Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2022

Schedule of financial assets that are recorded at fair value on a recurring basis

The following tables present the Company’s financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:


	As of June 30, 2022
	(In thousands)
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
Assets:
Level 1:
Money market funds	$	1,280	$	—	$	—	$	1,280
Securities held in deferred compensation plan (1)	1,099		(142)		75		1,032
Subtotal	2,379		(142)		75		2,312
Level 2:
US Treasuries	2,400		—		—		2,400
Subtotal	2,400		—		—		2,400
Total	$	4,779	$	(142)	$	75	$	4,712

Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,102	$	(146)	$	82	$	1,038
Subtotal	1,102		(146)		82		1,038
Level 3:
Contingent consideration (3)	255		—		—		255
Subtotal	255		—		—		255
Total	$	1,357	$	(146)	$	82	$	1,293


	As of March 31, 2022
	(In thousands)
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
Assets:
Level 1:
Money market funds	$	71	$	—	$	—	$	71
Securities held in deferred compensation plan (1)	998		(106)		73		965
Subtotal	1,069		(106)		73		1,036

Level 2:
Commercial paper	7,499		—		—		7,499
US Treasuries	7,798		—		—		7,798
Subtotal	15,297		—		—		15,297
Total	$	16,366	$	(106)	$	73	$	16,333

Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,013	$	(106)	$	72	$	979
Subtotal	1,013		(106)		72		979
Level 3:
Contingent consideration (3)	600		—		—		600
Subtotal	600		—		—		600
Total	$	1,613	$	(106)	$	72	$	1,579

(1) Included in prepaid expenses and other current assets on the Company’s balance sheet.

(2) Included in accrued payroll and related expenses on the Company’s balance sheet.

(3) Included short-term portion in accrued liabilities and long-term portion in other long-term liabilities on the Company’s balance sheet. As of June 30, 2022, the balance of contingent consideration was all short-term and included in accrued liabilities on the Company's balance sheet.

Assumptions Used in Preparing Contingent Consideration Representing Level 3 Fair Value Measurement

The contingent consideration representing Level 3 fair value measurement was prepared using the following assumptions:


Assumptions
Risk free rate			0.14%
Counter party risk premium			8.20%
Revenue WACC			5.10%
Revenue volatility			25.00%