Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2022

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 March 31, 2022 and 2021 based on the three-tier fair value hierarchy (in thousands):


	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	109,327	$	—	$	—	$	109,327


Short-term investments:
Certificates of deposit	—		126,885		—		126,885
Commercial paper	—		27,861		—		27,861
Corporate notes and bonds	—		85,065		—		85,065
U.S. treasury securities	320,173		—		—		320,173

Restricted cash:
Money market funds	5,775		—		—		5,775
Total	$	435,275	$	239,811	$	—	$	675,086
Included in cash and cash equivalents							$	109,327
Included in short-term investments							$	559,984
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

Schedule of Debt Securities, Available-for-sale

The following table presents our available-for-sale securities as of March 31, 2022 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value



Short-term investments:
Certificates of deposit	$	127,500	$	—	$	(615)	$	126,885
Commercial paper	27,946		—		(85)		27,861
Corporate notes and bonds	87,259		—		(2,194)		85,065
U.S. treasury securities	323,584		79		(3,490)		320,173

Total available-for-sale investments	$	566,289	$	79	$	(6,384)	$	559,984

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


	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 March 31, 2022 and 2021 (in thousands):


	March 31, 2022		March 31, 2021
Due within one year	$	354,774	$	299,032
Due after one year and within three years	205,210		276,222
Total	$	559,984	$	575,254