Investments

12 Months Ended

Mar. 31, 2023

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 March 31, 2023
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:


Money market funds	$	126,275	$	—	$	—	$	126,275

Total cash equivalents	126,275		—		—		126,275
Marketable securities:
Asset-backed securities	7,271		—		(71)		7,200
Certificates of deposit	27,380		—		(80)		27,300
Commercial paper	78,609		6		(126)		78,489
Corporate notes and bonds	119,241		49		(778)		118,512
Sovereign bonds	7,744		—		(360)		7,384
U.S. government and agency securities	461,584		12		(17,509)		444,087
Total marketable securities	701,829		67		(18,924)		682,972
Total cash equivalents and marketable securities	$	828,104	$	67	$	(18,924)	$	809,247

As of March 31, 2023, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	360,143
Due in one year to two years	315,629
Asset-backed securities	7,200
Total	$	682,972

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

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 March 31, 2023 and 2022, the Company has recognized accrued interest of $2.8 million and $2.1 million, respectively, which is included in prepaid expenses and other current assets in the consolidated balance sheets.

The unrealized losses associated with the Company’s debt securities were $18.9 million and $20.5 million as of March 31, 2023 and 2022, respectively. 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 March 31, 2023 and 2022. The Company did not recognize any credit losses related to the Company’s debt securities during the fiscal years ended March 31, 2023 and 2022. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $653.4 million and $684.7 million as of March 31, 2023 and 2022, respectively.