XML 24 R13.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements
 6 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities.
Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
As of September 30, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $34,973 $— $34,973 
Money market funds92,194 — — 92,194 
Total cash equivalents92,194 34,973 — 127,167 
Marketable securities:
Commercial paper— 30,590 — 30,590 
Corporate notes and bonds— 516,918 — 516,918 
U.S. government and agency securities158,598 3,012 — 161,610 
Total marketable securities158,598 550,520 — 709,118 
Total cash equivalents and marketable securities$250,792 $585,493 $— $836,285 
Liabilities:
Contingent earn-out consideration liability$— $— $5,752 $5,752 
Total contingent earn-out consideration liability$— $— $5,752 $5,752 
As of March 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $73,047 $— $73,047 
Money market funds84,475 — — 84,475 
Total cash equivalents84,475 73,047 — 157,522 
Marketable securities:
Commercial paper— 42,863 — 42,863 
Corporate notes and bonds— 502,444 — 502,444 
U.S. government and agency securities157,727 3,016 — 160,743 
Total marketable securities157,727 548,323 — 706,050 
Total cash equivalents and marketable securities$242,202 $621,370 $— $863,572 
Liabilities:
Contingent earn-out consideration liability$— $— $11,493 $11,493 
Total contingent earn-out consideration liability$— $— $11,493 $11,493 
During the six months ended September 30, 2025 and 2024, the Company had no transfers between levels of the fair value hierarchy.
Contingent Earn-out Consideration Liability
The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):
Six Months Ended September 30,
20252024
Beginning fair value$11,493 $16,813 
Additions in the period— — 
Change in fair value259 423 
Payments(6,000)(6,000)
Ending fair value$5,752 $11,236 
The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the condensed consolidated statements of operations.
To determine the fair value of the contingent earn-out consideration liability, the Company used the discounted cash flow method. The significant inputs used in the fair value measurement of the contingent earn-out consideration liability are the discount rate and the timing and amounts of the future payments, which are based upon estimates of future achievement of the performance metrics. As these inputs are not based on observable market data, they represent a Level 3 measurement within the fair value hierarchy. Changes in the significant inputs used would significantly impact the fair value of the contingent earn-out consideration liability.