v3.26.1
Investments and Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
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 securities, including those securities classified within “Cash and cash equivalents” in the consolidated balance sheets (in thousands):
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$92,611 $74 $(105)$92,580 
Corporate debt securities25,491 23 (44)25,470 
U.S. government agency securities3,987 — (1)3,986 
Commercial paper2,588 — — 2,588 
Total$124,677 $97 $(150)$124,624 
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$108,045 $223 $(12)$108,256 
Corporate debt securities$22,457 $71 $(14)22,514 
U.S. government agency securities12,744 2 (3)12,743 
Commercial paper7,778 2 (1)7,779 
Total$151,024 $298 $(30)$151,292 
As of March 31, 2026, the fair values of available-for-sale securities by remaining contractual maturity are as follows (in thousands):
March 31, 2026
Due within one year$74,881 
Due in one year through five years49,743 
   Total$124,624 
The Company offers a non-qualified deferred compensation plan to eligible U.S. employees and directors. The Company held $2.2 million and $0.7 million of securities in mutual funds that are associated with this plan and were classified as restricted trading securities as of March 31, 2026 and 2025, respectively. These securities are not included in the tables above but are included as marketable securities in the 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 March 31, 2026 and 2025, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
March 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$528,169 $— $— $528,169 
Marketable securities:
Mutual funds2,165 — — 2,165 
U.S. treasury securities— 92,580 — 92,580 
Corporate debt securities— 25,470 — 25,470 
U.S. government agency securities— 3,986 — 3,986 
Commercial paper— 2,588 — 2,588 
Total financial assets$530,334 $124,624 $— $654,958 
March 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$679,675 $— $— $679,675 
U.S. treasury securities— 1,577 — 1,577 
U.S. government agency securities— 996 — 996 
Commercial paper— 1,596 — 1,596 
Marketable securities:
Mutual funds714 — — 714 
U.S. treasury securities— 106,679 — 106,679 
Corporate debt securities— 22,514 — 22,514 
U.S. government agency securities— 11,747 — 11,747 
Commercial paper— 6,183 — 6,183 
Total financial assets$680,389 $151,292 $— $831,681 
The Company recorded interest income from its cash, cash equivalents, and marketable securities of $48.6 million, $49.3 million, $38.7 million for the years ended March 31, 2026, 2025, and 2024, respectively.