Fair Value Measurements |
9 Months Ended |
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Dec. 31, 2023 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements Equity securities without readily determinable fair values
During the three months ended December 31, 2023, the Company purchased certain non-marketable equity securities for total proceeds of $9,138. As of December 31, 2023 and March 31, 2023, the carrying value of the Company’s investments in equity securities without readily determinable fair values totaled $17,637 and $8,499, respectively, and is included in “Other non-current assets” in the accompanied consolidated balance sheet. The Company’s investments in these equity securities without readily determinable fair values represents a strategic
investment in one of the largest independent Android application stores.
As the non-marketable equity securities are investments in a privately held company without a readily determinable fair value, the Company elected the measurement alternative to account for these investments. Under the measurement alternative, the carrying value of the non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. Any changes in carrying value are recorded within other income (loss), net in the Company's condensed consolidated statement of operations.
For the three and nine months ended December 31, 2023, there were no adjustments to the carrying value of equity securities without readily determinable fair values.
Fair Value Measurements
The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.
Level 3. Significant unobservable inputs which are supported by little or no market activity.
As of December 31, 2023 and March 31, 2023, Level 1 equity securities recorded at fair value were $546 and $0, respectively, and are classified as other non-current assets.
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