Investments

12 Months Ended

Mar. 31, 2024

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 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)