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Investments (Tables)

9 Months Ended

Dec. 31, 2024

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 December 31, 2024
			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Cash equivalents:
Commercial paper			$	24,406					$	—					$	(1)											$	24,405
Money market funds			129,279						—						—												129,279
Total cash equivalents			153,685						—						(1)												153,684
Marketable securities:
Commercial paper			41,465						21						—												41,486
Corporate notes and bonds			445,676						1,370						(283)												446,763
U.S. government and agency securities			191,169						303						(51)												191,421
Total marketable securities			678,310						1,694						(334)												679,670
Total cash equivalents and marketable securities			$	831,995					$	1,694					$	(335)											$	833,354

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 December 31, 2024, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):

			Fair Value
Due within one year			$	445,296
Due in one to two years			258,779
Total			$	704,075

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 December 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
Commercial paper			$	24,882					$	(1)					$	—					$	—					$	24,882					$	(1)
Corporate notes and bonds			104,502						(283)						—						—						104,502						(283)
U.S. government and agency securities			37,430						(51)						—						—						37,430						(51)
Total			$	166,814					$	(335)					$	—					$	—					$	166,814					$	(335)

			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)

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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