XML 53 R38.htm IDEA: XBRL DOCUMENT v3.22.1

Income Taxes (Tables)

12 Months Ended

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

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ 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 the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

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