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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Current provision: |  |  |  |  |
Federal | $ | 36,394 |  |  | $ | 3,515 |  |  | $ | 160 |
State | 9,819 |  |  | 3,498 |  |  | 309 |
Total | 46,213 |  |  | 7,013 |  |  | 469 |
Deferred provision (benefit): |  |  |  |  |
Federal | (5,088) |  |  | 11,834 |  |  | (34,852) |
State | (3,505) |  |  | 1,491 |  |  | (6,395) |
Total | (8,593) |  |  | 13,325 |  |  | (41,247) |
Total provision for (benefit from) income taxes | $ | 37,620 |  |  | $ | 20,338 |  |  | $ | (40,778) |
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,
| 2024 |  | 2023 |  | 2022
Income taxes at statutory rate | $ | 38,893 |  |  | $ | 27,963 |  |  | $ | 23,941 |
State income taxes, net of federal benefit | 12,130 |  |  | 6,757 |  |  | 5,503 |
Research and development credits | (3,817) |  |  | (5,076) |  |  | (8,332) |
Stock-based compensation | (6,734) |  |  | (14,841) |  |  | (71,780) |
Change in valuation allowance | (4,060) |  |  | 504 |  |  | 1,878 |
Section 162(m) limitation | 3,410 |  |  | 4,782 |  |  | 7,260 |
Transferable federal tax credits | (1,920) |  |  | — |  |  | — |
Other | (282) |  |  | 249 |  |  | 752 |
Total provision for (benefit from) income taxes | $ | 37,620 |  |  | $ | 20,338 |  |  | $ | (40,778) |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows (in thousands):
| As of March 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accruals and deferred revenue | $ | 4,372 |  |  | $ | 2,744 |
Net operating loss carryforwards | 1,160 |  |  | 1,733 |
Research & development credit carryforwards | 3,855 |  |  | 7,230 |
Operating lease liabilities | 3,683 |  |  | 3,968 |
Acquisition and other related expense | 273 |  |  | 298 |
Stock-based compensation expense | 7,048 |  |  | 6,492 |
Unrealized loss | 902 |  |  | 4,785 |
Capitalized research and development | 31,927 |  |  | 19,825 |
Gross deferred tax assets | 53,220 |  |  | 47,075 |
Less: valuation allowance | (1,175) |  |  | (5,236) |
Deferred tax assets, net of valuation allowance | 52,045 |  |  | 41,839 |
Deferred tax liabilities: |  |  |
Property and equipment | (2,879) |  |  | (2,734) |
Operating lease right-of-use assets | (3,122) |  |  | (3,506) |
Intangible assets | (976) |  |  | (692) |
Deferred tax liabilities | (6,977) |  |  | (6,932) |
Net deferred tax assets | $ | 45,068 |  |  | $ | 34,907 |
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,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 7,913 |  |  | $ | 6,188 |  |  | $ | 3,162 |
Additions for tax positions related to the current year | 1,404 |  |  | 2,210 |  |  | 2,995 |
Additions for tax positions related to prior years | 112 |  |  | — |  |  | 36 |
Reductions for tax positions related to prior years | (119) |  |  | (472) |  |  | — |
Reductions related to a lapse of statute | (8) |  |  | (13) |  |  | (5) |
Ending balance | $ | 9,302 |  |  | $ | 7,913 |  |  | $ | 6,188 |

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