FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

17. FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS:

The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.

•Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table details the fair value measurements within the fair value hierarchy of the Company's financial assets and liabilities at September 30, 2025 and March 31, 2025 that are measured at fair value on a recurring basis (dollars in thousands):

	September 30, 2025
	Cash and Cash Equivalents		Short-Term Investments		Other Current Assets		Total
Cash	$	33,003	$	—	$	—	$	33,003
Level 1:
Money market funds	336,443		—		—		336,443
Assets of non-qualified retirement plan	—		—		17,748		17,748
Certificates of deposit	—		7,500		—		7,500
Equity securities	—		—		399		399
Total	$	369,446	$	7,500	$	18,147	$	395,093
	March 31, 2025
	Cash and Cash Equivalents		Short-Term Investments		Other Current Assets		Total
Cash	$	25,402	$	—	$	—	$	25,402
Level 1:
Money market funds	387,929		—		—		387,929
Assets of non-qualified retirement plan	—		—		15,913		15,913
Certificates of deposit	—		7,500		—		7,500
Equity securities	—		—		446		446
Total	$	413,331	$	7,500	$	16,359	$	437,190

For certain financial instruments, including accounts receivable and accounts payable, the carrying amounts approximate their fair value due to the relatively short maturity of these balances.

The Company held $3.6 million and $3.2 million of strategic investments without readily determinable fair values at September 30, 2025 and March 31, 2025, respectively (see Note 6). Strategic investments consist of non-controlling equity investments in privately held companies. These investments are accounted for under the cost method of accounting and are included in other assets on the condensed consolidated balance sheets. During the six months ended September 30, 2025, the Company recorded $0.1 million in strategic investment impairment charges that is recorded in other expense in the condensed consolidated statement of operations. There were no impairment charges during the six months ended September 30, 2024.