related to operating leases:


	December 31, 2022		March 31, 2022
Assets
Operating lease, right-of-use assets	$	55,269	$	63,415

Liabilities
Operating lease liabilities, current	$	12,537	$	15,485
Operating lease liabilities, non-current	68,358		74,518
Total operating lease liabilities	$	80,895	$	90,003

Schedule of Lease, Cost

The components of lease expense were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Operating lease expense	2,742		$	3,367	8,667		$	10,162
Variable lease expense	1,445		$	759	4,525		$	2,266
Cash outflows from operating leases	$	4,767	$	4,218	$	14,272	$	12,672

The following table presents supplemental lease information:

December 31, 2022

March 31, 2022

Weighted average remaining lease term

7.1 years

7.4 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 December 31, 2022:


2023	$	4,709
2024	14,225
2025	13,077
2026	11,978
2027	10,695
Thereafter	38,659
Total lease payments	93,343
Less: imputed interest	(12,448)
Present value of lease liabilities	$	80,895

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS (Tables)

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Carrying Amount

The following table presents the net carrying amount of the Term Loan:


	December 31, 2022
Principal	$	250,000
Unamortized debt discount and issuance costs	(18,798)
Net carrying amount	$	231,202

Schedule of Interest Expense

Interest expense recognized related to the Term Loans was as follows:


	Three Months Ended December 31,		Nine Months Ended December 31,
	2022		2022
Contractual interest expense	$	5,432	$	8,835
Amortization of debt discount and issuance costs	788		1,221
Total interest expense	$	6,220	$	10,056

Interest expense recognized related to the 2028 Notes was as follows:


	Three Months Ended December 31, 2022		Nine Months Ended December 31, 2022
Contractual interest expense	$	2,037	$	3,181
Amortization of debt discount and issuance costs	247		350
Total interest expense	$	2,284	$	3,531

Interest expense recognized related to the 2024 Notes was as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Contractual interest expense	139		$	486	$	1,099	$	1,359
Amortization of debt discount and issuance costs	101		4,925		$	1,565	13,389
Total interest expense	$	240	$	5,411	$	2,664	$	14,748

Schedule of Convertible Debt

The following table presents the net carrying amount of the 2028 Notes:


	December 31, 2022
Principal	$	201,914
Unamortized debt discount and issuance costs	(5,291)
Net carrying amount	$	196,623

The following table presents the net carrying amount and fair value of the liability component of the 2024 Notes:


	December 31, 2022		March 31, 2022
Principal	$	68,339	$	500,000
Unamortized debt discount(1) and issuance costs	(519)		(52,548)
Net carrying amount	$	67,820	$	447,452

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ Details

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

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

The following table presents stock-based compensation expense (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Cost of service revenue	$	2,137	$	2,293	$	7,237	$	6,606
Cost of other revenue	893		1,233		2,929		3,507
Research and development	7,139		8,472		22,894		26,628
Sales and marketing	6,582		11,626		21,498		38,676
General and administrative	4,330		10,113		18,958		30,742
Total	$	21,081	$	33,737	$	73,516	$	106,159

Disclosure of Share-Based Compensation Arrangements By Share-Based Payment Award

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


	Number of Shares	Weighted Average Exercise Price Per Share
Outstanding at March 31, 2022	867	$	10.67

Exercised	(11)	5.87
Canceled/Forfeited	(158)	10.97
Outstanding at December 31, 2022	698	$	10.68

Vested and expected to vest December 31, 2022	698	$	10.68
Exercisable at December 31, 2022	698	$	10.68

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


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022	9,375	$	20.41	2.11
Granted	13,096	5.71
Vested and released	(4,118)	19.91
Forfeited	(2,926)	13.67
Balance at December 31, 2022	15,427	$	9.35	2.03

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


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022	1,026	$	35.36	0.89
Granted	877	7.31
Granted for performance achievement1	—
Vested and released	(128)	25.65
Forfeited	(921)	31.56
Balance at December 31, 2022	854	$	12.11	1.67

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

NET LOSS PER SHARE (Tables)

9 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

The following is a reconciliation of 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Net loss	$	(26,030)	$	(43,571)	$	(63,712)	$	(129,801)
Weighted average common shares outstanding - basic and diluted (in thousands)	113,201		113,510		116,298		111,960

Net loss per share - basic and diluted	$	(0.23)	$	(0.38)	$	(0.55)	$	(1.16)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 Months Ended December 31,
	2022	2021
Stock options	698	1,097
Restricted stock units and Performance stock units	16,281	9,192
Potential shares attributable to the ESPP	2,487	564

Total anti-dilutive shares	19,466	10,853

GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth the geographic information for each period (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
United States	$	133,891	$	106,849	$	406,543	$	315,114
International	50,509		50,025		152,866		141,644
Total revenue	$	184,400	$	156,874	$	559,409	$	456,758

Long-lived Assets by Geographic Areas


	Property and Equipment as of
	December 31, 2022		March 31, 2022
United States	$	56,998	$	73,967
International	3,917		5,049
Total property and equipment, net	$	60,915	$	79,016

THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment				1
Total revenue	$ 184,400	$ 156,874		$ 559,409	$ 456,758
Allowance for credit losses				1,984	748
Accumulated deficit	(783,478)			(783,478)		$ (766,438)
Additional paid-in capital	888,123			888,123		956,599
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit						46,700
Additional paid-in capital						92,800
Senior notes						$ 46,200
Service
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	175,765	$ 149,396		533,482	$ 429,568
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Out of period adjustments amount				2,500
Allowance for credit losses			$ 1,200	1,200
Decrease in contract assets	$ 1,300			1,300
Reduction in reserves			$ 1,200
Revision of Prior Period, Error Correction, Adjustment \| Service
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue				$ 1,300

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 53,811	$ 57,400
Contract assets, current	12,392	10,514
Contract assets, non-current	11,060	15,171
Deferred revenue, current	34,207	34,262
Deferred revenue, non-current	$ 10,480	$ 11,430

REVENUE RECOGNITION - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
REVENUE RECOGNITION - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized			$ 31,500,000
Capitalized contract cost, amortization	$ 9,700,000	$ 8,700,000	28,500,000	$ 25,600,000
Capitalized contract cost, impairment loss	$ 0	$ 0	$ 0	$ 0

REVENUE RECOGNITION - Remaining Performance Obligation (Details) $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 750.0
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]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	80.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	20.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period

FAIR VALUE MEASUREMENTS - Cash, Cash Equivalents and Investments with Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 92,960	$ 91,205	$ 200,352
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	(111)	(204)
Cash, cash equivalents and debt securities available-for-sale, amortized cost	131,845	148,434
Cash, cash equivalents and debt securities available-for-sale	131,734	148,230
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	(2)	(7)
Cash, cash equivalents and debt securities available-for-sale, amortized cost	93,031	87,533
Cash, cash equivalents and debt securities available-for-sale	93,029	87,526
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	38,814	60,901
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	(109)	(197)
Debt securities, available-for-sale	38,705	60,704
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	89,158	70,095
Cash and cash equivalents, fair value disclosure	89,158	70,095
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	359	12,865
Cash and cash equivalents, fair value disclosure	359	12,865
Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	3,514	4,573
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	(2)	(7)
Debt securities, available-for-sale	3,512	4,566
Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,329	9,509
Cash and cash equivalents, fair value disclosure	1,329	9,509
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	18,826	23,950
Accumulated gross unrealized gain, before tax	0	0
Accumulated gross unrealized loss, before tax	(11)	(34)
Debt securities, available-for-sale	18,815	23,916
Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	18,659	27,442
Accumulated gross unrealized gain, before tax		0
Accumulated gross unrealized loss, before tax	(98)	(163)
Debt securities, available-for-sale	18,561	27,279
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	92,960	91,205
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	89,517	82,960
Cash and Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	3,443	8,245
Cash and Cash Equivalents \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	89,158	70,095
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	359	12,865
Cash and Cash Equivalents \| Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Cash and Cash Equivalents \| Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
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	3,443	800
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		7,445
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	1,329	9,509
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	1,329	9,509
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) \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted Cash (Current & Non-current) \| Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	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	1,329	9,509
Restricted Cash (Current & Non-current) \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale		0
Restricted Cash (Current & Non-current) \| Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale		0
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	37,445	44,845
Short-Term Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	3,512	4,566
Short-Term Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	33,933	40,279
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	3,512	4,566
Short-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	0
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	15,372	16,471
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	18,561	23,808
Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	2,671
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	0	2,671
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	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	0
Long-Term Investments \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	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	$ 0	$ 2,671

FAIR VALUE MEASUREMENTS - Narrative (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022
Convertible Senior Notes 2024 \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 61.3
Initial Notes \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	242.5	$ 470.5
2028 Notes \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	181.2
Term Loan \| Loans Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 224.3

FAIR VALUE MEASUREMENTS - Summary of Assumptions Used in Determination of Fair Value (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of the warrants	$ 5,393
Stock volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant, measurement input	0.605
Risk-free rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant, measurement input	0.040
Expected term
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Expected term	4 years 7 months 6 days

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Impairment of capitalized software	$ 3,700	$ 3,729	$ 0

INTANGIBLE ASSETS AND GOODWILL- Schedule Of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 152,869	$ 153,137
Accumulated Amortization	(40,633)	(24,924)
Net Carrying Amount	112,236	128,213
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	46,457	46,727
Accumulated Amortization	(26,239)	(19,852)
Net Carrying Amount	20,218	26,875
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	105,829	105,827
Accumulated Amortization	(13,836)	(4,889)
Net Carrying Amount	91,993	100,938
Trade names and domains
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	583	583
Accumulated Amortization	(558)	(183)
Net Carrying Amount	$ 25	$ 400

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Net book value of assets sold	$ 23	$ 23
Gain on sale of assets	1,800	$ 1,826	$ 0
Gain (loss) on disposition of intangible assets, amount to be received as future services	$ 300
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period		2 years 7 months 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period		8 years
Trade names and domains
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period		3 months 18 days

INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 5,124
2024	20,395
2025	19,095
2026	13,895
2027	11,757
Thereafter	41,970
Net Carrying Amount	$ 112,236	$ 128,213

INTANGIBLE ASSETS AND GOODWILL - Changes in Carrying Amount of Goodwill by Location (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 266,867
Adjustments related to Fuze acquisition	(754)
Foreign currency translation	(535)
Goodwill, ending balance	$ 265,578

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LEASES - Components of Lease Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Assets
Operating lease, right-of-use assets	$ 55,269	$ 63,415
Liabilities
Operating lease liabilities, current	12,537	15,485
Operating lease liabilities, non-current	68,358	74,518
Total operating lease liabilities	$ 80,895	$ 90,003

LEASES - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 2,742	$ 3,367	$ 8,667	$ 10,162
Variable lease expense	1,445	759	4,525	2,266
Cash outflows from operating leases	$ 4,767	$ 4,218	$ 14,272	$ 12,672

LEASES - Supplemental Information (Details)	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	7 years 1 month 6 days	7 years 4 months 24 days
Weighted average discount rate	4.00%	4.00%

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
2023	$ 4,709
2024	14,225
2025	13,077
2026	11,978
2027	10,695
Thereafter	38,659
Total lease payments	93,343
Less: imputed interest	(12,448)
Present value of lease liabilities	$ 80,895	$ 90,003

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022
State and Local Taxes and Surcharges
Lessee, Lease, Description [Line Items]
Accrued contingent indirect tax liabilities	$ 16.2	$ 16.7

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS - 2024 Notes and Capped Call (Details) $ / shares in Units, shares in Millions	1 Months Ended			9 Months Ended
	Dec. 31, 2021 USD ($)	Nov. 30, 2019 USD ($)	Feb. 28, 2019 USD ($) d $ / shares shares	Dec. 31, 2022 USD ($)	Aug. 10, 2022 USD ($)	Apr. 01, 2022 USD ($)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Accumulated deficit				$ 783,478,000			$ 766,438,000
Additional paid-in capital				(888,123,000)			(956,599,000)
Convertible Debt \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Accumulated deficit						$ 46,700,000
Additional paid-in capital						92,800,000
Convertible senior notes						$ 46,200,000
Convertible Debt \| Convertible Senior Notes 2024
Debt Instrument [Line Items]
Debt instrument, face value			$ 287,500,000	$ 68,339,000	$ 403,800,000		$ 500,000,000
Debt instrument, interest rate			0.50%
Net proceeds from term loan			$ 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 \| d			20
Debt instrument, convertible, threshold consecutive trading days \| d			30
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt instrument, convertible, measurement period \| d			5
Debt instrument, convertible, threshold consecutive trading days preceding measurement period \| d			10
Debt instrument, threshold percentage of sales price per share			98.00%
Debt instrument, redemption price, percentage			100.00%
Unamortized debt discount and issuance costs				13 months
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
Convertible Debt \| Convertible Senior Notes 2024 \| Call Option
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) \| shares			14.1
Convertible Debt \| First Additional Notes
Debt Instrument [Line Items]
Debt instrument, face value		$ 75,000,000
Debt instrument, interest rate		0.50%
Net proceeds from term loan		$ 64,600,000
Convertible Debt \| Second Additional Notes
Debt Instrument [Line Items]
Debt instrument, face value	$ 137,500,000
Debt instrument, interest rate	0.50%
Net proceeds from term loan	$ 134,300,000
Convertible Debt \| Aggregate Notes
Debt Instrument [Line Items]
Debt instrument, face value	$ 500,000,000.0

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS - Term Loan and Warrants (Details) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended			9 Months Ended
	Aug. 10, 2022	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Aug. 11, 2022	Mar. 31, 2022	Feb. 28, 2019
Debt Instrument [Line Items]
Shares repurchase			$ 60,214,000	$ 29,377,000
Amortization of debt discount and issuance costs					$ 3,136,000	$ 13,780,000
Fair value of the warrants at issuance		$ 5,393,000			5,393,000
Common Stock
Debt Instrument [Line Items]
Shares repurchase			$ 11,000	2,000
Term Loan \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, face value	$ 250,000,000	250,000,000			250,000,000
Unamortized debt discount and issuance costs	5,600,000	18,798,000			18,798,000
Debt discount and issuance costs paid in common stock	$ 2,800,000
Debt instrument, effective interest rate	11.00%
Term Loan \| Convertible Debt
Debt Instrument [Line Items]
Interest expense		6,220,000			10,056,000
Amortization of debt discount and issuance costs		788,000			1,221,000
Term Loan \| Common Stock \| Loans Payable
Debt Instrument [Line Items]
Shares repurchase	$ 60,000,000
Term Loan \| SOFR \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, basis spread on variable floor rate	1.00%
Debt instrument, credit spread adjustment	0.10%
Debt instrument, basis spread on variable rate	6.50%
Credit Agreement \| Loans Payable
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ 20,000,000
Warrant of shares (in shares)	3.1
Expected term	5 years
Exercise price of warrants (in dollars per share)	$ 7.15
Fair value of the warrants at issuance	$ 5,900,000
Credit Agreement \| Common Stock \| Loans Payable
Debt Instrument [Line Items]
Percentage of premium over closing price	27.50%
Convertible Senior Notes 2024 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face value	$ 403,800,000	68,339,000			68,339,000			$ 500,000,000	$ 287,500,000
Unamortized debt discount and issuance costs		519,000			519,000			$ 52,548,000
Debt instrument, effective interest rate							1.20%
Interest expense		240,000		5,411,000	2,664,000	14,748,000
Amortization of debt discount and issuance costs		101,000		$ 4,925,000	1,565,000	$ 13,389,000
2028 Notes
Debt Instrument [Line Items]
Debt instrument, effective interest rate							6.10%
2028 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face value	$ 201,900,000	201,914,000			201,914,000		$ 201,900,000
Unamortized debt discount and issuance costs		5,291,000			5,291,000
Interest expense		2,284,000			3,531,000
Amortization of debt discount and issuance costs		$ 247,000			$ 350,000

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS - Carrying Amount (Details) - USD ($)	Dec. 31, 2022	Aug. 11, 2022	Aug. 10, 2022	Mar. 31, 2022	Feb. 28, 2019
Loans Payable \| Term Loan
Debt Instrument [Line Items]
Principal	$ 250,000,000		$ 250,000,000
Unamortized debt discount and issuance costs	(18,798,000)		(5,600,000)
Net carrying amount	231,202,000
Convertible Debt \| 2028 Notes
Debt Instrument [Line Items]
Principal	201,914,000	$ 201,900,000	201,900,000
Unamortized debt discount and issuance costs	(5,291,000)
Net carrying amount	196,623,000
Convertible Debt \| Convertible Senior Notes 2024
Debt Instrument [Line Items]
Principal	68,339,000		$ 403,800,000	$ 500,000,000	$ 287,500,000
Unamortized debt discount and issuance costs	(519,000)			(52,548,000)
Net carrying amount	$ 67,820,000			$ 447,452,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 3,136	$ 13,780
Term Loan \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	$ 5,432		8,835
Amortization of debt discount and issuance costs	788		1,221
Total interest expense	6,220		10,056
2028 Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	2,037		3,181
Amortization of debt discount and issuance costs	247		350
Total interest expense	2,284		3,531
Convertible Senior Notes 2024 \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	139	$ 486	1,099	1,359
Amortization of debt discount and issuance costs	101	4,925	1,565	13,389
Total interest expense	$ 240	$ 5,411	$ 2,664	$ 14,748

CONVERTIBLE SENIOR NOTES, TERM LOAN AND CAPPED CALLS - Exchange Transaction and 2028 Notes (Details)				1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 09, 2022 USD ($)	Aug. 22, 2022 USD ($)	Aug. 11, 2022 USD ($) d $ / shares	Feb. 28, 2019 USD ($) d $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 28, 2022 USD ($)	Aug. 10, 2022 USD ($)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Shares repurchased		$ 60,000,000
Gain on debt extinguishment					$ 2,144,000	$ 0	$ 18,250,000	$ 0
2028 Notes
Debt Instrument [Line Items]
Debt instrument, effective interest rate			6.10%
2028 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face value			$ 201,900,000		201,914,000		201,914,000			$ 201,900,000
Debt instrument, interest rate			4.00%
Debt issuance costs, net			$ 5,600,000
Debt issuance costs, percentage paid in common stock			50.00%
Debt instrument, convertible, conversion ratio			0.1398064
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares			$ 7.15
Debt instrument, convertible, threshold trading days \| d			20
Debt instrument, convertible, threshold consecutive trading days \| d			30
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt instrument, convertible, measurement period \| d			5
Debt instrument, convertible, threshold consecutive trading days preceding measurement period \| d			5
Debt instrument, threshold percentage of sales price per share			98.00%
Debt instrument, redemption price, percentage			100.00%
Minimum percentage held in convertible notes to declare principal amount due			25.00%
Term Loan \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, face value					250,000,000		250,000,000			$ 250,000,000
Debt instrument, effective interest rate										11.00%
Term Loan \| Exchange Transaction \| Loans Payable
Debt Instrument [Line Items]
Proceeds from debt, cash consideration			$ 181,800,000
Convertible Senior Notes 2024 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face value				$ 287,500,000	68,339,000		68,339,000			$ 403,800,000	$ 500,000,000
Debt instrument, interest rate				0.50%
Gain on debt extinguishment	$ 2,100,000		$ 16,100,000
Debt instrument, convertible, conversion ratio				0.0389484
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares				$ 25.68
Debt instrument, convertible, threshold trading days \| d				20
Debt instrument, convertible, threshold consecutive trading days \| d				30
Debt instrument, convertible, threshold percentage of stock price trigger				130.00%
Debt instrument, convertible, measurement period \| d				5
Debt instrument, convertible, threshold consecutive trading days preceding measurement period \| d				10
Debt instrument, threshold percentage of sales price per share				98.00%
Debt instrument, redemption price, percentage				100.00%
Debt instrument, effective interest rate			1.20%
Debt instrument repurchased face amount	21,800,000				$ 27,800,000		$ 27,800,000		$ 6,000,000
Debt Instrument repurchase	$ 20,100,000								$ 5,300,000
Convertible Senior Notes 2024 \| Convertible Debt \| Common Stock
Debt Instrument [Line Items]
Shares repurchased			$ 60,000,000
Convertible Senior Notes 2024 \| Exchange Transaction \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face value			$ 403,800,000

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)				1 Months Ended	9 Months Ended
	Aug. 22, 2022	Aug. 11, 2022	May 26, 2022	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				300,000,000			200,000,000
Granted in period					0	0
Number of shares repurchased (in shares)	10,695,000					0
Shares repurchased	$ 60,000,000
Stock issued during period, issued for services (in shares)		1,015,024
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised					$ 40,000	$ 14,000,000
Unamortized stock-based compensation expense					0
Stock Purchase Right
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense					0
Restricted stock units and Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense					93,400,000
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense					$ 10,600,000
Change in number of shares earned					2.00%
Maximum percentage of awards to be earned					200.00%
Total shareholder return performance, lowest percentage to still earn awards					30.00%
Minimum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)			8,000,000
Expiration period			10 years
Number of shares available for future grant (in shares)					6,700,000
2022 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
2022 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)					1,400,000
Employee Stock Purchase Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)					2,500,000
Number of additional shares reserved for issuance (in shares)				3,600,000
Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense					$ 2,100,000
Weighted average period of recognition for unrecognized compensation expense					3 months 18 days

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY - Stock-Based Compensation Expense By Statement Of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	$ 21,081	$ 33,737	$ 73,516	$ 106,159
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	7,139	8,472	22,894	26,628
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	6,582	11,626	21,498	38,676
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	4,330	10,113	18,958	30,742
Service \| Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	2,137	2,293	7,237	6,606
Other revenue \| Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation expense	$ 893	$ 1,233	$ 2,929	$ 3,507

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY - Option Activity (Details) shares in Thousands	9 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	867
Exercised (in shares) \| shares	(11)
Canceled/Forfeited (in shares) \| shares	(158)
Outstanding, ending balance (in shares) \| shares	698
Vested and expected to vest, end of period (in shares) \| shares	698
Exercisable, end of period (in shares) \| shares	698
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 10.67
Exercised (in dollars per share) \| $ / shares	5.87
Canceled/Forfeited (in dollars per share) \| $ / shares	10.97
Outstanding, ending balance (in dollars per share) \| $ / shares	10.68
Vested and expected to vest, ending balance (in dollars per share) \| $ / shares	10.68
Exercisable, end of period (in dollars per share) \| $ / shares	$ 10.68

STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY - Restricted Stock Unit and Performance Stock Unit Activity (Details) - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Restricted stock units and Performance stock units
Number of Shares
Beginning balance (in shares)	9,375
Granted (in shares)	13,096
Vested and released (in shares)	(4,118)
Forfeited (in shares)	(2,926)
Ending balance (in shares)	15,427	9,375
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 20.41
Granted (in dollars per share)	5.71
Vested and released (in dollars per share)	19.91
Forfeited (in dollars per share)	13.67
Ending balance (in dollars per share)	$ 9.35	$ 20.41
Weighted Average Remaining Contractual Term (in Years)	2 years 10 days	2 years 1 month 9 days
Performance Stock Units
Number of Shares
Beginning balance (in shares)	1,026
Granted (in shares)	877
Granted for performance achievement (in shares)	0
Vested and released (in shares)	(128)
Forfeited (in shares)	(921)
Ending balance (in shares)	854	1,026
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 35.36
Granted (in dollars per share)	7.31
Granted performance achievement (in dollars per share)
Vested and released (in dollars per share)	25.65
Forfeited (in dollars per share)	31.56
Ending balance (in dollars per share)	$ 12.11	$ 35.36
Weighted Average Remaining Contractual Term (in Years)	1 year 8 months 1 day	10 months 20 days

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.10%)	(0.20%)	(1.70%)	(0.40%)

NET LOSS PER SHARE - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss, basic	$ (26,030)	$ (43,571)	$ (63,712)	$ (129,801)
Net loss, diluted	$ (26,030)	$ (43,571)	$ (63,712)	$ (129,801)
Weighted average common shares outstanding - basic (in shares)	113,201	113,510	116,298	111,960
Weighted average common shares outstanding - diluted (in shares)	113,201	113,510	116,298	111,960
Net loss per share:
Basic (in dollars per share)	$ (0.23)	$ (0.38)	$ (0.55)	$ (1.16)
Diluted (in dollars per share)	$ (0.23)	$ (0.38)	$ (0.55)	$ (1.16)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

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NET LOSS PER SHARE - Schedule of Antidilutive Awards (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	19,466	10,853
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	698	1,097
Restricted stock units and Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	16,281	9,192
Potential shares attributable to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	2,487	564

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 184,400	$ 156,874	$ 559,409	$ 456,758
Property and equipment, net	60,915		60,915		$ 79,016
United States
Segment Reporting Information [Line Items]
Revenue	133,891	106,849	406,543	315,114
Property and equipment, net	56,998		56,998		73,967
International
Segment Reporting Information [Line Items]
Revenue	50,509	$ 50,025	152,866	$ 141,644
Property and equipment, net	$ 3,917		$ 3,917		$ 5,049

- 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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ACQUISITIONS (Details) - Fuze - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jan. 18, 2022	May 31, 2022
Business Acquisition [Line Items]
Percentage of interests acquired (in percent)	100.00%
Business combination, consideration transferred	$ 213.8
Payments to acquire businesses, gross	132.9
Cash held back in consideration transferred	$ 1.3	$ 1.3
Number of shares held back in consideration transferred (in shares)	1,153,523
Number of shares held back in indemnity obligations consideration transferred (in shares)	346,053
Common Stock
Business Acquisition [Line Items]
Business combination, value of stock issued	$ 80.9
Share price (in dollars per share)	$ 15.48