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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
Current provision: |  |  |  |  |
Federal | $ | 3,515 |  |  | $ | 160 |  |  | $ | 1,302 |
State | 3,498 |  |  | 309 |  |  | 1,270 |
Total | 7,013 |  |  | 469 |  |  | 2,572 |
Deferred provision (benefit): |  |  |  |  |
Federal | 11,834 |  |  | (34,852) |  |  | 4,862 |
State | 1,491 |  |  | (6,395) |  |  | 125 |
Total | 13,325 |  |  | (41,247) |  |  | 4,987 |
Total provision for (benefit from) income taxes | $ | 20,338 |  |  | $ | (40,778) |  |  | $ | 7,559 |
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,
| 2023 |  | 2022 |  | 2021
Income taxes at statutory rate | $ | 27,963 |  |  | $ | 23,941 |  |  | $ | 12,131 |
State income taxes, net of federal benefit | 6,757 |  |  | 5,503 |  |  | 2,532 |
Research and development credits | (5,076) |  |  | (8,332) |  |  | (1,845) |
Stock-based compensation | (14,841) |  |  | (71,780) |  |  | (5,796) |
Change in valuation allowance | 504 |  |  | 1,878 |  |  | 171 |
Section 162(m) limitation | 4,782 |  |  | 7,260 |  |  | — |
Other | 249 |  |  | 752 |  |  | 366 |
Total provision for (benefit from) income taxes | $ | 20,338 |  |  | $ | (40,778) |  |  | $ | 7,559 |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows (in thousands):
| As of March 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accruals and deferred revenue | $ | 2,744 |  |  | $ | 1,760 |
Net operating loss carryforwards | 1,733 |  |  | 32,215 |
Research & development credit carryforwards | 7,230 |  |  | 12,310 |
Operating lease liabilities | 3,968 |  |  | 276 |
Acquisition and other related expense | 298 |  |  | 255 |
Stock-based compensation expense | 6,492 |  |  | 3,847 |
Unrealized loss | 4,785 |  |  | 5,199 |
Capitalized research and development | 19,825 |  |  | — |
Gross deferred tax assets | 47,075 |  |  | 55,862 |
Less: valuation allowance | (5,236) |  |  | (4,731) |
Deferred tax assets, net of valuation allowance | 41,839 |  |  | 51,131 |
Deferred tax liabilities: |  |  |
Property and equipment | (2,734) |  |  | (1,899) |
Operating lease right-of-use assets | (3,506) |  |  | (276) |
Intangible assets | (692) |  |  | (398) |
Deferred tax liabilities | (6,932) |  |  | (2,573) |
Net deferred tax assets | $ | 34,907 |  |  | $ | 48,558 |
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,
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 6,188 |  |  | $ | 3,162 |  |  | $ | 2,475 |
Additions for tax positions related to the current year | 2,210 |  |  | 2,995 |  |  | 687 |
Additions for tax positions related to prior years | — |  |  | 36 |  |  | — |
Reductions for tax positions related to prior years | (472) |  |  | — |  |  | — |
Reductions related to a lapse of statute | (13) |  |  | (5) |  |  | — |
Ending balance | $ | 7,913 |  |  | $ | 6,188 |  |  | $ | 3,162 |

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