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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s provision for income taxes consisted of the following (in thousands):
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
Current provision: |  |  |  |  |
Federal | $ | 42,259 |  |  | $ | 36,394 |  |  | $ | 3,515 |
State | 9,722 |  |  | 9,819 |  |  | 3,498 |
Total | 51,981 |  |  | 46,213 |  |  | 7,013 |
Deferred provision (benefit): |  |  |  |  |
Federal | (9,606) |  |  | (5,088) |  |  | 11,834 |
State | (1,986) |  |  | (3,505) |  |  | 1,491 |
Total | (11,592) |  |  | (8,593) |  |  | 13,325 |
Total provision for income taxes | $ | 40,389 |  |  | $ | 37,620 |  |  | $ | 20,338 |
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 income taxes (in thousands):
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
Income taxes at statutory rate | $ | 55,350 |  |  | $ | 38,893 |  |  | $ | 27,963 |
State income taxes, net of federal benefit | 12,831 |  |  | 12,130 |  |  | 6,757 |
Research and development credits | (6,439) |  |  | (3,817) |  |  | (5,076) |
Stock-based compensation | (37,634) |  |  | (6,734) |  |  | (14,841) |
Change in valuation allowance | 25 |  |  | (4,060) |  |  | 504 |
Section 162(m) limitation | 19,872 |  |  | 3,410 |  |  | 4,782 |
Transferable federal tax credits | (1,305) |  |  | (1,920) |  |  | — |
Other | (2,311) |  |  | (282) |  |  | 249 |
Total provision for income taxes | $ | 40,389 |  |  | $ | 37,620 |  |  | $ | 20,338 |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows (in thousands):
| As of March 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Accruals and deferred revenue | $ | 4,784 |  |  | $ | 4,372 |
Net operating loss carryforwards | 944 |  |  | 1,160 |
Research & development credit carryforwards | 5,117 |  |  | 3,855 |
Investment tax credits | 4,600 |  |  | — |
Operating lease liabilities | 3,122 |  |  | 3,683 |
Acquisition and other related expense | 248 |  |  | 273 |
Stock-based compensation expense | 5,236 |  |  | 7,048 |
Unrealized loss | — |  |  | 902 |
Capitalized research and development | 44,558 |  |  | 31,927 |
Gross deferred tax assets | 68,609 |  |  | 53,220 |
Less: valuation allowance | (1,200) |  |  | (1,175) |
Deferred tax assets, net of valuation allowance | 67,409 |  |  | 52,045 |
Deferred tax liabilities: |  |  |
Property and equipment | (3,308) |  |  | (2,879) |
Operating lease right-of-use assets | (2,238) |  |  | (3,122) |
Intangible assets | (1,404) |  |  | (976) |
Unrealized gain | (445) |  |  | — |
Deferred tax liabilities | (7,395) |  |  | (6,977) |
Net deferred tax assets | $ | 60,014 |  |  | $ | 45,068 |
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,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 9,302 |  |  | $ | 7,913 |  |  | $ | 6,188 |
Additions for tax positions related to the current year | 2,502 |  |  | 1,404 |  |  | 2,210 |
Additions for tax positions related to prior years | 194 |  |  | 112 |  |  | — |
Reductions for tax positions related to prior years | (4) |  |  | (119) |  |  | (472) |
Reductions related to a lapse of statute | (5) |  |  | (8) |  |  | (13) |
Ending balance | $ | 11,989 |  |  | $ | 9,302 |  |  | $ | 7,913 |

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