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Investments

12 Months Ended

Mar. 31, 2025

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 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

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.

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 March 31, 2025 and 2024, the Company has recognized accrued interest of $5.8 million and $3.8 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 immaterial as of March 31, 2025 and were $3.7 million as of March 31, 2024. 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, 2025 and 2024. The Company did not recognize any credit losses related to the Company’s debt securities as of March 31, 2025 and 2024. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $177.3 million and $547.5 million as of March 31, 2025 and 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 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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- 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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