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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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