Investments

3 Months Ended

Jun. 30, 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 June 30, 2023
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:

Corporate notes and bonds	$	4,070	$	—	$	—	$	4,070
Money market funds	247,279		—		—		247,279

Total cash equivalents	251,349		—		—		251,349
Marketable securities:
Asset-backed securities	12,954		1		(34)		12,921
Certificates of deposit	27,379		1		(58)		27,322
Commercial paper	59,054		3		(82)		58,975
Corporate notes and bonds	87,064		92		(345)		86,811
Sovereign bonds	7,745		—		(358)		7,387
U.S. government and agency securities	388,767		—		(15,739)		373,028

Total marketable securities	582,963		97		(16,616)		566,444
Total cash equivalents and marketable securities	$	834,312	$	97	$	(16,616)	$	817,793

As of June 30, 2023, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	420,066
Due in one year to two years	137,527
Asset-backed securities	12,921
Total	$	570,514

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, 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 June 30, 2023 and March 31, 2023, the Company has recognized accrued interest of $3.4 million and $2.8 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 $16.6 million and $18.9 million as of June 30, 2023 and March 31, 2023, 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 June 30, 2023 or March 31, 2023. The Company did not recognize any credit losses related to the Company’s debt securities as of June 30, 2023 and March 31, 2023. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $535.3 million and $653.4 million as of June 30, 2023 and March 31, 2023, respectively.