FAIR VALUE MEASUREMENTS

3 Months Ended

Jun. 30, 2019

Cash, cash equivalents, and available-for-sale investments (in thousands):



	Amortized		Gross Unrealized		Gross Unrealized			Estimated		Cash and Cash		Short-Term		Long-Term
As of June 30, 2019	Costs		Gain		Loss			Fair Value		Equivalents		Investments		Investments
Cash	$	23,533	$	—	$	—		$	23,533	$	23,533	$	—	$	—
Level 1:
Money market funds	240,905		—		—			240,905		240,905		—		—
Treasury securities	2,910		2		—			2,912		—		—		2,912
Subtotal	267,348		2		—			267,350		264,438		—		2,912
Level 2:
Corporate bonds	40,128		122		(3		)	40,247		—		23,613		16,634
Commercial paper	6,176		—		(2		)	6,174		4,587		1,587		—
Municipal securities	2,098		23		—			2,121		—		—		2,121
Agency bond	2,289		—		(3		)	2,286		—		2,286		—
Subtotal	50,691		145		(8		)	50,828		4,587		27,486		18,755
Total assets	$	318,039	$	147	$	(8	)	$	318,178	$	269,025	$	27,486	$	21,667



	Amortized		Gross Unrealized		Gross Unrealized			Estimated		Cash and Cash		Short-Term
As of March 31, 2019	Costs		Gain		Loss			Fair Value		Equivalents		Investments
Cash	$	25,364	$	—	$	—		$	25,364	$	25,364	$	—
Level 1:
Money market funds	251,219		—		—			251,219		251,219		—
Subtotal	276,583		—		—			276,583		276,583		—
Level 2:
Corporate debt	46,516		51		(29		)	46,538		—		46,538
Municipal securities	5,511		17		—			5,528		—		5,528
Asset backed securities	13,596		9		(17		)	13,588		—		13,588
Agency bond	4,260		—		(15		)	4,245		—		4,245
Subtotal	69,883		77		(61		)	69,899		—		69,899
Total assets	$	346,466	$	77	$	(61	)	$	346,482	$	276,583	$	69,899

Contractual maturities of investments as of June 30, 2019 are set forth below (in thousands):



	Estimated
	Fair Value
Due within one year	$	27,486
Due after one year	21,667
Total	$	49,153

Historically, the Company had maintained all investments as short-term investments on its balance sheet, as the Company could liquidate these investments at any time and did not limit its liquidation of investments by contractual maturity date. Given the recent issuance of the convertible senior note, and the associated increased cash, cash equivalents and investment balances. The Company expects to hold certain investments for at least 12-months from the reporting date and will record these investments in either short-term or long-term investments in alignment with the contractual maturity dates.

As of June 30, 2019, the estimated fair value of the Company's outstanding convertible senior notes (the Notes) was $219.2 million. The fair value of the Notes was determined based on the closing price for the Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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