Doximity (DOCS) 10-Q 8 Aug 24 2025 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40508
Entity Registrant Name	Doximity, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2485512
Entity Address, Address Line One	500 3rd St.
Entity Address, Address Line Two	Suite 510
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	650
Local Phone Number	549-4330
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	DOCS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001516513
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		125,165,430
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,495,170

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 111,442	$ 96,785
Marketable securities	639,046	666,115
Accounts receivable, net of allowance for doubtful accounts of $1,597 and $1,893 at June 30, 2024 and March 31, 2024, respectively	120,910	101,332
Prepaid expenses and other current assets	37,068	48,709
Total current assets	908,466	912,941
Property and equipment, net	12,869	12,318
Deferred income tax assets	44,742	45,068
Operating lease right-of-use assets	11,852	12,332
Intangible assets, net	26,256	27,317
Goodwill	67,940	67,940
Other assets	1,333	1,458
Total assets	1,073,458	1,079,374
Current liabilities:
Accounts payable	1,656	2,253
Accrued expenses and other current liabilities	28,488	43,703
Deferred revenue, current	102,943	99,145
Operating lease liabilities, current	2,190	2,149
Total current liabilities	135,277	147,250
Deferred revenue, non-current	116	211
Operating lease liabilities, non-current	11,841	12,397
Contingent earn-out consideration liability, non-current	5,349	10,895
Other liabilities, non-current	7,295	7,224
Total liabilities	159,878	177,977
Commitments and contingencies (Note 11)
Stockholders' Equity
Preferred stock, $0.001 par value; 100,000 shares authorized as of June 30, 2024 and March 31, 2024, respectively; zero shares issued and outstanding as of June 30, 2024 and March 31, 2024, respectively	0	0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of June 30, 2024 and March 31, 2024, respectively; 185,704 and 186,562 shares issued and outstanding as of June 30, 2024 and March 31, 2024, respectively	186	187
Additional paid-in capital	841,470	823,885
Accumulated other comprehensive loss	(1,008)	(2,664)
Retained earnings	72,932	79,989
Total stockholders’ equity	913,580	901,397
Total liabilities and stockholders’ equity	$ 1,073,458	$ 1,079,374

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,597	$ 1,893
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	185,704,000	186,562,000
Common stock, outstanding (in shares)	185,704,000	186,562,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 126,676	$ 108,469
Cost of revenue	13,550	13,153
Gross profit	113,126	95,316
Operating expenses:
Research and development	22,574	21,931
Sales and marketing	35,244	34,455
General and administrative	9,255	9,247
Total operating expenses	67,073	65,633
Income from operations	46,053	29,683
Other income, net	7,116	4,839
Income before income taxes	53,169	34,522
Provision for income taxes	11,792	6,116
Net income	$ 41,377	$ 28,406
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.22	$ 0.15
Diluted (in dollars per share)	$ 0.21	$ 0.13
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic (in shares)	185,610	194,521
Diluted (in shares)	199,224	212,355

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 41,377	$ 28,406
Other comprehensive income
Change in unrealized gain on available-for-sale-securities, net of tax provision of $557 and $590, respectively	1,656	1,747
Comprehensive income	$ 43,033	$ 30,153

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Change in unrealized loss on available-for-sale-securities, tax benefit (provision)	$ (557)	$ (590)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Mar. 31, 2023		193,941
Beginning balance at Mar. 31, 2023	$ 966,116	$ 194	$ 762,150	$ (14,083)	$ 217,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12,959		12,959
Exercise of stock options (in shares)		1,251
Exercise of stock options	3,293	$ 1	3,292
Vesting of restricted stock units (in shares)		121
Tax withholding on shares under stock-based compensation awards	(1,964)		(1,964)
Repurchase and retirement of common stock, including excise tax (in shares)		(664)
Repurchase and retirement of common stock, including excise tax	(21,105)				(21,105)
Common stock warrant expense	1,335		1,335
Other comprehensive income	1,747			1,747
Net income	28,406				28,406
Ending balance (in shares) at Jun. 30, 2023		194,649
Ending balance at Jun. 30, 2023	990,787	$ 195	777,772	(12,336)	225,156
Beginning balance (in shares) at Mar. 31, 2024		186,562
Beginning balance at Mar. 31, 2024	901,397	$ 187	823,885	(2,664)	79,989
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 16,097		16,097
Exercise of stock options (in shares)	784	784
Exercise of stock options	$ 2,548	$ 1	2,547
Vesting of restricted stock units (in shares)		211
Tax withholding on shares under stock-based compensation awards	(2,394)		(2,394)
Repurchase and retirement of common stock, including excise tax (in shares)		(1,853)
Repurchase and retirement of common stock, including excise tax	(48,436)	$ (2)			(48,434)
Common stock warrant expense	1,335		1,335
Other comprehensive income	1,656			1,656
Net income	41,377				41,377
Ending balance (in shares) at Jun. 30, 2024		185,704
Ending balance at Jun. 30, 2024	$ 913,580	$ 186	$ 841,470	$ (1,008)	$ 72,932

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 41,377	$ 28,406
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,562	2,604
Stock-based compensation, net of amounts capitalized	17,090	14,001
Non-cash lease expense	481	537
Accretion of discount on marketable securities, net	(2,360)	(299)
Net loss on sale of marketable securities	0	273
Amortization of deferred contract costs	2,726	2,667
Change in fair value of contingent earn-out consideration liability	202	269
Other	(738)	(421)
Changes in operating assets and liabilities:
Accounts receivable	(19,372)	14,032
Prepaid expenses and other assets	10,460	2,589
Deferred contract costs	(1,431)	(1,210)
Accounts payable, accrued expenses and other liabilities	(12,942)	677
Deferred revenue	3,704	(6,922)
Operating lease liabilities	(516)	(3)
Net cash provided by operating activities	41,243	57,200
Cash flows from investing activities
Purchases of property and equipment	0	(70)
Internal-use software development costs	(1,704)	(1,494)
Purchases of marketable securities	(170,413)	(35,284)
Maturities of marketable securities	202,058	116,649
Sales of marketable securities	0	37,525
Net cash provided by investing activities	29,941	117,326
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options	2,551	3,285
Taxes paid related to net share settlement of equity awards	(2,394)	(1,964)
Repurchase of common stock	(51,214)	(21,755)
Payment of contingent consideration related to a business combination	(5,470)	(5,390)
Net cash used in financing activities	(56,527)	(25,824)
Net increase in cash and cash equivalents	14,657	148,702
Cash and cash equivalents, beginning of period	96,785	158,027
Cash and cash equivalents, end of period	111,442	306,729
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds	12,907	0
Non-cash financing and investing activities
Share repurchases included in accrued expenses	1,002	99
Excise tax payable on share repurchases	$ 1,713	$ 0

Description of Business

Description of Business	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Doximity, Inc. (the “Company”) was incorporated in the state of Delaware in April 2010 as 3MD Communications, Inc. and is headquartered in San Francisco, California. The Company subsequently changed its name to Doximity, Inc. in June 2010. The Company provides an online platform, which enables physicians and other healthcare professionals to collaborate with their colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. The Company’s customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company’s digital Marketing and Hiring Solutions. Marketing Solutions provide customers with the ability to share tailored content on the network. Hiring Solutions enable customers to identify, connect with, and hire from the network of both active and passive potential medical professional candidates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies of the Company during the three months ended June 30, 2024 as compared to those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and filed with the SEC on May 23, 2024. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three months ended June 30, 2024, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2025. Fiscal Year The Company’s fiscal year ends on March 31 st . Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates due to risks and uncertainties, including uncertainty in the current economic environment. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. No customer represented 10% or more of revenue for the three months ended June 30, 2024 and 2023. The Company’s significant customers that represented 10% or more of accounts receivable, net for the periods presented were as follows: Accounts Receivable, Net June 30, 2024 March 31, 2024 Customer A 14 % * Customer B 14 % 15 % _______________ * Less than 10% For the purpose of assessing the concentration of credit risk for significant customers, the Company defines a customer as an entity that purchases the Company’s services directly or indirectly through marketing agencies. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for the Company for its fiscal year beginning April 1, 2024, and for interim periods within the fiscal year beginning April 1, 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from the sale of subscriptions for the following solutions: • Marketing Solutions : Hosting of customer-sponsored content on the Doximity platform and providing access to the Company’s professional database of healthcare professionals for referral or marketing purposes during the subscription period. • Hiring Solutions : Providing customers access to the Company’s professional tools where recruiters can access the Company’s database of healthcare professionals, allowing customers to send messages for talent sourcing and to share job postings during the subscription period. The Company recognizes revenue through the following five steps: 1) Identify the contract with a customer The Company considers the terms and conditions of its contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined that the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, the customer’s credit and financial information. Contractual terms for Marketing Solutions contracts are generally 12 months or less. Customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones. Certain Marketing Solutions contracts are cancelable with a customary notice period. The Company does not refund customer payments, and customers are responsible for amounts invoiced where payment was not made upon cancellation. The contractual term for Hiring Solutions contracts is generally 12 months. Hiring Solutions contracts are noncancelable and customers are billed in annual, quarterly, or monthly installments in advance of the service period. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. Marketing Solutions customers may purchase a subscription for a specific module to be used over a defined period of time. These customers may purchase more than one module with either the same or different subscription periods. Modules are the core building blocks of the customers’ marketing plan and can be broadly categorized as Awareness, Interactivity, and Peer. As an example, the Company’s Awareness modules may include a sponsored article, short animated videos or other short-form content that is presented to the targeted member. Each module targets a consistent number of Doximity members per month for the duration of the subscription period. The Company treats each subscription to a specific module as a distinct performance obligation because each module is capable of being distinct as the customer can benefit from the subscription to each module on their own and each subscription can be sold standalone. Furthermore, the subscriptions to individual modules are distinct in the context of the contract as (1) the Company is not integrating the services with other services promised in the contract into a bundle of services that represent a combined output, (2) the subscriptions to specific modules do not significantly modify or customize the subscription to another module, and (3) the specific modules are not highly interdependent or highly interrelated. The subscription to each module is treated as a series of distinct performance obligations because it is distinct and substantially the same, satisfied over time, and has the same measure of progress. Marketing Solutions customers may also purchase integrated subscriptions for a fixed subscription fee that are not tied to a single module but allow customers to utilize any combination of modules during the subscription period, subject to limits on the total number of modules launched in a given period of time, active at any given time, and members targeted. These represent stand-ready obligations in that the delivery of the underlying sponsored content is within the control of the customer and the extent of use in any given period does not diminish the remaining services. Subscriptions to Hiring Solutions provide customers access to the platform to place targeted job postings and send a fixed number of monthly messages. Each subscription is treated as a series of distinct performance obligations that are satisfied over time. 3) Determine the transaction price The transaction price is determined based on the consideration the Company expects to be entitled to in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company may generate sales through the use of third-party media agencies that are authorized to enter into contracts on behalf of an end customer. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the customer and is primarily responsible for the fulfillment that occurs through the Company’s platform. The Company records revenue for the amount to which it is entitled from the third-party media agencies as the Company does not know and expects not to know the price charged by the third-party media agencies to its customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price (“SSP”). The determination of a SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on historical arrangements sold on a standalone basis. To the extent historical sales are not available or do not provide sufficient evidence, the Company estimates the SSP by taking into account overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the type of services being sold, and other factors. The Company believes the use of its estimation approach and allocation of the transaction price on a relative SSP basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. 5) Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized when or as control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Subscriptions represent a series of distinct goods or services because the performance obligations are satisfied over time as customers simultaneously receive and consume the benefits related to the services as the Company performs. In the case of module specific subscriptions, a consistent level of service is provided during each monthly period the sponsored content is available on the Company’s platform. The Company commences revenue recognition when the first content is launched on the platform for the initial monthly period and revenue is recognized over time as each subsequent content period is delivered. The Company’s obligation for its integrated subscriptions is to stand-ready throughout the subscription period; therefore, the Company considers an output method of time to measure progress towards satisfaction of its obligations, with revenue commencing upon the beginning of the subscription period. The Company treats Hiring Solutions subscriptions as a single performance obligation that represents a series of distinct performance obligations that is satisfied over time. Revenue recognition commences when the customer receives access to the services and is recognized ratably over the subscription period. Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Revenue is recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenue Disaggregation Revenue consisted of the following (in thousands): Three Months Ended June 30, 2024 2023 Subscription $ 119,968 $ 101,255 Other 6,708 7,214 Total revenue $ 126,676 $ 108,469 Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Marketing Solutions customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones, starting when the tailored content is first shared on the Doximity platform. Hiring Solutions customers are generally billed periodically throughout the service period. The Company’s contracts do not contain significant financing components. The Company records unbilled revenue when revenue is recognized in amounts for which it is contractually entitled but exceeds the amounts the Company has a right to bill as of the end of the period. The Company records unbilled revenue on the condensed consolidated balance sheets within prepaid expenses and other current assets. The Company’s unbilled revenue balances were $2.6 million and $2.3 million as of June 30, 2024 and March 31, 2024, respectively. Deferred revenue consists of noncancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Since the majority of the Company’s contracts have a duration of one year or less, the Company has elected not to disclose remaining performance obligations in accordance with the optional exemption in ASC 606. Remaining performance obligations for contracts with an original duration greater than one year are not material. Revenue recognized for the three months ended June 30, 2024 and 2023 from amounts included in deferred revenue as of the beginning of the period was $69.4 million and $70.2 million, respectively. Deferred Contract Costs The Company capitalizes sales compensation that is considered to be an incremental and recoverable cost of obtaining a contract with a customer. The Company pays commissions based on signing new arrangements with customers and upon renewals and expansion of existing contracts with customers. Deferred compensation is generally amortized over the weighted-average contractual term, ranging from 7 months to 14 months. The portion of deferred compensation expected to be recognized within one year of the balance sheet date is included in prepaid expenses and other current assets, and the remaining portion is recorded as other assets on the condensed consolidated balance sheets. The amortization of deferred contract costs is included in sales and marketing expense in the condensed consolidated statements of operations. Sales compensation that is not considered an incremental cost is expensed in the same period that it was earned. The Company capitalized $1.4 million and $1.2 million of contract acquisition costs for the three months ended June 30, 2024, and 2023 respectively. Amortization of deferred contract costs was $2.7 million for the three months ended June 30, 2024 and 2023. As of June 30, 2024, the Company’s current and non-current deferred contract cost balances were $3.7 million and $0.5 million, respectively. As of March 31, 2024, the Company’s current and non-current deferred contract cost balances were $5.0 million and $0.4 million, respectively.

Investments

Investments	3 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands): As of June 30, 2024 Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,181 $ — $ (1) $ 2,180 Money market funds 99,415 — — 99,415 Total cash equivalents 101,596 — (1) 101,595 Marketable securities: Commercial paper 41,608 — (32) 41,576 Corporate notes and bonds 351,230 110 (414) 350,926 U.S. government and agency securities 247,556 23 (1,035) 246,544 Total marketable securities 640,394 133 (1,481) 639,046 Total cash equivalents and marketable securities $ 741,990 $ 133 $ (1,482) $ 740,641 As of June 30, 2024, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 442,355 Due in one to two years 198,871 Total $ 641,226 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands): As of March 31, 2024 Cost or Gross Gross Fair Value Cash equivalents: Corporate notes and bonds $ 1,180 $ — $ — $ 1,180 Money market funds 83,049 — — 83,049 Total cash equivalents 84,229 — — 84,229 Marketable securities: Asset-backed securities 121 — — 121 Commercial paper 70,804 1 (50) 70,755 Corporate notes and bonds 225,880 133 (191) 225,822 Sovereign bonds 7,749 — (73) 7,676 U.S. government and agency securities 365,123 2 (3,384) 361,741 Total marketable securities 669,677 136 (3,698) 666,115 Total cash equivalents and marketable securities $ 753,906 $ 136 $ (3,698) $ 750,344 As of June 30, 2024 and March 31, 2024, the Company has recognized accrued interest of $4.5 million and $3.8 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets. The unrealized losses associated with the Company’s debt securities were $1.5 million and $3.7 million as of June 30, 2024 and March 31, 2024, respectively. As the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of June 30, 2024 or March 31, 2024. The Company did not recognize any credit losses related to the Company’s debt securities as of June 30, 2024 or March 31, 2024. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $486.8 million and $547.5 million as of June 30, 2024 and March 31, 2024, respectively. The following tables summarize the gross unrealized losses and fair values of investments in an unrealized loss position, aggregated by security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): As of June 30, 2024 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross Commercial paper $ 43,756 $ (33) $ — $ — $ 43,756 $ (33) Corporate notes and bonds 232,976 (414) — — 232,976 (414) U.S. government and agency securities 85,304 (245) 124,793 (790) 210,097 (1,035) Total $ 362,036 $ (692) $ 124,793 $ (790) $ 486,829 $ (1,482) As of March 31, 2024 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross Asset-backed securities $ — $ — $ 121 $ — $ 121 $ — Commercial paper 67,336 (50) — — 67,336 (50) Corporate notes and bonds 131,443 (191) — — 131,443 (191) Sovereign bonds — — 7,676 (73) 7,676 (73) U.S. government and agency securities 81,130 (139) 259,784 (3,245) 340,914 (3,384) Total $ 279,909 $ (380) $ 267,581 $ (3,318) $ 547,490 $ (3,698)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,180 $ — $ 2,180 Money market funds 99,415 — — 99,415 Total cash equivalents 99,415 2,180 — 101,595 Marketable securities: Commercial paper — 41,576 — 41,576 Corporate notes and bonds — 350,926 — 350,926 U.S. government and agency securities 240,561 5,983 — 246,544 Total marketable securities 240,561 398,485 — 639,046 Total cash equivalents and marketable securities $ 339,976 $ 400,665 $ — $ 740,641 Liabilities: Contingent earn-out consideration liability $ — $ — $ 11,015 $ 11,015 Total contingent earn-out consideration liability $ — $ — $ 11,015 $ 11,015 As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Corporate notes and bonds $ — $ 1,180 $ — $ 1,180 Money market funds 83,049 — — 83,049 Total cash equivalents 83,049 1,180 — 84,229 Marketable securities: Asset-backed securities — 121 — 121 Commercial paper — 70,755 — 70,755 Corporate notes and bonds — 225,822 — 225,822 Sovereign bonds — 7,676 — 7,676 U.S. government and agency securities 355,804 5,937 — 361,741 Total marketable securities 355,804 310,311 — 666,115 Total cash equivalents and marketable securities $ 438,853 $ 311,491 $ — $ 750,344 Liabilities: Contingent earn-out consideration liability $ — $ — $ 16,813 $ 16,813 Total contingent earn-out consideration liability $ — $ — $ 16,813 $ 16,813 During the three months ended June 30, 2024 and 2023, the Company had no transfers between levels of the fair value hierarchy. Contingent Earn-out Consideration Liability The following table summarizes the changes in the contingent earn-out consideration liability (in thousands): Three Months Ended June 30, 2024 2023 Beginning fair value $ 16,813 $ 21,862 Additions in the period — — Change in fair value 202 269 Payments (6,000) (6,000) Ending fair value $ 11,015 $ 16,131 The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2024 March 31, 2024 Furniture and equipment $ 2,833 $ 2,833 Computers and software 745 745 Leasehold improvements 992 992 Internal-use software development costs 28,874 26,827 Total property and equipment 33,444 31,397 Less: accumulated depreciation and amortization (20,575) (19,079) Total property and equipment, net $ 12,869 $ 12,318 Depreciation and amortization expense on property and equipment for the three months ended June 30, 2024 and 2023 was $1.5 million and $1.4 million, respectively. Included in these amounts was amortization expense for internal-use software development costs of $1.3 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively. The amortization of the internal-use software development costs is included in cost of revenue in the condensed consolidated statements of operations. During the three months ended June 30, 2024 and 2023, the Company capitalized $2.0 million and $1.8 million, respectively, of internal-use software development costs, which are included in property and equipment, net in the condensed consolidated balance sheets. No impairment was recognized on property and equipment during the three months ended June 30, 2024 and 2023.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2024 March 31, 2024 Accrued commissions $ 4,396 $ 5,404 Accrued payroll, bonus, and related expenses 7,459 8,513 Employee contributions under employee stock purchase plan 1,436 496 Rebate liabilities 2,145 995 Sales and other tax liabilities 3,038 2,978 Current portion of contingent earn-out consideration liability 5,666 5,918 Share repurchase liability 1,002 4,000 Transferable federal tax credits payable — 11,040 Other 3,346 4,359 Total accrued expenses and other current liabilities $ 28,488 $ 43,703

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets Intangible assets, net consisted of the following (in thousands): June 30, 2024 March 31, 2024 Customer relationships $ 37,069 $ 37,069 Other intangibles 1,531 1,531 Total intangible assets 38,600 38,600 Less: accumulated amortization (12,344) (11,283) Total intangible assets, net $ 26,256 $ 27,317 Amortization expense for intangible assets was $1.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively. No impairment charges on intangible assets were recorded during the three months ended June 30, 2024 and 2023. As of June 30, 2024, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2025 $ 3,184 2026 4,012 2027 4,010 2028 4,010 2029 4,010 2030 4,010 Thereafter 3,020 Total future amortization expense $ 26,256 Goodwill As of June 30, 2024 and March 31, 2024, the Company’s goodwill balance was $67.9 million. No impairment charges on goodwill were recorded during the three months ended June 30, 2024 and 2023.

Equity

Equity	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity	Equity Preferred Stock In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of June 30, 2024 and March 31, 2024, there were no shares of preferred stock issued and outstanding. Common Stock and Creation of Dual-Class Structure The Company has two classes of common stock authorized: Class A common stock and Class B common stock, and are collectively referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. On June 8, 2021, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation which authorized 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends, as may be declared by the board of directors. Each of the Company’s 85,523,836 shares of then-existing common stock outstanding was reclassified into Class B common stock. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. As of June 30, 2024, there were 125,207,608 shares of Class A common stock, and 60,496,570 shares of Class B common stock outstanding. Stock Repurchase Program The Company’s board of directors previously authorized various programs to repurchase up to $410 million of the Company’s Class A common stock. Under these programs, the Company repurchased and retired 16,480,514 shares of Class A common stock. All of these programs were completed as of April 2024. On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock with no expiration date. As of June 30, 2024, the Company repurchased and retired 281,570 shares of Class A common stock under this program for an aggregate purchase price of $7.9 million. As of June 30, 2024, $492.1 million remained available and authorized for repurchase. All repurchases are subject to general business and market conditions and other investment opportunities and may be executed through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares shall be retired by the Company and shall automatically return to the status of authorized but unissued shares of Class A common stock. Effective January 1, 2023, the Company’s share repurchases in excess of allowable share issuances are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. To date, the Company has incurred excise taxes of $1.7 million, all of which remained unpaid as of June 30, 2024. Common Stock Warrants In March 2017, the Company issued a warrant to purchase 250,000 shares of common stock at an exercise price of $0.72 per share in connection with a contract signed between the Company and U.S. News & World Report, L.P., or U.S. News. All shares under the warrant were exercised as of March 31, 2024 for an aggregate intrinsic value of $6.7 million. In October 2021, the Company issued a warrant to U.S. News (the “U.S. News Warrant”) to purchase 516,000 shares of Class A common stock with an exercise price of $12.56 per share in connection with the execution of a commercial agreement with U.S. News. The U.S. News Warrant expires 10 years from the date of grant. The first tranche of the U.S. News Warrant vested on May 1, 2022 and the remainder will vest on a monthly basis over approximately 6 years. The grant-date fair value of the U.S. News Warrant was $34.7 million, which was determined using the Black-Scholes option-pricing model on the date of grant. The fair value of the warrant is recognized as expense in cost of revenue in the condensed consolidated statements of operations on a straight-line basis over its vesting term of 6.48 years. During the three months ended June 30, 2024 and 2023, $1.3 million was recognized as stock-based compensation expense relating to the U.S. News Warrant. As of June 30, 2024, unamortized stock-based compensation expense related to the unvested warrants was $20.1 million, which is expected to be recognized over the remaining vesting period of 3.75 years. Equity Incentive Plans The Company maintains three equity incentive plans: the 2010 Equity Incentive Plan (the “2010 Plan”), the 2021 Stock Option and Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “ESPP”). Upon IPO, the 2021 Plan became effective and the 2010 Plan was terminated. The 2010 Plan continues to govern the terms of outstanding awards that were granted prior to the termination of the 2010 Plan. The 2021 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company. The Company granted stock options under the terms of the Plans and outside of the Plans, as approved by the board of directors. During fiscal 2018, the Company granted 4,682,582 options outside of the Plans, of which 2,044,582 options were exercised and 2,638,000 were outstanding as of June 30, 2024. The Company has shares of common stock reserved for issuance as follows (in thousands): June 30, 2024 Common stock warrants 516 2010 Plan Options outstanding 14,017 2021 Plan Awards outstanding 3,962 Shares available for future grant 41,076 2021 ESPP 9,867 Options outstanding outside the plans 2,638 Total 72,076 Stock Options Stock options granted generally vest over four years with service-based, performance-based, and/or market-based conditions and expire ten years from the date of grant. Stock option activities within the Plans as well as outside of the Plans were as follows: Number of Shares Weighted-Average Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance, March 31, 2024 17,480 $ 4.60 5.72 $ 389,931 Options exercised (784) 3.25 Options forfeited or expired (41) 7.29 Balance, June 30, 2024 16,655 4.66 5.54 388,230 Vested and exercisable as of June 30, 2024 11,860 3.45 5.14 290,780 Vested and expected to vest as of June 30, 2024 16,655 4.66 5.54 388,230 The aggregate intrinsic value of options exercised during the three months ended June 30, 2024 and 2023 was $18.8 million and $38.5 million, respectively. As of June 30, 2024, unamortized stock-based compensation expense related to unvested stock options was $19.1 million, which is expected to be recognized over a weighted-average period of 2.45 years. The Company has not granted any stock options since the first quarter of fiscal 2022. Restricted Stock Units (“RSUs”) RSUs granted by the Company generally vest over three The following table summarizes RSU activity (in thousands, except per share information): Number of Shares Weighted- Unvested balance, March 31, 2024 2,093 $ 33.79 Granted 1,847 23.85 Vested (312) 31.32 Forfeited (39) 30.02 Unvested balance, June 30, 2024 3,589 28.93 The total fair value of RSUs vested during the three months ended June 30, 2024 and 2023 was $7.4 million and $6.1 million, respectively. As of June 30, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $95.3 million, which is expected to be recognized over a weighted-average period of 2.58 years. Performance-Based Restricted Stock Units (“PSUs”) The Company did not grant any PSUs during the three months ended June 30, 2024. During the three months ended June 30, 2024, 1,095 PSUs vested and as of June 30, 2024, the performance targets for 65,559 PSUs were met which will vest on August 15, 2024. As of June 30, 2024, the unamortized stock-based compensation expense related to unvested PSUs was $2.2 million. The amount to be recognized will be based on the extent the performance metrics are achieved. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, 2024 2023 Cost of revenue $ 2,894 $ 2,461 Research and development 4,684 3,256 Sales and marketing 6,586 5,995 General and administrative 2,926 2,289 Total stock-based compensation expense $ 17,090 $ 14,001

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Net Income Per Share Attributable to Common Stockholders The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data): Three Months Ended June 30, 2024 2023 Numerator Net income $ 41,377 $ 28,406 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 185,610 194,521 Dilutive effect of stock options 13,297 17,474 Dilutive effect of common stock warrants — 122 Dilutive effect of other share-based awards 317 238 Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 199,224 212,355 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.22 $ 0.15 Diluted $ 0.21 $ 0.13 Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended June 30, 2024 2023 Other share-based awards 1,631 870 Common stock warrants 516 516 Total 2,147 1,386

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, clients, business partners, landlords, and other parties involved in the performance of the Company’s services. Pursuant to these arrangements, the Company has agreed to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. The Company maintains commercial general liability insurance and product liability insurance that may offset certain of its potential liabilities under these indemnification provisions. In addition, the Company has agreed to indemnify its officers and directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no material claims under these indemnification provisions. Legal Matters Beginning in April 2024, the Company and certain of our directors and officers have been named in lawsuits in the United States District Court for the Northern District of California. The first lawsuit captioned In re Doximity, Inc. Securities Litigation, No. 4:24-cv-02281-JST (N.D. Cal.) is a putative securities class action brought on behalf of our investors from February 9, 2022 and April 1, 2024 and asserts claims against the Company, our CEO and CFO for misrepresentations and omissions about our growth and profitability. The second lawsuit captioned Dalton v. Doximity, Inc., et al. (May 9, 2024) is brought derivatively on behalf of the Company, and asserts claims for, among other things, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste against certain of our directors and officers on a similar basis to the securities lawsuit. Other similar lawsuits or proceedings may be initiated in the future. The defendants intend to defend vigorously against these actions. In light of, among other things, the early stage of the litigation, the Company is unable to predict the outcome of these matters and is unable to reasonably estimate the amount or range of loss, if any, that could result from an unfavorable outcome.

Leases

Leases	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company has non-cancelable operating leases for the rental of office space with various expiration dates through 2030. The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2024 2023 Operating lease cost $ 631 $ 701 Variable lease cost 6 20 Total lease cost $ 637 $ 721 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended June 30, 2024 2023 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 666 $ 167 Supplemental balance sheet information related to leases was as follows: June 30, 2024 March 31, 2024 Weighted-average remaining lease term (in years) 5.86 6.09 Weighted-average discount rate 4.18 % 4.18 % Maturities of operating lease liabilities as of June 30, 2024 were as follows (in thousands): Remainder of 2025 $ 2,051 2026 2,687 2027 2,497 2028 2,605 2029 2,667 Thereafter 3,385 Total future lease payments $ 15,892 Less: imputed interest (1,861) Present value of lease liabilities $ 14,031

Other Income, net

Other Income, net	3 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Income, net	Other Income, net Other income, net consisted of the following (in thousands): Three Months Ended June 30, 2024 2023 Interest income $ 7,168 $ 5,018 Net loss on sale of marketable securities — (273) Other income (expense) (52) 94 Other income, net $ 7,116 $ 4,839

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company’s effective tax rates for the three months ended June 30, 2024 and 2023 were 22.2% and 17.7%, respectively. The Company's effective tax rate differs from the U.S. federal statutory rate, primarily due to state income taxes, stock-based compensation related tax benefits, which are subject to limitations for certain executive officers under IRC section 162(m), and federal and state research and development tax credits. The Company’s effective tax rate is based on forecasted annual income before income taxes which may fluctuate through the rest of the year.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company considers operating segments to be components of the Company in which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The chief operating decision maker reviews financial information on a consolidated basis to make decisions about how to allocate resources and how to measure the Company’s performance. As such, the Company has determined that it has one operating and reportable segment. Substantially all of the Company’s long-lived assets were based in the United States as of June 30, 2024 and March 31, 2024. No country outside of the United States accounted for more than 10% of total revenue for the three months ended June 30, 2024 and 2023. Substantially all of the Company’s revenue was derived in the United States for the three months ended June 30, 2024 and 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 41,377	$ 28,406

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
Principles of Consolidation	The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three months ended June 30, 2024, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2025.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on March 31 st . Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates due to risks and uncertainties, including uncertainty in the current economic environment.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for the Company for its fiscal year beginning April 1, 2024, and for interim periods within the fiscal year beginning April 1, 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
Fair Value Measurements	Fair Value Measurements Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net	The Company’s significant customers that represented 10% or more of accounts receivable, net for the periods presented were as follows: Accounts Receivable, Net June 30, 2024 March 31, 2024 Customer A 14 % * Customer B 14 % 15 % _______________ * Less than 10%

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue consisted of the following (in thousands): Three Months Ended June 30, 2024 2023 Subscription $ 119,968 $ 101,255 Other 6,708 7,214 Total revenue $ 126,676 $ 108,469

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments	The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands): As of June 30, 2024 Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,181 $ — $ (1) $ 2,180 Money market funds 99,415 — — 99,415 Total cash equivalents 101,596 — (1) 101,595 Marketable securities: Commercial paper 41,608 — (32) 41,576 Corporate notes and bonds 351,230 110 (414) 350,926 U.S. government and agency securities 247,556 23 (1,035) 246,544 Total marketable securities 640,394 133 (1,481) 639,046 Total cash equivalents and marketable securities $ 741,990 $ 133 $ (1,482) $ 740,641 The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands): As of March 31, 2024 Cost or Gross Gross Fair Value Cash equivalents: Corporate notes and bonds $ 1,180 $ — $ — $ 1,180 Money market funds 83,049 — — 83,049 Total cash equivalents 84,229 — — 84,229 Marketable securities: Asset-backed securities 121 — — 121 Commercial paper 70,804 1 (50) 70,755 Corporate notes and bonds 225,880 133 (191) 225,822 Sovereign bonds 7,749 — (73) 7,676 U.S. government and agency securities 365,123 2 (3,384) 361,741 Total marketable securities 669,677 136 (3,698) 666,115 Total cash equivalents and marketable securities $ 753,906 $ 136 $ (3,698) $ 750,344
Contractual Maturities of Available-For-Sale Debt Securities	As of June 30, 2024, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 442,355 Due in one to two years 198,871 Total $ 641,226
Gross Unrealized Losses and Fair Values of Investments in an Unrealized Loss Position	The following tables summarize the gross unrealized losses and fair values of investments in an unrealized loss position, aggregated by security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): As of June 30, 2024 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross Commercial paper $ 43,756 $ (33) $ — $ — $ 43,756 $ (33) Corporate notes and bonds 232,976 (414) — — 232,976 (414) U.S. government and agency securities 85,304 (245) 124,793 (790) 210,097 (1,035) Total $ 362,036 $ (692) $ 124,793 $ (790) $ 486,829 $ (1,482) As of March 31, 2024 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross Asset-backed securities $ — $ — $ 121 $ — $ 121 $ — Commercial paper 67,336 (50) — — 67,336 (50) Corporate notes and bonds 131,443 (191) — — 131,443 (191) Sovereign bonds — — 7,676 (73) 7,676 (73) U.S. government and agency securities 81,130 (139) 259,784 (3,245) 340,914 (3,384) Total $ 279,909 $ (380) $ 267,581 $ (3,318) $ 547,490 $ (3,698)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,180 $ — $ 2,180 Money market funds 99,415 — — 99,415 Total cash equivalents 99,415 2,180 — 101,595 Marketable securities: Commercial paper — 41,576 — 41,576 Corporate notes and bonds — 350,926 — 350,926 U.S. government and agency securities 240,561 5,983 — 246,544 Total marketable securities 240,561 398,485 — 639,046 Total cash equivalents and marketable securities $ 339,976 $ 400,665 $ — $ 740,641 Liabilities: Contingent earn-out consideration liability $ — $ — $ 11,015 $ 11,015 Total contingent earn-out consideration liability $ — $ — $ 11,015 $ 11,015 As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Corporate notes and bonds $ — $ 1,180 $ — $ 1,180 Money market funds 83,049 — — 83,049 Total cash equivalents 83,049 1,180 — 84,229 Marketable securities: Asset-backed securities — 121 — 121 Commercial paper — 70,755 — 70,755 Corporate notes and bonds — 225,822 — 225,822 Sovereign bonds — 7,676 — 7,676 U.S. government and agency securities 355,804 5,937 — 361,741 Total marketable securities 355,804 310,311 — 666,115 Total cash equivalents and marketable securities $ 438,853 $ 311,491 $ — $ 750,344 Liabilities: Contingent earn-out consideration liability $ — $ — $ 16,813 $ 16,813 Total contingent earn-out consideration liability $ — $ — $ 16,813 $ 16,813
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in the contingent earn-out consideration liability (in thousands): Three Months Ended June 30, 2024 2023 Beginning fair value $ 16,813 $ 21,862 Additions in the period — — Change in fair value 202 269 Payments (6,000) (6,000) Ending fair value $ 11,015 $ 16,131

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, 2024 March 31, 2024 Furniture and equipment $ 2,833 $ 2,833 Computers and software 745 745 Leasehold improvements 992 992 Internal-use software development costs 28,874 26,827 Total property and equipment 33,444 31,397 Less: accumulated depreciation and amortization (20,575) (19,079) Total property and equipment, net $ 12,869 $ 12,318

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2024 March 31, 2024 Accrued commissions $ 4,396 $ 5,404 Accrued payroll, bonus, and related expenses 7,459 8,513 Employee contributions under employee stock purchase plan 1,436 496 Rebate liabilities 2,145 995 Sales and other tax liabilities 3,038 2,978 Current portion of contingent earn-out consideration liability 5,666 5,918 Share repurchase liability 1,002 4,000 Transferable federal tax credits payable — 11,040 Other 3,346 4,359 Total accrued expenses and other current liabilities $ 28,488 $ 43,703

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible assets, net consisted of the following (in thousands): June 30, 2024 March 31, 2024 Customer relationships $ 37,069 $ 37,069 Other intangibles 1,531 1,531 Total intangible assets 38,600 38,600 Less: accumulated amortization (12,344) (11,283) Total intangible assets, net $ 26,256 $ 27,317
Future Amortization Expense	As of June 30, 2024, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2025 $ 3,184 2026 4,012 2027 4,010 2028 4,010 2029 4,010 2030 4,010 Thereafter 3,020 Total future amortization expense $ 26,256

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Common Stock Reserved for Issuance	The Company has shares of common stock reserved for issuance as follows (in thousands): June 30, 2024 Common stock warrants 516 2010 Plan Options outstanding 14,017 2021 Plan Awards outstanding 3,962 Shares available for future grant 41,076 2021 ESPP 9,867 Options outstanding outside the plans 2,638 Total 72,076
Stock Option Activity	Stock option activities within the Plans as well as outside of the Plans were as follows: Number of Shares Weighted-Average Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance, March 31, 2024 17,480 $ 4.60 5.72 $ 389,931 Options exercised (784) 3.25 Options forfeited or expired (41) 7.29 Balance, June 30, 2024 16,655 4.66 5.54 388,230 Vested and exercisable as of June 30, 2024 11,860 3.45 5.14 290,780 Vested and expected to vest as of June 30, 2024 16,655 4.66 5.54 388,230
Restricted Stock Unit Activity	The following table summarizes RSU activity (in thousands, except per share information): Number of Shares Weighted- Unvested balance, March 31, 2024 2,093 $ 33.79 Granted 1,847 23.85 Vested (312) 31.32 Forfeited (39) 30.02 Unvested balance, June 30, 2024 3,589 28.93
Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, 2024 2023 Cost of revenue $ 2,894 $ 2,461 Research and development 4,684 3,256 Sales and marketing 6,586 5,995 General and administrative 2,926 2,289 Total stock-based compensation expense $ 17,090 $ 14,001

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share, Basic and Diluted	The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data): Three Months Ended June 30, 2024 2023 Numerator Net income $ 41,377 $ 28,406 Denominator Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic 185,610 194,521 Dilutive effect of stock options 13,297 17,474 Dilutive effect of common stock warrants — 122 Dilutive effect of other share-based awards 317 238 Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted 199,224 212,355 Net income per share attributable to Class A and Class B common stockholders: Basic $ 0.22 $ 0.15 Diluted $ 0.21 $ 0.13
Antidilutive Securities Excluded from Computation of Net Income Per Share	Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands): Three Months Ended June 30, 2024 2023 Other share-based awards 1,631 870 Common stock warrants 516 516 Total 2,147 1,386

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Components of Lease Expense and Supplemental Cash Flow/Balance Sheet Information Related to Leases	The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2024 2023 Operating lease cost $ 631 $ 701 Variable lease cost 6 20 Total lease cost $ 637 $ 721 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended June 30, 2024 2023 Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 666 $ 167 Supplemental balance sheet information related to leases was as follows: June 30, 2024 March 31, 2024 Weighted-average remaining lease term (in years) 5.86 6.09 Weighted-average discount rate 4.18 % 4.18 %
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2024 were as follows (in thousands): Remainder of 2025 $ 2,051 2026 2,687 2027 2,497 2028 2,605 2029 2,667 Thereafter 3,385 Total future lease payments $ 15,892 Less: imputed interest (1,861) Present value of lease liabilities $ 14,031

Other Income, net (Tables)

Other Income, net (Tables)	3 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Income, Net	Other income, net consisted of the following (in thousands): Three Months Ended June 30, 2024 2023 Interest income $ 7,168 $ 5,018 Net loss on sale of marketable securities — (273) Other income (expense) (52) 94 Other income, net $ 7,116 $ 4,839

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer Concentration Risk - Accounts Receivable, Net	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Customer A
Concentration Risk [Line Items]
Concentration risk	14%
Customer B
Concentration Risk [Line Items]
Concentration risk	14%	15%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Unbilled revenue	$ 2,600,000		$ 2,300,000
Deferred revenue expected to be recognized, period (within)	12 months
Revenue recognized from deferred revenue	$ 69,400,000	$ 70,200,000
Capitalized contract acquisition costs	1,400,000	1,200,000
Deferred contract costs, amortization	2,726,000	2,667,000
Capitalized contract cost, net, current	3,700,000		5,000,000
Capitalized contract cost, net, noncurrent	500,000		$ 400,000
Deferred contract costs, impairment losses	$ 0	$ 0
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Minimum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	7 months
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Maximum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	14 months
Subscription, Marketing Solutions
Disaggregation of Revenue [Line Items]
Contractual term	12 months
Subscription, Hiring Solutions
Disaggregation of Revenue [Line Items]
Contractual term	12 months

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 126,676	$ 108,469
Subscription
Disaggregation of Revenue [Line Items]
Revenue	119,968	101,255
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 6,708	$ 7,214

Investments - Cost, Gross Unrea

Investments - Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Cash equivalents:
Cost or Amortized Cost	$ 101,596	$ 84,229
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Total cash equivalents	101,595	84,229
Marketable securities:
Cost or Amortized Cost	640,394	669,677
Gross Unrealized Gains	133	136
Gross Unrealized Losses	(1,481)	(3,698)
Fair Value	639,046	666,115
Total cash and cash equivalents and marketable securities, Cost or amortized cost	741,990	753,906
Total cash and cash equivalents and marketable securities, Gross unrealized gains	133	136
Total cash and cash equivalents and marketable securities, Gross unrealized Losses	(1,482)	(3,698)
Total cash equivalents and marketable securities	740,641	750,344
Asset-backed securities
Marketable securities:
Cost or Amortized Cost		121
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		121
Commercial paper
Marketable securities:
Cost or Amortized Cost	41,608	70,804
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(32)	(50)
Fair Value	41,576	70,755
Corporate notes and bonds
Marketable securities:
Cost or Amortized Cost	351,230	225,880
Gross Unrealized Gains	110	133
Gross Unrealized Losses	(414)	(191)
Fair Value	350,926	225,822
Sovereign bonds
Marketable securities:
Cost or Amortized Cost		7,749
Gross Unrealized Gains		0
Gross Unrealized Losses		(73)
Fair Value		7,676
U.S. government and agency securities
Marketable securities:
Cost or Amortized Cost	247,556	365,123
Gross Unrealized Gains	23	2
Gross Unrealized Losses	(1,035)	(3,384)
Fair Value	246,544	361,741
Commercial paper
Cash equivalents:
Cost or Amortized Cost	2,181
Gross Unrealized Gains	0
Gross Unrealized Losses	(1)
Total cash equivalents	2,180
Corporate notes and bonds
Cash equivalents:
Cost or Amortized Cost		1,180
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Total cash equivalents		1,180
Money market funds
Cash equivalents:
Cost or Amortized Cost	99,415	83,049
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Total cash equivalents	$ 99,415	$ 83,049

Investments - Contractual Matur

Investments - Contractual Maturities of Available-For-Sale Debt Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 442,355
Due in one to two years	198,871
Total	$ 641,226

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Accrued interest	$ 4,500,000	$ 3,800,000
Debt securities, gross unrealized losses	1,481,000	3,698,000
Impairment on debt securities	0	0
Debt securities credit losses	0	0
Debt securities, available-for-sale, unrealized loss position	$ 486,829,000	$ 547,490,000

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Values of Investments in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Fair Value
Less than 12 months	$ 362,036	$ 279,909
12 months or greater	124,793	267,581
Total, fair value	486,829	547,490
Gross Unrealized Losses
Less than 12 months	(692)	(380)
12 months or greater	(790)	(3,318)
Total, unrealized losses	(1,482)	(3,698)
Asset-backed securities
Fair Value
Less than 12 months		0
12 months or greater		121
Total, fair value		121
Gross Unrealized Losses
Less than 12 months		0
12 months or greater		0
Total, unrealized losses		0
Commercial paper
Fair Value
Less than 12 months	43,756	67,336
12 months or greater	0	0
Total, fair value	43,756	67,336
Gross Unrealized Losses
Less than 12 months	(33)	(50)
12 months or greater	0	0
Total, unrealized losses	(33)	(50)
Corporate notes and bonds
Fair Value
Less than 12 months	232,976	131,443
12 months or greater	0	0
Total, fair value	232,976	131,443
Gross Unrealized Losses
Less than 12 months	(414)	(191)
12 months or greater	0	0
Total, unrealized losses	(414)	(191)
Sovereign bonds
Fair Value
Less than 12 months		0
12 months or greater		7,676
Total, fair value		7,676
Gross Unrealized Losses
Less than 12 months		0
12 months or greater		(73)
Total, unrealized losses		(73)
U.S. government and agency securities
Fair Value
Less than 12 months	85,304	81,130
12 months or greater	124,793	259,784
Total, fair value	210,097	340,914
Gross Unrealized Losses
Less than 12 months	(245)	(139)
12 months or greater	(790)	(3,245)
Total, unrealized losses	$ (1,035)	$ (3,384)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 101,595	$ 84,229
Total marketable securities	639,046	666,115
Total cash equivalents and marketable securities	740,641	750,344
Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		121
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	41,576	70,755
Corporate notes and bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	350,926	225,822
Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		7,676
U.S. government and agency securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	246,544	361,741
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	2,180
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	99,415	83,049
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	101,595	84,229
Total marketable securities	639,046	666,115
Total cash equivalents and marketable securities	740,641	750,344
Liabilities:
Contingent earn-out consideration liability	11,015	16,813
Total contingent earn-out consideration liability	11,015	16,813
Fair Value, Recurring | Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		121
Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	41,576	70,755
Fair Value, Recurring | Corporate notes and bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents		1,180
Total marketable securities	350,926	225,822
Fair Value, Recurring | Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		7,676
Fair Value, Recurring | U.S. government and agency securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	246,544	361,741
Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	2,180
Fair Value, Recurring | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	99,415	83,049
Level 1 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	99,415	83,049
Total marketable securities	240,561	355,804
Total cash equivalents and marketable securities	339,976	438,853
Liabilities:
Contingent earn-out consideration liability	0	0
Total contingent earn-out consideration liability	0	0
Level 1 | Fair Value, Recurring | Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		0
Level 1 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	0	0
Level 1 | Fair Value, Recurring | Corporate notes and bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents		0
Total marketable securities	0	0
Level 1 | Fair Value, Recurring | Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		0
Level 1 | Fair Value, Recurring | U.S. government and agency securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	240,561	355,804
Level 1 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0
Level 1 | Fair Value, Recurring | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	99,415	83,049
Level 2 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	2,180	1,180
Total marketable securities	398,485	310,311
Total cash equivalents and marketable securities	400,665	311,491
Liabilities:
Contingent earn-out consideration liability	0	0
Total contingent earn-out consideration liability	0	0
Level 2 | Fair Value, Recurring | Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		121
Level 2 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	41,576	70,755
Level 2 | Fair Value, Recurring | Corporate notes and bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents		1,180
Total marketable securities	350,926	225,822
Level 2 | Fair Value, Recurring | Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		7,676
Level 2 | Fair Value, Recurring | U.S. government and agency securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	5,983	5,937
Level 2 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	2,180
Level 2 | Fair Value, Recurring | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 3 | Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Total marketable securities	0	0
Total cash equivalents and marketable securities	0	0
Liabilities:
Contingent earn-out consideration liability	11,015	16,813
Total contingent earn-out consideration liability	11,015	16,813
Level 3 | Fair Value, Recurring | Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		0
Level 3 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	0	0
Level 3 | Fair Value, Recurring | Corporate notes and bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents		0
Total marketable securities	0	0
Level 3 | Fair Value, Recurring | Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Total marketable securities		0
Level 3 | Fair Value, Recurring | U.S. government and agency securities
Assets, Fair Value Disclosure [Abstract]
Total marketable securities	0	0
Level 3 | Fair Value, Recurring | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0
Level 3 | Fair Value, Recurring | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Earn-Out Consideration Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 16,813	$ 21,862
Additions in the period	0	0
Change in fair value	202	269
Payments	(6,000)	(6,000)
Ending fair value	$ 11,015	$ 16,131

Property and Equipment, Net - T

Property and Equipment, Net - Total Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 33,444	$ 31,397
Less: accumulated depreciation and amortization	(20,575)	(19,079)
Total property and equipment, net	12,869	12,318
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,833	2,833
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	745	745
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	992	992
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 28,874	$ 26,827

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,500,000	$ 1,400,000
Amortization of internal-use software development costs	1,300,000	1,200,000
Capitalized internal-use software development costs	2,000,000	1,800,000
Impairment charges	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued commissions	$ 4,396	$ 5,404
Accrued payroll, bonus, and related expenses	7,459	8,513
Employee contributions under employee stock purchase plan	1,436	496
Rebate liabilities	2,145	995
Sales and other tax liabilities	3,038	2,978
Current portion of contingent earn-out consideration liability	5,666	5,918
Share repurchase liability	1,002	4,000
Transferable federal tax credits payable	0	11,040
Other	3,346	4,359
Total accrued expenses and other current liabilities	$ 28,488	$ 43,703

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 38,600	$ 38,600
Less: accumulated amortization	(12,344)	(11,283)
Intangible assets, net	26,256	27,317
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	37,069	37,069
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,531	$ 1,531

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,100,000	$ 1,200,000
Impairment of intangible assets	0	0
Goodwill	67,940,000		$ 67,940,000
Goodwill impairment	$ 0	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 3,184
2026	4,012
2027	4,010
2028	4,010
2029	4,010
2030	4,010
Thereafter	3,020
Intangible assets, net	$ 26,256	$ 27,317

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended	18 Months Ended	24 Months Ended
	Jun. 08, 2021 vote $ / shares shares	Oct. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) plan class $ / shares shares	Jun. 30, 2024 USD ($) plan class $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2018 shares	Jun. 30, 2024 USD ($) plan class $ / shares shares	Apr. 30, 2024 shares	May 01, 2024 USD ($)	Mar. 31, 2024 $ / shares shares	Oct. 26, 2023 USD ($)	Jun. 01, 2023 USD ($)	Oct. 28, 2022 USD ($)	May 12, 2022 USD ($)	Jun. 30, 2021 $ / shares shares	Mar. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)			100,000,000	100,000,000			100,000,000			100,000,000					100,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001			$ 0.001			$ 0.001					$ 0.001
Preferred stock, outstanding (in shares)			0	0			0			0
Preferred stock, issued (in shares)			0	0			0			0
Number of classes of common stock | class			2	2			2
Common stock, authorized (in shares)			1,500,000,000	1,500,000,000			1,500,000,000			1,500,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001			$ 0.001			$ 0.001
Common stock, outstanding (in shares)			185,704,000	185,704,000			185,704,000			186,562,000
Stock repurchase program, authorized amount | $									$ 500,000		$ 410,000	$ 410,000	$ 410,000	$ 410,000
Repurchase and retirement of common stock (in shares)			281,570					16,480,514
Repurchase and retirement of common stock | $			$ 7,900	$ 48,436	$ 21,105
Stock repurchase program, remaining authorized repurchase amount | $			$ 492,100	$ 492,100			$ 492,100
Repurchase and retirement of common stock, excise taxes | $							$ 1,700
Number of shares called by warrants (in shares)			516,000	516,000			516,000
Stock based compensation expense | $				$ 17,090	14,001
Number of equity incentive plans | plan			3	3			3
Options outstanding in period (in shares)			16,655,000	16,655,000			16,655,000			17,480,000
Aggregate intrinsic value of options | $				$ 18,800	38,500
Unamortized compensation expense, option | $			$ 19,100	$ 19,100			$ 19,100
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, weighted average period of recognition				2 years 5 months 12 days
Award vesting period				4 years
Expiration period from the date of grant				10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense excluding option | $			$ 95,300	$ 95,300			$ 95,300
Unamortized compensation expense, weighted average period of recognition				2 years 6 months 29 days
Total fair value of non-option instrument | $				$ 7,400	$ 6,100
Other than options granted in period (in shares)				1,847,000
Outstanding unvested (in shares)			3,589,000	3,589,000			3,589,000			2,093,000
Vested (in shares)				312,000
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period (in shares)				0
Outstanding unvested (in shares)			65,559	65,559			65,559
Vested (in shares)				1,095
Unamortized compensation expense, option, non option | $			$ 2,200	$ 2,200			$ 2,200
Approved by Board of Directors, Outside of Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)						4,682,582
Options exercised (in shares)			2,044,582	2,044,582			2,044,582
Options outstanding in period (in shares)			2,638,000	2,638,000			2,638,000
Contract With U.S. News & World Report, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants (in shares)																250,000
Exercise price called by warrants (in dollars per share) | $ / shares																$ 0.72
Warrants exercised in period , intrinsic value | $				$ 6,700
U.S. News Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants (in shares)		516,000
Exercise price called by warrants (in dollars per share) | $ / shares		$ 12.56
Warrant outstanding, term		10 years
Warrants outstanding, vesting period		6 years 5 months 23 days
Fair value of warrant | $		$ 34,700
Stock based compensation expense | $				1,300
Unamortized stock-based compensation expense excluding option | $			$ 20,100	$ 20,100			$ 20,100
Unamortized compensation expense, weighted average period of recognition				3 years 9 months
U.S. News Warrant | Share-Based Payment Arrangement, Subsequent to Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding, vesting period		6 years
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)	1,000,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Common stock, number of votes per share | vote	1
Common stock, outstanding (in shares)			125,207,608	125,207,608			125,207,608
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)	500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Common stock, number of votes per share | vote	10
Conversion of stock, conversion ratio	1
Common stock, outstanding (in shares)			60,496,570	60,496,570			60,496,570
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock (in shares)	85,523,836

Equity - Common Stock Reserved

Equity - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2024	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock warrants (in shares)	516,000
Options outstanding (in shares)	16,655,000	17,480,000
Total (in shares)	72,076,000
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	14,017,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	3,962,000
Shares available for future grant (in shares)	41,076,000
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	9,867,000
Options outstanding outside the plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	2,638,000

Equity - Stock Option Activity

Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Number of Shares (in thousands)
Beginning balance (in shares)	17,480
Options exercised (in shares)	(784)
Options forfeited or expired (in shares)	(41)
Ending balance (in shares)	16,655	17,480
Vested and exercisable, at end of period (in shares)	11,860
Vested and expected to vest, at end of period (in shares)	16,655
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 4.60
Exercised (in dollars per share)	3.25
Forfeited or expired (in dollars per share)	7.29
Ending balance (in dollars per share)	4.66	$ 4.60
Weighted average exercise price, vested and exercisable at period end (in dollars per share)	3.45
Weighted average exercise price, vested and expected to vest at period end (in dollars per share)	$ 4.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Average remaining contractual term, outstanding	5 years 6 months 14 days	5 years 8 months 19 days
Average remaining contractual term, vested and exercisable at period end	5 years 1 month 20 days
Average remaining contractual term, vested and expected to vest at period end	5 years 6 months 14 days
Aggregate intrinsic value, outstanding	$ 388,230	$ 389,931
Aggregate intrinsic value, vested and exercisable at period end	290,780
Aggregate intrinsic value, vested and expected to vest at period end	$ 388,230

Equity - Restricted Stock Unit

Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	2,093
Granted (in shares) | shares	1,847
Vested (in shares) | shares	(312)
Forfeited (in shares) | shares	(39)
Ending balance (in shares) | shares	3,589
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 33.79
Granted (in dollars per share) | $ / shares	23.85
Vested (in dollars per share) | $ / shares	31.32
Forfeited (in dollars per share) | $ / shares	30.02
Ending balance (in dollars per share) | $ / shares	$ 28.93

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 17,090	$ 14,001
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	2,894	2,461
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	4,684	3,256
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	6,586	5,995
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 2,926	$ 2,289

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Net Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income	$ 41,377	$ 28,406
Denominator
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares)	185,610	194,521
Dilutive effect of common stock warrants (in shares)	0	122
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares)	199,224	212,355
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.22	$ 0.15
Diluted (in dollars per share)	$ 0.21	$ 0.13
Stock options
Denominator
Dilutive effect of share-based payment (in shares)	13,297	17,474
Other share-based awards
Denominator
Dilutive effect of share-based payment (in shares)	317	238

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation of Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	2,147	1,386
Other share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	1,631	870
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	516	516

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency	$ 0	$ 0

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 631	$ 701
Variable lease cost	6	20
Total lease cost	$ 637	$ 721

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows	$ 666	$ 167

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details)	Jun. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 10 months 9 days	6 years 1 month 2 days
Weighted-average discount rate	4.18%	4.18%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2025	$ 2,051
2026	2,687
2027	2,497
2028	2,605
2029	2,667
Thereafter	3,385
Total future lease payments	15,892
Less: imputed interest	(1,861)
Present value of lease liabilities	$ 14,031

Other Income, net (Details)

Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest income	$ 7,168	$ 5,018
Net loss on sale of marketable securities	0	(273)
Other income (expense)	(52)	94
Other income, net	$ 7,116	$ 4,839

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	22.20%	17.70%
Unrecognized tax benefits	$ 9.6		$ 9.3
Unrecognized tax benefits that would impact effective tax rate	$ 9.4

Segment and Geographic Inform_2

Segment and Geographic Information (Details)	3 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1