Investments

6 Months Ended

Sep. 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 September 30, 2023
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	9,988	$	—	$	(3)	$	9,985

Money market funds	71,842		—		—		71,842

Total cash equivalents	81,830		—		(3)		81,827
Marketable securities:
Asset-backed securities	6,673		1		(12)		6,662
Certificates of deposit	11,965		1		(15)		11,951
Commercial paper	99,773		4		(41)		99,736
Corporate notes and bonds	66,351		1		(266)		66,086
Sovereign bonds	7,746		—		(269)		7,477
U.S. government and agency securities	440,905		15		(11,381)		429,539

Total marketable securities	633,413		22		(11,984)		621,451
Total cash equivalents and marketable securities	$	715,243	$	22	$	(11,987)	$	703,278

As of September 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	$	583,534
Due in one to two years	41,240
Asset-backed securities	6,662
Total	$	631,436

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 September 30, 2023 and March 31, 2023, the Company has recognized accrued interest of $2.5 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 $12.0 million and $18.9 million as of September 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 September 30, 2023 or March 31, 2023. The Company did not recognize any credit losses related to the Company’s debt securities as of September 30, 2023 or March 31, 2023. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $588.0 million and $653.4 million as of September 30, 2023 and March 31, 2023, respectively.

The following tables summarize the gross unrealized losses and fair values of investments in an unrealized loss position, aggregated by security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


	As of September 30, 2023
	Less than 12 months				12 months or greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Asset-backed securities	$	4,569	$	(8)	$	1,018	$	(4)	$	5,587	$	(12)
Certificates of deposit	11,006		(15)		—		—		11,006		(15)
Commercial paper	96,131		(44)		—		—		96,131		(44)
Corporate notes and bonds	55,618		(139)		6,241		(127)		61,859		(266)
Sovereign bonds	—		—		7,477		(269)		7,477		(269)
U.S. government and agency securities	42,925		(75)		362,967		(11,306)		405,892		(11,381)
Total	$	210,249	$	(281)	$	377,703	$	(11,706)	$	587,952	$	(11,987)


	As of March 31, 2023
	Less than 12 months				12 months or greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Asset-backed securities	$	2,601	$	(12)	$	4,599	$	(59)	$	7,200	$	(71)
Certificates of deposit	27,018		(80)		—		—		27,018		(80)
Commercial paper	70,681		(126)		—		—		70,681		(126)
Corporate notes and bonds	42,575		(113)		58,766		(665)		101,341		(778)
Sovereign bonds	—		—		7,384		(360)		7,384		(360)
U.S. government and agency securities	—		—		439,748		(17,509)		439,748		(17,509)
Total	$	142,875	$	(331)	$	510,497	$	(18,593)	$	653,372	$	(18,924)