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Fair Value Measurements
 12 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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 March 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Corporate notes and bonds$— $1,180 $— $1,180 
Money market funds83,049 — — 83,049 
Total cash equivalents83,049 1,180 — 84,229 
Marketable securities:
Asset-backed securities— 121 — 121 
Commercial paper— 70,755 — 70,755 
Corporate notes and bonds— 225,822 — 225,822 
Sovereign bonds— 7,676 — 7,676 
U.S. government and agency securities355,804 5,937 — 361,741 
Total marketable securities355,804 310,311 — 666,115 
Total cash equivalents and marketable securities$438,853 $311,491 $— $750,344 
Liabilities:
Contingent earn-out consideration liability$— $— $16,813 $16,813 
Total contingent earn-out consideration liability$— $— $16,813 $16,813 
As of March 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$126,275 $— $— $126,275 
Total cash equivalents126,275 — — 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 securities439,748 4,339 — 444,087 
Total marketable securities439,748 243,224 — 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 
During the fiscal years ended March 31, 2024 and 2023, the Company had no transfers between levels of the fair value hierarchy.
Contingent Earn-out Consideration Liability
The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):
Fiscal Year Ended March 31,
20242023
Beginning fair value$21,862 $— 
Additions in the period— 21,134 
Change in fair value951 728 
Payments(6,000)— 
Ending fair value$16,813 $21,862 
The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the consolidated statements of operations.
To determine the fair value of the contingent earn-out consideration liability, the Company used the discounted cash flow method. The significant inputs used in the fair value measurement of the contingent earn-out consideration liability are the discount rate and the timing and amounts of the future payments, which are based upon estimates of future achievement of the performance metrics. As these inputs are not based on observable market data, they represent a Level 3 measurement within the fair value hierarchy. Changes in the significant inputs used would significantly impact the fair value of the contingent earn-out consideration liability.
See Note 8—Business Combinations for additional discussion regarding the AMiON acquisition.