v3.26.3
Investments and Fair Value Measurements
 6 Months Ended
Sep. 30, 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 condensed consolidated balance sheets (in thousands):
September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$85,019 $2 $(407)$84,614 
Corporate debt securities26,159 3 (122)26,040 
Commercial paper4,664 1 (2)4,663 
U.S. government agency securities1,250 — — 1,250 
Total$117,092 $6 $(531)$116,567 
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 
Unrealized gains and losses on available-for-sale securities, 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 securities and it is more likely than not that the Company will not be required to sell these securities before recovery of their amortized cost basis. Based on the evaluation of available evidence, the Company does not believe any unrealized losses on its marketable securities as of September 30, 2026 represent credit losses.
As of September 30, 2026, the fair values of available-for-sale securities, excluding those securities classified within “Cash and cash equivalents” in the condensed consolidated balance sheets, by remaining contractual maturity were as follows (in thousands):
September 30, 2026
Due within one year$56,498 
Due in one year through five years45,642 
   Total$102,140 
The Company offers a non-qualified deferred compensation plan to eligible U.S. employees and directors. The Company held $3.5 million and $2.2 million of mutual funds that are associated with this plan and were classified as restricted trading securities as of September 30, 2026 and March 31, 2026, respectively. These securities are not included in the tables above but are included as marketable securities in the condensed consolidated balance sheets.
The Company recorded interest income from its cash, cash equivalents, and marketable securities of $13.1 million and $13.5 million for the three months ended September 30, 2026 and 2025, respectively, and $22.2 million and $26.0 million for the six months ended September 30, 2026 and 2025, respectively.
The following tables present the Company’s financial assets that have been measured at fair value on a recurring basis as of September 30, 2026 and March 31, 2026 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
September 30, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,513,618 $— $— $1,513,618 
U.S. treasury securities— 12,432 — 12,432 
Commercial paper— 1,995 — 1,995 
Marketable securities:
Mutual funds3,470 — — 3,470 
U.S. treasury securities— 72,182 — 72,182 
Corporate debt securities— 26,040 — 26,040 
Commercial paper— 2,668 — 2,668 
U.S. government agency securities— 1,250 — 1,250 
Total financial assets$1,517,088 $116,567 $— $1,633,655 
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 
The fair value of the exchangeable notes is determined based on quoted prices in inactive markets, which is considered a Level 2 valuation input. See Note 8, Long-term Debt, for further details.