v3.25.4
Investments and Fair Value Measurements
 9 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s available-for-sale investments, including those securities classified within “Cash and cash equivalents” in the condensed consolidated balance sheets (in thousands):
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$107,564 $261 $(6)$107,819 
Corporate debt securities26,018 92 (4)26,106 
Commercial paper5,307 1 (1)5,307 
U.S. government agency securities15,440 5 (3)15,442 
Total$154,329 $359 $(14)$154,674 
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$108,045 $223 $(12)$108,256 
Corporate debt securities22,457 71 (14)22,514 
Commercial paper7,778 2 (1)7,779 
U.S. government agency securities12,744 2 (3)12,743 
Total$151,024 $298 $(30)$151,292 
Unrealized gains and losses on available-for-sale investments, net of tax, are included within accumulated other comprehensive loss in the condensed consolidated balance sheets. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of their amortized cost basis. Based on the evaluation of available evidence, the Company does not believe any unrealized losses on its investments as of December 31, 2025 represent credit losses.
As of December 31, 2025, the fair values of available-for-sale investments, excluding those securities classified within “Cash and cash equivalents” in the condensed consolidated balance sheets, are as follows by remaining contractual maturity (in thousands):
December 31, 2025
Due within one year$96,780 
Due in one year through five years56,400 
   Total$153,180 
The Company offers a non-qualified deferred compensation plan to eligible U.S. employees and directors. The Company held $1.9 million and $0.7 million of investments in mutual funds that are associated with this plan and were classified as restricted trading securities as of December 31, 2025 and March 31, 2025, respectively. These securities are not included in the tables above but are included as investments in the condensed consolidated balance sheets.
The following tables present the Company’s financial assets that have been measured at fair value on a recurring basis as of December 31, 2025 and March 31, 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$707,963 $— $— $707,963 
Commercial paper— 500 — 500 
U.S. government agency securities— 994 — 994 
Investments:
Mutual funds1,891 — — 1,891 
U.S. treasury securities— 107,819 — 107,819 
Corporate debt securities— 26,106 — 26,106 
Commercial paper— 4,807 — 4,807 
U.S. government agency securities— 14,448 — 14,448 
Total financial assets$709,854 $154,674 $— $864,528 
March 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$679,675 $— $— $679,675 
U.S. treasury securities— 1,577 — 1,577 
Commercial paper— 1,596 — 1,596 
U.S. government agency securities— 996 — 996 
Investments:
Mutual funds714 — — 714 
U.S. treasury securities— 106,679 — 106,679 
Corporate debt securities— 22,514 — 22,514 
Commercial paper— 6,183 — 6,183 
U.S. government agency securities— 11,747 — 11,747 
Total financial assets$680,389 $151,292 $— $831,681 
The Company recorded interest income from its cash, cash equivalents, and investments of $12.3 million and $12.0 million for the three months ended December 31, 2025 and 2024, respectively, and $38.3 million and $38.2 million for the nine months ended December 31, 2025 and 2024, respectively.