Investments

9 Months Ended

Dec. 31, 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 December 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	16,459	$	—	$	(4)	$	16,455

Money market funds	6,580		—		—		6,580

Total cash equivalents	23,039		—		(4)		23,035
Marketable securities:
Asset-backed securities	7,754		—		(119)		7,635
Certificates of deposit	15,414		—		(111)		15,303
Commercial paper	52,531		5		(112)		52,424
Corporate notes and bonds	144,640		5		(1,515)		143,130
Sovereign bonds	7,743		—		(463)		7,280
U.S. government and agency securities	461,540		—		(22,801)		438,739

Total marketable securities	689,622		10		(25,121)		664,511
Total cash equivalents and marketable securities	$	712,661	$	10	$	(25,125)	$	687,546

As of December 31, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	309,888
Due in one year to three years	371,078
Total	$	680,966

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 December 31, 2022 and March 31, 2022, the Company has recognized accrued interest of $2.2 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 $25.1 million as of December 31, 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 December 31, 2022. The Company did not recognize any credit losses related to the Company’s debt securities during the three and nine months ended December 31, 2022. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $649.5 million as of December 31, 2022.

The unrealized losses associated with the Company’s debt securities were $5.4 million as of December 31, 2021. The Company did not recognize any credit losses or impairment related to the Company’s debt securities during the three and nine months ended December 31, 2021. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $678.8 million as of December 31, 2021.