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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s provision for (benefit from) income taxes consisted of the following (in thousands):
| Fiscal Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Current provision: |  |  |  |  |
Federal | $ | 160 |  |  | $ | 1,302 |  |  | $ | — |
State | 309 |  |  | 1,270 |  |  | 876 |
Total | 469 |  |  | 2,572 |  |  | 876 |
Deferred provision (benefit): |  |  |  |  |
Federal | (34,852) |  |  | 4,862 |  |  | (6,458) |
State | (6,395) |  |  | 125 |  |  | (641) |
Total | (41,247) |  |  | 4,987 |  |  | (7,099) |
Total provision for (benefit from) income taxes | $ | (40,778) |  |  | $ | 7,559 |  |  | $ | (6,223) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the income tax expense at the federal statutory tax rate to the Company’s provision for (benefit from) income taxes (in thousands):
| Fiscal Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Income taxes at statutory rate | $ | 23,941 |  |  | $ | 12,131 |  |  | $ | 4,938 |
State income taxes, net of federal benefit | 5,503 |  |  | 2,532 |  |  | 1,561 |
Research and development credits | (8,332) |  |  | (1,845) |  |  | (1,842) |
Stock-based compensation | (71,780) |  |  | (5,796) |  |  | 310 |
Change in valuation allowance | 1,878 |  |  | 171 |  |  | (11,995) |
Section 162(m) limitation | 7,260 |  |  | — |  |  | — |
Other | 752 |  |  | 366 |  |  | 805 |
Total provision for (benefit from) income taxes | $ | (40,778) |  |  | $ | 7,559 |  |  | $ | (6,223) |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows (in thousands):
| As of March 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Accruals and deferred revenue | $ | 1,760 |  |  | $ | 1,257 |
Net operating loss carryforwards | 32,215 |  |  | 486 |
Research & development credit carryforwards | 12,310 |  |  | 4,516 |
Operating lease liabilities | 276 |  |  | 315 |
Acquisition and other related expense | 255 |  |  | 271 |
Stock-based compensation expense | 3,847 |  |  | 431 |
Unrealized loss | 5,199 |  |  | — |
Gross deferred tax assets | 55,862 |  |  | 7,276 |
Less: valuation allowance | (4,731) |  |  | (2,896) |
Deferred tax assets, net of valuation allowance | 51,131 |  |  | 4,380 |
Deferred tax liabilities: |  |  |
Property and equipment | (1,899) |  |  | (1,701) |
Operating lease right-of-use assets | (276) |  |  | (336) |
Intangible assets | (398) |  |  | (231) |
Deferred tax liabilities | (2,573) |  |  | (2,268) |
Net deferred tax assets | $ | 48,558 |  |  | $ | 2,112 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balances for gross UTBs is as follows (in thousands):
| Fiscal Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Beginning balance | $ | 3,162 |  |  | $ | 2,475 |  |  | $ | 2,900 |
Additions for tax positions related to the current year | 2,995 |  |  | 687 |  |  | 670 |
Additions for tax positions related to prior years | 36 |  |  | — |  |  | — |
Reductions for tax positions related to prior years | — |  |  | — |  |  | (1,095) |
Reductions related to a lapse of statute | (5) |  |  | — |  |  | — |
Ending balance | $ | 6,188 |  |  | $ | 3,162 |  |  | $ | 2,475 |

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