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Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2022

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 December 31, 2022
			Level 1						Level 2						Level 3						Total
Cash equivalents:
Commercial paper			$	—					$	16,455					$	—					$	16,455
Money market funds			6,580						—						—						6,580
Total cash equivalents			6,580						16,455						—						23,035
Marketable securities:
Asset-backed securities			—						7,635						—						7,635
Certificates of deposit			—						15,303						—						15,303
Commercial paper			—						52,424						—						52,424
Corporate notes and bonds			—						143,130						—						143,130
Sovereign bonds			—						7,280						—						7,280
U.S. government and agency securities			438,739						—						—						438,739
Total marketable securities			438,739						225,772						—						664,511
Total cash equivalents and marketable securities			$	445,319					$	242,227					$	—					$	687,546
Liabilities:
Contingent earn-out consideration liability			$	—					$	—					$	21,457					$	21,457
Total contingent earn-out consideration liability			$	—					$	—					$	21,457					$	21,457

			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):

									Nine Months Ended December 31, 2022
Beginning fair value									$	—
Additions in the period									21,134
Change in fair value									323
Ending fair value									$	21,457

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

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

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- References

No definition available.

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X

- Definition

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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