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Income Taxes (Tables)

12 Months Ended

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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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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