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Income Taxes (Tables)

12 Months Ended

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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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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-Section 50
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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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