v3.26.1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities.
Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
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 and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
As of June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $74,041 $— $74,041 
Corporate notes and bonds— 4,000 — 4,000 
Money market funds186,289 — — 186,289 
Total cash equivalents186,289 78,041 — 264,330 
Marketable securities:
Commercial paper— 1,027 — 1,027 
Corporate notes and bonds— 289,600 — 289,600 
U.S. government and agency securities123,558 — — 123,558 
Total marketable securities123,558 290,627 — 414,185 
Total cash equivalents and marketable securities$309,847 $368,668 $— $678,515 
As of March 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $8,498 $— $8,498 
Money market funds174,953 — — 174,953 
Total cash equivalents174,953 8,498 — 183,451 
Marketable securities:
Commercial paper— 11,312 — 11,312 
Corporate notes and bonds— 390,773 — 390,773 
U.S. government and agency securities124,338 3,000 — 127,338 
Total marketable securities124,338 405,085 — 529,423 
Total cash equivalents and marketable securities$299,291 $413,583 $— $712,874 
Liabilities:
Contingent earn-out consideration liability$— $— $5,910 $5,910 
Total contingent earn-out consideration liability$— $— $5,910 $5,910 
During the three months ended June 30, 2026 and 2025, the Company had no transfers between levels of the fair value hierarchy.
Contingent Earn-out Consideration Liability
The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):
Three Months Ended June 30,
20262025
Beginning fair value$5,910 $11,493 
Additions in the period— — 
Change in fair value90 168 
Payments(6,000)(6,000)
Ending fair value$— $5,661 
The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the condensed consolidated statements of operations. During the three months ended June 30, 2026, the Company made the final payment of $6 million to fully settle the contingent earn-out consideration liability, leaving no remaining obligation.