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Balance Sheet Components

3 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

2 - Balance Sheet Components

Certain balance sheet components are as follows:

Accrued compensation and benefits consist of:


	As of
(in millions)	June 30, 2024		March 31, 2024
Accrued bonus, commissions, and cash awards	$	6	$	190
Accrued vacation and sabbatical	81		83
Accrued salaries and fringe benefits	10		25
Total accrued compensation and benefits	$	97	$	298

Other current liabilities consist of:


	As of
(in millions)	June 30, 2024		March 31, 2024
Employee related payroll taxes and payables (1)	$	362	$	674
Accrued expenses and fees	75		83
Electronic design automation liabilities	54		40
Trade payables including payables to related parties of $6 and $7 as of June 30, 2024 and March 31, 2024, respectively	46		26
Customer deposits	7		7
Finance lease liabilities	5		5
Total other current liabilities	$	549	$	835

(1) Employee related payroll taxes and payables are primarily related to vested restricted share units (“RSUs”) during the quarter and paid in the subsequent quarter.

Net Income (Loss) Per Share

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

11 - Net Income (Loss) Per Share

The following table presents a reconciliation of basic and diluted earnings per share computations for all periods presented:


	Three Months Ended June 30,
(in millions, except per share amounts)	2024		2023
Numerator:
Income (loss) attributable to ordinary shareholders — basic and diluted


Net income (loss)	$	223	$	105
Denominator:
Weighted average ordinary shares used to calculate income (loss) per share — basic (1)	1,044		1,025
Equity-classified shared-based awards	16		4
Weighted average ordinary shares used to calculate income (loss) per share — diluted	1,060		1,029
Income (loss) per share attributable to ordinary shareholders — basic


Net income (loss) per ordinary share - basic	$	0.21	$	0.10
Income (loss) per share attributable to ordinary shareholders — diluted


Net income (loss) per ordinary share - diluted	$	0.21	$	0.10
Securities excluded from diluted net income (loss) per ordinary share because their effect would have been anti-dilutive:
Restricted share units (2)	—		12
Performance share units (3)	1		—
Total	1		12

(1) For the three months ended June 30, 2024, includes weighted average ordinary shares for vested securities without restrictions that were not issued and outstanding as of the end of the reporting period.

(2) RSUs exclude certain awards which require cash settlement and do not allow for share settlement; however, for reporting periods prior to the Company’s initial public offering of ADSs (the “IPO”), RSUs include securities where change in control or an initial public offering was not probable to occur, and settlement was expected in cash upon the passage of time.

(3) Prior to the IPO, certain executive awards entitled participants to fixed monetary amounts where the quantity of securities was calculated based on the total fixed monetary amount divided by the closing average market price of ordinary shares. Upon the IPO, these awards entitle participants to a fixed number of ordinary shares calculated based on the total fixed monetary amount divided by the IPO price.

Share-based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation cost (credit)	$ 182	$ 158
Less: income tax effect	12	29
Net share-based compensation cost	170	129
Cost of sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation cost (credit)	6	6
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation cost (credit)	129	103
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation cost (credit)	$ 47	$ 49

Equity Investments - Schedule of Income (Loss) from Equity Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Equity investment in publicly listed company	$ 27	$ 0
Equity method investments	0	(10)
Non-marketable equity securities (includes NAV)	(3)	3
Total income (loss) from equity investments, net	$ 24	$ (7)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 939.0	$ 675.0
Cost of sales	(33.0)	(31.0)
Gross profit	906.0	644.0
Research and development	(485.0)	(337.0)
Selling, general and administrative	(239.0)	(196.0)
Total operating expense	(724.0)	(533.0)
Operating income (loss)	182.0	111.0
Income (loss) from equity investments, net	24.0	(7.0)
Interest income, net	32.0	24.0
Other non-operating income (loss), net	6.0	(1.0)
Income (loss) before income taxes	244.0	127.0
Income tax benefit (expense)	(21.0)	(22.0)
Net income (loss)	$ 223.0	$ 105.0
Net income (loss) per share attributable to ordinary shareholders
Basic (in USD per share)	$ 0.21	$ 0.10
Diluted (in USD per share)	$ 0.21	$ 0.10
Weighted average ordinary shares outstanding
Basic (in shares)	1,044,000,000	1,025,000,000
Diluted (in shares)	1,060,000,000	1,029,000,000
External Customers
Revenue	$ 815.0	$ 535.0
Related Parties
Revenue	$ 124.0	$ 140.0

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	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 earnings per share (in shares)	1,000,000	12,000,000
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	12,000,000
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000,000	0

Related Party Transactions	3 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	13 - Related Party Transactions Arm China and Acetone Limited Following the restructuring of its direct investment in Arm Technology (China) Co. Limited (“Arm China”) in the fiscal year ended March 31, 2022, the Company has a 10% non-voting ownership interest in Acetone Limited, whose primary asset is a 48.2% interest in Arm China. The Company has no direct material transactions with Acetone Limited. For the three months ended June 30, 2024, and 2023, the Company recognized revenue of $122.6 million and $138.9 million, respectively, generated pursuant to arrangements under the terms of the intellectual property license agreement (“IPLA”), and recognized expenses of $16.2 million and $16.1 million, respectively, under a service share arrangement with Arm China. The Company leases certain assets to Arm China. For the three months ended June 30, 2024, and 2023, rental income from the assets leased to Arm China was $0.4 million and $0.5 million, respectively, which is included within the recognized revenue. As of June 30, 2024, the Company had a net receivable of $149.4 million ($155.3 million receivable less $5.9 million payable) from Arm China. As of March 31, 2024, the Company had a net receivable of $175.8 million ($181.1 million receivable less $5.3 million payable) from Arm China. As of June 30, 2024 and March 31, 2024, the Company had contract liabilities of $113.7 million and $105.7 million, respectively, relating to Arm China. For the three months ended June 30, 2024, and 2023, the Company recognized $16.0 million and $0.0 million, respectively, for the allowance for current expected credit losses against earnings relating to Arm China. As of June 30, 2024 and March 31, 2024, the Company’s allowance for current expected credit losses related to Arm China was $16.0 million and $0.0 million, respectively, which is reflected in accounts receivable, net on the Condensed Consolidated Balance Sheets. See Note 4 - Equity Investments, for further details of the impact of Acetone Limited on the Company’s results. Other Entities Related by Virtue of Common Control by SoftBank Group The Company had revenue transactions, along with accounts receivable and contract liabilities balances, with other entities under common control by SoftBank Group Corp. (“SoftBank Group”). For the three months ended June 30, 2024 and 2023, the Company recognized revenue of $0.0 million and $0.2 million, respectively, from other entities controlled by SoftBank Group. As of June 30, 2024, the Company had accounts receivable of $0.5 million, contract assets of $2.6 million, and contract liabilities of $0.0 million related to other entities controlled by SoftBank Group. In August 2023, the Company distributed its receivable related to the Company’s sale of Pelion IOT Limited and its subsidiaries (“IoTP”) to the majority shareholder of the Company, which represented a non-cash distribution of $12.0 million. As of March 31, 2024, the Company had accounts receivable of $0.8 million, contract assets of $3.1 million, and contract liabilities of $1.6 million related to other entities controlled by SoftBank Group. The Company also had an immaterial lease with an entity under common control by SoftBank Group, which ended as of December 31, 2023. Other Equity Investments The Company has revenue transactions, along with receivable, contract asset and contract liability balances for certain other equity investees, for which the Company has significant influence or, for investments in limited partnerships or certain limited liability companies that maintain a specific ownership account for each investor, for which the Company has more than virtually no influence (i.e., at least 3% to 5% ownership) (such investees, “Significant Influence Investees”). For the three months ended June 30, 2024 and 2023, the Company recognized revenue of $1.4 million and $1.0 million, respectively, from Significant Influence Investees. As of June 30, 2024, the Company had accounts receivable, contract assets and contract liabilities of $6.0 million, $10.8 million and $0.4 million, respectively, related to contracts with Significant Influence Investees. As of March 31, 2024, the Company had accounts receivable and contract assets of $0.2 million and $18.7 million, respectively, related to contracts with Significant Influence Investees. As of March 31, 2024, the Company did not have contract liabilities related to contracts with Significant Influence Investees. For the three months ended June 30, 2024 and 2023, the Company recognized aggregate distributions, dividends and returns of capital from certain equity investments of $0.3 million and $0.3 million, respectively. Linaro Limited Linaro Limited (“Linaro”) is a not-for-profit entity for which the Company is a member and has significant influence. For the three months ended June 30, 2024 and 2023, the Company incurred subscription and other costs of $2.4 million in both periods from Linaro. As of June 30, 2024 and March 31, 2024, $0.2 million and $1.3 million, respectively, was recorded in other current liabilities on the Condensed Consolidated Balance Sheets. In February 2023, the Company entered into an agreement with Linaro to sell certain net assets of the Company that meets the definition of a business in exchange for cash consideration of $4.0 million to be paid in equal annual installments over five years. As of June 30, 2024 and March 31, 2024, the total unpaid purchase consideration was $3.2 million, which is recorded in prepaid expenses and other current assets and other non-current assets on the Condensed Consolidated Balance Sheets. Loans to Related Parties As of June 30, 2024 and March 31, 2024, the Company had a loan receivable of $16.3 million and $16.2 million, respectively, with Arduino, a related party and a loan receivable of $3.2 million and $3.1 million, respectively, with Cerfe Labs, Inc, a related party, both of which remain fully impaired. See Note 5 - Financial Instruments, for further information regarding these loans. As of June 30, 2024 and March 31, 2024, the outstanding balance of the convertible promissory note with Ampere, a related party, was $32.7 million and $32.4 million, respectively. The Company’s maximum exposure to loss are the amounts invested in, and advanced to, Ampere as of June 30, 2024. See Note 4 - Equity Investments, for further details on Ampere.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Revenue

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3 - Revenue

Revenue Recognition

Revenue for the Company’s major product offerings consists of the following:

License and Other Revenue

•Intellectual property license — The Company generally licenses IP under non-exclusive license agreements that provide usage rights for specific applications for a finite or perpetual term. These licenses are made available electronically to address the customer-specific business requirements. These arrangements generally have distinct performance obligations that consist of transferring the licensed IPs, version extensions of architecture IP or releases of specified IPs, and support services. Support services consist of a stand-ready obligation to provide technical support, patches, and bug fixes over the support term. Revenue allocated to the IP license is recognized at a point in time upon the delivery or beginning of the license term, whichever is later. Revenue allocated to distinct version extensions of architecture IP or releases of specified IP, excluding when-and-if-available minor updates over the support term, are recognized at a point in time upon the delivery or beginning of license term, whichever is later.

Certain license agreements provide customers with the right to access a library of current and future IPs on an unlimited basis over the contractual period depending on the terms of the applicable contract. These licensing arrangements represent stand-ready obligations in that the timing of the delivery of the underlying IPs is within

the control of the customer and the extent of use in any given period does not diminish the remaining performance obligation. The contract consideration related to these arrangements is recognized ratably over the term of the contract in line with when the control of the performance obligations is transferred.

Certain subscription license agreements include unspecified future IPs that are provided on a when-and-if-available basis, representing a stand-ready obligation. The contract consideration allocated to the stand-ready obligation is recognized on a ratable basis over the term of the contract, commencing upon the later of the effective date of the agreement and the transfer of the initial available IP license.

•Software sales, including development systems — Sales of software, including development systems, which are not specifically designed for a given license (such as off-the-shelf software), are recognized upon delivery when control has been transferred and customer can begin to use and benefit from the license.

•Professional services — Services (such as training and professional and design services) that the Company provides, which are not essential to the functionality of the IP, are separately stated and priced in the contract and accounted for separately. Training revenue is recognized as services are performed. Revenue from professional and design services are recognized over time using the input method based on engineering labor hours expended to date relative to the estimated total effort required. For such professional and design services, the Company has an enforceable right to payment for performance completed to date, which includes a reasonable profit margin and the performance of such services do not create an asset with an alternative use.

•Support and maintenance — Support and maintenance is a stand-ready obligation to the customer that is both provided and consumed simultaneously. Revenue is recognized on a straight-line basis over the period for which support and maintenance is contractually agreed pursuant to the license.

Royalty Revenue

For certain IP license agreements, royalties are collected on products that incorporate the Company’s IP. Royalties are recognized on an accrual basis in the quarter in which the customer ships their products, based on the Company’s technology that it contains. This estimation process for the royalty revenue accrual is based on a combination of methodologies, including the use of historical sales trends and macroeconomic factors for predictive analysis, the analysis of customer royalty reports and their sales trends and forecasts, as well as data and forecasts from third-party industry research providers. Data considered includes revenue, unit shipments, average selling price, product mix, market share and market penetration. Adjustments to revenue are required in subsequent periods to reflect changes in estimates as new information becomes available, primarily resulting from actual amounts subsequently reported by the licensees in the period following the accrual.

Disaggregation of Revenue

A summary of the Company’s disaggregated revenue is as follows:


	Three Months Ended June 30,
	External Customers				Related Parties			Total
(in millions)	2024		2023			2024		2023		2024		2023
License and Other Revenue (1)	$	441	$	180		$	31	$	95	$	472	$	275
Royalty Revenue	374		355			93		45		467		400
	$	815	$	535		$	124	$	140	$	939	$	675

(1) Includes over-time revenue of $76 million and $17 million, and point-in-time revenue of $396 million and $258 million, for the three months ended June 30, 2024 and 2023, respectively.

Revenue by geographic region is allocated to individual countries based on the principal headquarters of the customers. The geographical locations are not necessarily indicative of the country in which the customer sells products containing the

Company’s technology IP. The following table summarizes information pertaining to revenue from customers based on the principal headquarters address by geographic regions:


	Three Months Ended June 30,
(in millions)		2024		2023
United States		$	558	$	292
PRC (1)		128		141
Taiwan		115		115
Republic of Korea		63		45
Other countries		75		82
Total		$	939	$	675

(1) “PRC” means the People’s Republic of China, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region, but excluding Taiwan.

Receivables

A summary of the components of accounts receivable, net is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Trade receivables	$	442	$	405
Royalty receivables	381		379
Total gross receivables	823		784
Allowance for current expected credit losses	(19)		(3)
Total accounts receivables, net	$	804	$	781

A summary of the movement in the allowance for current expected credit losses is as follows:


(in millions)	Total
Balance as of March 31, 2024	$	3
Additional provision	16

Balance as of June 30, 2024	$	19

Contract Assets

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets increased by $383.8 million and $663.9 million due to the timing of billings to customers, which fell into subsequent periods, as of June 30, 2024 and March 31, 2024, respectively, offset by $141.4 million and $357.4 million of contract assets transferred to accounts receivable, as of June 30, 2024 and March 31, 2024, respectively. The balance and activity for loss allowances related to contract assets was immaterial for all periods presented.

Contract Liabilities

A reconciliation of the movement in contract liabilities is as follows:


(in millions)	Total
Balance as of March 31, 2024	$	915
Customer prepayment and billing in advance of performance	59
Revenue recognized in the period that was included in the contract liability balance at the beginning of the period	(39)
Revenue recognized in the period that was included in the contract liability balance during the period	(11)
Balance as of June 30, 2024	$	924

Satisfied Performance Obligations

For the three months ended June 30, 2024 and 2023, revenue recognized from previously satisfied performance obligations in prior reporting periods was $471.1 million and $400.5 million, respectively. These amounts primarily represent royalties earned during the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods.

The Company has elected to exclude potential future royalty receipts from the disclosure of remaining performance obligations. In certain arrangements, the Company’s right to consideration may not correspond directly with the performance of obligations. Revenue recognition for specified IP occurs upon delivery or beginning of license term, whichever is later. For certain subscription offerings, revenue allocated to unspecified future IP is recognized over-time, on a straight-line basis over the delivery period, commencing upon the later of the effective date of the arrangement and the transfer of the initial available IP license.

As of June 30, 2024, the aggregate transaction price allocated to remaining performance obligations was $2,167.8 million, which includes $1.1 million of non-cancellable and non-refundable committed funds received from certain customers, where the parties are in negotiations regarding the enforceable rights and obligations of the arrangement.

The Company expects to recognize approximately 22% of remaining performance obligations as revenue over the next 12 months, 14% over the subsequent 13-to 24-month period, and the remainder thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the fiscal year ended March 31, 2024, in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated balance sheets, income statements, statements of comprehensive income, shareholders’ equity and cash flows for these interim periods. The results for the interim periods are not necessarily indicative of results for the full fiscal year.
Principles of Consolidation	Principles of Consolidation The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and the Arm Employee Benefit Trust (the “EBT”). All intercompany balances and transactions have been eliminated in consolidation. The financial statements consolidate all of the Company’s affiliates, and the entities where the Company holds a controlling financial interest, because the Company holds a majority voting interest. The Company reevaluates whether there is a controlling financial interest in all entities when rights and interests change.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates include, but are not limited to, revenue recognition, allowance for expected credit losses, income taxes, share-based compensation, impairment considerations for long-lived assets, fair value estimates and impairment for investments. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable. Actual results could differ materially from the Company’s estimates.
Recently issued accounting pronouncements not yet adopted and Recently issued SEC final rules not yet adopted	Recently issued accounting pronouncements not yet adopted Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, which requires incremental reportable segment disclosures. The new standard requires that a public entity disclose significant segment expenses, the title and position of the chief operating decision maker (“CODM”), and how the CODM uses the reported measures in assessing performance and deciding how to allocate resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. This ASU will result in additional required disclosures being included in our consolidated financial statements when adopted. The Company will adopt this standard for the fiscal year beginning April 1, 2024. Income Taxes (Topic 740), Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will likely result in additional required disclosures being included in our consolidated financial statements when adopted. The Company will adopt this standard for the fiscal year beginning April 1, 2025. Recently issued SEC final rules not yet adopted In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires a registrant to disclose climate-related risks that are reasonably likely to have a material impact on its business strategy, results of operations and financial condition. The rules include disclosures relating to climate-related risks and risk management, a registrant's governance of such risks, the financial impact on the audited financial statements, and greenhouse gas emissions. The disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The earliest adoption date starts from the registrant's fiscal year beginning calendar 2025, which is the Company's fiscal year ending March 31, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of the adoption of these final rules on its consolidated financial statements and disclosures.
Revenue Recognition	Revenue Recognition Revenue for the Company’s major product offerings consists of the following: License and Other Revenue •Intellectual property license — The Company generally licenses IP under non-exclusive license agreements that provide usage rights for specific applications for a finite or perpetual term. These licenses are made available electronically to address the customer-specific business requirements. These arrangements generally have distinct performance obligations that consist of transferring the licensed IPs, version extensions of architecture IP or releases of specified IPs, and support services. Support services consist of a stand-ready obligation to provide technical support, patches, and bug fixes over the support term. Revenue allocated to the IP license is recognized at a point in time upon the delivery or beginning of the license term, whichever is later. Revenue allocated to distinct version extensions of architecture IP or releases of specified IP, excluding when-and-if-available minor updates over the support term, are recognized at a point in time upon the delivery or beginning of license term, whichever is later. Certain license agreements provide customers with the right to access a library of current and future IPs on an unlimited basis over the contractual period depending on the terms of the applicable contract. These licensing arrangements represent stand-ready obligations in that the timing of the delivery of the underlying IPs is within the control of the customer and the extent of use in any given period does not diminish the remaining performance obligation. The contract consideration related to these arrangements is recognized ratably over the term of the contract in line with when the control of the performance obligations is transferred. Certain subscription license agreements include unspecified future IPs that are provided on a when-and-if-available basis, representing a stand-ready obligation. The contract consideration allocated to the stand-ready obligation is recognized on a ratable basis over the term of the contract, commencing upon the later of the effective date of the agreement and the transfer of the initial available IP license. •Software sales, including development systems — Sales of software, including development systems, which are not specifically designed for a given license (such as off-the-shelf software), are recognized upon delivery when control has been transferred and customer can begin to use and benefit from the license. •Professional services — Services (such as training and professional and design services) that the Company provides, which are not essential to the functionality of the IP, are separately stated and priced in the contract and accounted for separately. Training revenue is recognized as services are performed. Revenue from professional and design services are recognized over time using the input method based on engineering labor hours expended to date relative to the estimated total effort required. For such professional and design services, the Company has an enforceable right to payment for performance completed to date, which includes a reasonable profit margin and the performance of such services do not create an asset with an alternative use. •Support and maintenance — Support and maintenance is a stand-ready obligation to the customer that is both provided and consumed simultaneously. Revenue is recognized on a straight-line basis over the period for which support and maintenance is contractually agreed pursuant to the license. Royalty Revenue For certain IP license agreements, royalties are collected on products that incorporate the Company’s IP. Royalties are recognized on an accrual basis in the quarter in which the customer ships their products, based on the Company’s technology that it contains. This estimation process for the royalty revenue accrual is based on a combination of methodologies, including the use of historical sales trends and macroeconomic factors for predictive analysis, the analysis of customer royalty reports and their sales trends and forecasts, as well as data and forecasts from third-party industry research providers. Data considered includes revenue, unit shipments, average selling price, product mix, market share and market penetration. Adjustments to revenue are required in subsequent periods to reflect changes in estimates as new information becomes available, primarily resulting from actual amounts subsequently reported by the licensees in the period following the accrual. The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. The Company has elected to exclude potential future royalty receipts from the disclosure of remaining performance obligations. In certain arrangements, the Company’s right to consideration may not correspond directly with the performance of obligations. Revenue recognition for specified IP occurs upon delivery or beginning of license term, whichever is later. For certain subscription offerings, revenue allocated to unspecified future IP is recognized over-time, on a straight-line basis over the delivery period, commencing upon the later of the effective date of the arrangement and the transfer of the initial available IP license.
Equity Method Investments	Equity Method Investments The Company elected the fair value option in accordance with the guidance in ASC 825, Financial Instruments (“ASC 825”) for its investments in Acetone Limited and Ampere. The Company initially computed the fair value for its investments consistent with the methodology and assumptions that market participants would use in their estimates of fair value with the assistance of a third-party valuation specialist or based on inputs from the investee. The fair value computation is updated on a quarterly basis. The investments are classified within Level 3 in the fair value hierarchy because the Company estimates the fair value of the investments using the (i) the market-calibration approach based on the guideline public company method, (ii) subject to availability of sufficient information, the income approach based on the discounted cash flow method, or (iii) the probability-weighted, expected return (“PWER”) approach. The market-calibration approach considers valuation multiples that are calibrated to the valuation as of the prior valuation date (i.e., quarterly) based on: (a) changes in the broader market or industry; (b) changes in the guideline public companies; and (c) changes in the investee’s operating and financial performance. The fair value computation under this approach includes a key assumption for the range of valuation multiples (i.e., enterprise value or revenue), which requires significant professional judgment by the valuation specialist and is based on observable inputs (e.g., market data) and unobservable inputs (e.g., market participant assumptions). The PWER approach is based on discrete future exit scenarios to determine the value of various equity securities. Under the PWER approach, the share value today is based on the probability-weighted, present value of expected future distributions, taking into account the rights and preferences of each debt and equity class. The Company considers an initial public offering scenario, a sale scenario, and a scenario assuming continued operation as a private entity for future exit scenarios. The fair value computation under this approach includes key assumptions for time to liquidity outcomes, discounted rate, and present value factors.
Currency Exchange Contracts	Currency Exchange Contracts For currency exchange contracts, these contracts are valued at the present value of future cash flows based on forward exchange rates at the balance sheet date.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows provided by (used for) operating activities:
Net income (loss)	$ 223	$ 105
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	43	41
Deferred income taxes	2	(13)
(Income) loss from equity investments, net	(24)	7
Share-based compensation cost	182	140
Operating lease expense	9	8
Other non-cash operating activities, net	1	0
Changes in assets and liabilities:
Accounts receivable, net (including receivables from related parties)	(23)	102
Contract assets, net (including contract assets from related parties)	(242)	(32)
Prepaid expenses and other assets	6	1
Accrued compensation and benefits	(201)	(447)
Contract liabilities (including contract liabilities from related parties)	9	24
Tax liabilities	(4)	12
Operating lease liabilities	(11)	(4)
Other liabilities (including payables to related parties)	(260)	(58)
Net cash provided by (used for) operating activities	(290)	(114)
Cash flows provided by (used for) investing activities
Purchase of short-term investments	(50)	(260)
Proceeds from maturity of short-term investments	50	120
Purchases of equity investments	(36)	(11)
Purchases of intangible assets	(9)	0
Purchases of property and equipment	(29)	(26)
Net cash provided by (used for) investing activities	(74)	(177)
Cash flows provided by (used for) financing activities
Payment of intangible asset obligations	(20)	(10)
Other financing activities, net	(4)	(5)
Payment of withholding tax on vested shares	(72)	0
Net cash provided by (used for) financing activities	(96)	(15)
Effect of foreign exchange rate changes on cash and cash equivalents	2	0
Net increase (decrease) in cash and cash equivalents	(458)	(306)
Cash and cash equivalents at the beginning of the period	1,923	1,554
Cash and cash equivalents at the end of the period	1,465	1,248
Non-cash operating, investing and financing activities:
Non-cash additions in property and equipment	9	11
Non-cash additions in intangible assets	27	52
Non-cash additions in operating lease right-of-use assets	37	7
Non-cash additions of operating lease liabilities	38	7
Non-cash withholding tax on vested shares	$ 24	$ 0

Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Shares held in EBT (in shares)	0	1
Market value of shares held in EBT	$ 5.5	$ 75.4

Financial Instruments

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Financial Instruments

5 - Financial Instruments

Loans and Other Receivables

Loans and other receivables carried at amortized cost is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Loans and other receivables carried at amortized cost
Loans receivable	$	26	$	26
Other receivables	8		12
Allowance for current expected credit losses	(19)		(19)
Loans and other receivables carried at amortized cost, net	$	15	$	19

The allowance for current expected credit losses reflects the Company’s best estimate of expected credit losses of the receivables portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions.

Loans receivable

As of June 30, 2024 and March 31, 2024, the Company had a loan receivable of $16.3 million and $16.2 million, respectively, from Arduino SA (“Arduino”), a related party, that remained fully impaired for the periods presented.

As of June 30, 2024 and March 31, 2024, the Company had a four-year loan of $3.2 million and $3.1 million, respectively, issued to Cerfe Labs, Inc, a related party, that remained fully impaired for the periods presented.

The remaining balance of loans receivables as of June 30, 2024 and March 31, 2024 comprised two five-year loans totaling $7.0 million and $6.9 million, respectively, issued to Allia Limited.

Other receivables

As of June 30, 2024 and March 31, 2024, balances included in other receivables pertain to lease deposits and other receivables.

Convertible Loans Receivable

In December 2021, the Company acquired a $29.0 million principal balance convertible loan in Ampere. The Company elected the fair value option to measure this convertible loan receivable for which changes in fair value are recorded in other non-operating income (loss), net in the Condensed Consolidated Income Statements. For the three months ended June 30, 2024 and 2023, the Company recognized gains on this convertible loan receivable of $1.0 million and $0.4 million, respectively.

Net Income (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 223	$ 105
Weighted average ordinary shares used to calculate basic net income (loss) per share (in shares)	1,044,000,000	1,025,000,000
Equity-classified shared-based awards (in shares)	16,000,000	4,000,000
Weighted average ordinary shares used to calculate diluted net income (loss) per share (in shares)	1,060,000,000	1,029,000,000
Income (loss) per share attributable to ordinary shareholders — basic
Net income (loss) per ordinary share - basic (in USD per share)	$ 0.21	$ 0.10
Income (loss) per share attributable to ordinary shareholders — diluted
Net income (loss) per ordinary share - diluted (in USD per share)	$ 0.21	$ 0.10

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Derivatives - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
Gains (losses) reclassified in Accumulated other comprehensive income on cash flow hedge derivatives	$ (4)	$ 10
(Gains) losses reclassified from Accumulated other comprehensive income into income	5	(10)
Income tax benefit (expense) on cash flow hedges	0	0
Net change in fair value of the effective portion of designated cash flow hedges, net of tax	1	0
Research and development
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
(Gains) losses reclassified from Accumulated other comprehensive income into income	3	(5)
Selling, general and administrative expenses
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
(Gains) losses reclassified from Accumulated other comprehensive income into income	$ 2	$ (5)

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Financial Standby Letter of Credit \| Arduino
Debt Instrument [Line Items]
Guarantor obligation	$ 5.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

7 - Fair Value

To provide an indication about the reliability of the inputs used in determining fair value, the Company classifies its fair value financial instruments into the three levels prescribed under GAAP. An explanation of each level follows the tables and qualitative disclosures below.

The following table presents the Company’s fair value hierarchy for assets and liabilities measured and recognized at fair value, excluding investments where the NAV practical expedient has been elected, on a recurring basis:


	As of June 30, 2024								As of March 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	1,311	$	—	$	—	$	1,311	$	1,744	$	—	$	—	$	1,744
Short-term investments (1)	1,000		—		—		1,000		1,000		—		—		1,000
Equity investments (2)	82		—		466		548		—		—		466		466
Convertible loans receivable	—		—		33		33		—		—		32		32
Foreign currency forward contracts	—		3		—		3		—		4		—		4
Total financial assets	$	2,393	$	3	$	499	$	2,895	$	2,744	$	4	$	498	$	3,246

Financial liabilities
Foreign currency forward contracts	$	—	$	1	$	—	$	1	$	—	$	4	$	—	$	4
Total financial liabilities	$	—	$	1	$	—	$	1	$	—	$	4	$	—	$	4

(1)Short-term investments represent term deposits with banks with a maturity between 3 and 12 months.

(2)In accordance with Accounting Standards Codification (“ASC”) Subtopic 820-10, Fair Value Measurements, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

In June 2024, Raspberry Pi, a company in which the Company has an equity investment, listed its shares publicly and became actively traded in the market. Given the investment now has a published price quotation in an active market, the investment no longer qualifies for the measurement alternative and the equity investment is now measured at fair value (Level 1) prospectively in accordance with ASC 820, Fair Value Measurements, as of the date of the remeasurement event, the initial public offering of Raspberry Pi.

The following tables summarize changes in the fair value, along with other activity associated with the Company’s Level 3 financial assets and liabilities:

Equity Method Investments


	Three Months Ended June 30,
(in millions)	2024		2023
Fair value of financial assets at the beginning of the period	$	466	$	482

Fair value losses recognized in the Condensed Consolidated Income Statements	—		(10)

Fair value at the end of the period	$	466	$	472

Convertible Loans Receivable


	Three Months Ended June 30,
(in millions)	2024		2023
Fair value of financial assets at the beginning of the period	$	32	$	31


Fair value gains recognized in the Condensed Consolidated Income Statements	1		—
Fair value at the end of the period	$	33	$	31

See below for a description of the valuation techniques and inputs used in the fair value measurement of Level 3 investments including equity method investments, convertible loans receivable, and currency exchange contracts.

Equity Method Investments

The Company elected the fair value option in accordance with the guidance in ASC 825, Financial Instruments (“ASC 825”) for its investments in Acetone Limited and Ampere. The Company initially computed the fair value for its investments consistent with the methodology and assumptions that market participants would use in their estimates of fair value with the assistance of a third-party valuation specialist or based on inputs from the investee. The fair value computation is updated on a quarterly basis. The investments are classified within Level 3 in the fair value hierarchy because the Company estimates the fair value of the investments using the (i) the market-calibration approach based on the guideline public company method, (ii) subject to availability of sufficient information, the income approach based on the discounted cash flow method, or (iii) the probability-weighted, expected return (“PWER”) approach.

The market-calibration approach considers valuation multiples that are calibrated to the valuation as of the prior valuation date (i.e., quarterly) based on: (a) changes in the broader market or industry; (b) changes in the guideline public companies; and (c) changes in the investee’s operating and financial performance. The fair value computation under this approach includes a key assumption for the range of valuation multiples (i.e., enterprise value or revenue), which requires significant professional judgment by the valuation specialist and is based on observable inputs (e.g., market data) and unobservable inputs (e.g., market participant assumptions).

The PWER approach is based on discrete future exit scenarios to determine the value of various equity securities. Under the PWER approach, the share value today is based on the probability-weighted, present value of expected future distributions, taking into account the rights and preferences of each debt and equity class. The Company considers an initial public offering scenario, a sale scenario, and a scenario assuming continued operation as a private entity for future exit scenarios. The fair value computation under this approach includes key assumptions for time to liquidity outcomes, discounted rate, and present value factors.

The following tables provide quantitative information related to certain key assumptions utilized in the valuation of equity method investments accounted for under the fair value option:

As of June 30, 2024 and March 31, 2024

(in millions)

Fair value as of June 30, 2024

Fair value as of March 31, 2024

Valuation Technique

Unobservable Inputs

Range of Estimates

Equity Method Investments

$466

Acetone Limited – Market-Calibration or discounted cash flow

LTM Revenue Multiple

1.3x - 1.5x

Ampere – PWER

Probability of IPO

100%

Time to future exit scenario

1.5 years

Discount rate

17.6%

Convertible Loans Receivable—Ampere

In December 2021, the Company acquired a $29.0 million convertible promissory note in Ampere, which is included in other non-current assets on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and March 31, 2024, the Company’s maximum exposure to loss is the amounts invested in, and advanced to, Ampere. As of June 30, 2024 and March 31, 2024, the Company has not converted any of its convertible promissory note into equity.

The fair value of the Ampere convertible loan is based upon significant unobservable inputs, including the use of a probability weighted discounted cash flows model, requiring the Company to develop its own assumptions. Therefore, the Company has categorized this asset as a Level 3 financial asset.

Some of the more significant unobservable inputs used in the fair value measurement of the convertible loan include applicable discount rates, the likelihood and projected timing of repayment or conversion, and projected cash flows in support of the estimated enterprise value of Ampere. Changes in these assumptions, while holding other inputs constant, could result in a significant change in the fair value of the convertible loan.

If the amortized cost of the convertible loan exceeds its estimated fair value, the security is deemed to be impaired, and must be evaluated for the recognition of credit losses. Impairment resulting from credit losses is recognized within earnings, while impairment resulting from other factors is recognized in other comprehensive income (loss). As of June 30, 2024 and March 31, 2024, the Company has not recognized any credit losses related to this convertible loan.

The fair value calculated using significant unobservable inputs did not differ materially from the amortized cost basis as of June 30, 2024 and March 31, 2024.

Currency Exchange Contracts

For currency exchange contracts, these contracts are valued at the present value of future cash flows based on forward exchange rates at the balance sheet date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Cover Page	3 Months Ended
Cover Page	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Entity Central Index Key	0001973239
Entity Registrant Name	ARM HOLDINGS PLC /UK
Current Fiscal Year End Date	--03-31
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Derivatives - Narrative (Details) £ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, notional amount \| £		£ 457.0		£ 728.0
Derivative, fair value \| $	$ 1.7		$ 0.1

Fair Value - Schedule of Equity Method Investments Key Assumptions (Details) $ in Millions	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 573	$ 573
Level 3
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 466	$ 466
Level 3 \| Valuation Technique, Probability-Weighted, Expected Return
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value option, time to future exit	1 year 6 months	1 year 6 months
Level 3 \| Valuation Technique, Probability-Weighted, Expected Return \| Measurement Input, Probability Of IPO, Time To Future Exit Scenario
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value option, measurement input	1	1
Level 3 \| Valuation Technique, Probability-Weighted, Expected Return \| Measurement Input, Discount Rate
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value option, measurement input	0.176	0.176
Level 3 \| Minimum \| Valuation Technique, Discounted Cash Flow \| LTM Revenue Multiple
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value option, measurement input	1.3	1.3
Level 3 \| Maximum \| Valuation Technique, Discounted Cash Flow \| LTM Revenue Multiple
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value option, measurement input	1.5	1.5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Accounts receivable, net	$ 804	$ 781
Contract assets	455	336
Equity method investments under fair value option	573	573
Contract liabilities	209	198
Other current liabilities	$ 549	$ 835
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,088	1,088
Common stock, shares issued (in shares)	1,048	1,040
Common stock, shares, outstanding (in shares)	1,048	1,040
Related Parties
Accounts receivable, net	$ 146	$ 182
Contract assets	13	22
Contract liabilities	114	107
Other current liabilities	$ 6	$ 7

Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Loans and Other Receivables Carried at Amortized Cost

Loans and other receivables carried at amortized cost is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Loans and other receivables carried at amortized cost
Loans receivable	$	26	$	26
Other receivables	8		12
Allowance for current expected credit losses	(19)		(19)
Loans and other receivables carried at amortized cost, net	$	15	$	19

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12 - Commitments and Contingencies Litigation From time to time, the Company is party to litigation and other legal proceedings in the ordinary course of business. Because the results of any litigation or other legal proceedings are uncertain, our financial position, results of operations or cash flows could be materially affected by an unfavorable resolution of one or more of these proceedings, claims, or demands. However, management does not currently believe the ultimate resolution of any pending legal matters is reasonably possible to have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company accrues for loss contingencies when it is both probable that it will incur the loss and when the Company can reasonably estimate the amount of the loss or range of loss. No material amounts related to litigation settlements were recognized in the three months ended June 30, 2024 and 2023. Arduino Guarantee The Company is guarantor for a $5.4 million credit facility available to Arduino. As of June 30, 2024 and March 31, 2024, no claims have been made against the guaranty. The guaranty expires in January 2025.

Net Income (Loss) Per Share (Tables)

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of basic and diluted earnings per share computations for all periods presented:


	Three Months Ended June 30,
(in millions, except per share amounts)	2024		2023
Numerator:
Income (loss) attributable to ordinary shareholders — basic and diluted


Net income (loss)	$	223	$	105
Denominator:
Weighted average ordinary shares used to calculate income (loss) per share — basic (1)	1,044		1,025
Equity-classified shared-based awards	16		4
Weighted average ordinary shares used to calculate income (loss) per share — diluted	1,060		1,029
Income (loss) per share attributable to ordinary shareholders — basic


Net income (loss) per ordinary share - basic	$	0.21	$	0.10
Income (loss) per share attributable to ordinary shareholders — diluted


Net income (loss) per ordinary share - diluted	$	0.21	$	0.10
Securities excluded from diluted net income (loss) per ordinary share because their effect would have been anti-dilutive:
Restricted share units (2)	—		12
Performance share units (3)	1		—
Total	1		12

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents a reconciliation of basic and diluted earnings per share computations for all periods presented:


	Three Months Ended June 30,
(in millions, except per share amounts)	2024		2023
Numerator:
Income (loss) attributable to ordinary shareholders — basic and diluted


Net income (loss)	$	223	$	105
Denominator:
Weighted average ordinary shares used to calculate income (loss) per share — basic (1)	1,044		1,025
Equity-classified shared-based awards	16		4
Weighted average ordinary shares used to calculate income (loss) per share — diluted	1,060		1,029
Income (loss) per share attributable to ordinary shareholders — basic


Net income (loss) per ordinary share - basic	$	0.21	$	0.10
Income (loss) per share attributable to ordinary shareholders — diluted


Net income (loss) per ordinary share - diluted	$	0.21	$	0.10
Securities excluded from diluted net income (loss) per ordinary share because their effect would have been anti-dilutive:
Restricted share units (2)	—		12
Performance share units (3)	1		—
Total	1		12

Derivatives (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts of the Company’s outstanding derivative instruments:


	As of
(in millions)	June 30, 2024		March 31, 2024
Designated as cash flow hedges
Foreign currency forward contracts	$	576	$	919

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of the Company’s outstanding derivative instruments:


	Derivative Assets				Derivative Liabilities
	As of				As of
(in millions)	June 30, 2024		March 31, 2024		June 30, 2024		March 31, 2024
Designated as cash flow hedges
Foreign currency forward contracts	$	3	$	4	$	1	$	4

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents net gains (losses) on foreign currency forward contracts designated as cash flow hedges:


	Three Months Ended June 30,
(in millions)	2024		2023
Condensed Consolidated Statements of Comprehensive Income:
Gains (losses) reclassified in Accumulated other comprehensive income on cash flow hedge derivatives	$	(4)	$	10
(Gains) losses reclassified from Accumulated other comprehensive income into income	5		(10)
Income tax benefit (expense) on cash flow hedges	—		—
Net change in fair value of the effective portion of designated cash flow hedges, net of tax (1)	$	1	$	—
Condensed Consolidated Income Statements, before tax:
Research and development	$	(3)	$	5
Selling, general and administrative expenses	$	(2)	$	5

(1) All amounts reported in accumulated other comprehensive income at the reporting date are expected to be reclassified into earnings within the next 12 months.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Increase in contract with customer, asset	$ 383.8		$ 663.9
Contract assets, transfer to accounts receivable	141.4		$ 357.4
Performance obligation satisfied in previous period	$ 471.1	$ 400.5

Revenue - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 2,167.8
Non-Cancellable And Non-Refundable Committed Funds
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 1.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	22.00%
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	14.00%
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period

Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Other Current Liabilities [Line Items]
Employee related payroll taxes and payables	$ 362	$ 674
Accrued expenses and fees	75	83
Electronic design automation liabilities	54	40
Trade payables	46	26
Customer deposits	7	7
Finance lease liabilities	5	5
Total other current liabilities	549	835
Related Parties
Other Current Liabilities [Line Items]
Trade payables	6	7
Total other current liabilities	$ 6	$ 7

Share-based Compensation

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

9 - Share-based Compensation

Share-based Compensation

RSUs and performance share units (“PSUs”) were granted to employees, certain executive officers, and non-executive directors of the Company and require continuous service through the vesting date.

The Company expenses share-based compensation over the requisite service period of the awards, which is generally equivalent to the vesting term. Compensation cost is recorded only for those awards expected to vest.

The fair value of RSUs is determined on the date of grant for equity-classified awards.

The Company estimates forfeitures based on employee level, economic conditions, time remaining to vest and historical forfeiture experience.

During the three months ended June 30, 2024, for the first time, the Company has granted PSUs with Total Shareholder Return (“TSR”) as the performance measure under the Omnibus Incentive Plan. PSUs granted with a TSR as the performance measure are measured over the full three-year performance period relative to the S&P 500 IT Sector Index and have the potential to vest between 0% and 200% of the original award amount depending on the relative TSR achievement. To determine the grant date fair value of the awards with TSR-based performance measures, a Monte Carlo simulation model is used. We recognize compensation expense for the market performance-based awards over the requisite service period based on the grant date fair value.

Restricted Share Units – 2022 Arm Limited RSU Award Plan (“2022 RSU Plan”)

The table below identifies the award activity under the 2022 RSU Plan:


(in millions, except per share amounts)	Awards (1)	Weighted Average Grant Date Fair Value Per Award (1)
Outstanding as of March 31, 2024	23	$	42.30
Granted	1	$	91.43
Vested	(8)	$	43.25
Cancelled and forfeited	(1)	$	41.07
Outstanding and expected to vest as of June 30, 2024	15	$	43.53

(1) Awards and weighted average grant date per share exclude shares related to certain executive awards that currently have no grant date as the future performance objectives have not yet been defined and/or communicated to participants of the plan.

As of June 30, 2024, there was $600.6 million total unrecognized compensation cost related to awards issued under the 2022 RSU Plan which are expected to be recognized over a weighted-average period of 0.8 years.

Omnibus Incentive Plan

In August 2023, the Company’s Board of Directors adopted the Omnibus Incentive Plan (the “Omnibus Incentive Plan”) which became effective in September 2023. The maximum number of ordinary shares that may be issued under the Omnibus Incentive Plan is equal to the sum of (i) 21 million ordinary shares and (ii) an annual increase on April 1 of each year beginning on April 1, 2024 and ending on April 1, 2028, equal to the lesser of (A) 2% of the aggregate number of ordinary shares outstanding on March 31 of the immediately preceding fiscal year and (B) such smaller number of ordinary shares as determined by our Board of Directors or our Remuneration Committee. No more than 21 million ordinary shares may be issued under the Omnibus Incentive Plan upon the exercise of incentive stock options.

In October 2023, the Company started to grant RSUs and PSUs under the Omnibus Incentive Plan to employees, including executives of the Company. The RSUs and PSUs granted neither carry rights to dividends nor voting rights until the shares are issued or transferred to the recipient. The Omnibus Incentive Plan allows for either cash or share settlement of the awards by tranche, if applicable, at the discretion of the Remuneration Committee. At the time of issuance, the Company intended to settle the RSUs and PSUs in shares at the vesting date and such awards are accounted for as equity-classified awards. The RSUs were granted to existing employees and new hires of the Company and its subsidiaries, Arm Israel and Arm France SAS and vest in tranches, require continuous service through the vesting date and are subject to graded vesting over a period of three to four years. RSUs granted to employees and new hires of subsidiaries in Israel and France substantially share the same terms as the existing RSUs under the 2022 RSU Plan with differences limited to the vesting schedules, and holding period for France. Awards were granted to executives of the Company and include a portion that vests over a three-year continuous service period, a portion that is subject to continuous service and satisfaction of certain Company performance conditions, and another portion that is subject to continuous service and to TSR measured over the full three-year performance period relative to the S&P 500 IT Sector Index. The time-based portion of the RSUs vest over a three-year period. The portion of the PSUs that are subject to continuous service and satisfaction of certain Company performance conditions vest upon the satisfaction of performance metrics as established for each one-year performance period and have the potential to vest between 0% and up to 200% of the original award amount depending on the achievement of annual performance metrics. The portion of the PSUs that are subject to continuous service and are measured over the full three-year performance period to relative TSR have the potential to vest between 0% and up to 200% of the original award amount depending on the relative TSR achievement.

The table below identifies all award activity under the Omnibus Incentive Plan:


(in millions, except per share amounts)	Awards (1)	Weighted Average Grant Date Fair Value Per Award (1)
Outstanding as of March 31, 2024	2	$	68.13
Granted	9	$	117.48


Outstanding and expected to vest as of June 30, 2024	11	$	108.58

(1) Awards and weighted average grant date per share exclude shares related to PSUs that currently have no grant date as the future performance objectives have not yet been defined and/or communicated to participants of the plan.

As of June 30, 2024, there was $1,127.7 million total unrecognized compensation cost related to awards issued under the Omnibus Incentive Plan, which is expected to be recognized over a weighted-average period of 1.7 years.

Share-based Compensation Cost

A summary of share-based compensation cost recognized in the Condensed Consolidated Income Statements is as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Cost of sales	$	6	$	6
Research and development	129		103
Selling, general and administrative	47		49
Pre-tax share-based compensation cost	$	182	$	158
Less: income tax effect	12		29
Net share-based compensation cost	$	170	$	129

No share-based compensation cost was capitalized for the three months ended June 30, 2024 and 2023.

Share-based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Oct. 31, 2023	Aug. 31, 2023	Jun. 30, 2024
Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation			$ 1,127.7
Unrecognized share-based compensation, recognition period			1 year 8 months 12 days
Shares authorized (in shares)			21
Annual increase in shares authorized		2.00%
Performance Shares, Continuous Service And Relative TSR
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Performance Shares, Continuous Service And Relative TSR \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Performance Shares, Continuous Service And Relative TSR \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting			0.00%
Performance Shares, Continuous Service And Relative TSR \| Minimum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting	0.00%
Performance Shares, Continuous Service And Relative TSR \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting			200.00%
Performance Shares, Continuous Service And Relative TSR \| Maximum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting	200.00%
Executive Awards \| 2022 RSU Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation			$ 600.6
Restricted Stock Units (RSUs) \| 2022 RSU Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation, recognition period			9 months 18 days
Restricted Stock Units, Continuous Service \| Minimum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units, Continuous Service \| Maximum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Performance Shares \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Performance Shares, Time Based \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Performance Shares, Continuous Service And Performance Conditions \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period	1 year
Performance Shares, Continuous Service And Performance Conditions \| Minimum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting	0.00%
Performance Shares, Continuous Service And Performance Conditions \| Maximum \| Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting	200.00%

Balance Sheet Components (Tables)

3 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Compensation and Benefits and Share-based Compensation

Accrued compensation and benefits consist of:


	As of
(in millions)	June 30, 2024		March 31, 2024
Accrued bonus, commissions, and cash awards	$	6	$	190
Accrued vacation and sabbatical	81		83
Accrued salaries and fringe benefits	10		25
Total accrued compensation and benefits	$	97	$	298

Schedule of Other Current Liabilities

Other current liabilities consist of:


	As of
(in millions)	June 30, 2024		March 31, 2024
Employee related payroll taxes and payables (1)	$	362	$	674
Accrued expenses and fees	75		83
Electronic design automation liabilities	54		40
Trade payables including payables to related parties of $6 and $7 as of June 30, 2024 and March 31, 2024, respectively	46		26
Customer deposits	7		7
Finance lease liabilities	5		5
Total other current liabilities	$	549	$	835

(1) Employee related payroll taxes and payables are primarily related to vested restricted share units (“RSUs”) during the quarter and paid in the subsequent quarter.

Financial Instruments - Schedule of Loans and Other Receivables Carried at Amortized Cost (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for current expected credit losses	$ (19)	$ (19)
Loans and other receivables carried at amortized cost, net	15	19
Loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and other receivables carried at amortized cost	26	26
Other receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and other receivables carried at amortized cost	$ 8	$ 12

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Revenue (Tables)

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

A summary of the Company’s disaggregated revenue is as follows:


	Three Months Ended June 30,
	External Customers				Related Parties			Total
(in millions)	2024		2023			2024		2023		2024		2023
License and Other Revenue (1)	$	441	$	180		$	31	$	95	$	472	$	275
Royalty Revenue	374		355			93		45		467		400
	$	815	$	535		$	124	$	140	$	939	$	675

(1) Includes over-time revenue of $76 million and $17 million, and point-in-time revenue of $396 million and $258 million, for the three months ended June 30, 2024 and 2023, respectively.

Schedule of Revenue from External Customers by Geographic Areas

The following table summarizes information pertaining to revenue from customers based on the principal headquarters address by geographic regions:


	Three Months Ended June 30,
(in millions)		2024		2023
United States		$	558	$	292
PRC (1)		128		141
Taiwan		115		115
Republic of Korea		63		45
Other countries		75		82
Total		$	939	$	675

(1) “PRC” means the People’s Republic of China, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region, but excluding Taiwan.

Schedule of Accounts Receivable

A summary of the components of accounts receivable, net is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Trade receivables	$	442	$	405
Royalty receivables	381		379
Total gross receivables	823		784
Allowance for current expected credit losses	(19)		(3)
Total accounts receivables, net	$	804	$	781

Schedule of Allowance for Credit Losses

A summary of the movement in the allowance for current expected credit losses is as follows:


(in millions)	Total
Balance as of March 31, 2024	$	3
Additional provision	16

Balance as of June 30, 2024	$	19

Schedule of Reconciliation of Contract Liabilities

A reconciliation of the movement in contract liabilities is as follows:


(in millions)	Total
Balance as of March 31, 2024	$	915
Customer prepayment and billing in advance of performance	59
Revenue recognized in the period that was included in the contract liability balance at the beginning of the period	(39)
Revenue recognized in the period that was included in the contract liability balance during the period	(11)
Balance as of June 30, 2024	$	924

Share-based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Executive Awards - 2022 RSU Plan - $ / shares shares in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Awards
Outstanding, beginning of period (in shares)	23
Granted (in shares)	1
Vested (in shares)	(8)
Cancelled and forfeited (in shares)	(1)
Outstanding, ending of period (in shares)	15
Weighted Average Grant Date Fair Value Per RSU
Outstanding (in dollars per share)	$ 43.53	$ 42.30
Granted (in dollars per share)	91.43
Vested (in dollars per share)	43.25
Cancelled and forfeited (in dollars per share)	$ 41.07

Revenue - Schedule of Contract Liabilities (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Contract With Customers, Liability [Roll Forward]
Beginning balance	$ 915
Customer prepayment and billing in advance of performance	59
Revenue recognized in the period that was included in the contract liability balance at the beginning of the period	(39)
Revenue recognized in the period that was included in the contract liability balance during the period	(11)
Ending balance	$ 924

Derivatives

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

6 - Derivatives

The Company uses derivative financial instruments, specifically foreign currency forward contracts, to mitigate exposure from certain foreign currency risk. Certain forecasted transactions, specifically GBP denominated cash flows in the form of payroll and selling, general and administrative expenses are exposed to foreign currency risk.

As of June 30, 2024, the notional value of outstanding foreign currency forward contracts was £457.0 million and the fair value was $1.7 million. As of March 31, 2024, the notional value of outstanding foreign currency forward contracts was £728.0 million and the fair value was $0.1 million.

The following table presents the notional amounts of the Company’s outstanding derivative instruments:


	As of
(in millions)	June 30, 2024		March 31, 2024
Designated as cash flow hedges
Foreign currency forward contracts	$	576	$	919

The following table presents the fair value of the Company’s outstanding derivative instruments:


	Derivative Assets				Derivative Liabilities
	As of				As of
(in millions)	June 30, 2024		March 31, 2024		June 30, 2024		March 31, 2024
Designated as cash flow hedges
Foreign currency forward contracts	$	3	$	4	$	1	$	4

Cash Flow Hedge Gains (Losses)

The following table presents net gains (losses) on foreign currency forward contracts designated as cash flow hedges:


	Three Months Ended June 30,
(in millions)	2024		2023
Condensed Consolidated Statements of Comprehensive Income:
Gains (losses) reclassified in Accumulated other comprehensive income on cash flow hedge derivatives	$	(4)	$	10
(Gains) losses reclassified from Accumulated other comprehensive income into income	5		(10)
Income tax benefit (expense) on cash flow hedges	—		—
Net change in fair value of the effective portion of designated cash flow hedges, net of tax (1)	$	1	$	—
Condensed Consolidated Income Statements, before tax:
Research and development	$	(3)	$	5
Selling, general and administrative expenses	$	(2)	$	5

(1) All amounts reported in accumulated other comprehensive income at the reporting date are expected to be reclassified into earnings within the next 12 months.

For the three months ended June 30, 2024 and 2023, the Company’s cash flow hedges were highly effective with immaterial amounts of ineffectiveness recorded in the Condensed Consolidated Income Statements for these designated cash flow hedges, and all components of each derivative instrument’s gain or loss were included in the assessment of hedge effectiveness.

The Company classifies foreign currency forward contracts as Level 2 fair value measurements pursuant to the fair value hierarchy. See Note 7 - Fair Value, for further details.

Revenue - Schedule of Accounts Receivable, Credit Loss (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3
Additional provision	16
Ending balance	$ 19

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 823	$ 784
Allowance for current expected credit losses	(19)	(3)
Total accounts receivables, net	804	781
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	442	405
Royalty receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 381	$ 379

Derivatives - Schedule of Derivative Instruments (Details) £ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| £		£ 457.0		£ 728.0
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| $	$ 576		$ 919

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 223	$ 105
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1)	6
Net change of the effective portion of designated cash flow hedges	1	0
Total comprehensive income (loss)	$ 223	$ 111

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary Shares	Additional Paid- in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance, beginning of period (in shares) at Mar. 31, 2023		1,025
Balance, beginning of period at Mar. 31, 2023	$ 4,051	$ 2	$ 1,216	$ 376	$ 2,457
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	105				105
Net change in fair value of the effective portion of designated cash flow hedges, net of tax	0
Foreign currency translation adjustments, net of tax	6			6
Share-based compensation cost	59		59
Balance, ending of period (in shares) at Jun. 30, 2023		1,025
Balance, ending of period at Jun. 30, 2023	$ 4,221	$ 2	1,275	382	2,562
Balance, beginning of period (in shares) at Mar. 31, 2024	1,040	1,040
Balance, beginning of period at Mar. 31, 2024	$ 5,295	$ 2	2,171	371	2,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	223				223
Net change in fair value of the effective portion of designated cash flow hedges, net of tax	1			1
Foreign currency translation adjustments, net of tax	(1)			(1)
Share-based compensation cost	182		182
Issuance of vested shares from share-based payment arrangements (in shares)		8
Tax withholding on vested shares from share-based payment arrangements	$ (37)		(37)
Balance, ending of period (in shares) at Jun. 30, 2024	1,048	1,048
Balance, ending of period at Jun. 30, 2024	$ 5,663	$ 2	$ 2,316	$ 371	$ 2,974

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Equity Investments

3 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Equity Investments

4 - Equity Investments

A summary of the components of equity investments is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Equity method investments under fair value option	$	573	$	573
Equity investment in publicly listed company	82		—
Equity method investments under equity method	11		11
Non-marketable equity securities	134		157
Total equity investments	$	800	$	741

Income (loss) from equity investments, net is as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Equity investment in publicly listed company	$	27	$	—
Equity method investments (1)	—		(10)
Non-marketable equity securities (includes NAV)	(3)		3
Total income (loss) from equity investments, net	$	24	$	(7)

(1)Includes equity method investments where the Company elected the fair value option, including those under the net asset value (“NAV”) practical expedient, along with investments accounted for under the equity method.

Equity method investments under fair value option

The Company elected the fair value option to account for certain equity method investments in Acetone Limited and Ampere Computing Holdings LLC (“Ampere”). See discussion below, along with Note 7 - Fair Value, for further information.

For the three months ended June 30, 2024 and 2023, income (loss) from equity method investments not accounted under the fair value option or the NAV practical expedient was immaterial.

The Company holds equity method investments in funds accounted for under the fair value option that apply the NAV practical expedient. The estimated fair values of the Company’s equity securities at fair value that qualify for the NAV practical expedient were provided by the funds based on the indicated market values of the underlying assets or investment portfolios. As of June 30, 2024 and March 31, 2024, the carrying value of equity method investments under the fair value option measured at NAV was $106.0 million and $106.2 million, respectively.

For the three months ended June 30, 2024 and 2023, the Company recognized losses from changes in fair value of $0.4 million in both periods for equity method investments accounted for under the NAV practical expedient. Changes in fair value are recorded through income (loss) from equity investments, net in the Condensed Consolidated Income Statements.

Acetone Limited

As of June 30, 2024 and March 31, 2024, the carrying value of the Company’s equity method investment in Acetone Limited was $76.5 million. For the three months ended June 30, 2024, the Company did not recognize fair value gains or losses for its investment in Acetone Limited. For the three months ended June 30, 2023, the Company recognized fair value losses of $9.6 million for its investment in Acetone Limited in income (loss) from equity investments, net in the Condensed Consolidated Income Statements.

Ampere

As of June 30, 2024 and March 31, 2024, the carrying value of the Company’s equity method investment in Ampere was $389.8 million. For the three months ended June 30, 2024 and 2023, the Company did not recognize any fair value gains or losses for its investment in Ampere.

As of June 30, 2024 and March 31, 2024, the outstanding balance of the convertible promissory note with Ampere was $32.7 million and $32.4 million, respectively, which is included in other non-current assets on the Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss is the amounts invested in, and advanced to, Ampere as of June 30, 2024.

Equity investment in publicly listed company

In June 2024, the Company purchased $35.3 million of Raspberry Pi Holdings plc’s (“Raspberry Pi”) ordinary shares in the initial public offering of Raspberry Pi. As of June 30, 2024, the carrying value for this equity investment in a publicly listed company was $82.3 million, which included $20.0 million of existing investment carrying value classified as non-marketable equity securities as of March 31, 2024 and $27.0 million recognized gains from changes in fair value for equity investment in a publicly listed company for the three months ended June 30, 2024.

Non-marketable Equity Securities

Non-marketable securities are those for which the Company does not have significant influence or control. These represent either direct or indirect, through a capital fund, investments in unlisted early-stage development enterprises which are generating value for shareholders through research and development activities. The Company holds equity interests in certain funds which are accounted for under the NAV practical expedient. As of June 30, 2024 and March 31, 2024, the carrying value of assets measured at NAV was $16.1 million and $17.8 million, respectively. For the three months ended June 30, 2024 and 2023, the Company recognized losses of $1.7 million and gains of $2.5 million, respectively, from changes in fair value for non-marketable securities accounted for under the NAV practical expedient.

The Company elected to apply the measurement alternative to all other non-marketable equity securities. Under the measurement alternative, these equity securities are recorded at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes in orderly transactions.

The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Observable price adjustments on non-marketable equity securities (includes NAV)	$	(2)	$	3
Impairment of non-marketable equity securities	(1)		—

Total income (loss) from equity investments in non-marketable securities, net	$	(3)	$	3

All equity method investments held by the Company are considered long-term to enable ecosystem growth and are non-current assets. For the three months ended June 30, 2024 and 2023, the Company recognized $0.1 million and $0.3 million, respectively, in dividends from equity investments measured using the NAV practical expedient. The total amount of financial commitments to existing investees of the Company not provided for in the condensed consolidated financial statements was $19.6 million and $19.9 million, as of June 30, 2024 and March 31, 2024, respectively.

Equity Investments (Tables)

3 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Equity Investments

A summary of the components of equity investments is as follows:


	As of
(in millions)	June 30, 2024		March 31, 2024
Equity method investments under fair value option	$	573	$	573
Equity investment in publicly listed company	82		—
Equity method investments under equity method	11		11
Non-marketable equity securities	134		157
Total equity investments	$	800	$	741

Income (loss) from equity investments, net is as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Equity investment in publicly listed company	$	27	$	—
Equity method investments (1)	—		(10)
Non-marketable equity securities (includes NAV)	(3)		3
Total income (loss) from equity investments, net	$	24	$	(7)

Schedule of Unrealized Gain (Loss) on Investments

The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Observable price adjustments on non-marketable equity securities (includes NAV)	$	(2)	$	3
Impairment of non-marketable equity securities	(1)		—

Total income (loss) from equity investments in non-marketable securities, net	$	(3)	$	3

Schedule of Realized Gain (Loss) on Investments

The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Observable price adjustments on non-marketable equity securities (includes NAV)	$	(2)	$	3
Impairment of non-marketable equity securities	(1)		—

Total income (loss) from equity investments in non-marketable securities, net	$	(3)	$	3

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 939	$ 675
Over-time revenues
Disaggregation of Revenue [Line Items]
Revenue	76	17
Point-in-time revenues
Disaggregation of Revenue [Line Items]
Revenue	396	258
External Customers
Disaggregation of Revenue [Line Items]
Revenue	815	535
Related Parties
Disaggregation of Revenue [Line Items]
Revenue	124	140
License and Other Revenue
Disaggregation of Revenue [Line Items]
Revenue	472	275
License and Other Revenue \| External Customers
Disaggregation of Revenue [Line Items]
Revenue	441	180
License and Other Revenue \| Related Parties
Disaggregation of Revenue [Line Items]
Revenue	31	95
Royalty Revenue
Disaggregation of Revenue [Line Items]
Revenue	467	400
Royalty Revenue \| External Customers
Disaggregation of Revenue [Line Items]
Revenue	374	355
Royalty Revenue \| Related Parties
Disaggregation of Revenue [Line Items]
Revenue	$ 93	$ 45

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Equity Investments - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Equity Investments - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments under fair value option	$ 573,000,000	$ 573,000,000		$ 573,000,000
Gains (losses) on equity method investments		0	$ (10,000,000)
Equity method investments under equity method	11,000,000	11,000,000		11,000,000
Other non-current assets	305,000,000	305,000,000		270,000,000
Equity investment in publicly listed company	82,000,000	82,000,000		0
Non-marketable equity securities	134,000,000	134,000,000		157,000,000
Recognized gain from change in fair value for equity investment		27,000,000	0
Non-marketable equity securities (includes NAV)		(3,000,000)	3,000,000
Dividends from equity investments		100,000	300,000
Financial commitments to investees, off balance sheet	19,600,000	19,600,000		19,900,000
Ampere \| Loans receivable
Schedule of Equity Method Investments [Line Items]
Other non-current assets	32,700,000	32,700,000		32,400,000
Acetone Limited
Schedule of Equity Method Investments [Line Items]
Gains (losses) on equity method investments		0	(9,600,000)
Equity method investments under equity method	76,500,000	76,500,000		76,500,000
Ampere
Schedule of Equity Method Investments [Line Items]
Gains (losses) on equity method investments		0	0
Equity method investments under equity method	389,800,000	389,800,000		389,800,000
Raspberry Pi Holdings plc’s
Schedule of Equity Method Investments [Line Items]
Purchase of ordinary shares	35,300,000
Equity investment in publicly listed company	82,300,000	82,300,000
Non-marketable equity securities				20,000,000
Recognized gain from change in fair value for equity investment		27,000,000
Fair Value Measured at Net Asset Value Per Share
Schedule of Equity Method Investments [Line Items]
Equity method investments under fair value option	106,000,000	106,000,000		106,200,000
Gains (losses) on equity method investments		(400,000)	(400,000)
Non-marketable equity securities	$ 16,100,000	16,100,000		$ 17,800,000
Non-marketable equity securities (includes NAV)		$ (1,700,000)	$ 2,500,000

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	8 - Shareholders’ Equity Employee Benefit Trust In September 2023, the Company established the EBT, constituted by a trust deed entered into by the Company and a professional trustee, with the principal purpose to facilitate the efficient and flexible settlement of share-based compensation arrangements with employees. The Company has the power to appoint and remove the trustee and therefore, consolidates the trust. The EBT may acquire newly issued ordinary shares or American Depositary Shares (“ADSs”), each representing one ordinary share of the Company, at a nominal value or the trustee of the EBT has the power to acquire ordinary shares or ADSs of the Company in the open market, which purchases may be funded by one or more loans from the Company to the EBT or non-repayable gifts made by the Company to the EBT. As of June 30, 2024 and March 31, 2024, the EBT held a nominal number and 1 million, respectively, of ADSs purchased from the Company at par value. The market value of ADSs held by the EBT on June 30, 2024 and March 31, 2024 was $5.5 million and $75.4 million, respectively. These ADSs were expected to be transferred out of the EBT, in order to settle future vesting of share-based compensation for employees. As the EBT is consolidated by the Company, ordinary shares or ADSs held by the EBT are considered authorized and issued but not outstanding for the computation of earnings per share.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation - Schedule of Omnibus Incentive Plan (Details) - Restricted Stock Units And Performance Shares - Omnibus Incentive Plan - $ / shares shares in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Awards
Outstanding, beginning of period (in shares)	2
Granted (in shares)	9
Outstanding, ending of period (in shares)	11
Weighted Average Grant Date Fair Value Per RSU
Outstanding (in dollars per share)	$ 108.58	$ 68.13
Granted (in dollars per share)	$ 117.48

Subsequent Events	3 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14 - Subsequent Events [placeholder]

Fair Value - Schedule of Changes in Fair Value of Level 3 Financial Assets and Liabilities (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity Method Investments, Fair Value Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of financial assets at the beginning of the period	$ 466	$ 482
Fair value gains (losses) recognized in the Condensed Consolidated Income Statements	0	(10)
Fair value at the end of the period	466	472
Convertible loans receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of financial assets at the beginning of the period	32	31
Fair value gains (losses) recognized in the Condensed Consolidated Income Statements	1	0
Fair value at the end of the period	$ 33	$ 31

Balance Sheet Components - Schedule of Accrued Compensation and Benefits and Share-based Compensation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued bonus, commissions, and cash awards	$ 6	$ 190
Accrued vacation and sabbatical	81	83
Accrued salaries and fringe benefits	10	25
Total accrued compensation and benefits	$ 97	$ 298

Equity Investments - Schedule of Gains (Losses) on Non-Marketable Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Observable price adjustments on non-marketable equity securities (includes NAV)	$ (2)	$ 3
Impairment of non-marketable equity securities	(1)	0
Total income (loss) from equity investments in non-marketable securities, net	$ (3)	$ 3

Share-based Compensation (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The table below identifies the award activity under the 2022 RSU Plan:


(in millions, except per share amounts)	Awards (1)	Weighted Average Grant Date Fair Value Per Award (1)
Outstanding as of March 31, 2024	23	$	42.30
Granted	1	$	91.43
Vested	(8)	$	43.25
Cancelled and forfeited	(1)	$	41.07
Outstanding and expected to vest as of June 30, 2024	15	$	43.53

Share-Based Payment Arrangement, Restricted Stock Units And Performance Shares, Activity

The table below identifies all award activity under the Omnibus Incentive Plan:


(in millions, except per share amounts)	Awards (1)	Weighted Average Grant Date Fair Value Per Award (1)
Outstanding as of March 31, 2024	2	$	68.13
Granted	9	$	117.48


Outstanding and expected to vest as of June 30, 2024	11	$	108.58

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

A summary of share-based compensation cost recognized in the Condensed Consolidated Income Statements is as follows:


	Three Months Ended June 30,
(in millions)	2024		2023
Cost of sales	$	6	$	6
Research and development	129		103
Selling, general and administrative	47		49
Pre-tax share-based compensation cost	$	182	$	158
Less: income tax effect	12		29
Net share-based compensation cost	$	170	$	129

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	1 - Description of Business and Summary of Significant Accounting Policies Description of Business Arm Holdings plc and its wholly owned subsidiaries (the “Company” and also referred to as “we,” “our” or “us”) is a global leader in the semiconductor industry. The Company’s principal operations are the licensing, marketing, research and development of microprocessors, systems intellectual property (“IP”), graphics processing units, physical IP and associated systems IP, software, tools and other related services. Corporate Reorganization In September 2023, the Company completed a board approved corporate reorganization which involved (1) the shareholders of Arm Limited exchanging each of the ordinary shares held by them in Arm Limited for newly issued ordinary shares of Arm Holdings Limited; and (2) the re-registration of Arm Holdings Limited as a public limited company under the laws of England and Wales at which time its name was changed to Arm Holdings plc. This corporate reorganization was solely for the purpose of reorganizing the Company’s corporate structure, in which Arm Limited became a wholly owned subsidiary of the holding company, Arm Holdings plc. This transfer of equity resulted in the issuance of ordinary shares of Arm Holdings plc to shareholders in the same class and the same number of ordinary shares as their previous shareholding in Arm Limited. As a result of the corporate reorganization between entities under common control, the historical consolidated financial statements of the Company were retrospectively adjusted for the change in reporting entity. Therefore, the historical consolidated financial statements of Arm Limited became the historical consolidated financial statements of Arm Holdings plc as of the date of the corporate reorganization. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the fiscal year ended March 31, 2024, in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated balance sheets, income statements, statements of comprehensive income, shareholders’ equity and cash flows for these interim periods. The results for the interim periods are not necessarily indicative of results for the full fiscal year. Principles of Consolidation The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and the Arm Employee Benefit Trust (the “EBT”). All intercompany balances and transactions have been eliminated in consolidation. The financial statements consolidate all of the Company’s affiliates, and the entities where the Company holds a controlling financial interest, because the Company holds a majority voting interest. The Company reevaluates whether there is a controlling financial interest in all entities when rights and interests change. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates include, but are not limited to, revenue recognition, allowance for expected credit losses, income taxes, share-based compensation, impairment considerations for long-lived assets, fair value estimates and impairment for investments. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable. Actual results could differ materially from the Company’s estimates. Recently issued accounting pronouncements not yet adopted Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, which requires incremental reportable segment disclosures. The new standard requires that a public entity disclose significant segment expenses, the title and position of the chief operating decision maker (“CODM”), and how the CODM uses the reported measures in assessing performance and deciding how to allocate resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. This ASU will result in additional required disclosures being included in our consolidated financial statements when adopted. The Company will adopt this standard for the fiscal year beginning April 1, 2024. Income Taxes (Topic 740), Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will likely result in additional required disclosures being included in our consolidated financial statements when adopted. The Company will adopt this standard for the fiscal year beginning April 1, 2025. Recently issued SEC final rules not yet adopted In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires a registrant to disclose climate-related risks that are reasonably likely to have a material impact on its business strategy, results of operations and financial condition. The rules include disclosures relating to climate-related risks and risk management, a registrant's governance of such risks, the financial impact on the audited financial statements, and greenhouse gas emissions. The disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The earliest adoption date starts from the registrant's fiscal year beginning calendar 2025, which is the Company's fiscal year ending March 31, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of the adoption of these final rules on its consolidated financial statements and disclosures.

Revenue - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 939	$ 675
United States
Disaggregation of Revenue [Line Items]
Revenue	558	292
PRC
Disaggregation of Revenue [Line Items]
Revenue	128	141
Taiwan
Disaggregation of Revenue [Line Items]
Revenue	115	115
Republic of Korea
Disaggregation of Revenue [Line Items]
Revenue	63	45
Other countries
Disaggregation of Revenue [Line Items]
Revenue	$ 75	$ 82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10 - Income Taxes For the three months ended June 30, 2024 and 2023, income tax expense was $21.0 million and $22.0 million, respectively. For the three months ended June 30, 2024 and 2023, the income tax expense as a percentage of income before taxes was 8.6% and 17.3%, respectively. The effective rate decreased compared to the same period last year primarily due to windfall tax benefits associated with share-based compensation arising in the three months ended June 30, 2024. For the three months ended June 30, 2024 and 2023, the effective rate differed from the U.K. statutory rate of 25% in both periods, primarily due to patent box, research and development tax credits and the tax impact of share-based compensation cost.

- Definition

The entire disclosure for income tax.

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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 21.0	$ 22.0
Income tax expense as a percentage of income before taxes	8.60%	17.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Derivatives - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Level 3 - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 0	$ 0
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	3	4
Derivative Liabilities	$ 1	$ 4

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Equity Investments - Schedule of Equity Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Equity method investments under fair value option	$ 573	$ 573
Equity investment in publicly listed company	82	0
Equity method investments under equity method	11	11
Non-marketable equity securities	134	157
Total equity investments	$ 800	$ 741

Fair Value (Tables)

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	As of June 30, 2024								As of March 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	1,311	$	—	$	—	$	1,311	$	1,744	$	—	$	—	$	1,744
Short-term investments (1)	1,000		—		—		1,000		1,000		—		—		1,000
Equity investments (2)	82		—		466		548		—		—		466		466
Convertible loans receivable	—		—		33		33		—		—		32		32
Foreign currency forward contracts	—		3		—		3		—		4		—		4
Total financial assets	$	2,393	$	3	$	499	$	2,895	$	2,744	$	4	$	498	$	3,246

Financial liabilities
Foreign currency forward contracts	$	—	$	1	$	—	$	1	$	—	$	4	$	—	$	4
Total financial liabilities	$	—	$	1	$	—	$	1	$	—	$	4	$	—	$	4

(1)Short-term investments represent term deposits with banks with a maturity between 3 and 12 months.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize changes in the fair value, along with other activity associated with the Company’s Level 3 financial assets and liabilities:

Equity Method Investments


	Three Months Ended June 30,
(in millions)	2024		2023
Fair value of financial assets at the beginning of the period	$	466	$	482

Fair value losses recognized in the Condensed Consolidated Income Statements	—		(10)

Fair value at the end of the period	$	466	$	472

Convertible Loans Receivable


	Three Months Ended June 30,
(in millions)	2024		2023
Fair value of financial assets at the beginning of the period	$	32	$	31


Fair value gains recognized in the Condensed Consolidated Income Statements	1		—
Fair value at the end of the period	$	33	$	31

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables provide quantitative information related to certain key assumptions utilized in the valuation of equity method investments accounted for under the fair value option:

As of June 30, 2024 and March 31, 2024

(in millions)

Fair value as of June 30, 2024

Fair value as of March 31, 2024

Valuation Technique

Unobservable Inputs

Range of Estimates

Equity Method Investments

$466

Acetone Limited – Market-Calibration or discounted cash flow

LTM Revenue Multiple

1.3x - 1.5x

Ampere – PWER

Probability of IPO

100%

Time to future exit scenario

1.5 years

Discount rate

17.6%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,465	$ 1,923
Short-term investments	1,000	1,000
Accounts receivable, net (including receivables from related parties of $146 and $182 as of June 30, 2024 and March 31, 2024, respectively)	804	781
Contract assets (including contract assets from related parties of $13 and $22 as of June 30, 2024 and March 31, 2024, respectively)	455	336
Prepaid expenses and other current assets	116	157
Total current assets	3,840	4,197
Non-current assets:
Property and equipment, net	231	215
Operating lease right-of-use assets	233	205
Equity investments (including investments held at fair value of $573 and $573 as of June 30, 2024 and March 31, 2024, respectively)	800	741
Goodwill	1,625	1,625
Intangible assets, net	159	152
Deferred tax assets	324	282
Non-current portion of contract assets	363	240
Other non-current assets	305	270
Total non-current assets	4,040	3,730
Total assets	7,880	7,927
Current liabilities:
Accrued compensation and benefits	97	298
Tax liabilities	182	147
Contract liabilities (including contract liabilities from related parties of $114 and $107 as of June 30, 2024 and March 31, 2024, respectively)	209	198
Operating lease liabilities	28	27
Other current liabilities (including payables to related parties of $6 and $7 as of June 30, 2024 and March 31, 2024, respectively)	549	835
Total current liabilities	1,065	1,505
Non-current liabilities:
Non-current portion of accrued compensation	20	20
Deferred tax liabilities	142	135
Non-current portion of contract liabilities	715	717
Non-current portion of operating lease liabilities	221	194
Other non-current liabilities	54	61
Total non-current liabilities	1,152	1,127
Total liabilities	2,217	2,632
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, $0.001 par value; 1,088 shares authorized and 1,048 shares issued and outstanding as of June 30, 2024; and 1,088 shares authorized and 1,040 shares issued and outstanding as of March 31, 2024	2	2
Additional paid-in capital	2,316	2,171
Accumulated other comprehensive income	371	371
Retained earnings	2,974	2,751
Total shareholders’ equity	5,663	5,295
Total liabilities and shareholders’ equity	$ 7,880	$ 7,927

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Impaired loan receivable	$ 19.0		$ 19.0
Level 3
Financing Receivable, Allowance for Credit Loss [Line Items]
Convertible loans receivable	33.0		32.0
Convertible loans receivable \| Level 3
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair value losses recognized in the Condensed Consolidated Income Statements	1.0	$ 0.0
Loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and other receivables carried at amortized cost	26.0		26.0
Arduino
Financing Receivable, Allowance for Credit Loss [Line Items]
Impaired loan receivable	$ 16.3		$ 16.2
Cerfe Labs, Inc. \| Loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan term	4 years		4 years
Loans and other receivables carried at amortized cost	$ 3.2		$ 3.1
Allia Limited \| Loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan term	5 years		5 years
Loans and other receivables carried at amortized cost	$ 7.0		$ 6.9
Ampere
Financing Receivable, Allowance for Credit Loss [Line Items]
Convertible loans receivable				$ 29.0
Ampere \| Convertible loans receivable \| Level 3
Financing Receivable, Allowance for Credit Loss [Line Items]
Fair value losses recognized in the Condensed Consolidated Income Statements	$ 1.0	$ 0.4

Related Party Transactions (Details) - USD ($)	1 Months Ended		3 Months Ended
Related Party Transactions (Details) - USD ($)	Aug. 31, 2023	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2022
Related Party Transaction [Line Items]
Revenue			$ 939,000,000	$ 675,000,000
Operating expenses			724,000,000	533,000,000
Accounts receivable, net			804,000,000		$ 781,000,000
Other current liabilities			549,000,000		835,000,000
Contract liabilities			209,000,000		198,000,000
Allowance for current expected credit losses			16,000,000
Accounts receivable, allowance			19,000,000		3,000,000
Proceeds from equity method investments			300,000	300,000
Prepaid expenses and other current assets			116,000,000		157,000,000
Other non-current assets			305,000,000		270,000,000
Loans receivable
Related Party Transaction [Line Items]
Loans and other receivables carried at amortized cost			26,000,000		26,000,000
IoTP
Related Party Transaction [Line Items]
Non-cash distribution, disposal of investment	$ 12,000,000
Cerfe Labs, Inc. \| Loans receivable
Related Party Transaction [Line Items]
Loans and other receivables carried at amortized cost			3,200,000		3,100,000
Ampere \| Loans receivable
Related Party Transaction [Line Items]
Other non-current assets			32,700,000		32,400,000
Related Parties
Related Party Transaction [Line Items]
Revenue			124,000,000	140,000,000
Operating lease, lease income, lease payments			400,000	500,000
Accounts receivable, net			146,000,000		182,000,000
Other current liabilities			6,000,000		7,000,000
Contract liabilities			114,000,000		107,000,000
Related Parties \| Arduino \| Loans receivable
Related Party Transaction [Line Items]
Other non-current assets			16,300,000		16,200,000
Service Share Arrangement \| Related Parties
Related Party Transaction [Line Items]
Revenue			122,600,000	138,900,000
Operating expenses			16,200,000	16,100,000
Net receivable			149,400,000		175,800,000
Accounts receivable, net			155,300,000		181,100,000
Other current liabilities			5,900,000		5,300,000
Contract liabilities			113,700,000		105,700,000
Allowance for current expected credit losses			16,000,000	0
Accounts receivable, allowance			16,000,000		0
Common Control in SoftBank \| Related Parties
Related Party Transaction [Line Items]
Revenue			0	200,000
Accounts receivable, net			500,000		800,000
Contract liabilities			0		1,600,000
Contract assets			2,600,000		3,100,000
Other Equity Investments \| Related Parties
Related Party Transaction [Line Items]
Revenue			1,400,000	1,000,000
Accounts receivable, net			6,000,000		200,000
Contract liabilities			400,000		0
Contract assets			10,800,000		18,700,000
Linaro Agreement \| Related Parties
Related Party Transaction [Line Items]
Other current liabilities			200,000		1,300,000
Subscription costs incurred			2,400,000	$ 2,400,000
Amounts of transaction		$ 4,000,000
Related party transaction, term		5 years
Prepaid expenses and other current assets			$ 3,200,000		$ 3,200,000
Acetone Limited
Related Party Transaction [Line Items]
Ownership percentage						10.00%
Arm China \| Acetone Limited
Related Party Transaction [Line Items]
Ownership percentage						48.20%

Fair Value - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Ampere
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible promissory note	$ 29.0

Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Financial assets
Short-term investments	$ 1,000	$ 1,000
Equity investments	573	573
Fair Value, Recurring
Financial liabilities
Foreign currency forward contracts	1	4
Total financial liabilities	1	4
Fair Value, Inputs, Level 1, Level 2, and Level 3
Financial assets
Money market funds	1,311	1,744
Short-term investments	1,000	1,000
Equity investments	548	466
Convertible loans receivable	33	32
Foreign currency forward contracts	3	4
Total financial assets	2,895	3,246
Level 1
Financial assets
Money market funds	1,311	1,744
Short-term investments	1,000	1,000
Equity investments	82	0
Convertible loans receivable	0	0
Foreign currency forward contracts	0	0
Total financial assets	2,393	2,744
Level 1 \| Fair Value, Recurring
Financial liabilities
Foreign currency forward contracts	0	0
Total financial liabilities	0	0
Level 2
Financial assets
Money market funds	0	0
Short-term investments	0	0
Equity investments	0	0
Convertible loans receivable	0	0
Foreign currency forward contracts	3	4
Total financial assets	3	4
Level 2 \| Fair Value, Recurring
Financial liabilities
Foreign currency forward contracts	1	4
Total financial liabilities	1	4
Level 3
Financial assets
Money market funds	0	0
Short-term investments	0	0
Equity investments	466	466
Convertible loans receivable	33	32
Foreign currency forward contracts	0	0
Total financial assets	499	498
Level 3 \| Fair Value, Recurring
Financial liabilities
Foreign currency forward contracts	0	0
Total financial liabilities	$ 0	$ 0