Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Information about financial assets measured at fair value on recurring basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2022 and March 31, 2022 based on the three-tier fair value hierarchy (in thousands):

	Fair Value Measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	104,290	$	—	$	—	$	104,290
Short-term investments:
Certificates of deposit	—		126,843		—		126,843
Commercial paper	—		25,821		—		25,821
Corporate notes and bonds	—		91,166		—		91,166
U.S. treasury securities	320,001		—		—		320,001
Restricted cash:
Money market funds	5,775		—		—		5,775
Total	$	430,066	$	243,830	$	—	$	673,896
Included in cash and cash equivalents							$	104,290
Included in short-term investments							$	563,831
Included in restricted cash							$	5,775
	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	109,327	$	—	$	—	$	109,327
Short-term investments:
Certificates of deposit	—		126,885		—		126,885
Commercial paper	—		27,861		—		27,861
Corporate notes and bonds	—		85,065		—		85,065
U.S. treasury securities	320,173		—		—		320,173
Restricted cash:
Money market funds	5,775		—		—		5,775
Total	$	435,275	$	239,811	$	—	$	675,086
Included in cash and cash equivalents							$	109,327
Included in short-term investments							$	559,984
Included in restricted cash							$	5,775

Available-for-sale securities

The following table presents the Company’s available-for-sale securities as of June 30, 2022 (in thousands):

	Available-for-sale Investments as of June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
Certificates of deposit	$	127,500	$	—	$	(657)	$	126,843
Commercial paper	25,911		—		(90)		25,821
Corporate notes and bonds	93,978		—		(2,812)		91,166
U.S. treasury securities	324,684		—		(4,683)		320,001
Total available-for-sale investments	$	572,073	$	—	$	(8,242)	$	563,831

The following table presents the Company’s available-for-sale securities as of March 31, 2022 (in thousands):

	Available-for-sale Investments as of March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
Certificates of deposit	$	127,500	$	—	$	(615)	$	126,885
Commercial paper	27,946		—		(85)		27,861
Corporate notes and bonds	87,259		—		(2,194)		85,065
U.S. treasury securities	323,584		79		(3,490)		320,173
Total available-for-sale investments	$	566,289	$	79	$	(6,384)	$	559,984

Classification of available-for-sale short-term investments by contractual maturities

The following table classifies the Company’s available-for-sale short-term investments by contractual maturities as of June 30, 2022 and March 31, 2022 (in thousands):

	June 30, 2022		March 31, 2022
Due within one year	$	347,947	$	354,774
Due after one year and within three years	215,884		205,210
Total	$	563,831	$	559,984