v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Cash and cash equivalents were as follows (in thousands):
As of March 31, 2026
Fair ValueCash and Cash EquivalentsRestricted Cash
(Current & Non-current)
Cash$74,645 $72,943 $1,702 
Level 1:
Money market funds20,317 20,317 — 
Total assets$94,962 $93,260 $1,702 
As of March 31, 2025
Fair ValueCash and Cash EquivalentsRestricted Cash
(Current & Non-current)
Cash$64,765 $63,953 $812 
Level 1:
Money market funds24,559 24,097 462 
Total assets$89,324 $88,050 $1,274 
As of March 31, 2024, cash, cash equivalents and restricted cash of $116.7 million included $116.3 million and $0.5 million of cash and cash equivalents, restricted cash and non-current restricted cash, respectively.
To support its current operations, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The restricted cash component is related to accrued holdbacks for business combinations (see Note 1, The Company and Significant Accounting Policies).
The Company uses the Black-Scholes option-pricing valuation model to value its detachable warrants from inception and at each reporting period. During the three months ended March 31, 2026, the Company used historical volatility to determine the fair value of the warrants liability due to the low trading volume and moneyness assessment as of March 31, 2026. Changes in the fair values of the detachable warrants liability are recorded as a gain (loss) on warrants remeasurement within other income (expense), net in the consolidated statements of operations and comprehensive income (loss).
The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 8, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of March 31, 2026 and March 31, 2025 (dollars in thousands):
March 31, 2026March 31, 2025
Estimated fair value of detachable warrants$233 $1,096 
Unobservable inputs:
Stock volatility78.8 %79.8 %
Risk-free rate3.7 %3.9 %
Expected term1.3 years2.4 years
As of March 31, 2026 and March 31, 2025, the estimated fair value of the Company's convertible senior notes due in 2028 was $187.7 million and $171.1 million, respectively (see Note 8, Convertible Senior Notes and Term Loan). The fair value of the convertible senior notes was determined based on the closing price of each of the securities on the last trading day of the reporting period, and each is Level 2 in the fair value hierarchy due to limited trading activity of the debt instruments. As of March 31, 2026 and 2025, the carrying value of the Company's Term Loan approximates its estimated fair value.