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v3.25.1

Investments (Tables) | 12 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments | The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):
| As of March 31, 2025
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |  |  |
Commercial paper | $ | 73,055 |  |  | $ | — |  |  | $ | (8) |  |  |  |  | $ | 73,047 |
Money market funds | 84,475 |  |  | — |  |  | — |  |  |  |  | 84,475 |
Total cash equivalents | 157,530 |  |  | — |  |  | (8) |  |  |  |  | 157,522 |
Marketable securities: |  |  |  |  |  |  |  |  |
Commercial paper | 42,860 |  |  | 7 |  |  | (4) |  |  |  |  | 42,863 |
Corporate notes and bonds | 501,202 |  |  | 1,373 |  |  | (131) |  |  |  |  | 502,444 |
U.S. government and agency securities | 160,212 |  |  | 532 |  |  | (1) |  |  |  |  | 160,743 |
Total marketable securities | 704,274 |  |  | 1,912 |  |  | (136) |  |  |  |  | 706,050 |
Total cash equivalents and marketable securities | $ | 861,804 |  |  | $ | 1,912 |  |  | $ | (144) |  |  |  |  | $ | 863,572 |
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 |
Contractual Maturities of Available-For-Sale Debt Securities | As of March 31, 2025, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):
| Fair Value
Due within one year | $ | 535,680 |
Due in one year to two years | 243,417 |
Total | $ | 779,097 |
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
Gross Unrealized Losses and Fair Values of Investments in an Unrealized Loss Position | 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, 2025
| 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 | $ | 84,043 |  |  | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | 84,043 |  |  | $ | (12) |
Corporate notes and bonds | 80,981 |  |  | (131) |  |  | — |  |  | — |  |  | 80,981 |  |  | (131) |
U.S. government and agency securities | 12,241 |  |  | (1) |  |  | — |  |  | — |  |  | 12,241 |  |  | (1) |
Total | $ | 177,265 |  |  | $ | (144) |  |  | $ | — |  |  | $ | — |  |  | $ | 177,265 |  |  | $ | (144) |
| 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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