Investments

6 Months Ended

Sep. 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 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.