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v3.21.2

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2021
Schedule of Company's net deferred tax assets | Significant components of the deferred tax assets (liabilities) at March 31, 2021 and 2020 are as follows (in thousands):
|  | March 31, 2021 |  |  | March 31, 2020 |
Deferred tax assets |  |  |  |  |  |  |  |
Research tax credits |  | $ | 19,063 |  |  | $ | 6,303 |
Intangible assets |  |  | 50,564 |  |  |  | 43,626 |
Net operating loss |  |  | 202,906 |  |  |  | 116,619 |
Share-based compensation |  |  | 26,623 |  |  |  | 18,413 |
Lease liabilities |  |  | 16,638 |  |  |  | 17,194 |
Other |  |  | 7,303 |  |  |  | 7,060 |
Subtotal |  |  | 323,097 |  |  |  | 209,215 |
Valuation allowance |  |  | (303,287 | ) |  |  | (187,831 | )
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (1,214 | ) |  |  | (1,833 | )
Right-of-use assets |  |  | (13,908 | ) |  |  | (15,409 | )
Other |  |  | (4,688 | ) |  |  | (4,142 | )
Total deferred tax assets (liabilities) |  | $ | — |  |  | $ | — |
Reconciliation of Federal Statutory Income Taxes Rate | A reconciliation of income tax provision/(benefit) computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements is as follows (in thousands, except percentages):
|  | Year Ended March 31, 2021 |  |  | Year Ended March 31, 2020 |
Income tax benefit at Bermuda statutory rate |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
Foreign rate differential (1) |  |  | (150,778 | ) |  |  | 16.78 | % |  |  | (74,922 | ) |  |  | 13.36 | %
Permanent disallowed IPR&D |  |  | 111,432 |  |  |  | (12.40 | )% |  |  | — |  |  |  | — | %
Nondeductible changes in the fair value of investments and loss from equity method investment |  |  | (22,472 | ) |  |  | 2.50 | % |  |  | 20,840 |  |  |  | (3.72 | )%
Nontaxable (loss) gain on deconsolidation of business |  |  | (16,438 | ) |  |  | 1.83 | % |  |  | 29,041 |  |  |  | (5.18 | )%
Permanent adjustments |  |  | 2,923 |  |  |  | (0.33 | )% |  |  | (20,395 | ) |  |  | 3.64 | %
R&D tax credits |  |  | (10,555 | ) |  |  | 1.17 | % |  |  | (5,990 | ) |  |  | 1.07 | %
Rate changes |  |  | 2,443 |  |  |  | (0.27 | )% |  |  | (29,238 | ) |  |  | 5.21 | %
Valuation allowance |  |  | 85,046 |  |  |  | (9.46 | )% |  |  | 87,677 |  |  |  | (15.63 | )%
Other |  |  | 85 |  |  |  | (0.01 | )% |  |  | 111 |  |  |  | (0.02 | )%
Total income tax expense |  | $ | 1,686 |  |  |  | (0.19 | )% |  | $ | 7,124 |  |  |  | (1.27 | )%
(1) | Primarily related to operations in Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate.
Schedule of Loss Before Income Taxes and Related Expense/(Benefit) | The loss before income taxes and the related expense/(benefit) are as follows (in thousands):
|  | Years Ended March 31, |
|  | 2021 |  |  | 2020 |
Loss before income taxes: |  |  |  |  |  |  |  |
United States |  | $ | (212,921 | ) |  | $ | (69,264 | )
Switzerland |  |  | (424,494 | ) |  |  | (355,422 | )
Bermuda |  |  | (227,471 | ) |  |  | (105,604 | )
Other (1) |  |  | (33,661 | ) |  |  | (30,696 | )
Total loss before income taxes |  | $ | (898,547 | ) |  | $ | (560,986 | )
(1) | Primarily Greater China and United Kingdom activity
|  | Years Ended March 31, |
|  | 2021 |  |  | 2020 |
Current taxes: |  |  |  |  |  |  |  |
United States |  | $ | 1,365 |  |  | $ | 6,327 |
Switzerland |  |  | — |  |  |  | — |
Bermuda |  |  | — |  |  |  | — |
Other (1) |  |  | 321 |  |  |  | 797 |
Total current tax expense |  | $ | 1,686 |  |  | $ | 7,124 |
Deferred taxes: |  |  |  |  |  |  |  |
United States |  | $ | — |  |  | $ | — |
Switzerland |  |  | — |  |  |  | — |
Bermuda |  |  | — |  |  |  | — |
Other (1) |  |  | — |  |  |  | — |
Total deferred tax benefit |  | $ | — |  |  | $ | — |
Total income tax expense |  | $ | 1,686 |  |  | $ | 7,124 |
(1) | Primarily Greater China, United States state and local and United Kingdom activity

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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