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Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):

			As of March 31, 2023
			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	126,275					$	—					$	—					$	126,275
Total cash equivalents			126,275						—						—						126,275
Marketable securities:
Asset-backed securities			—						7,200						—						7,200
Certificates of deposit			—						27,300						—						27,300
Commercial paper			—						78,489						—						78,489
Corporate notes and bonds			—						118,512						—						118,512
Sovereign bonds			—						7,384						—						7,384
U.S. government and agency securities			439,748						4,339						—						444,087
Total marketable securities			439,748						243,224						—						682,972
Total cash equivalents and marketable securities			$	566,023					$	243,224					$	—					$	809,247
Liabilities:
Contingent earn-out consideration liability			$	—					$	—					$	21,862					$	21,862
Total contingent earn-out consideration liability			$	—					$	—					$	21,862					$	21,862

			As of March 31, 2022
			Level 1						Level 2						Level 3						Total
Cash equivalents:
Commercial paper			$	—					$	2,686					$	—					$	2,686
Money market funds			20,072						—						—						20,072
Total cash equivalents			20,072						2,686						—						22,758
Marketable securities:
Asset-backed securities			—						7,740						—						7,740
Commercial paper			—						9,383						—						9,383
Corporate notes and bonds			—						128,104						—						128,104
Sovereign bonds			—						8,436						—						8,436
U.S. government and agency securities			530,174						1,467						—						531,641
Total marketable securities			530,174						155,130						—						685,304
Total cash equivalents and marketable securities			$	550,246					$	157,816					$	—					$	708,062

Fair Value, Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):

			As of March 31, 2023
			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	126,275					$	—					$	—					$	126,275
Total cash equivalents			126,275						—						—						126,275
Marketable securities:
Asset-backed securities			—						7,200						—						7,200
Certificates of deposit			—						27,300						—						27,300
Commercial paper			—						78,489						—						78,489
Corporate notes and bonds			—						118,512						—						118,512
Sovereign bonds			—						7,384						—						7,384
U.S. government and agency securities			439,748						4,339						—						444,087
Total marketable securities			439,748						243,224						—						682,972
Total cash equivalents and marketable securities			$	566,023					$	243,224					$	—					$	809,247
Liabilities:
Contingent earn-out consideration liability			$	—					$	—					$	21,862					$	21,862
Total contingent earn-out consideration liability			$	—					$	—					$	21,862					$	21,862

			As of March 31, 2022
			Level 1						Level 2						Level 3						Total
Cash equivalents:
Commercial paper			$	—					$	2,686					$	—					$	2,686
Money market funds			20,072						—						—						20,072
Total cash equivalents			20,072						2,686						—						22,758
Marketable securities:
Asset-backed securities			—						7,740						—						7,740
Commercial paper			—						9,383						—						9,383
Corporate notes and bonds			—						128,104						—						128,104
Sovereign bonds			—						8,436						—						8,436
U.S. government and agency securities			530,174						1,467						—						531,641
Total marketable securities			530,174						155,130						—						685,304
Total cash equivalents and marketable securities			$	550,246					$	157,816					$	—					$	708,062

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):

									Fiscal Year Ended March 31, 2023
Beginning fair value									$	—
Additions in the period									21,134
Change in fair value									728
Ending fair value									$	21,862

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Section 50
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-Subparagraph (a)
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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