XML 58 R38.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration