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Fair Value Measurements
 6 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands):
As of September 30, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$15,105 $— $— $15,105 
Total cash equivalents15,105 — — 15,105 
Marketable securities:
Asset-backed securities— 5,704 — 5,704 
Certificates of deposit— 230 — 230 
Commercial paper— 507 — 507 
Corporate notes and bonds— 26,644 — 26,644 
Sovereign bonds— 8,765 — 8,765 
U.S. government and agency securities619,794 1,496 — 621,290 
Total marketable securities619,794 43,346 — 663,140 
Total cash equivalents and marketable securities$634,899 $43,346 $— $678,245 
As of March 31, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $2,290 $— $2,290 
Corporate notes and bonds— 3,516 — 3,516 
Money market funds9,838 — — 9,838 
Certificates of deposit— 1,301 — 1,301 
Total cash equivalents9,838 7,107 — 16,945 
Marketable securities:
Asset-backed securities— 3,263 — 3,263 
Certificates of deposit— 4,868 — 4,868 
Commercial paper— 16,412 — 16,412 
Corporate notes and bonds— 46,641 — 46,641 
Sovereign bonds— 1,099 — 1,099 
U.S. government and agency securities3,858 — — 3,858 
Total marketable securities3,858 72,283 — 76,141 
Total cash equivalents and marketable securities$13,696 $79,390 $— $93,086 
During the six months ended September 30, 2021 and 2020, the Company had no transfers between levels of the fair value hierarchy.
Fair Value Measurements of Other Financial Instruments
The carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value due to their relatively short maturities.