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Fair Value Measurements (Tables) | 3 Months Ended
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Jun. 30, 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 June 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Corporate notes and bonds | $ | — |  |  | $ | 4,070 |  |  | $ | — |  |  | $ | 4,070 |
Money market funds | 247,279 |  |  | — |  |  | — |  |  | 247,279 |
Total cash equivalents | 247,279 |  |  | 4,070 |  |  | — |  |  | 251,349 |
Marketable securities: |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 12,921 |  |  | — |  |  | 12,921 |
Certificates of deposit | — |  |  | 27,322 |  |  | — |  |  | 27,322 |
Commercial paper | — |  |  | 58,975 |  |  | — |  |  | 58,975 |
Corporate notes and bonds | — |  |  | 86,811 |  |  | — |  |  | 86,811 |
Sovereign bonds | — |  |  | 7,387 |  |  | — |  |  | 7,387 |
U.S. government and agency securities | 368,650 |  |  | 4,378 |  |  | — |  |  | 373,028 |
Total marketable securities | 368,650 |  |  | 197,794 |  |  | — |  |  | 566,444 |
Total cash equivalents and marketable securities | $ | 615,929 |  |  | $ | 201,864 |  |  | $ | — |  |  | $ | 817,793 |
Liabilities: |  |  |  |  |  |  |
Contingent earn-out consideration liability | $ | — |  |  | $ | — |  |  | $ | 16,131 |  |  | $ | 16,131 |
Total contingent earn-out consideration liability | $ | — |  |  | $ | — |  |  | $ | 16,131 |  |  | $ | 16,131 |
| 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 |
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):
| Three Months Ended June 30,
| 2023 |  | 2022
Beginning fair value | $ | 21,862 |  |  | $ | — |
Additions in the period | — |  |  | 21,134 |
Change in fair value | 269 |  |  | (54) |
Payments | (6,000) |  |  | — |
Ending fair value | $ | 16,131 |  |  | $ | 21,080 |

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- 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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