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Investments | 12 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):
| As of March 31, 2024
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |  |  |
Corporate notes and bonds | $ | 1,180 |  |  | — |  |  | — |  |  |  |  | $ | 1,180 |
Money market funds | 83,049 |  |  | — |  |  | — |  |  |  |  | 83,049 |
Total cash equivalents | 84,229 |  |  | — |  |  | — |  |  |  |  | 84,229 |
Marketable securities: |  |  |  |  |  |  |  |  |
Asset-backed securities | 121 |  |  | — |  |  | — |  |  |  |  | 121 |
Commercial paper | 70,804 |  |  | 1 |  |  | (50) |  |  |  |  | 70,755 |
Corporate notes and bonds | 225,880 |  |  | 133 |  |  | (191) |  |  |  |  | 225,822 |
Sovereign bonds | 7,749 |  |  | — |  |  | (73) |  |  |  |  | 7,676 |
U.S. government and agency securities | 365,123 |  |  | 2 |  |  | (3,384) |  |  |  |  | 361,741 |
Total marketable securities | 669,677 |  |  | 136 |  |  | (3,698) |  |  |  |  | 666,115 |
Total cash equivalents and marketable securities | $ | 753,906 |  |  | $ | 136 |  |  | $ | (3,698) |  |  |  |  | $ | 750,344 |
As of March 31, 2024, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):
| Fair Value
Due within one year | $ | 543,915 |
Due in one year to two years | 123,259 |
Asset-backed securities | 121 |
Total | $ | 667,295 |
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 March 31, 2024 and 2023, the Company has recognized accrued interest of $3.8 million and $2.8 million, respectively, which is included in prepaid expenses and other current assets in the consolidated balance sheets. The unrealized losses associated with the Company’s debt securities were $3.7 million and $18.9 million as of March 31, 2024 and 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 March 31, 2024 and 2023. The Company did not recognize any credit losses related to the Company’s debt securities as of March 31, 2024 and 2023. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $547.5 million and $653.4 million as of March 31, 2024 and 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 March 31, 2024
| 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 | $ | — |  |  | $ | — |  |  | $ | 121 |  |  | $ | — |  |  | $ | 121 |  |  | $ | — |
Commercial paper | 67,336 |  |  | (50) |  |  | — |  |  | — |  |  | 67,336 |  |  | (50) |
Corporate notes and bonds | 131,443 |  |  | (191) |  |  | — |  |  | — |  |  | 131,443 |  |  | (191) |
Sovereign bonds | — |  |  | — |  |  | 7,676 |  |  | (73) |  |  | 7,676 |  |  | (73) |
U.S. government and agency securities | 81,130 |  |  | (139) |  |  | 259,784 |  |  | (3,245) |  |  | 340,914 |  |  | (3,384) |
Total | $ | 279,909 |  |  | $ | (380) |  |  | $ | 267,581 |  |  | $ | (3,318) |  |  | $ | 547,490 |  |  | $ | (3,698) |
| 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) |

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482477/820-10-65-13 + Details
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