Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Information about financial assets measured at fair value on recurring basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2021 and March 31, 2021 based on the three-tier fair value hierarchy (in thousands):

	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	139,891	$	—	$	—	$	139,891
Short-term investments:
Certificates of deposit	—		93,720		—		93,720
Commercial paper	—		32,049		—		32,049
Corporate notes and bonds	—		88,864		—		88,864
U.S. treasury securities	319,319		—		—		319,319
Restricted cash:
Money market funds	5,775		—		—		5,775
Total	$	464,985	$	214,633	$	—	$	679,618
Included in cash and cash equivalents							$	139,891
Included in short-term investments							$	533,952
Included in restricted cash							$	5,775
	Fair Value Measurements as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	101,626	$	—	$	—	$	101,626
Short-term investments:
Certificates of deposit	—		48,099		—		48,099
Commercial paper	—		11,681		—		11,681
Corporate notes and bonds	—		39,873		—		39,873
U.S. treasury securities	475,601		—		—		475,601
Restricted cash:
Money market funds	5,642		—		—		5,642
Total	$	582,869	$	99,653	$	—	$	682,522
Included in cash and cash equivalents							$	101,626
Included in short-term investments							$	575,254
Included in restricted cash							$	5,642

Available-for-sale securities

The following table presents the Company’s available-for-sale securities as of December 31, 2021 (in thousands):

	Available-for-sale Investments as of December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
Certificates of deposit	$	93,800	$	3	$	(83)	$	93,720
Commercial paper	32,067		2		(20)		32,049
Corporate notes and bonds	89,381		14		(531)		88,864
U.S. treasury securities	319,954		279		(914)		319,319
Total available-for-sale investments	$	535,202	$	298	$	(1,548)	$	533,952

The following table presents the Company’s available-for-sale securities as of March 31, 2021 (in thousands):

	Available-for-sale Investments as of March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
Certificates of deposit	$	48,100	$	18	$	(19)	$	48,099
Commercial paper	11,676		5		—		11,681
Corporate notes and bonds	39,620		261		(8)		39,873
U.S. treasury securities	474,171		1,575		(145)		475,601
Total available-for-sale investments	$	573,567	$	1,859	$	(172)	$	575,254

Classification of available-for-sale short-term investments by contractual maturities

The following table classifies the Company’s available-for-sale short-term investments by contractual maturities as of December 31, 2021 and March 31, 2021 (in thousands):

	December 31, 2021		March 31, 2021
Due within one year	$	357,579	$	299,032
Due after one year and within three years	176,373		276,222
Total	$	533,952	$	575,254