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Investments | 6 Months Ended
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Sep. 30, 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 September 30, 2025
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |  |  |
Commercial paper | $ | 34,977 |  |  | $ | — |  |  | $ | (4) |  |  |  |  | $ | 34,973 |
Money market funds | 92,194 |  |  | — |  |  | — |  |  |  |  | 92,194 |
Total cash equivalents | 127,171 |  |  | — |  |  | (4) |  |  |  |  | 127,167 |
Marketable securities: |  |  |  |  |  |  |  |  |
Commercial paper | 30,587 |  |  | 4 |  |  | (1) |  |  |  |  | 30,590 |
Corporate notes and bonds | 515,522 |  |  | 1,442 |  |  | (46) |  |  |  |  | 516,918 |
U.S. government and agency securities | 161,032 |  |  | 583 |  |  | (5) |  |  |  |  | 161,610 |
Total marketable securities | 707,141 |  |  | 2,029 |  |  | (52) |  |  |  |  | 709,118 |
Total cash equivalents and marketable securities | $ | 834,312 |  |  | $ | 2,029 |  |  | $ | (56) |  |  |  |  | $ | 836,285 |
As of September 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 | $ | 491,548 |
Due in one to two years | 252,543 |
Total | $ | 744,091 |
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 September 30, 2025 and March 31, 2025, the Company has recognized accrued interest of $5.8 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 September 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 September 30, 2025 or March 31, 2025. The Company did not recognize any credit losses related to the Company’s debt securities as of September 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 $115.2 million and $177.3 million as of September 30, 2025 and March 31, 2025, respectively.

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- Definition The entire disclosure for cash, cash equivalent, investment in debt and equity securities, equity method investment, investment in joint venture, and investment classified as other. + 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 + Details
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