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FAIR VALUE MEASUREMENTS
 6 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring fair value measurements
The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, prepaid expenses and other, accounts payable, and accrued expenses and other current liabilities, approximate fair value because of their short maturities.
We follow a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of "observable inputs" and minimize the use of "unobservable inputs." The three levels of inputs used to measure fair value are as follows:
•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•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. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.
The table below segregates all assets and liabilities that are measured at fair value on a recurring basis (which is measured at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.

September 30, 2024
 Quoted prices
in active
markets for
identical
assets
(level 1)		Significant
other
observable
inputs
(level 2)		Significant
unobservable
inputs
(level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds$489.8 $— $— $489.8 
Bank-time deposits87.8 — — 87.8 
Short-term investments:
Bank-time deposits3.5 — — 3.5 
Restricted cash and cash equivalents:
Money market funds342.7 — — 342.7 
Bank-time deposits0.5 — — 0.5 
Restricted cash and cash equivalents, long term:
Money market funds86.0 — — 86.0 
Other assets:
Private equity— — 26.0 26.0 
Equity securities7.0 — — 7.0 
Total financial assets$1,017.3 $— $26.0 $1,043.3 
Liabilities:
Accrued expenses and other current liabilities:
Contingent earn-out consideration$— $— $0.5 $0.5 
Other-long term liabilities:
Contingent earn-out consideration — — 2.8 2.8 
Long-term debt, net:
Convertible notes— 26.0 — 26.0 
Total financial liabilities$— $26.0 $3.3 $29.3 
 
March 31, 2024
 Quoted prices in active markets for identical assets (level 1)Significant other observable inputs (level 2)Significant unobservable inputs (level 3)Total
Assets:
Cash and cash equivalents:
Money market funds$177.5 $— $— $177.5 
Bank-time deposits64.8 — — 64.8 
Short-term investments:
Bank-time deposits22.0 — — 22.0 
Restricted cash and cash equivalents:
Money market funds238.3 — — 238.3 
Bank-time deposits0.5 — — 0.5 
Restricted cash and cash equivalents, long term:
Money market funds95.9 — — 95.9 
Other assets:
Private equity— — 26.8 26.8 
Total financial assets$599.0 $— $26.8 $625.8 
Liabilities:
Accrued expenses and other current liabilities:
Contingent earn-out consideration$— $— $12.4 $12.4 
Other long-term liabilities:
Contingent earn-out consideration— — 0.7 0.7 
Short-term debt, net:
Convertible notes— 24.6 — 24.6 
Long-term debt, net:
Convertible notes— 25.9 — 25.9 
Total financial liabilities$— $50.5 $13.1 $63.6 
We did not have any transfers between Level 1 and Level 2 fair value measurements, nor did we have any transfers into or out of Level 3 during the six months ended September 30, 2024.
Nonrecurring fair value measurements
We hold equity investments in certain unconsolidated entities without a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in each of the privately-held affiliates, and we do not maintain significant influence over or control of the entities. We have elected the practical expedient in Topic 321, Investments-Equity Securities, to measure these investments at cost less any impairment, adjusted for observable price changes, if any. Based on these considerations, we estimate that the carrying value of the acquired shares represents the fair value of the investment. At September 30, 2024, and March 31, 2024, we held $8.0 and $8.0, respectively, of such investments in Other assets within our Condensed Consolidated Balance Sheet.