0001023731-20-000106 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38312
Entity Registrant Name	8x8, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0142404
Entity Address, Address Line One	675 Creekside Way
Entity Address, City or Town	Campbell
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95008
City Area Code	408
Local Phone Number	727-1885
Title of 12(b) Security	COMMON STOCK, PAR VALUE $.001 PER SHARE
Trading Symbol	EGHT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		104,234,242
Entity Central Index Key	0001023731
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 116,690	$ 137,394
Restricted cash, current	10,376	10,376
Short-term investments	40,580	33,458
Accounts receivable, net	40,572	37,811
Deferred sales commission costs, current	24,247	22,444
Other current assets	35,336	35,679
Total current assets	267,801	277,162
Property and equipment, net	96,112	94,382
Operating lease, right-of-use assets	76,054	78,963
Intangible assets, net	21,773	24,001
Goodwill	128,980	128,300
Restricted cash, non-current	8,641	8,641
Long-term investments	9,965	16,083
Deferred sales commission costs, non-current	58,535	53,307
Other assets	20,232	19,802
Total assets	688,093	700,641
Current liabilities:
Accounts payable	39,342	40,261
Accrued compensation	27,764	22,656
Accrued taxes	9,220	10,251
Operating lease liabilities, current	9,989	5,875
Deferred revenue, current	8,352	7,105
Other accrued liabilities	26,873	37,277
Total current liabilities	121,540	123,425
Operating lease liabilities, non-current	87,884	92,452
Convertible senior notes, net	295,662	291,537
Other liabilities, non-current	4,141	2,496
Total liabilities	509,227	509,910
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock	104	103
Additional paid-in capital	657,014	625,474
Accumulated other comprehensive loss	(10,869)	(12,176)
Accumulated deficit	(467,383)	(422,670)
Total stockholders' equity	178,866	190,731
Total liabilities and stockholders' equity	$ 688,093	$ 700,641

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Total revenue	$ 121,807	$ 96,675
Operating expenses:
Research and development	21,494	18,331
Sales and marketing	60,150	53,599
General and administrative	25,790	19,607
Total operating expenses	159,567	129,228
Loss from operations	(37,760)	(32,553)
Other income (expense), net	(3,925)	(1,564)
Loss before provision for income taxes	(41,685)	(34,117)
Provision for income taxes	228	148
Net loss	$ (41,913)	$ (34,265)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.40)	$ (0.36)
Weighted-average common shares outstanding:
Basic and diluted (in shares)	103,607	96,429
Service
Total revenue	$ 114,183	$ 89,839
Operating expenses:
Cost of goods and services sold	40,996	25,300
Other
Total revenue	7,624	6,836
Operating expenses:
Cost of goods and services sold	$ 11,137	$ 12,391

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (41,913)	$ (34,265)
Other comprehensive income (loss), net of tax
Unrealized gain on investments in securities	422	121
Foreign currency translation adjustment	885	(652)
Comprehensive loss	$ (40,606)	$ (34,796)

- 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 ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Cumulative effect, period of adoption, adjustment	Cumulative effect, period of adoption, adjustment Accumulated Deficit
Beginning balance (in shares) at Mar. 31, 2019		96,119,888
Beginning balance at Mar. 31, 2019	$ 249,390	$ 96	$ 506,949	$ (7,353)	$ (250,302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)		451,308
Issuance of common stock under stock plans, less withholding	1,494	$ 1	1,493
Stock-based compensation expense	14,059		14,059
Unrealized investment gain	121			121
Foreign currency translation adjustment	(652)			(652)
Net loss	(34,265)				(34,265)
Ending balance (in shares) at Jun. 30, 2019		96,571,196
Ending balance at Jun. 30, 2019	230,147	$ 97	522,501	(7,884)	(284,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to opening balance for change in accounting principle						$ (2,800)	$ (2,800)
Beginning balance (in shares) at Mar. 31, 2020		103,178,621
Beginning balance at Mar. 31, 2020	190,731	$ 103	625,474	(12,176)	(422,670)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, less withholding (in shares)		688,414
Issuance of common stock under stock plans, less withholding	(66)	$ 1	(67)
Stock-based compensation expense	23,118		23,118
Issuance of common stock related to acquisition	8,489		8,489
Unrealized investment gain	422			422
Foreign currency translation adjustment	885			885
Net loss	(41,913)				(41,913)
Ending balance (in shares) at Jun. 30, 2020		103,867,035
Ending balance at Jun. 30, 2020	$ 178,866	$ 104	$ 657,014	$ (10,869)	$ (467,383)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (41,913)	$ (34,265)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,823	2,325
Amortization of intangible assets	2,228	1,524
Amortization of capitalized software	6,217	3,805
Amortization of debt discount and issuance costs	4,126	3,173
Amortization of deferred sales commission costs	6,138	4,189
Allowance for credit losses	1,742	429
Operating lease expense, net of accretion	3,750	2,085
Stock-based compensation	22,779	13,597
Other	602	597
Changes in assets and liabilities:
Accounts receivable, net	(3,428)	(3,765)
Deferred sales commission costs	(13,186)	(8,707)
Other current and non-current assets	(3,025)	(5,740)
Accounts payable and accruals	(519)	(588)
Deferred revenue	2,416	832
Net cash used in operating activities	(9,250)	(20,509)
Cash flows from investing activities:
Purchases of property and equipment	(2,453)	(1,984)
Cost of capitalized software	(8,866)	(7,738)
Proceeds from maturities of investments	16,575	4,600
Proceeds from sales of investments	0	29,793
Purchases of investments	(17,156)	(13,500)
Net cash (used in) provided by investing activities	(11,900)	11,171
Cash flows from financing activities:
Finance lease payments	(67)	(130)
Tax-related withholding of common stock	(69)	(23)
Proceeds from issuance of common stock under employee stock plans	2	1,520
Net cash (used in) provided by financing activities	(134)	1,367
Effect of exchange rate changes on cash	580	413
Net decrease in cash and cash equivalents, and restricted cash	(20,704)	(7,558)
Cash, cash equivalents, and restricted cash at the beginning of the period	156,411	284,683
Cash, cash equivalents, and restricted cash at the end of the period	135,707	277,125
Supplemental and non-cash disclosures:
Income taxes paid	165	218
Reconciliation Of Cash Cash Equivalents And Restricted Cash [Abstract]
Total cash, cash equivalents, and restricted cash	$ 135,707	$ 277,125

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS 8x8, Inc. ("8x8" or the "Company") was incorporated in California in February 1987 and was reincorporated in Delaware in December 1996. The unaudited interim 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. The Company is a leading cloud provider of enterprise Software-as-a-Service ("SaaS") communications solutions that enable businesses of all sizes to communicate faster and smarter across voice, video meetings, chat, and contact centers, transforming both employee and customer experiences with communications that work simply, integrate seamlessly, and perform reliably. From one proprietary cloud technology platform, customers have access to unified communications, team collaboration, video conferencing, contact center, data and analytics, and other services. Substantially 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 our integrated technology platform.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND CONSOLIDATION The Company's fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2021 refers to the fiscal year ending March 31, 2021). The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The March 31, 2020 year-end condensed consolidated balance sheet data in this document were derived from audited consolidated financial statements and does not include all of the disclosures required by GAAP. 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, 2020 and notes thereto included in the Company's fiscal 2020 annual report on Form 10-K. There have been no material changes in our significant accounting policies as described in the Company's annual report on Form 10-K for the year ended March 31, 2020 during the three months ended June 30, 2020, except for the accounting policies described below that were updated as a result of adopting Accounting Standards Update ("ASU") 2016-03, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, further amended by various ASUs and ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40). The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for any future periods or the entire fiscal year. In the opinion of the Company's management, these interim 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. USE OF ESTIMATES The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, and disclosure of contingent assets and liabilities at the date of the condensed 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 allowance for credit losses, returns reserve for expected cancellations, fair value of and/or evaluation for impairment of goodwill and intangible assets, capitalization of internally developed software, benefit period for deferred sales commission costs, stock-based compensation expense, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, fair value of convertible senior notes, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions. RECLASSIFICATIONS AND OTHER CHANGES During the fourth quarter of fiscal 2020, the Company determined that presenting service revenue as revenue from the Company's core communication services would provide transparency and clarity to the users of the financial statements. As such, the Company reclassified certain revenue and cost of revenue on its condensed consolidated statement of operations for the three months ended June 30, 2019. The reclassifications did not have any impact on total revenue, consolidated net loss, or cash flows. Professional services revenue and cost of professional services revenue previously reported in service revenue and cost of service revenue are now reported in other revenue and cost of other revenue. Product revenue and cost of product revenue are also now reported in other revenue and cost of other revenue. In addition, certain prior year amounts in the condensed consolidated statements of cash flows have been reclassified to conform with the current year presentation of allowance for credit losses. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, further amended by ASU 2018-19 issued in November 2019, ASU 2019-04 issued in April 2019, ASU 2019-05 issued in May 2019, ASU 2019-10 issued in November 2019, and ASU 2019-11 issued in November 2019, which replaces the existing impairment model with a forward-looking expected loss method. Under this update, on initial recognition and at each reporting period, an entity is required to recognize an allowance that reflects the entity's current estimate of credit losses expected to be incurred over the life of the financial instrument. For trade receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model to recognize credit losses that are probable. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes result in more timely recognition of credit losses. These ASUs are effective for annual and interim periods beginning after December 15, 2019, which is fiscal 2021 for the Company. The Company adopted ASU 2016-13 on a modified retrospective basis as of April 1, 2020 through a cumulative-effect adjustment to the Company's beginning accumulated deficit balance; the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of the Company’s customers, and external market factors, including those related to the COVID-19 pandemic. The Company will continue to actively monitor the impact of the recent COVID-19 pandemic on expected credit losses. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which makes modifications to disclosure requirements on fair value measurements. The amendment is effective for public companies with fiscal years beginning after December 15, 2019, which is fiscal 2021 for the Company. The Company adopted ASU 2018-13 in the first quarter of fiscal 2021, and the impact of the adoption was immaterial to the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40), which reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. The amendment is effective for public companies with fiscal years beginning after December 15, 2019, which is fiscal 2021 for the Company; early adoption is permitted. The Company adopted this guidance on a prospective basis effective April 1, 2020. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The amendment will be effective for public companies with fiscal years beginning after December 15, 2020, which is fiscal 2022 for the Company; early adoption is permitted. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.

REVENUE RECOGNITION

3 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates its revenue by geographic region. See Note 13 for more information.

Contract Balances

The following table provides information about receivables, contract assets, and deferred revenues from contracts with customers (in thousands):



	June 30, 2020		March 31, 2020
Accounts receivable, net	$	40,572	$	37,811
Contract assets, current, net	$	11,625	$	10,425
Contract assets, non-current, net	$	13,897	$	13,698
Deferred revenue, current	$	8,352	$	7,105
Deferred revenue, non-current	$	2,279	$	1,119

Contract assets, current and non-current, net and deferred revenue, non-current are recorded in other current assets, other assets, and other liabilities, non-current, respectively.

Changes in the contract assets and deferred revenue balances during the three months ended June 30, 2020 are as follows (in thousands):



	June 30, 2020		March 31, 2020		Change
Contract assets	$	25,522	$	24,123	$	1,399
Deferred revenue	$	10,631	$	8,224	$	2,407

The change in contract assets was primarily driven by the recognition of revenue that has not yet been billed, net of amounts billed during the period and reserve for current estimate of credit losses. The increase in deferred revenue was due to billings in advance of performance obligations being satisfied, net of revenue recognized for services rendered during the period. Revenue of $3.7 million was recognized during the three months ended June 30, 2020, which was offset by additional deferrals during the period.

Remaining Performance Obligations

The Company's subscription terms typically range from one to five years. Contract revenue as of June 30, 2020 that has not yet been recognized was approximately $290.0 million from remaining performance obligations. This excludes contracts with an original expected length of one year or less. The Company expects to recognize revenue on most of the remaining performance obligations over the next 36 months.

- 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.

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-URI http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Cash, cash equivalents, restricted cash, and available-for-sale investments were as follows (in thousands):



As of June 30, 2020	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	$	34,028	$	—	$	—		$	34,028	$	23,652	$	10,376	$	—	$	—
Level 1:
Money market funds	88,638		—		—			88,638		88,638		—		—		—
Treasury securities	11,686		89		—			11,775		—		—		11,775		—
Subtotal	134,352		89		—			134,441		112,290		10,376		11,775		—
Level 2:
Certificate of deposit	8,641		—		—			8,641		—		8,641		—		—
Commercial paper	9,395		1		—			9,396		4,400		—		4,996		—
Corporate debt	33,629		152		(7		)	33,774		—		—		23,809		9,965
Subtotal	51,665		153		(7		)	51,811		4,400		8,641		28,805		9,965
Total assets	$	186,017	$	242	$	(7	)	$	186,252	$	116,690	$	19,017	$	40,580	$	9,965



As of March 31, 2020	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	$	31,378	$	—	$	—		$	31,378	$	21,002	$	10,376	$	—	$	—
Level 1:
Money market funds	110,796		—		—			110,796		110,796		—		—		—
Treasury securities	6,192		116		—			6,308		—		—		—		6,308
Subtotal	148,366		116		—			148,482		131,798		10,376		—		6,308
Level 2:
Certificate of deposit	8,641		—		—			8,641		—		8,641		—		—
Commercial paper	14,979		6		—			14,985		5,596		—		9,389		—
Corporate debt	34,153		32		(341		)	33,844		—		—		24,069		9,775
Subtotal	57,773		38		(341		)	57,470		5,596		8,641		33,458		9,775
Total assets	$	206,139	$	154	$	(341	)	$	205,952	$	137,394	$	19,017	$	33,458	$	16,083

Certificate of deposit represents the Company's letter of credits securing leases for office facilities, and the balance of which is included in restricted cash, non-current in the Company's condensed consolidated balance sheet.

The Company considers its investments as available to support its current operations, and it has classified all investments as available-for-sale securities. As of June 30, 2020, for investments that were in unrealized loss positions, the Company does not have the intent to sell any of these investments, and 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 as well as reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of June 30, 2020, the Company did not have any risk of expected credit losses.

As of June 30, 2020, the estimated fair value of the Company's outstanding convertible senior notes (the "Notes") was $326.3 million, 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.

- 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

BUSINESS COMBINATIONS

3 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

BUSINESS COMBINATIONS

Wavecell Acquisition

On July 17, 2019, the Company entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Wavecell Pte. Ltd., a corporation incorporated under the laws of the Republic of Singapore (“Wavecell”), the equity holders of Wavecell (collectively, the “Sellers”), and Qualgro Partners Pte. Ltd., in its capacity as the representative of the equity holders of Wavecell. Pursuant to the Share Purchase Agreement, the Company acquired all of the outstanding shares and other equity interests of Wavecell (the “Transaction”). This Transaction extends 8x8’s technology advantage as a fully-owned, cloud technology platform with unified communications as a service ("UCaaS"), contact center as a service ("CCaaS"), video communication as a service ("VCaaS"), and communication platform as a service ("CPaaS") solutions able to natively offer pre-packaged communications, contact center and video solutions and open APIs to embed these and other communications into an organization’s core business processes.

The total fair value of the purchase consideration of $117.1 million was comprised of $72.8 million in cash and $44.3 million in shares of common stock of the Company, of which $10.4 million in cash and $8.5 million in equity have been heldback to cover potential indemnity claims made by the Company after the closing date. One-third of these holdback amounts are eligible to be released in 12 months from the date of the Transaction and the remainder in 18 months from the date of the Transaction. The holdback cash of $10.4 million is recorded in restricted cash, current and other accrued liabilities, respectively, in the Company's condensed consolidated balance sheet. The holdback shares of $8.5 million is included in additional paid-in capital in the Company's condensed consolidated balance sheet. Additionally, in connection with the Transaction, the Company issued $13.2 million in time-based restricted stock awards and $6.6 million in performance based restricted stock awards, all of which vest over three years from the acquisition date.

The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands):



	July 17, 2019
Cash	$	4,473
Accounts receivable	9,438
Intangible assets	21,010
Other assets	787
Goodwill	91,060
Accounts payable	(9,548		)
Deferred revenue	(90		)
Total consideration	$	117,130

The acquisition has been accounted for as a business combination under the acquisition method and, accordingly, the total purchase price is allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair value on the acquisition date. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Wavecell and is not expected to be deductible for income tax purposes.

The value of the acquired intangible assets acquired are as follows (in thousands):



	Fair Value		Useful life (in Years)
Trade and domain names	$	990	0.8
Developed technology	13,830		7
Customer relationships	6,190		7
Total intangible assets	$	21,010

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS

3 Months Ended

Jun. 30, 2020

Intangible Assets, Net (Including Goodwill) [Abstract]

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS

The carrying value of intangible assets consisted of the following (in thousands):



	June 30, 2020							March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	33,942	$	(17,747	)	$	16,195	$	33,932	$	(16,312	)	$	17,620
Customer relationships	11,395		(5,817		)	5,578		11,409		(5,412		)	5,997
Trade and domain names	985		(985		)	—		983		(599		)	384
Total acquired identifiable intangible assets	$	46,322	$	(24,549	)	$	21,773	$	46,324	$	(22,323	)	$	24,001

As of June 30, 2020, the weighted average remaining useful life for technology and customer relationships was 4.8 years and 5.7 years, respectively.

At June 30, 2020, the expected future amortization expense of these intangible assets is as follows (in thousands):



Remainder of 2021	$	4,643
2022	4,708
2023	3,156
2024	2,851
2025	2,851
Thereafter	3,564
Total	$	21,773

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



Balance at March 31, 2020	$	128,300
Foreign currency translation adjustments	680
Balance at June 30, 2020	$	128,980

Deferred Sales Commission Costs

Amortization of deferred sales commission costs for the three months ended June 30, 2020 and 2019 was $6.1 million and $4.2 million, respectively. There were no material write-offs relative to the costs capitalized during these periods.

LEASES

3 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

Operating Leases

The Company primarily leases facilities for office and data center space under non-cancellable operating leases for its U.S. and international locations that expire at various dates through 2030.

The following table provides balance sheet information related to leases as of June 30, 2020 (in thousands):



	June 30, 2020		March 31, 2020
Assets
Operating lease, right-of-use assets	$	76,054	$	78,963

Liabilities
Operating lease liabilities, current	$	9,989	$	5,875
Operating lease liabilities, non-current	87,884		92,452
Total operating lease liabilities	$	97,873	$	98,327

The components of lease expense were as follows (in thousands):



	Three Months Ended June 30,
	2020		2019
Operating lease expense	$	3,750	$	2,085
Variable lease expense	782		209

Short-term lease expense was immaterial for the three months ended June 30, 2020 and 2019.

Operating cash flow from operating lease was $2.1 million and $2.3 million, respectively, for the three months ended June 30, 2020 and 2019.

The following table presents supplemental information for the three months ended June 30, 2020 (in thousands, except for weighted average):



Weighted average remaining lease term		8.8 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 June 30, 2020 (in thousands):



Remainder of 2021	$	7,549
2022	16,218
2023	15,079
2024	11,718
2025	11,382
Thereafter	58,074
Total lease payments	$	120,020
Less: imputed interest	(20,501		)
Less: lease incentives receivable	(1,646		)
Present value of lease liabilities	$	97,873

Lease Assignment

In the fourth quarter of fiscal 2018, the Company entered into a 132-month lease agreement (the "Agreement") with CAP Phase I, a Delaware limited liability company (the "Landlord"), to rent approximately 162,000 square feet of office space in a new building in San Jose, California. The lease term began on January 1, 2019. On April 30, 2019, due to the Company's rapid growth and greater than anticipated future space needs, the Company entered into an assignment and assumption (the "Assignment") of the Agreement with the Landlord, and Roku Inc., a Delaware corporation ("Roku"), whereby the Company assigned to Roku the Agreement. Pursuant to the Assignment, the Company expects to be released from all of its obligations under the lease and related standby letter of credit by the end of the Company’s fiscal year ending March 31, 2022, or shortly thereafter. The Company also expects to receive the reimbursement of base rent and direct expenses from Roku by the end of the Company’s fiscal year ending March 31, 2022 in accordance with the Assignment.

The obligations related to the Agreement are not included in the right-of-use asset or lease liabilities as of June 30, 2020. The remaining obligations related to the Assignment of $6.9 million and the termination fee of $0.8 million are recorded in other accrued liabilities and other liabilities, non-current, respectively, in the Company's condensed consolidated balance sheet. The expected receivable of $6.9 million is recorded in other current assets in the Company's condensed consolidated balance sheet.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Other Commitments, Indemnifications, and Contingencies From time to time, the Company receives inquiries from federal and various state and municipal taxing agencies with respect to the remittance of sales, use, telecommunications, excise, payroll, and income taxes. Several jurisdictions are currently conducting tax audits of the Company's records. The Company collects from its customers 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 accrued taxes when facts relating to specific exposures warrant such adjustment. The Company continues to conduct periodic review of the taxability of certain of its services that may be subject to sales, use, telecommunications or other similar indirect taxes in certain jurisdictions. As of June 30, 2020 and March 31, 2020, the Company had accrued contingent indirect tax liabilities of $4.5 million. Legal Proceedings The Company, from time to time, may be involved in a variety of claims, lawsuits, investigations and other proceedings, including patent infringement claims, employment litigation, regulatory compliance matters and contractual disputes, that can arise in the normal course of the Company's operations. The Company accrues a liability when management believes information available prior to the issuance of the financial statements indicates it is probable a loss has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred. As of June 30, 2020, the Company does not have any material provisions for any such lawsuits, claims and proceedings and believes it is not probable that a loss had been incurred. Litigation is inherently unpredictable and subject to significant uncertainties. While there can be no assurances that favorable final outcomes will be obtained, the Company believes it has valid defenses with respect to legal matters pending against it. Future litigation could be costly to defend, could impose significant burdens on employees and cause the diversion of management's attention, and could upon resolution have a material adverse effect on the Company's business, results of operations, financial condition and cash flows.

CONVERTIBLE SENIOR NOTES AND CAPPED CALL

3 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

CONVERTIBLE SENIOR NOTES AND CAPPED CALL

Convertible Senior Notes

In February 2019, the Company issued $287.5 million aggregate principal amount of 0.50% convertible senior notes (the "Initial Notes") due 2024 in a private placement, including the exercise in full of the initial purchasers' option to purchase additional notes. The Initial 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 Initial Notes will mature on February 1, 2024, unless earlier repurchased, redeemed, or converted. 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 million aggregate principal amount of 0.50% convertible senior notes (the "Additional Notes" and together with the Initial Notes, the "Notes") due 2024 in a registered offering under the same indenture as the Initial Notes. The total net proceeds from the Additional Notes, after deducting underwriting discounts, debt issuance costs, and costs of the capped call transactions described below, were approximately $64.6 million. The Additional Notes constitute a further issuance of, and form a single series with, the Company’s outstanding 0.50% convertible senior notes due 2024 issued in February 2019 in the aggregate principal amount of $287.5 million. Immediately after giving effect to the issuance of the Additional Notes, the Company has $362.5 million aggregate principal amount of convertible senior notes.

The Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2020. The Notes will mature on February 1, 2024, unless earlier repurchased, redeemed, or converted.

Each $1,000 principal amount of the Notes are 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.

The Notes will be convertible at certain times and upon the occurrence of certain events in the future. Further, on or after October 1, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, regardless of the foregoing circumstances. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company's election. The Company’s current intent is to settle the principal amount of the Notes in cash upon conversion. During the three months ended June 30, 2020, the conditions allowing holders of the Notes to convert were not met.

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

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

The net carrying amount of the liability component of the Notes was as follows (in thousands):



	June 30, 2020			March 31, 2020
Principal	$	362,500		$	362,500
Unamortized debt discount	(65,919		)	(69,987		)
Unamortized issuance costs	(919		)	(976		)
Net carrying amount	$	295,662		$	291,537

Interest expense related to the Notes was as follows (in thousands):



	Three Months Ended June 30,
	2020		2019
Contractual interest expense	$	453	$	359
Amortization of debt discount	4,068		3,146
Amortization of issuance costs	57		26
Total interest expense	$	4,578	$	3,531

Capped Call

In connection with the pricing of the Initial Notes and Additional Notes, the Company entered into privately negotiated capped call transactions ("Capped Calls") with certain counterparties. The Capped Calls each have an initial strike price of approximately $25.68 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have initial cap prices of $39.50 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s Common Stock upon any conversion of the Notes, with such offset subject to a cap based on the cap price. The Capped Calls cover, subject to anti-dilution adjustments, approximately 14.1 million shares of the Company’s Common Stock. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers and announcement events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The cost of $33.7 million incurred to purchase the Capped Calls in connection with the Initial Notes and $9.3 million in connection with the Additional Notes were recorded as a reduction to additional paid-in capital and will not be remeasured.

STOCK-BASED COMPENSATION

3 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The following tables summarize information pertaining to the stock-based compensation expense from stock options and stock awards (in thousands):



	Three Months Ended June 30,
	2020		2019
Cost of service revenue	$	1,814	$	997
Cost of other revenue	787		734
Research and development	6,545		3,864
Sales and marketing	5,739		3,921
General and administrative	7,894		4,081
Total	$	22,779	$	13,597

Stock options and stock awards activities under the Company's stock plans during three months ended June 30, 2020 and 2019 are summarized as follows (in thousands, except weighted-average grant-date fair value and recognition period):



	Three Months Ended June 30,
	2020			2019
Stock options outstanding at the beginning of the period:	2,274			3,114
Options granted	—			—
Options exercised	(1		)	(124		)
Options forfeited	(14		)	(16		)
Options outstanding at the end of the period:	2,259			2,974
Weighted-average fair value of grants during the period	$	—		$	—
Total intrinsic value of options exercised during the period	$	5		$	1,402
Weighted-average remaining recognition period (in years)	1.73			2.46

Stock awards outstanding at the beginning of the period:	9,191			7,820
Stock awards granted	1,304			1,147
Stock awards vested	(721		)	(329		)
Stock awards canceled and forfeited	(331		)	(445		)
Stock awards outstanding at the end of the period:	9,443			8,193
Weighted-average fair value of grants during the period	$	19.22		$	22.40
Weighted-average remaining recognition period (in years)	1.76			2.11

Total unrecognized compensation expense at period-end	$	116,957		$	109,422

Stock Repurchases

In May 2017, the Company's board of directors authorized the Company to purchase up to $25.0 million of its common stock from time to time (the "2017 Repurchase Plan"). The 2017 Repurchase Plan expires when the maximum purchase amount is reached, or upon the earlier revocation or termination by the board of directors. The remaining amount available under the 2017 Repurchase Plan at June 30, 2020 was approximately $7.1 million. There were no stock repurchases under the 2017 Repurchase Plan during the three months ended June 30, 2020 and 2019.

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's effective tax rate was (0.5)% and (0.4)% for the three months ended June 30, 2020 and 2019. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance the Company continues to maintain against its deferred tax assets. The effective tax rate is calculated by dividing the income tax provision by net loss before income tax expense.

- 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 + Details

NET LOSS PER SHARE

3 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table summarizes the computation of basic and diluted net loss per share (in thousands, except share and per share data):



	Three Months Ended June 30,
	2020			2019
Numerator:
Net loss available to common stockholders	$	(41,913	)	$	(34,265	)
Denominator:
Common shares - basic and diluted	103,607			96,429
Net loss per share
Basic and diluted	$	(0.40	)	$	(0.36	)

The following shares attributable to outstanding stock options and stock awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive (in thousands):



	Three Months Ended June 30,
	2020	2019
Stock options	2,259	2,974
Stock awards	9,443	8,188
Potential shares to be issued from ESPP	582	636
Total anti-dilutive shares	12,284	11,798

GEOGRAPHICAL INFORMATION

3 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

GEOGRAPHICAL INFORMATION

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



	Three Months Ended June 30,
Revenue by geographic area:	2020		2019
United States	$	93,244	$	83,249
International	28,563		13,426
Total revenue	$	121,807	$	96,675



Property and equipment by geographic area:	June 30, 2020		March 31, 2020
United States	$	89,954	$	87,673
International	6,158		6,709
Total property and equipment, net	$	96,112	$	94,382

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Fiscal Period	The Company's fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2021 refers to the fiscal year ending March 31, 2021).
Basis of Presentation	The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The March 31, 2020 year-end condensed consolidated balance sheet data in this document were derived from audited consolidated financial statements and does not include all of the disclosures required by GAAP. 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, 2020 and notes thereto included in the Company's fiscal 2020 annual report on Form 10-K. There have been no material changes in our significant accounting policies as described in the Company's annual report on Form 10-K for the year ended March 31, 2020 during the three months ended June 30, 2020, except for the accounting policies described below that were updated as a result of adopting Accounting Standards Update ("ASU") 2016-03, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, further amended by various ASUs and ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40). The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for any future periods or the entire fiscal year. In the
Use of Estimates	The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, and disclosure of contingent assets and liabilities at the date of the condensed 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 allowance for credit losses, returns reserve for expected cancellations, fair value of and/or evaluation for impairment of goodwill and intangible assets, capitalization of internally developed software, benefit period for deferred sales commission costs, stock-based compensation expense, incremental borrowing rate used to calculate operating lease liabilities, income and sales tax liabilities, fair value of convertible senior notes, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions.
Reclassifications and Other Changes	During the fourth quarter of fiscal 2020, the Company determined that presenting service revenue as revenue from the Company's core communication services would provide transparency and clarity to the users of the financial statements. As such, the Company reclassified certain revenue and cost of revenue on its condensed consolidated statement of operations for the three months ended June 30, 2019. The reclassifications did not have any impact on total revenue, consolidated net loss, or cash flows. Professional services revenue and cost of professional services revenue previously reported in service revenue and cost of service revenue are now reported in other revenue and cost of other revenue. Product revenue and cost of product revenue are also now reported in other revenue and cost of other revenue. In addition, certain prior year amounts in the condensed consolidated statements of cash flows have been reclassified to conform with the current year presentation of allowance for credit losses.
Recently Adopted Accounting Pronouncements, Recent Accounting Pronouncements Not Yet Adopted	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, further amended by ASU 2018-19 issued in November 2019, ASU 2019-04 issued in April 2019, ASU 2019-05 issued in May 2019, ASU 2019-10 issued in November 2019, and ASU 2019-11 issued in November 2019, which replaces the existing impairment model with a forward-looking expected loss method. Under this update, on initial recognition and at each reporting period, an entity is required to recognize an allowance that reflects the entity's current estimate of credit losses expected to be incurred over the life of the financial instrument. For trade receivables, loans, and other financial instruments, an entity is required to use a forward-looking expected loss model to recognize credit losses that are probable. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes result in more timely recognition of credit losses. These ASUs are effective for annual and interim periods beginning after December 15, 2019, which is fiscal 2021 for the Company. The Company adopted ASU 2016-13 on a modified retrospective basis as of April 1, 2020 through a cumulative-effect adjustment to the Company's beginning accumulated deficit balance; the impact of the adoption was not material to the Company's consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of the Company’s customers, and external market factors, including those related to the COVID-19 pandemic. The Company will continue to actively monitor the impact of the recent COVID-19 pandemic on expected credit losses. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which makes modifications to disclosure requirements on fair value measurements. The amendment is effective for public companies with fiscal years beginning after December 15, 2019, which is fiscal 2021 for the Company. The Company adopted ASU 2018-13 in the first quarter of fiscal 2021, and the impact of the adoption was immaterial to the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40), which reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. The amendment is effective for public companies with fiscal years beginning after December 15, 2019, which is fiscal 2021 for the Company; early adoption is permitted. The Company adopted this guidance on a prospective basis effective April 1, 2020. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The amendment will be effective for public companies with fiscal years beginning after December 15, 2020, which is fiscal 2022 for the Company; early adoption is permitted. The Company is currently assessing the impact of this pronouncement to its consolidated financial statements.

REVENUE RECOGNITION (Tables)

3 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table provides information about receivables, contract assets, and deferred revenues from contracts with customers (in thousands):



	June 30, 2020		March 31, 2020
Accounts receivable, net	$	40,572	$	37,811
Contract assets, current, net	$	11,625	$	10,425
Contract assets, non-current, net	$	13,897	$	13,698
Deferred revenue, current	$	8,352	$	7,105
Deferred revenue, non-current	$	2,279	$	1,119

Contract assets, current and non-current, net and deferred revenue, non-current are recorded in other current assets, other assets, and other liabilities, non-current, respectively.

Changes in the contract assets and deferred revenue balances during the three months ended June 30, 2020 are as follows (in thousands):



	June 30, 2020		March 31, 2020		Change
Contract assets	$	25,522	$	24,123	$	1,399
Deferred revenue	$	10,631	$	8,224	$	2,407

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

Cash, cash equivalents, restricted cash, and available-for-sale investments were as follows (in thousands):



As of June 30, 2020	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	$	34,028	$	—	$	—		$	34,028	$	23,652	$	10,376	$	—	$	—
Level 1:
Money market funds	88,638		—		—			88,638		88,638		—		—		—
Treasury securities	11,686		89		—			11,775		—		—		11,775		—
Subtotal	134,352		89		—			134,441		112,290		10,376		11,775		—
Level 2:
Certificate of deposit	8,641		—		—			8,641		—		8,641		—		—
Commercial paper	9,395		1		—			9,396		4,400		—		4,996		—
Corporate debt	33,629		152		(7		)	33,774		—		—		23,809		9,965
Subtotal	51,665		153		(7		)	51,811		4,400		8,641		28,805		9,965
Total assets	$	186,017	$	242	$	(7	)	$	186,252	$	116,690	$	19,017	$	40,580	$	9,965



As of March 31, 2020	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	$	31,378	$	—	$	—		$	31,378	$	21,002	$	10,376	$	—	$	—
Level 1:
Money market funds	110,796		—		—			110,796		110,796		—		—		—
Treasury securities	6,192		116		—			6,308		—		—		—		6,308
Subtotal	148,366		116		—			148,482		131,798		10,376		—		6,308
Level 2:
Certificate of deposit	8,641		—		—			8,641		—		8,641		—		—
Commercial paper	14,979		6		—			14,985		5,596		—		9,389		—
Corporate debt	34,153		32		(341		)	33,844		—		—		24,069		9,775
Subtotal	57,773		38		(341		)	57,470		5,596		8,641		33,458		9,775
Total assets	$	206,139	$	154	$	(341	)	$	205,952	$	137,394	$	19,017	$	33,458	$	16,083

- 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

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands):



	July 17, 2019
Cash	$	4,473
Accounts receivable	9,438
Intangible assets	21,010
Other assets	787
Goodwill	91,060
Accounts payable	(9,548		)
Deferred revenue	(90		)
Total consideration	$	117,130

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The value of the acquired intangible assets acquired are as follows (in thousands):



	Fair Value		Useful life (in Years)
Trade and domain names	$	990	0.8
Developed technology	13,830		7
Customer relationships	6,190		7
Total intangible assets	$	21,010

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS (Tables)

3 Months Ended

Jun. 30, 2020

Intangible Assets, Net (Including Goodwill) [Abstract]

Schedule of Carrying Value of Intangible Assets

The carrying value of intangible assets consisted of the following (in thousands):



	June 30, 2020							March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	33,942	$	(17,747	)	$	16,195	$	33,932	$	(16,312	)	$	17,620
Customer relationships	11,395		(5,817		)	5,578		11,409		(5,412		)	5,997
Trade and domain names	985		(985		)	—		983		(599		)	384
Total acquired identifiable intangible assets	$	46,322	$	(24,549	)	$	21,773	$	46,324	$	(22,323	)	$	24,001

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

At June 30, 2020, the expected future amortization expense of these intangible assets is as follows (in thousands):



Remainder of 2021	$	4,643
2022	4,708
2023	3,156
2024	2,851
2025	2,851
Thereafter	3,564
Total	$	21,773

Schedule of Goodwill

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



Balance at March 31, 2020	$	128,300
Foreign currency translation adjustments	680
Balance at June 30, 2020	$	128,980

LEASES (Tables)

3 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Assets and Liabilities, Leases

The following table provides balance sheet information related to leases as of June 30, 2020 (in thousands):



	June 30, 2020		March 31, 2020
Assets
Operating lease, right-of-use assets	$	76,054	$	78,963

Liabilities
Operating lease liabilities, current	$	9,989	$	5,875
Operating lease liabilities, non-current	87,884		92,452
Total operating lease liabilities	$	97,873	$	98,327

Schedule of Lease, Cost

The following table presents supplemental information for the three months ended June 30, 2020 (in thousands, except for weighted average):



Weighted average remaining lease term		8.8 years
Weighted average discount rate		4.0%

The components of lease expense were as follows (in thousands):



	Three Months Ended June 30,
	2020		2019
Operating lease expense	$	3,750	$	2,085
Variable lease expense	782		209

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 June 30, 2020 (in thousands):



Remainder of 2021	$	7,549
2022	16,218
2023	15,079
2024	11,718
2025	11,382
Thereafter	58,074
Total lease payments	$	120,020
Less: imputed interest	(20,501		)
Less: lease incentives receivable	(1,646		)
Present value of lease liabilities	$	97,873

CONVERTIBLE SENIOR NOTES AND CAPPED CALL (Tables)

3 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The net carrying amount of the liability component of the Notes was as follows (in thousands):



	June 30, 2020			March 31, 2020
Principal	$	362,500		$	362,500
Unamortized debt discount	(65,919		)	(69,987		)
Unamortized issuance costs	(919		)	(976		)
Net carrying amount	$	295,662		$	291,537

Schedule of Interest Income and Interest Expense Disclosure

Interest expense related to the Notes was as follows (in thousands):



	Three Months Ended June 30,
	2020		2019
Contractual interest expense	$	453	$	359
Amortization of debt discount	4,068		3,146
Amortization of issuance costs	57		26
Total interest expense	$	4,578	$	3,531

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Activity

The following tables summarize information pertaining to the stock-based compensation expense from stock options and stock awards (in thousands):



	Three Months Ended June 30,
	2020		2019
Cost of service revenue	$	1,814	$	997
Cost of other revenue	787		734
Research and development	6,545		3,864
Sales and marketing	5,739		3,921
General and administrative	7,894		4,081
Total	$	22,779	$	13,597



	Three Months Ended June 30,
	2020			2019
Stock options outstanding at the beginning of the period:	2,274			3,114
Options granted	—			—
Options exercised	(1		)	(124		)
Options forfeited	(14		)	(16		)
Options outstanding at the end of the period:	2,259			2,974
Weighted-average fair value of grants during the period	$	—		$	—
Total intrinsic value of options exercised during the period	$	5		$	1,402
Weighted-average remaining recognition period (in years)	1.73			2.46

Stock awards outstanding at the beginning of the period:	9,191			7,820
Stock awards granted	1,304			1,147
Stock awards vested	(721		)	(329		)
Stock awards canceled and forfeited	(331		)	(445		)
Stock awards outstanding at the end of the period:	9,443			8,193
Weighted-average fair value of grants during the period	$	19.22		$	22.40
Weighted-average remaining recognition period (in years)	1.76			2.11

Total unrecognized compensation expense at period-end	$	116,957		$	109,422

NET LOSS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per share (in thousands, except share and per share data):



	Three Months Ended June 30,
	2020			2019
Numerator:
Net loss available to common stockholders	$	(41,913	)	$	(34,265	)
Denominator:
Common shares - basic and diluted	103,607			96,429
Net loss per share
Basic and diluted	$	(0.40	)	$	(0.36	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended June 30,
	2020	2019
Stock options	2,259	2,974
Stock awards	9,443	8,188
Potential shares to be issued from ESPP	582	636
Total anti-dilutive shares	12,284	11,798

GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	Three Months Ended June 30,
Revenue by geographic area:	2020		2019
United States	$	93,244	$	83,249
International	28,563		13,426
Total revenue	$	121,807	$	96,675



Property and equipment by geographic area:	June 30, 2020		March 31, 2020
United States	$	89,954	$	87,673
International	6,158		6,709
Total property and equipment, net	$	96,112	$	94,382

DESCRIPTION OF BUSINESS (Details)	3 Months Ended
DESCRIPTION OF BUSINESS (Details)	Jun. 30, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer, revenue recognized	$ 3.7
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Subscription term	1 year
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Subscription term	5 years

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 40,572	$ 37,811
Contract assets, current, net	11,625	10,425
Contract assets, non-current, net	13,897	13,698
Deferred revenue, current	8,352	7,105
Deferred revenue, non-current	$ 2,279	$ 1,119

REVENUE RECOGNITION - Changes in Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 25,522	$ 24,123
Change in contract assets	1,399
Deferred revenue	10,631	$ 8,224
Change in deferred revenue	$ 2,407

REVENUE RECOGNITION - Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 290.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	36 months

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 116,690	$ 137,394	$ 269,025
Accumulated gross unrealized gain, before tax	242	154
Accumulated gross unrealized loss, before tax	(7)	(341)
Cash, cash equivalents and debt securities available-for-sale, amortized cost	186,017	206,139
Cash, cash equivalents and debt securities available-for-sale	186,252	205,952
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accumulated gross unrealized gain, before tax	89	116
Accumulated gross unrealized loss, before tax	0	0
Cash, cash equivalents and debt securities available-for-sale, amortized cost	134,352	148,366
Cash, cash equivalents and debt securities available-for-sale	134,441	148,482
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	51,665	57,773
Accumulated gross unrealized gain, before tax	153	38
Accumulated gross unrealized loss, before tax	(7)	(341)
Debt securities, available-for-sale	51,811	57,470
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	88,638	110,796
Cash and cash equivalents, fair value	88,638	110,796
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	34,028	31,378
Cash and cash equivalents, fair value	34,028	31,378
Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	11,686	6,192
Accumulated gross unrealized gain, before tax	89	116
Accumulated gross unrealized loss, before tax	0	0
Debt securities, available-for-sale	11,775	6,308
Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	8,641	8,641
Debt securities, available-for-sale	8,641	8,641
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	9,395	14,979
Accumulated gross unrealized gain, before tax	1	6
Accumulated gross unrealized loss, before tax	0	0
Debt securities, available-for-sale	9,396	14,985
Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	33,629	34,153
Accumulated gross unrealized gain, before tax	152	32
Accumulated gross unrealized loss, before tax	(7)	(341)
Debt securities, available-for-sale	33,774	33,844
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	116,690	137,394
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	112,290	131,798
Cash and Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	4,400	5,596
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	88,638	110,796
Cash and Cash Equivalents \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	23,652	21,002
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	4,400	5,596
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	19,017	19,017
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	10,376	10,376
Restricted Cash (Current & Non-Current) \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	8,641	8,641
Restricted Cash (Current & Non-Current) \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,376	10,376
Restricted Cash (Current & Non-Current) \| Certificate of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	8,641	8,641
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	40,580	33,458
Short-Term Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	11,775
Short-Term Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	28,805	33,458
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	11,775
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	4,996	9,389
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	23,809	24,069
Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and debt securities available-for-sale	9,965	16,083
Long-Term Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	6,308
Long-Term Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	9,965	9,775
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	6,308
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 \| Corporate debt \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 9,965	$ 9,775

FAIR VALUE MEASUREMENTS - Narrative (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 51,665	$ 57,773
Convertible Debt \| Initial Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value	326,300
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 8,641	$ 8,641

BUSINESS COMBINATIONS - Narrative (Details) - Wavecell Pte. Ltd. $ in Millions	Jul. 17, 2019 USD ($)
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 117.1
Payments to acquire business	72.8
Business combination, value of stock issued	44.3
Cash held back to cover indemnity claims	10.4
Equity held back to cover indemnity claims	$ 8.5
Vesting period	3 years
Time-Based Restricted Stock Awards
Business Acquisition [Line Items]
Business combination, value of stock issued	$ 13.2
Performance-Based Restricted Stock Awards
Business Acquisition [Line Items]
Business combination, value of stock issued	6.6
Restricted Cash, Current and Other Accrued Liabilities
Business Acquisition [Line Items]
Cash held back to cover indemnity claims	10.4
Additional paid-in capital
Business Acquisition [Line Items]
Equity held back to cover indemnity claims	$ 8.5

BUSINESS COMBINATIONS - Allocation of the Fair Value of Purchase Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jul. 17, 2019
Business Acquisition [Line Items]
Goodwill	$ 128,980	$ 128,300
Wavecell Pte. Ltd.
Business Acquisition [Line Items]
Cash			$ 4,473
Accounts receivable			9,438
Intangible assets			21,010
Other assets			787
Goodwill			91,060
Accounts payable			(9,548)
Deferred revenue			(90)
Total consideration			$ 117,130

BUSINESS COMBINATIONS - Fair Value Intangible Assets Acquired (Details) - Wavecell Pte. Ltd. $ in Thousands	Jul. 17, 2019 USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 21,010
Trade and domain names
Business Acquisition [Line Items]
Total intangible assets	$ 990
Useful life (in Years)	9 months 18 days
Trade and domain names
Business Acquisition [Line Items]
Total intangible assets	$ 13,830
Useful life (in Years)	7 years
Customer relationships
Business Acquisition [Line Items]
Total intangible assets	$ 6,190
Useful life (in Years)	7 years

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 46,322	$ 46,324
Accumulated Amortization	(24,549)	(22,323)
Net Carrying Amount	21,773	24,001
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,942	33,932
Accumulated Amortization	(17,747)	(16,312)
Net Carrying Amount	16,195	17,620
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,395	11,409
Accumulated Amortization	(5,817)	(5,412)
Net Carrying Amount	5,578	5,997
Trade and domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	985	983
Accumulated Amortization	(985)	(599)
Net Carrying Amount	$ 0	$ 384

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Capitalized contract cost, amortization	$ 6.1	$ 4.2
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	4 years 9 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	5 years 8 months 12 days

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Intangible Assets, Net (Including Goodwill) [Abstract]
Remainder of 2021	$ 4,643
2022	4,708
2023	3,156
2024	2,851
2025	2,851
Thereafter	3,564
Net Carrying Amount	$ 21,773	$ 24,001

INTANGIBLE ASSETS, GOODWILL, AND OTHER ASSETS - Summary of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 128,300
Foreign currency translation adjustments	680
Goodwill, ending balance	$ 128,980

LEASES - Components of Lease Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Assets
Operating lease, right-of-use assets	$ 76,054	$ 78,963
Liabilities
Operating lease liabilities, current	9,989	5,875
Operating lease liabilities, non-current	87,884	92,452
Total operating lease liabilities	$ 97,873	$ 98,327

LEASES - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 3,750	$ 2,085
Variable lease expense	$ 782	$ 209

LEASES - Narrative (Details) $ in Millions	3 Months Ended
LEASES - Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2018 ft²
Leases [Abstract]
Operating cash flow from operating leases	$ 2.1	$ 2.3
Term of contract			132 months
Area of real estate property \| ft²			162,000
Liability related to lease assignment	6.9
Termination fee	0.8
Receivable related to lease assignment	$ 6.9

LEASES - Supplemental Information (Details)	Jun. 30, 2020
Leases [Abstract]
Weighted average remaining lease term	8 years 9 months 18 days
Weighted average discount rate	4.00%

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 7,549
2022	16,218
2023	15,079
2024	11,718
2025	11,382
Thereafter	58,074
Total lease payments	120,020
Less: imputed interest	(20,501)
Less: lease incentives receivable	(1,646)
Present value of lease liabilities	$ 97,873	$ 98,327

COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020
State And Local Taxes And Surcharges
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 4.5	$ 4.5

CONVERTIBLE SENIOR NOTES AND CAPPED CALL - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended
	Nov. 30, 2019 USD ($)	Feb. 28, 2019 USD ($) day $ / shares shares	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 01, 2019 USD ($)
Aggregate Notes
Debt Instrument [Line Items]
Debt instrument, strike price per share (in dollars per share) \| $ / shares		$ 25.68
Initial Notes
Debt Instrument [Line Items]
Payments for capped call transactions		$ 33,700,000
Additional Notes
Debt Instrument [Line Items]
Payments for capped call transactions	$ 9,300,000
Convertible Debt \| Aggregate Notes
Debt Instrument [Line Items]
Debt instrument, face value			$ 362,500,000	$ 362,500,000	$ 362,500,000
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, redemption price, percentage		100.00%
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Debt instrument, initial cap price per share (in dollars per share) \| $ / shares		$ 39.50
Convertible Debt \| Aggregate Notes \| Call Option
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) \| shares		14.1
Convertible Debt \| Initial Notes
Debt Instrument [Line Items]
Debt instrument, face value		$ 287,500,000
Debt instrument, interest rate		0.50%
Proceeds from issuance of debt		$ 245,800,000
Convertible Debt \| Additional Notes
Debt Instrument [Line Items]
Debt instrument, face value	$ 75,000,000
Debt instrument, interest rate	0.50%
Proceeds from issuance of debt	$ 64,600,000

CONVERTIBLE SENIOR NOTES AND CAPPED CALL - Carrying Amount of the Liability Component (Details) - Convertible Debt - Aggregate Notes - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Dec. 01, 2019
Debt Instrument [Line Items]
Principal	$ 362,500,000	$ 362,500,000	$ 362,500,000
Unamortized debt discount	(65,919,000)	(69,987,000)
Unamortized issuance costs	(919,000)	(976,000)
Net carrying amount	$ 295,662,000	$ 291,537,000

CONVERTIBLE SENIOR NOTES AND CAPPED CALL - Interest Expense (Details) - Convertible Debt - Aggregate Notes - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Contractual interest expense	$ 453	$ 359
Amortization of debt discount	4,068	3,146
Amortization of issuance costs	57	26
Total interest expense	$ 4,578	$ 3,531

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 22,779	$ 13,597
Cost of Sales \| Service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,814	997
Cost of Sales \| Other revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	787	734
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6,545	3,864
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	5,739	3,921
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,894	$ 4,081

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Option Rollforward
Stock options outstanding at the beginning of the period (in shares)	2,274	3,114
Options granted (in shares)	0	0
Options exercised (in shares)	(1)	(124)
Options forfeited (in shares)	(14)	(16)
Options outstanding at the end of the period (in shares)	2,259	2,974
Weighted-average fair value of grants during the period (in dollars per share)	$ 0	$ 0
Total intrinsic value of options exercised during the period	$ 5	$ 1,402
Weighted-average remaining recognition period (in years)	1 year 8 months 23 days	2 years 5 months 15 days
Stock Award Rollforward
Stock awards outstanding at the beginning of the period (in shares)	9,191	7,820
Stock awards granted (in shares)	1,304	1,147
Stock awards vested (in shares)	(721)	(329)
Stock awards canceled and forfeited (in shares)	(331)	(445)
Stock awards outstanding at the end of the period (in shares)	9,443	8,193
Weighted-average fair value of grants during the period (in dollars per share)	$ 19.22	$ 22.40
Weighted-average remaining recognition period (in years)	1 year 9 months 3 days	2 years 1 month 9 days
Total unrecognized compensation expense at period-end	$ 116,957	$ 109,422

STOCK-BASED COMPENSATION - Narrative (Details) - 2017 Repurchase Plan - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount			$ 25,000,000.0
Remaining authorized repurchase amount	$ 7,100,000
Stock repurchased during period (in shares)	0	0

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.50%)	(0.40%)

NET LOSS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss available to common stockholders	$ (41,913)	$ (34,265)
Denominator:
Common shares - basic and diluted (in shares)	103,607	96,429
Net loss per share
Basic and diluted (in dollars per share)	$ (0.40)	$ (0.36)

- Definition

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

+ References

+ Details

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	12,284	11,798
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	2,259	2,974
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	9,443	8,188
Potential shares to be issued from ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	582	636

GEOGRAPHICAL INFORMATION - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 121,807	$ 96,675
United States
Segment Reporting Information [Line Items]
Total revenue	93,244	83,249
International
Segment Reporting Information [Line Items]
Total revenue	$ 28,563	$ 13,426

- 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.

+ References

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-Name Accounting Standards Codification
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+ Details

GEOGRAPHICAL INFORMATION - PPE (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Segment Reporting Information [Line Items]
Property and equipment, net	$ 96,112	$ 94,382
United States
Segment Reporting Information [Line Items]
Property and equipment, net	89,954	87,673
International
Segment Reporting Information [Line Items]
Property and equipment, net	$ 6,158	$ 6,709