Fair Value Measurements (Tables)

6 Months Ended

Sep. 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 September 30, 2022 and March 31, 2022 based on the three-tier fair value hierarchy (in thousands):

	Fair Value Measurements as of September 30, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	375,809	$	—	$	—	$	375,809
Short-term investments:
Certificates of deposit	—		51,646		—		51,646
Commercial paper	—		2,926		—		2,926
Corporate notes and bonds	—		82,735		—		82,735
U.S. treasury securities	224,957		—		—		224,957
Restricted cash:
Money market funds	5,779		—		—		5,779
Total	$	606,545	$	137,307	$	—	$	743,852
Included in cash and cash equivalents							$	375,809
Included in short-term investments							$	362,264
Included in restricted cash							$	5,779
	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 September 30, 2022 (in thousands):

	Available-for-sale Investments as of September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
Certificates of deposit	$	52,000	$	—	$	(354)	$	51,646
Commercial paper	2,953		—		(27)		2,926
Corporate notes and bonds	86,193		—		(3,458)		82,735
U.S. treasury securities	231,243		—		(6,286)		224,957
Total available-for-sale investments	$	372,389	$	—	$	(10,125)	$	362,264

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 September 30, 2022 and March 31, 2022 (in thousands):

	September 30, 2022		March 31, 2022
Due within one year	$	230,113	$	354,774
Due after one year and within three years	132,151		205,210
Total	$	362,264	$	559,984