Investments

3 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):


	As of June 30, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	42,471	$	—	$	(6)	$	42,465

Money market funds	85,224		—		—		85,224
U.S. government securities	2,497		—		—		2,497

Total cash equivalents	130,192		—		(6)		130,186
Marketable securities:


Commercial paper	48,531		2		(15)		48,518
Corporate notes and bonds	480,440		1,223		(124)		481,539

U.S. government and agency securities	173,155		504		(4)		173,655

Total marketable securities	702,126		1,729		(143)		703,712
Total cash equivalents and marketable securities	$	832,318	$	1,729	$	(149)	$	833,898

As of June 30, 2025, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	532,444
Due in one to two years	216,230

Total	$	748,674

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, 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 June 30, 2025 and March 31, 2025, the Company has recognized accrued interest of $5.9 million and $5.8 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 immaterial as of June 30, 2025 and March 31, 2025. As the Company does not intend to sell the securities with unrealized losses 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, 2025 or March 31, 2025. The Company did not recognize any credit losses related to the Company’s debt securities as of June 30, 2025 or March 31, 2025. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $224.2 million and $177.3 million as of June 30, 2025 and March 31, 2025, respectively.