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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Income (loss) before income taxes includes the following (in thousands):
| Fiscal Year Ended March 31,
2024 |  | 2023 |  | 2022
Domestic | $ | 82,033 |  |  | $ | 63,869 |  |  | $ | (2,977) |
Foreign | 72,882 |  |  | 26,098 |  |  | 74,636 |
Total | $ | 154,915 |  |  | $ | 89,967 |  |  | $ | 71,659 |
Schedule of Income Tax Provision | The income tax provision includes the following (in thousands):
| Fiscal Year Ended March 31,
2024 |  | 2023 |  | 2022
Current tax position: |  |  |  |  |
Federal | $ | 44,568 |  |  | $ | 11,947 |  |  | $ | 8,290 |
State | (6,236) |  |  | 8,071 |  |  | 2,257 |
Foreign | 21,839 |  |  | 15,335 |  |  | 21,406 |
Total current tax position | 60,171 |  |  | 35,353 |  |  | 31,953 |
Deferred tax provision: |  |  |  |  |
Federal | (52,712) |  |  | (50,345) |  |  | (1,341) |
State | (3,500) |  |  | (1,689) |  |  | — |
Foreign | (3,676) |  |  | (1,311) |  |  | (11,404) |
Total deferred tax provision | (59,888) |  |  | (53,345) |  |  | (12,745) |
Total income tax expense (benefit) | $ | 283 |  |  | $ | (17,992) |  |  | $ | 19,208 |
Schedule of Tax Rate Reconciliation | The Company’s income tax (benefit) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended March 31, 2024, 2023 and 2022 to pre-tax income, as a result of the following (in thousands):
| Fiscal Year Ended March 31,
2024 |  | 2023 |  | 2022
Income tax expense at U.S. federal statutory income tax rate | $ | 32,532 |  |  | $ | 18,893 |  |  | $ | 15,048 |
State and local tax expense (benefit) | 306 |  |  | 1,421 |  |  | (3,065) |
Foreign tax rate differential | 3,318 |  |  | 1,770 |  |  | 3,181 |
U.S. effects of foreign branch income | 8,662 |  |  | 1,519 |  |  | 11,016 |
Non-deductible expenses | 1,742 |  |  | 1,216 |  |  | 898 |
Tax credits | (41,740) |  |  | (26,457) |  |  | (27,983) |
GILTI inclusion and FDII deduction | (13,905) |  |  | (10,938) |  |  | (2,708) |
Employee compensation | (7,188) |  |  | 5,528 |  |  | (17,180) |
Changes in uncertain tax positions | (14,835) |  |  | 10,978 |  |  | 501 |
Changes in valuation allowance | 13,080 |  |  | (32,629) |  |  | 32,026 |
Foreign withholding tax | 18,469 |  |  | 12,598 |  |  | 9,312 |
Effects of changes in tax laws | (186) |  |  | 382 |  |  | (859) |
Inflation and currency related adjustments | 851 |  |  | (1,518) |  |  | (592) |
Other adjustments | (823) |  |  | (755) |  |  | (387) |
Total income tax expense (benefit) | $ | 283 |  |  | $ | (17,992) |  |  | $ | 19,208 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards that give rise to a significant portion of deferred tax assets and liabilities are as follows (in thousands):
| March 31,
2024 |  | 2023
Deferred tax assets: |  |  |
Deferred revenue | $ | 26,088 |  |  | $ | 22,639 |
Capitalized research and development costs | 106,836 |  |  | 51,933 |
Accrued expenses | 20,284 |  |  | 12,714 |
Share-based compensation | 28,518 |  |  | 28,831 |
Lease liabilities | 14,892 |  |  | 15,286 |
Net operating loss carryforwards | 10,998 |  |  | 4,216 |
Other tax carryforwards, primarily foreign tax credits | 29,822 |  |  | 21,853 |
Other | 3,070 |  |  | 7,726 |
Total deferred tax assets | 240,508 |  |  | 165,198 |
Valuation allowance | (40,530) |  |  | (23,608) |
Total deferred tax assets, net valuation allowance | 199,978 |  |  | 141,590 |
Deferred tax liabilities: |  |  |
Intangible assets | 12,880 |  |  | 17,953 |
Right-of-use assets | 12,826 |  |  | 13,466 |
Deferred commissions | 33,798 |  |  | 28,039 |
Other | 2,651 |  |  | 2,590 |
Total deferred tax liabilities | 62,155 |  |  | 62,048 |
Net deferred tax assets | $ | 137,823 |  |  | $ | 79,542 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the years ended March 31, 2024, 2023, and 2022 (in thousands):
| Fiscal Year Ended March 31,
2024 |  | 2023 |  | 2022
Gross unrecognized tax benefit, beginning of year | $ | 29,110 |  |  | $ | 15,017 |  |  | $ | 15,075 |
Gross increases to tax positions for prior periods | 721 |  |  | 16,471 |  |  | 222 |
Gross decreases to tax positions for prior periods | (4,277) |  |  | (808) |  |  | — |
Decreases related to settlements | (168) |  |  | (625) |  |  | — |
Decreases due to lapse of statutes of limitations | (11,689) |  |  | (832) |  |  | (313) |
Foreign currency translation | $ | (29) |  |  | $ | (113) |  |  | $ | 33 |
Gross unrecognized tax benefit, end of year | $ | 13,668 |  |  | $ | 29,110 |  |  | $ | 15,017 |

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