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Investments

3 Months Ended

Jun. 30, 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 June 30, 2024
			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Cash equivalents:
Commercial paper			$	2,181					$	—					$	(1)											$	2,180
Money market funds			99,415						—						—												99,415
Total cash equivalents			101,596						—						(1)												101,595
Marketable securities:
Commercial paper			41,608						—						(32)												41,576
Corporate notes and bonds			351,230						110						(414)												350,926
U.S. government and agency securities			247,556						23						(1,035)												246,544
Total marketable securities			640,394						133						(1,481)												639,046
Total cash equivalents and marketable securities			$	741,990					$	133					$	(1,482)											$	740,641

As of June 30, 2024, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):

			Fair Value
Due within one year			$	442,355
Due in one to two years			198,871
Total			$	641,226

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, 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 June 30, 2024 and March 31, 2024, the Company has recognized accrued interest of $4.5 million and $3.8 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 $1.5 million and $3.7 million as of June 30, 2024 and March 31, 2024, 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 June 30, 2024 or March 31, 2024. The Company did not recognize any credit losses related to the Company’s debt securities as of June 30, 2024 or March 31, 2024. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $486.8 million and $547.5 million as of June 30, 2024 and March 31, 2024, 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 June 30, 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
Commercial paper			$	43,756					$	(33)					$	—					$	—					$	43,756					$	(33)
Corporate notes and bonds			232,976						(414)						—						—						232,976						(414)
U.S. government and agency securities			85,304						(245)						124,793						(790)						210,097						(1,035)
Total			$	362,036					$	(692)					$	124,793					$	(790)					$	486,829					$	(1,482)

			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)

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- References

No definition available.

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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

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