Investments

6 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):


	As of September 30, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:


Money market funds	$	4,412	$	—	$	—	$	4,412

Total cash equivalents	4,412		—		—		4,412
Marketable securities:
Asset-backed securities	6,568		—		(116)		6,452
Certificates of deposit	15,414		—		(77)		15,337
Commercial paper	44,112		—		(112)		44,000
Corporate notes and bonds	131,504		—		(2,376)		129,128
Sovereign bonds	7,741		—		(488)		7,253
U.S. government and agency securities	499,867		—		(25,720)		474,147

Total marketable securities	705,206		—		(28,889)		676,317
Total cash equivalents and marketable securities	$	709,618	$	—	$	(28,889)	$	680,729

As of September 30, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	248,716
Due in one year to three years	427,601
Total	$	676,317

The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands):


	As of March 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	2,686	$	—	$	—	$	2,686

Money market funds	20,072		—		—		20,072

Total cash equivalents	22,758		—		—		22,758
Marketable securities:
Asset-backed securities	7,791		—		(51)		7,740

Commercial paper	9,436		—		(53)		9,383
Corporate notes and bonds	129,900		—		(1,796)		128,104
Sovereign bonds	8,770		—		(334)		8,436
U.S. government and agency securities	549,901		—		(18,260)		531,641
Total marketable securities	705,798		—		(20,494)		685,304
Total cash equivalents and marketable securities	$	728,556	$	—	$	(20,494)	$	708,062

As of September 30, 2022 and March 31, 2022, the Company has recognized accrued interest of $2.0 million and $2.1 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

The unrealized losses associated with the Company’s debt securities were $28.9 million as of September 30, 2022. As the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of September 30, 2022. The Company did not recognize any credit losses related to the Company’s debt securities during the three and six months ended September 30, 2022. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $658.0 million as of September 30, 2022. The unrealized losses associated with the Company’s debt securities were not material as of September 30, 2021. The Company did not recognize any credit losses or impairment related to the Company’s debt securities during the three and six months ended September 30, 2021.