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Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

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 1						Level 2						Level 3						Total
Cash equivalents:
Corporate notes and bonds			$	—					$	1,180					$	—					$	1,180
Money market funds			83,049						—						—						83,049
Total cash equivalents			83,049						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 securities			355,804						5,937						—						361,741
Total marketable securities			355,804						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 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	126,275					$	—					$	—					$	126,275
Total cash equivalents			126,275						—						—						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 securities			439,748						4,339						—						444,087
Total marketable securities			439,748						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

Fair Value, Liabilities Measured on Recurring Basis

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 1						Level 2						Level 3						Total
Cash equivalents:
Corporate notes and bonds			$	—					$	1,180					$	—					$	1,180
Money market funds			83,049						—						—						83,049
Total cash equivalents			83,049						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 securities			355,804						5,937						—						361,741
Total marketable securities			355,804						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 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	126,275					$	—					$	—					$	126,275
Total cash equivalents			126,275						—						—						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 securities			439,748						4,339						—						444,087
Total marketable securities			439,748						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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):

			Fiscal Year Ended March 31,
			2024						2023
Beginning fair value			$	21,862					$	—
Additions in the period			—						21,134
Change in fair value			951						728
Payments			(6,000)						—
Ending fair value			$	16,813					$	21,862

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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